Credit card processing improves business with travelers, out-of-town shoppers
April 23, 2014
Travel plans this year could be good news for retailers around the globe, as a survey conducted by research firm Ipsos found that people plan to boost their vacation spending this year, according to CNN. The average person is expecting to pay up to $6,136 for travel in 2014, up 3 percent from the year before.
For small and midsize businesses, this is a chance to cash in as people start opening their wallets more. Small retailers in tourist areas should be especially excited as the population begins to travel again. Shopping is often a large part of a vacation or holiday, so businesses should prepare for a boost.
Become a traveler-friendly business
To meet the expectations of travelers, small-business owners must be able to collect a wide variety of payments. The ability to process credit and debit cards is essential to collecting from those on vacation. According to Business Insider, one of the biggest changes in travel spending has been the death of the traveler's check, and electronic payments are what replaced it. Banks with nationwide ATMs played a role, but the ability to use debit cards is likely the key factor.
Consumers can check their balance from anywhere, including a smartphone, so spending on vacation requires much less planning. Debit cards also provide consumers with access to their checking account funds without walking around an unfamiliar town with a pocket full of cash. To many, carrying cash is no longer a part of taking a vacation.
Other benefits to the business also include the ability to capture more impulse buys. Travelers on vacation may go shopping without the intention of buying anything, however, a must-have item could catch their eye. Even if the traveler did not stop at the ATM before he or she started shopping, they can still pay with their credit or debit card.
Embracing seasonal payment methods
Small businesses in locations that have tourist hot spots in a downtown area are often a great place to set up a temporary kiosk on a nice day. With mobile credit card processing technology, a business can process card payments as quickly as it could at a register simply by using their smartphone. The payment data will also populate on the same platform that company uses for its primary location, making it simpler to manage multiple points of payment collection.