Think Like a Big Box: 5 Payment Tactics to Copy from Your Largest Competitors

April 19, 2017

Your coffee shop was the best on the block until the new Starbucks moved in around the corner. You notice the line-up in your shop is getting shorter, whereas the line-up at Starbucks is longer. Why? Because large corporations, such as Starbucks, have the dollars and brand impact to attract and draw in the crowds.

But it doesn’t have to be this way. How do you ensure your services are on par with your largest competitors? Here are 5 tactics they are using that you can learn from:

1.  They offer contactless payments

Not only are people going cashless, they are also going ‘contactless’. When Moneris asked Canadians how they prefer to pay, more than half said they prefer contactless transactions with a debit or credit card. That number climbs to 67 percent for people aged 18-34. As well, 75 percent of major retailers in Canada have contactless terminals or readers that accept Apple Pay. This includes Tim Horton’s, McDonald’s, Loblaws, and Starbucks. Essentially, Canadians are already accustomed to using Tap and Go. You don’t want to fall behind by not tapping into this feature.  

Bonus tip: Be Apple Pay (and mobile payment) ready. Check out Moneris.com/applepay for a comprehensive library to ensure your customers can pay the way they want.

2. They provide on-the-go accessibility

In-store experiences are becoming more mobile. For instance, Daniel Chocolates uses a mobile-point-of sales solution to streamline all of its administrative functions, allowing the business more time to focus on customers. You can also offer payments via mobile devices throughout your store, and even at pop-up locations at events. A mobile point-of-sale solution such as PAYD Pro Plus, allows you to accept both Interact Debit and credit card payments, all from a slick little iPad.

3. They offer gift cards and loyalty programs

Do you sometimes feel you’re providing customers with great service, but it’s just not enough? This is where gift cards and loyalty programs come in. A personalized gift card not only encourages repeat visits by customers, it’s also a great way to introduce your business to new customers who receive them. Customizable gift cards are the perfect gift for any occasion.

Another way to encourage continued business from your customers is by offering them exclusive deals with a loyalty card program that uses the same technology as cashless payment terminals.

4. They accept debit and credit

Customers are going cashless. In fact, it’s predicted that cash purchases will make up only 10 percent of money spent in Canada by 2030. Large competitors provide customers with the option to make a purchase with debit and credit, so they don’t have to scramble to find an ATM to withdraw cash—and be charged an additional service fee too! If you’re a cash-only business, your customers would more likely choose your competitors the next time they run out of cash.

Your business may not be as large as McDonald’s or Staples, but that doesn’t mean the experiences you deliver have to be any less. Offering different payment methods is a huge step towards staying competitive with those in the big league.

5. They have an online store 

Whether you run a coffee shop or a boutique, having an online store is something to consider. Customers are increasingly turning to online search engines to learn more about products and find gifts for family and friends. The great thing with online stores is that it operates 24/7, so there’s an opportunity to sell even while you’re sleeping. For instance, Tricolore Sports makes plenty of sales outside of its regular store hours thanks to its online store. As well, customers are inclined to make purchases on its site because it offers a secure payment page. With Moneris, you too can offer the same feature and reassure your online customers with our secure online checkouts solutions

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