How can you compete with this? There is simply no simple way to answer this question, it really is indeed very difficult to compete with the significant supermarkets out there and there is only one piece of guidance that we can offer you you based mostly on our expertise. If you do not already take card payments then doing so could quite possibly help you in the fight.
The best thing you can do is make your convenience store a whole lot more appealing to the local area and make it less difficult for your customers to pay.
Credit card payments are increasing.
Men and women do not use cash as much as they did a decade or more ago, and if your convenience store has been accepting only cash then this is certain to affect your income pretty soon. People no longer get paid in cash, but rather the majority of wages are paid straight into individual bank accounts and as a result your customers don’t take out their money unless they need to.
Your clients want to pay with their cards, it’s clear to see because over the last ten years debit card use has grown four times as rapid as overall spending. Possessing a card terminal installed in your store could easily make it possible for you to take card payments.
For all stores that have the space it is in addition advisable to have a cash machine installed to be able to take payment for lower amounts. This may vary in the near future as contactless technology comes into play and causes cash to be even less widely used.
The store may not be able to compete with the supermarkets, but the key to your organization is in the name “convenience store” and once you can make your shop available to customers when your supermarket is not, make it easier to access, and take all payment methods, then you won’t ever go out of trade; in fact you are certain to raise your profit margins.
For the latest information on your Chip and Pin Merchant Account visit our blog.