Small businesses like camps and venues are among the most committed to giving their customers the best experiences possible. Yet for some reason, when it comes to payments, many still rely on the outdated method of checks. There’s no question that checks were a reliable form of payment in the past, but the time has come to move to electronic options. You may no longer get checks with cute bears on them, but the benefits outweigh this downside.
The first important detail to hold on to is that this switch isn’t going to shock your customers. A 2019 survey by the National Retail Federation found that 92% of small businesses in the US accept at least one type of electronic payment. Plus, this isn’t just about keeping up with the status quo—there are revenue benefits as well. A report by the Small Business Administration states that small businesses that accept electronic payments have a 30% higher revenue growth rate than those that do not. If the ability to grow with a move to electronic payment methods doesn’t make a strong enough case, here are a few more compelling reasons.
Efficiency
The speed and efficiency of the transactions take the cake. With electronic payments, the money is transferred almost instantly, which means your business doesn’t have to wait for checks to clear before you can access the funds. This is especially important for small businesses like camps and venues that operate on tight margins and need to have access to cash flow as quickly as possible.
Security
Electronic payments have higher levels of security and are far less prone to fraud than checks. With electronic payments, your business can easily track and monitor transactions, which makes it much easier to detect and prevent fraudulent activity.
Camps and venues are not immune to this type of fraud. A small wedding venue in Florida was a victim of check fraud in 2018 when a group of individuals used stolen checks to make a large deposit for a wedding event. The venue was forced to bear the financial loss.
Because electronic payments typically come with built-in security features, such as encryption and authentication, there’s an extra layer of protection for both the business and the customer.
Integrations
Electronic payments can be handled with Campminder and Gazebo, and this is without question, a game-changer for camps and venues that have a small staff. Small businesses often operate without a full accounting staff, so the seamless integration of electronic payments allows you to create memorable experiences with your customers, campers, and families, instead of being stuck at a computer manually entering in check payments.
Customer Satisfaction
At the end of the day, happy customers are return customers, and electronic payments are convenient, faster, and more secure. There’s no risk of a lost, stolen, or damaged check, and the variety of options to make payments will increase satisfaction and loyalty. Checks that are lost or damaged can cause frustration for the customer and business alike.
The speed, security, convenience, and accessibility of electronic payments is mutually beneficial for businesses and their customers. By accepting electronic payments, small businesses can improve their cash flow, reduce their risk of fraud, and provide their customers with a more convenient and secure payment experience. Moreover, it will help small businesses to grow their customer base and increase their revenue. In 2020, a survey by Square found that 55% of small businesses in the US reported an increase in sales after a switch to electronic payments. Making the switch to electronic payments is a smart move for any small business that wants to stay competitive in today’s fast-paced digital world.