3 Benefits of Flexible Payment Systems

3 Benefits of Flexible Payment Systems

Today’s consumers want businesses to provide as much flexibility as possible, especially when it comes to payment systems. The days of carrying a pocket full of coins are pretty much over and credit cards / mobile payment options have taken over. While most people are heading towards fully cashless payments, there are still some who like carrying cash and business owners now need to decide which methods of payment they want to accept and how they’ll integrate it with their business model.

In the laundromat industry, coins were king in the early days. People used to save up coins in coffee mugs for when it came time to wash and dry their clothes and they’d insert them into coin-slide machines and the washers and dryers would magically start. While coin-slides are still very much around, the methods of payments are shifting and there are some great benefits for businesses who offer flexible payment systems.

You can easily change your pricing

If your payment system allows for multiple methods, chances are your price is shown digitally on a screen and was likely programmed by you. Changing the price of coin-slides can be a bit of a pain, especially if you’ve never taken one out before. If you multiply that process by a dozen (or a few dozen) machines, it can take a significant amount of time and get overwhelming fast. Flexible payment systems are advanced and make it easy for you to adjust the pricing as you see fit. As an added bonus, the limitations on $0.25 increments are lifted with these payment systems and you can choose whichever price works best for your business.

Your customers will love having options

There have never been so many different options when it comes to spending money. Smartphone payments, credit cards, debit cards, cash, Venmo, and PayPal are all examples of some popular payment methods today. Since 90% of households use more than one payment method in 2021, it’s clear that people love having options. By providing flexible payment systems, you’re able to give your customers the option of paying in a way that’s convenient for them.

Increase your revenue by accepting multiple payment methods

When you pay using cash, you physically see and feel the coins and bills leave your hand. This makes it so most people hesitate before making a large purchase with all cash. Multiple studies have proven that people spend more money on average when paying with credit cards because it doesn’t have the same effect of exchanging cash for goods. The same goes for mobile payment methods and when it’s as easy as swiping a card, tapping a phone, or paying via an app, you may be surprised to see how much your revenue increases.

At ESD® we are proud to be an industry leader in the development of innovative, cost-effective, and flexible electronic payment systems. Not every business is the same and that’s why our payment systems come in a variety of models so you can use the one that works the best for you. Not only do our flexible payment methods help you gain the approval of your customers, but they also improve your revenue and help simplify laundry management. If you’d like to learn more about which payment system to select, give us a call at 215-628-0860 or visit us online today.