By Anne-Marie Hardie
As we continue to progress towards a cash free culture, technology becomes increasingly more important. When it comes to the convenience and gas store sectors, consumers are seeking out an environment that is both fast and convenient. This is particularly true as the increasingly savvy millennials and Generation Y penetrate the retail market. These individuals expect retailers to have the technology in place that will make their payment transactions seamless. Customers do not want to wait to make a payment, fill out a form, or even pull out their wallet. Eliminating wait time has been one of the main appeals for pay at the pump.
The Appeal of Pay at the Pump
Pay at the Pump is not a new phenomenon for the Canadian market place.
That being said, Michael Gokturk, CEO, Payfirma shares that there are still several gas stations that have chosen not to enable pay at the pump. “They do it on purpose because they are trying to get people in the store,” says Gokturk.
Payment technology is one way to move your consumers from the pump to an in store purchase. “As a consumer our intention at a gas station is to get in and out, we are not loyal to a brand,” says Gokturk. “However for a gas station or convenience store owners, they are about driving people inside the store to buy coffee or goods.”
Instead of avoiding pay at the pump, Gokturk suggests using the system to offer promotions that will encourage consumers to get into the store.
There’s an App For That
Branded applications are no longer restricted to coffee shop; gas stations and convenience stores are jumping on board creating applications that will respond to these technological driven consumers. These applications create a seamless payment experience for the consumer. “Applications provide the ability to curate to the consumers needs. It’s a very personalized experience whether you are shopping for clothes or getting gas and a doughnut, “ says Gokturk.
The gas and any additional purchase are charged through the mobile application eliminating the need to pull out a wallet. Creating applications for the consumer removes the friction point of payment, says Gokturk, while using free offers or discounts gets the consumer to move from the pump to the store.
Wallet Free Society
As we continue to progress towards a cashless systems, even wallets are going to the wayside. These consumers want to pay for their products fast, and they are looking to technology to provide these solutions. The phone is becoming the new method of payment, and with the launch of Apple Pay and Android Pay, payment through mobile phones will only continue to increase.
Integrating technological financial solutions will help pave the way to seamless payment transactions. One way that clients can pay with a flick of the wrist is with DC Payments, DC Tag. This waterproof wristband allows consumers to purchase products using Visa payWave tap and pay technology. “Consumers are increasingly mobile and these bands are particularly suited to the active lifestyle,” says Mike Kelso, vice-president innovation, DC Payments.
Despite the drive towards a cashless society, there are still some clientele that will always use cash. This is particularly true when making smaller purchases, like those made at a convenience store or gas station.
But what about the Cash?
Having cash on site can put the business at increased risk for theft. These operations are often open 24 hours, 7 days a week,” says Erin Bennett, vice-president, Global Transaction Banking Channels and Products, CIBC. “With multiple shifts and different tills, there is a lot of cash collected throughout the day.” This environment provides the opportunity for shrinkage and puts both the business at risk for loss, and could potentially impact the safety of the employees.
To respond to this concern, CIBC formed an exclusive partnership with Brink’s Canada to develop an in store smart safe that enables retailers to deposit their cash without having to leave their environment. The Compusafe is a smart safe that not only knows how much is deposited, shares Bennett, but is able to recognize who deposited it and when the deposit was made. The benefits are multiple from same day credit for the deposit, to increasing overall efficiencies for the small business owner.
Increasing overall revenue while decreasing risks is desirable for all retailers.
On the business end, financial systems can be used to maximize the consumer experience and also increase overall efficiencies.
Technology is designed to simplify business transactions, decrease risks and optimize the consumer’s experience. It is this critical combination that will proactively work to increase the overall revenue of the retail environment. Whether it’s cash or mobile payments, consumers are looking for retailers that will respond to their needs. Keeping technology at top of mind will ensure that convenience store and gas station operators are creating that experience that today’s clientele are seeking.
CIBC’s and Brink’s Canada in-store Compusafe reduces theft, while eliminating the time required for staff to count and deposit the cash. Compusafe will help your business save time, money and enhance overall cash flow. Say goodbye to daily trips to the bank, and deposit your cash with ease with Compusafe in each of your locations.
Payment with a Flick of the Wrist
Rugged, waterproof and available in six different colours, DC TAG allows on-the-go consumers the ability to purchase products quickly and easily via Visa payWave tap and pay technology. Free up your consumer’s hand for more products, by enabling DC Tag technology in your business.
Whether it’s Apple Pay, Android Pay or branded applications, today’s consumers are using their mobile phone as their wallet. Payfirma can ensure that your company does not get left behind by engaging alternate payment methods at the pump and in store.