Payment technologies in the Philippines have undergone a remarkable transformation in the era of digital technology, with cashless options gaining particular popularity among consumers. According to Visa’s Consumer Payment Attitudes Study for 2022, 50 percent of Filipino consumers surveyed carried less cash in their pockets compared to before, and a further 82 percent have tried to go cashless. Safety, convenience, and additional benefits like loyalty rewards are some of the key drivers behind this shift. It’s no secret that customers now seek hassle-free and secure transactions—which means that businesses of all sizes must keep up if they want to remain competitive.
Now that today’s consumers have warmed up to purchasing goods and services online as well as using internet-based solutions for payments, there’s a wealth of opportunity for Filipino entrepreneurs and small-to-medium business owners to grow and adapt to such a trend. One such transformation that your own business can make is in the realm of payment methods, with financial technology or fintech companies like Maya Business as your partners. An innovative solution that you can pursue for your customer transactions is cashless on-delivery payments, which will allow them to pay in the comfort of their home and with the convenience of their card or e-wallet.
In this article, let’s explore the benefits of offering cashless on-delivery payment options for your customers and how this change will ultimately benefit your business.
Simplified Implementation
One misconception surrounding cashless options—especially fairly new ones like cashless on delivery—is the perceived difficulty of adoption on the part of businesses. However, modern technologies have made implementing cashless payment systems easier than ever before.
Portable point-of-sale devices, such as the Maya Terminal Lite, enable seamless integration of cashless options into a business’s existing sales, accounting, and financial management systems without heavy costs or friction from technological upgrades. The Maya Terminal price for its Lite version, for instance, reveals a cost-effective and flexible subscription plan for owners that’s perfectly suited to small and medium-sized businesses.
With an innovative and cost-effective payment solution that’s also easy to roll out, it won’t be hard for your business to cater to your customers without spending too much overhead. All you’ll need to do is join the platform and acquire the hardware, and you’ll be ready to accept cashless on delivery payments from your customers from anywhere in the Philippines in almost no time.
Minimizing Risk for Your Customers and Ensuring Accurate Payments
Traditional cash payments come with inherent risks for businesses, such as the potential loss or miscounting of cash. But by offering cashless on delivery payment options with devices like the Maya credit card terminal, businesses can reduce these risks and improve the accuracy of their transactions. Cashless payments guarantee a higher rate of accurate, real-time customer payments, providing peace of mind for both parties involved. Extend convenience to customers by offering cashless on delivery payments, all without worrying that your business won’t get paid.
Enhanced Efficiency and Speed for Customer Transactions
Most cashless payments, whether settled in advance or during the delivery process, will save valuable on the part of customers and business staff. Eliminating the need to count physical cash or rectify payment errors significantly streamlines the transaction process. With cashless on delivery options, customers can promptly receive their orders and settle payments when they’re ready to, while businesses can complete transactions faster and more efficiently.
Improved Sales and Customer Satisfaction Rates
Understanding your customers’ preferences will be vital in sustaining your business growth. In light of the COVID-19 pandemic, many of them may be looking for transaction methods that minimize physical contact, like dipping, tapping, or swiping their card or scanning a QR code with their smartphone.
Cashless on delivery payment options will fulfill this need for a good chunk of your business customers and result in increased customer satisfaction and loyalty. By offering diverse payment choices beyond cash on delivery or cashless settlement before the delivery or meetup takes place, your business can truly cater to your customers and enhance its overall sales performance.
Better Financial Management for Your Business
Adopting a cashless payment ecosystem not only benefits individual transactions; it also improves the business’s financial management practices. Cashless payment systems often come equipped with built-in accounting and data analytics features. These features enable businesses to track and analyze sales performance more efficiently compared to the manual counting of bills and coins.
With a cashless on delivery payment solution and added analytics, accounting, and post-settlement features, you’ll be able to acquire comprehensive sales data for your business. That also means that it will be easier for you to identify areas for improvement, thus enhancing your overall customer experience.
Takeaway: The Importance of Offering Payment Variety
While cashless on delivery holds tremendous potential, it’s important to recognize that customer preferences can vary significantly. At the end of the day, some of your customers may still prefer to make cash payments for various reasons. Your goal, then, should be to offer a range of payment options to accommodate different customers’ different needs. This will allow you to demonstrate your commitment to meeting customer preferences and fostering stronger relationships with the people in your target market.
Indeed, the rise of cashless payment options has transformed the way businesses operate in the Philippines. It’s well within your business’s interests to embrace this shift in payment preferences and offer an innovative solution like cashless on delivery through a portable POS terminal. Doing so can help your business thrive in the evolving digital landscape and keep it fresh and relevant to future generations of Filipino customers.