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Each month, bills come around. There’s no avoiding them, and there’s no stopping them. Although many companies are opening their payment methods up to online payment options, there are still customers who prefer to pay with cash or check, or simply don’t want their credit card information online.
Pay and go kiosks are the solution to this. Not only are they easy to use, but they are also convenient for customers. The kiosks can be used internally and externally, so if the business is closed and a customer still needs to pay a bill, they can use the outdoor kiosk or go to kiosks located in a convenience store or mall — two options that are typically open past normal business hours. They are a great alternative to paying online or in-person and also work well to promote smart financial decision making. In this piece, we’ll dive into pay and go kiosks, their pros and cons, and what they can do for your business.
Payment Kiosk Advatanges:
※ Cost effective delivery of repetitive transactions (cash, credit card, debit card, check)
※ Achieve faster revenue recognition
※ Consumer Benefits
※ Lower staffing / overhead costs (reduced headcount / re-directed staff productivity)
※ Total payment flexibility
※ Real-time confirmation for same day and last-minute payments
※ Easy access, faster service, extended hours
1. Reduce queue times by 30%
2. Reduced staff input
3. Reduction in overall transaction costs
4. Increase in collection rates and amount
5. Increase in customer satisfaction
6. Improved Health and Safety for staff
Payment Kiosk: What they are and who would use them:
If you’ve been to a train station, a gas station, a fast-food venue or a bank, you’ve no doubt seen and used the kiosks to buy tickets, pay for fuel or food, or deposited a check. They are easy-to-use machines. Now consider those kiosks from a business owner’s point of view, and how easy they would be for your customers to use. They are simple, secure, and another option to make them happy.
The pay and go kiosk was created with the intent of making payment options easier for those needing to pay bills such as utilities, phone, loan repayments, credit cards or even insurance.
You might ask why a kiosk service is even necessary if people have the option of paying online now. The reality is that there are about 8.4 million unbanked households and about 24.2 million underbanked households in the US. This means that those people do not have sufficient access to the necessary financial services to pay their bills.
You can make life a lot easier for those needing extra assistance and more options. Equipping your business with pay and go kiosk will open your business up to a whole customer base that either does not have bank accounts or are unable to take out loans or apply for credit cards but still need to pay bills.
How pay and go kiosks work and how they\ll help your business:
Quality customer service is a major tenet of running a successful business. It entails listening to the needs of your customers and implementing solutions to meet those needs. When your customers are happy, your business will profit. Pay and go kiosks provide you with an opportunity to make your customers happy by providing a convenient and accessible payment method.
The way the pay and go kiosks work is pretty straightforward. The kiosk interface allows users to choose what they’re paying and how they would like to pay. Much like an ATM, the pay and go kiosk has a check and bill scanner, a place to insert cash, a card reader, a QR code scanner, a printer and a dispenser.
So why put them in your business? Chances are, some of your current customers are part of the unbanked or underbanked population. By adding a pay and go kiosk to your store, you’re telling your customers that you understand their needs. It will keep them frequenting your business, and add some positivity around how you conduct customer service.
Similarly, if you are the owner and distributor of kiosks and you place them in businesses that those using pay and go kiosks use most, you’re giving them the chance to become more familiar with your brand. You also get to offer them services they need where they already are, such as convenience stores, groceries or malls.
Since kiosks typically accept debit and cash, you are giving your customers financial freedom they might not have elsewhere.
How you can implement payment kiosk
If you’re a current business owner or soon-to-be business owner, adding a kiosk to your storefront can make a big difference. It’s a great way to gain foot traffic and to add another level of commitment to quality service.
Besides foot traffic, you can use the kiosk to make some extra income as well by adding the option to purchase a prepaid phone card, for example, directly from the kiosk.
A benefit of having them in your business is that you don’t need to hire someone to work them. Working similarly to ATMs, the interface is easy for customers to use and understand. It prompts them with instructions and steps throughout the payment process.
Not having the overhead of having to hire an employee with the implementation of a payment kiosk is a great financial plus for your business. It will generate income without employment expenses.