Who doesn’t love to feel special and cared about? Business owners are probably more aware than anyone else of this fact and are using this undeniable aspect of human nature to their advantage. With just a little work on your part, you too can launch and maintain a gift card program that offers payment simplicity while simultaneously motivating buyers to return to your store.
Why gift cards can benefit your business.
You already know that gift cards are easy and convenient for your customers, but that’s not the only reason they can help your business. They also accomplish the following.
- Increase profits. You will make money when shoppers buy more than the face value of what is on the gift card. Moreover, you will get extra money in your pocket when an unused balance is left on the card.
- Provide you with valuable insights about your customers. Because they can be paired with your point of sale (POS) system, you can effortlessly learn about the customers who purchase them. Armed with this data, you can tailor future marketing campaigns to match their expressed habits and desires.
How gift cards work.
Before you take the leap to bring them into your business, it is important to understand best practices for gift cards and how they work. These can be purchased by your customers directly in person. Selling gift cards is easy with a smart POS system — your cashier simply selects the gift card application in your POS, activates the card, and indicates the amount your customer wants. The customer pays and receives the card, as well as a printed receipt.
How to accept gift cards.
Accepting gift cards at your establishment is just as easy as issuing the card itself. The cashier can manually enter, swipe, or scan the card to redeem it. Your payment processor will approve the payment, deducting the purchase amount from any remaining balance. If there are insufficient funds on the card to cover the purchase, your POS system should alert the cashier to obtain another payment method from the customer.
Offering gift cards to your customers helps to build brand awareness, improves your cash flow, appeals to younger customers, and helps to boost your sales during the busy holiday season. Moreover, gift cards are favorites of corporate buyers who want to find easy, universally loved gifts. Once you set up your POS system to offer and accept gift cards, you will quickly begin to realize the benefits, both to your customers and your bottom line!