The year is into its final hurdle and the hospitality industry is at its busiest. For businesses in this field, it’s vital that everything is in place, so operations run as smooth as possible. While ensuring that your payment processing solutions are capable of handling the extra customers, this is just a microcosm of the overall picture. Cash flow management is one of the many other areas that are important. Below, we discuss how you can make the most out of the festive period and thus set yourself up for a good start to 2019.
Do you have the correct Chip and PIN terminals in place?
To help maximise your cash flow, it’s important that you have card terminals that suit your business the most. For example, having a countertop card terminal instead of a mobile (WiFi, Bluetooth or GPRS) one can be restrictive. By removing this barrier, merchants allow for quick transactions and seamless user experience.
How will you pay your suppliers?
Supplier payments can be taken for granted. At this time of the year, in particular, it’s vital that you are able to monitor where your cash is going and when payments need to be made. To enable this, it’s recommended that you opt for providers, with clever cash management solutions, that allow you to explore business efficiencies in multiple areas.
Which payment options will likely be more popular at this time of the year?
At this time of the year, some payment methods are more prominent than they are during the majority of it. This especially applies to prepaid and gift cards, which are given to friends and family members as Christmas presents by many. Bearing in mind their boosted popularity in December and January, offering these payment methods are a useful way to increase business turnover.
To summarise…
Merchants within the hospitality industry set themselves up for continued success, going into the New Year if they set the right strategy. Making sure that payment offerings and processing solutions are up-to-scratch is vital, even more so when larger-than-normal volumes of customers are expected. Merchants can also enjoy significant benefits from choosing the right partners and, on top of increasing revenue, can also spread their brand and its values to a broader audience.
At emerchantpay, we help merchants within multiple industries to modernise their payment processing solutions and diversify their offerings. If you’d like to find out more about our services, please contact us.