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Visa Looks to Streamline B2B Payments

The best way to win your customers’ hearts is to provide them with a more flexible payment system and allowing them to choose how they conduct transactions. We live in a world where faster payment modes are given more preference. In this regard, Visa’s recent efforts to transform the B2B payments space need special attention.

Visa B2B Connect

Visa B2B Connect is an innovative non-card based payment network designed to streamline all cross-border, business-to-business payments. The technology enables the participating banks or other financial institutions together with their business customers to make secure, predictable, and streamlined global business payments.

Visa B2B Connect comes with a multilateral payment system that allows one to make bank-to-bank cross-border transactions between different businesses. In this network, one can make payments between any banks that are connected to one’s specific platform, thus having a more improved, streamlined, and consistent payment experience.

Difference Between Bilateral Network and Visa B2B Connect Multilateral Network

Legacy Bilateral Network

Payments via bilateral networks occur only between two parties or financial institutions at a time. Hence, they require multiple handshakes between disparate systems and banks present across different locations before finally reaching the beneficiary. This process, therefore, can create greater delays in payments while increasing the costs unpredictably and producing inconsistencies in the payment data.

For example, the transaction flow of a bilateral network looks something like this:

The Originator Business starts the transaction process via its Originating Bank.
The bank then sends the transaction information to a Domestic Correspondent Bank.
Next, the Domestic Correspondent Bank sends passes over those payment institutions and information to an Intermediary Bank and then to a Foreign Correspondent Bank.
After this, the amount gets deposited to the Beneficiary Bank, which belongs to the Beneficiary Business.

Therefore, it is quite a long-winding process.

Visa B2B Connect Multilateral Network

The Visa B2B Connect multilateral network, on the other hand, enables a system of one-to-many global payments that are transacted between any participating bank. It helps to streamline the payments with higher predictability, efficiency, and transparency.

In other words, with Visa B2B Connect multilateral network, there would be no multiple intermediary banks involved in the transaction made between the Originator Bank and the Participating Bank that is connected to the network. The funds will straightaway be transferred from Bank A of Company A to Bank B of Company B by passing via the Visa B2B Connect platform.

Benefits of Visa B2B Connect

Visa B2B Connect is designed to address all the limitations present in the existing bilateral wire transfer processes, thus enhancing transacting experiences. Some of the key benefits of Visa B2B Connect include:

● Real-time Visibility and Predictability

You can gain improved real-time visibility into your transaction status as Visa B2B Connect reduces multiple handoffs or handshakes in the payment chain. It further helps to enhance the predictability of each of your transactions and have better insights into when and how your funds would land on the beneficiary’s bank account.

● Payment Transparency and Finality

With Visa B2B Connect’s payment network, one can make seamless bank-to-bank transactions using the streamlined and robust data for easier reconciliation and enhanced transaction accuracy. The system offers clear and transparent transaction payment schedules and costs that reduce all payment uncertainties.

● Digital Identity

All your sensitive business and payment data will be secure and protected as Visa B2B Connect uses unique digital identities to tokenize your data. This further reduced any cybersecurity attacks or fraudulent activities.

● Consistency of Transaction Data

Visa B2B Connect’s consistent data makes way for a stable and seamless transaction experience for all businesses and financial institutions. Besides, the network allows a much more simplified and smooth reconciliation process.

● Multilateral Network

Using Visa B2B Connect’s multilateral network, you can transform and streamline the payment path as it offers one-to-many global access. Besides, it boosts the peer-to-peer exchange of essential values and interconnects large-value payments in a multilateral ecosystem.

● Interoperability

Visa B2B Connect has the ability to work alongside and together with legacy systems, which facilitates the bank’s transition to advanced future payments. Interoperability used in payment systems helps to reduce costs associated while establishing an acceptance network. Additionally, it also improved your value proposition by expanding the type and number of acceptance points for your customers/clients.

● Reduced Complexity

Using Visa B2B Connect’s centralized network, you can reduce the number of connections and relationships a particular bank needs to manage, which in turn, reduces complexities in the entire payment environment.

● Advanced Security and Fraud Protection

Visa B2B Connect’s network is strengthened by Visa’s security and advanced distributed ledger technology. In fact, Visa B2B Connect is built with a closed and permissioned network wherein all the members are trustworthy and known. Further, all your account data will be tokenized using a unique digital identity, which helps to prevent fraudulent attempts and opportunities.

● Flexible and Compatible

Visa B2B Connect provides a wide array of implementation and application options, which caters to the unique requirements of the business. You can also shift to a modern and more improved payments experience, compatible with all your existing business solutions.

● Global Connectivity and Easy Growth

This cross-border B2B payments network by Visa is developed using the brand’s unparalleled capabilities and core assets. Using Visa B2B Connect, you can enjoy a seamless same-day or next-day access to multiple currencies across the world via a single integration. The best part is the system is highly scalable, so that you can grow your brand and revenue.

Final Words

Visa, therefore, has tremendous abilities to offer a global and more flexible payment solution to all cross-border business transactions. The card brand has proven capabilities to achieve a unique and unsurpassed global network scale. Moreover, VisaNet has happily connected more than 15,500 banks and other financial institutions across the globe.

Visa, being a financial technology innovator, has successfully built thousands of strong relationships with several banks spread across multiple countries, creating a powerful network for the new Visa B2B Connect technology. Coming to the question of trust, Visa is a brand proudly carrying a decade-long track record of top-notch security, safety, and speed.

HEB Consumers Can Now Pay With SNAP EBT For H-E-B Curbside, Home Delivery

San Antonio-based grocery company H-E-B has recently announced that all of its stores will now accept SNAP EBT (Supplemental Nutrition Assistance Program Electronic Benefit Transfer) payments directly via its mobile app or website, www.heb.com, for all curbside and home delivery orders.

The Process – HEB.com

To do so, customers need to already have or sign up for a SNAP EBT account. Customers input their SNAP EBT information into their H-E-B account on their website, heb.com, or through the My H-E-B app. After the registration is done, customers can place their orders.

During checkout, they can choose the SNAP EBT option where they simply need to enter their PIN. Electronic Benefits Transfer, or EBT, is an electronic system designed to enable a SNAP participant to pay for their food order using the benefits offered by SNAP.

However, for items or payments not eligible on SNAP EBT, one would need a debit or credit card. The company offers options for making payments using gift cards as well. One can view their SNAP EBT card balance by logging into the My H-E-B app or at heb.com. The app is available for both Android and iOS devices and is easily accessible from mobile phones or tablets.

To ensure you are buying SNAP-eligible items at HEB, you can use the filter function while doing a product search. Moreover, one can also check which items are SNAP-eligible on their online shopping cart, which gives a clear indication of the same. The contactless payment option is available at all the curbside and delivery store locations of H-E-B.

This announcement made by the grocery giant on Friday, 18 December 2020, in a news release, has made it easier for consumers to make contactless digital payments for their food or grocery orders, both for curbside or home delivery.

Currently, the grocery chain has over 230 stores having curbside services. Further, the company is planning to expand across over 20 more locations in the state by the end of 2021. The company also added that most of those locations providing curbside services will be offering home delivery facilities as well.

As per the statements of the vice president of H-E-B digital commerce operations, Esther Castelo, this is one of the most essential initiatives that their team has come up with. He further said that the team members are excited to offer their customers this convenience.

According to Texas Health and Human Services, the total number of benefit cases associated with SNAP food purchases was higher than 131,000 in the previous month of November. The best thing about H-E-B is that they provide either same-day or next-day curbside pickup services, in which the stores load the customers’ vehicles with their groceries. This service carries a $4.95 personal shopper charge.

Further, all curbside orders are made free for those who have placed their orders more than 2 days out. And the company will charge a delivery fee of $5 for all home delivery orders. You can place your home delivery or curbside orders seven days in advance.

This new feature is considered a part of the company’s expansion of the SNAP EBT facility, which H-E-B implemented as a pilot to some of its locations in May.

Under the SNAP Online Purchasing Pilot, which was launched by FNS (Food and Nutrition Service) of the US Department of Agriculture, 46 states as well as the District of Columbia are now allowing SNAP beneficiaries to purchase and pay for food and groceries digitally. The retailers participating in this program include Amazon, Walmart, ShopRite, and Aldi, among many others.

SNAP food benefits are included onto a Lone Star Card, and is designed to help people having budget constraints. These cards let people meet certain program rules, such as work rules and income limits.

Previously, H-E-B has said that it will carry the COVID-19 vaccine after it is made available at its pharmaceutical chains, and will distribute it to the public.

In fact, the grocery brand began to foresee the aftermath of the coronavirus pandemic on their industry. Many of its stores started to see much reduced traffic since the lockdown restrictions were declared worldwide. The issue was more prominently seen by mid-April when the company was experiencing initial supply issues.

It also gave rise to the number of digital app use cases among the audience willing to purchase food and groceries, which are the daily essentials. According to research, food was seen as the number one pick to make expenses after federal stimulus funds were distributed to Americans during the early days of the pandemic outbreak.

Meal kit businesses emerged victorious from the crisis, especially when restaurants were closing their doors. Following this trend, the supermarkets like HEB attempted to sell pre-made meals to their consumers.

About H-E-B (and HEB.com)

H-E-B is an American supermarket chain based in the City of San Antonio, Texas. Today, it has more than 340 stores in 150+ communities spread across the state and in northeast Mexico.

As per the 2014 revenue reports, H-E-B was ranked the 20th largest retailer in the US. The grocer donates 5% of its annual pre-tax earnings to charity in and around its store locations. The common institutions the company distributes the money to include educational institutions and food banks.

H-E-B was founded on 26 November 1905 by Florence Butt, who first opened the C.C. Butt Grocery Store at her Kerrville family home. She opened the store with her savings of $60 by realizing her need to support her poor family. The current CEO of the brand is Charles Butt, who inherited his family business in 1971.

The H-E-B Plus team aims to cater to the unique needs of the different lifestyles followed by the people of Texas. HEB is known for selling and delivering a range of services, including fruits and vegetables, bakery products, meat and seafood items, dairy products, pantry items, deli and prepared foods, frozen foods, beverages, health and beauty products, everyday essentials, baby foods and healthcare products, home and outdoor decor items, pet supplies, etc.

The company also has provisions for allowing its visitors to make charity donations of their choice with a minimum of one dollar.

The Best Credit Card Offers for 2020 and 2021

If you have a New Year’s resolution to get your finances in order, that may include finding the right credit card. If you have a high-interest card that doesn’t provide you with any rewards or benefits, you could be missing out.

The Top Credit Card Offers for 2020 and 2021.

Discover-It Cash Back

If you want a simple credit card that pays you for your purchases, Discover-It is it. You earn 5% back on your purchases up to $1,500 each quarter. The reward categories change, but you always have options, and they are typically categories everyone spends in or specific stores everyone shops at (such as Amazon).

Discover also doubles the cashback you earn after your first year. In other words, you earn ‘free money’ if you keep your card in good standing for the year.

Citi Double Cash Card

Earn 1% back on all purchases and an additional 1% when you pay your bill. Even if you pay your balance over a few months, you still earn 1% of what you pay. So it totals out to 2% cashback as long as you don’t let interest charges take over your rewards.

The Citi Double Cash card doesn’t have a reward bonus like most cards, but it comes with a 0% balance transfer APR for 18 months. That’s a nice long period to pay off your balance before interest accrues.

Chase Freedom Unlimited

If you like tiered rewards, check out the Chase Freedom Unlimited card. There’s no annual fee, and you earn cashback year-round in a tiered manner.

It’s best for people who travel as you get the largest reward on travel purchases (5%). It also pays 3% back on restaurant purchases, 3% back at drugstores like CVS, and 1.5% back on all other purchases. So, no matter where you spend money, you’ll earn cashback.

Bank of America Cash Rewards Credit Card for Students

Students sometimes have a hard time finding a credit card that provides them any benefits besides a small credit line. The Bank of America card is a great place to start and it offers students rewards.

Students earn 3% cashback on a category that you choose, whether it’s groceries, dining out, or gas. Students can also earn 2% cashback on groceries, including Sam’s Club and Costco, and 1% back on everything else.

The 3% bonus category and 2% rewards can be used up to $2,500 per quarter, and then it falls to 1%, which is the perfect amount for students.

Look at the Credit Card Rewards you Need

Before you take just any credit card, determine your needs. What rewards will you use and what categories do you spend money in the most? Why not take advantage of what credit cards have to offer by finding the card that pays you back in ways you’ll use it and for purchases you already make?

If you aren’t sure which one is right for you, pull out your bank and credit card statements for the last year and total up your spending in each category to make the right choice.

Restaurant Trends for 2021 – How Restaurants will Succeed

COVID-19 has changed the way restaurants operate in a big way. In some states, they still aren’t fully operating, which leaves restaurants thinking outside the box longer than they ever thought necessary.

2021 looks like it will shape up much how 2020 ended, which means restaurant owners must continue being creative and figuring out ways to make the most of their business as it is right now.

Top Restaurant Trends for 2021

Focusing on Take-Out, Delivery, and Contactless Payments

No one knows when restaurants will open again (for indoor seating). This means all business owners must rely on take-out and delivery. Anything they can make contactless (including payments) is what will bring in the customers. Curbside delivery, online payments, and as little contact as possible are what will bring the business.

Creating a Brand for Themselves

Restaurants shouldn’t rely on just the food that they serve, but on the brand, they want to create. Think about what audience you serve. What are their pain points? What do you offer that helps them? That’s the brand you want to focus on and portray to your audience to bring in more business.

Providing Healthy Foods

Everyone loves to eat out (or order in), but today’s consumer is health conscious. You’ll still have those who love their favorite comfort foods, but including at least a few healthy foods on the menu will cater to a larger crowd.

Pop-Ups and Special Menus

Restaurants today are getting with the times and realizing many of their services may be short-lived. For example, if they can open for in-person dining, it may be for a short period. So instead, they think outside the box and have specials and limited opportunity pop-ups that bring a sense of urgency and excitement.

Online Reservations

Today consumers have to make reservations for just about everything, including any type of dining. The days of popping into a restaurant when you feel like are gone. Merchants need to adopt an easy reservation method, of which online reservations is the easiest. Whether you have a mobile app or just a website, enabling customers to reserve their time easily brings in more business.

Provide Quick Dining Opportunities

Anything you can do to make the diner’s experience contactless will take you far in 2021. Diners want to get in and get out. This includes when they’re taking the food to go. Self-service kiosks and contactless payments (online) let customers come in, get their food, and leave with little to no contact with others.

2021 is all about staying healthy. From serving healthy foods, ensuring the utmost safety precautions, and offering contactless opportunities for ordering, paying, and picking up food is important.

No one knows when the pandemic will end, but restaurants can stay strong by implementing the trends consumers want to see and that makes them feel safe. As we continue to navigate our new normal, it’s time to adapt to what’s in front of you and give your audience what they need to remain loyal.

Frequently Asked Questions

How can restaurants adapt to the demand for contactless dining experiences?
To meet the demand for contactless dining experiences, restaurants can implement various strategies. This includes adopting digital menus accessible via QR codes or mobile apps, allowing customers to browse offerings on their own devices. Implementing online ordering systems with curbside pickup or delivery options is also crucial. u003cbru003eu003cbru003eRestaurants can offer contactless payment options such as mobile payments or online transactions. Moreover, investing in technology like tableside ordering tablets or self-service kiosks can further enhance the contactless experience and streamline operations.
What steps can restaurants take to incorporate sustainable and locally sourced ingredients?
Restaurants can incorporate sustainable and locally sourced ingredients by building relationships with local farmers, growers, and suppliers. This involves researching and partnering with those who follow ethical and eco-friendly practices. Highlighting these partnerships and ingredient sources on menus can appeal to environmentally-conscious customers. u003cbru003eu003cbru003eAdditionally, implementing seasonal menus that showcase locally available products can be an effective strategy. Restaurants can also reduce food waste by implementing portion control measures, offering customizable dishes, and repurposing leftovers creatively, thus minimizing their environmental impact.
How can restaurants leverage the concept of ghost kitchens and delivery-only models?
Restaurants can leverage the concept of ghost kitchens and delivery-only models by expanding their reach and reducing overhead costs. They can establish virtual brands or delivery-only concepts that operate solely through third-party delivery platforms. This allows restaurants to tap into new markets, test innovative concepts, and cater to the growing demand for delivery and takeout. u003cbru003eu003cbru003eBy focusing on efficient delivery logistics, optimizing packaging, and ensuring high-quality food, restaurants can excel in this space. Collaboration with third-party delivery platforms and investing in robust online ordering systems are key steps to success.
How important is customer engagement in the restaurant industry, and how can it be enhanced?
Customer engagement is crucial for restaurants as it fosters loyalty, drives repeat business and generates positive word-of-mouth. Enhancing customer engagement can be achieved through various strategies, such as active social media presence and engagement. Restaurants should create compelling and shareable content, respond to customer reviews and comments promptly, and run engaging campaigns or contests. Personalized experiences, such as personalized recommendations based on previous orders or special occasion offers, can also strengthen customer relationships. Additionally, implementing loyalty programs that reward customers for their patronage can incentivize repeat visits and create a sense of exclusivity.

With restaurant trends on your list, the restaurant resources hub has the related guides.

Restaurants Feeling the Negative Effects of the Pandemic as Winter Approaches

More than 100,000 restaurants have closed since the start of the pandemic and as many as 40% of restaurant owners don’t think their restaurant will make it through the winter if things continue the way they are going according to the National Restaurant Association.

The pandemic isn’t just affecting independent restaurants either. Chain restaurants are just as much at risk as the smaller establishments.

Costs aren’t any Lower

A big part of the problem is not only that sales are down, but costs are just as high as they were before. In fact, some restaurants state their labor costs exceed their pre-pandemic level because of the stricter measures put in place to ensure everyone’s safety.

Relief isn’t Coming

Another big part of the problem is the lack of relief. While the restaurant industry is grateful for the relief they received, it’s not enough to keep them going. They’ve waited as long as they could and now with the winter months upon us and outdoor dining nearly impossible in many areas of the country, more restaurants will hurt in a big way.

More Workers will be Furloughed or Laid Off

The restaurant industry fully expects to have to lay off or furlough even more workers during the winter months. With most restaurants restricted to curbside pickup and delivery, there is a much lower need for employees in the restaurant. Beyond a few kitchen staff and one or two front-of-the-house employees, restaurants can’t afford to keep others on staff for much longer if they want to try to stay in business.

Most restaurants are running at less than 80% of their normal staffing levels and many other restaurants had to pull back even further.

A Bleak Outlook

Restaurants have a bleak outlook for the winter and even the spring months. Even the restaurants that are making it right now have a meager outlook for the future. Only 6% of restaurant owners think things will get better for them by March.

What can Restaurants Do?

Right now without more relief, there isn’t much restaurant owners can do but try their best. They can offer new services, foods, and market their curbside and delivery services, but beyond that, their hands are tied.

They have little money to do much else and have to preserve what they have so they can keep their doors open and potentially keep some staff working.

It’s a bitter pill to swallow for the entire country. No restaurants in any state are doing well right now. Everyone is just getting by, but with the winter coming, everyone can’t help but worry about what comes next.

Who will be the next restaurant to close? Will the government pull through in time to save more restaurants during their time of need? Only time, patience, and a lot of thinking outside of the box will tell what the future holds for our restaurant industry.

Restaurant Payment Resources collects our restaurant payment articles, news included.

Five Ways to Boost Restaurant Sales During COVID19

If there’s one industry that’s been hit the hardest in COVID-19, it’s restaurants. Between the stay-at-home orders, limited capacities, and stark regulations to stay open, many restaurants are suffering with low restaurant sales.

Luckily there are ways to save your business and boost sales. Check out our top tips below.

Offer online ordering

Everyone does everything online today. If you offer online ordering, you’ll increase the likelihood of sales. People today want convenience. If they look online and can’t find a way to order with you, they’ll move on quickly.

Don’t let that happen.

Here are a few ways to offer online ordering if you don’t already:

Set up mobile ordering on your restaurant’s app
Set up online ordering on your restaurant’s website
Contract with one of the delivery services, such as Grubhub or DoorDash

Offering online services is convenient and it gets your restaurant name out there more. If people aren’t familiar with your restaurant, but they come across it on Grubhub or DoorDash, they may give it a try.

Stay active on social media

Let your customers and future customers know that you care about them and their health. Post updates on social media regarding how your restaurant is handling the precautions. What do you do to keep customers safe?

How are you thinking outside of the box to cater to your customers? That’s what they want to see. They don’t want restaurants pushing sales for the sake of pushing sales. They want to patronize restaurants that are taking the bull by the horns and figuring out a way to get their favorite dishes and drinks in your hands safely.

Here are just a few things to share on social media:

Behind the scenes footage of how you handle the pandemic and everyone’s safety. This is big right now so you can’t post it too much.
New, creative offerings you have whether it’s a package deal to help families have a fun night at home or a new offering that customers have always wanted but didn’t have time to create. We all have nothing but time now.
Specials or deals, especially if they’re time sensitive. You give your customers a sense of urgency that they must come now or they’ll miss a great deal.

Streamline your offerings

With fewer (if any) customers in your restaurant, now is not the time to go all out on ingredients and supplies. Simply your offerings and you’ll make it easier on everyone. Keep the fan favorites and choose a few others. You’ll keep your costs down and simplify the process for your customers, increasing your restaurant sales.

Streamlining doesn’t mean cutting back or making less money. If anything, you may even increase your profits by reducing your expenses and focusing on the dishes, drinks, and products that your audience loves the most.

Here’s what you can do.

Take a poll. Ask your audience what they love the most. Social media is a great platform for this. This way you know you are keeping the right offerings and getting rid of the ones that aren’t so popular right now and may be a waste of your money.

Promote the products you are keeping. You can’t keep everyone happy, there will be people who miss your other products, but promote the items you are keeping. Create urgency in them with specials or even create fun contests, like if you sell X number of a certain dish on a Friday night you’ll offer a special the next day.

Increase your digital marketing efforts

If you’ve relied only on in-person marketing, you could be missing out today. Everyone relies on the internet, especially while they are stuck at home. If you want to expand your reach, you have to get online and promote yourself on social media and even via email newsletters.

Create an opt-in so your customers provide their email addresses in exchange for something. It could be a discount, like 10% off, or something free, like a free cookie with your next purchase. The idea is that you get their email address so you can advertise to them in the future.

Your digital marketing efforts could include:

Email newsletters that have specials, announcements for new dishes, or new offerings. It could also be a way to share with customers how you’re handling the pandemic and keeping everyone safe.

Social media posts and paid advertising. Sponsored posts aren’t as expensive as most people think and since they’re so targeted, they often have a great return on your investment.

Offer healthy options

Today everyone is concerned about staying healthy. Show your customers you are on board with what they need by offering healthy options. Whether you always offered healthy food or it’s a new offering for you, it gives families other alternatives.

Here are a few ways to advertise your new offerings.

Showcase your new offerings on the home page of your website.
Promote the new dishes on social media in a post that talks about COVID-19 and staying healthy.
Stay up-to-date with your customers via email newsletters.

Boost your Restaurant Sales Today

It’s never easy to see sales slipping, but if COVID-19 taught us anything, it’s that we need to pivot our offerings. There are many ways restaurants can serve the community even if you are on stay-at-home orders.

Find out what your audience wants and needs and find a way to do it. The restaurants thinking outside of the box, creating new offerings, and finding ways to serve their customers are the restaurants that will survive the pandemic. Are you one of them?

Related reading on boosting restaurant sales: Restaurant Payment Resources.

Tipping Goes Virtual as COVID19 Impacts US Restaurants

COVID-19 has affected restaurants harder than many other industries mainly due to the lack of cash flow. Not that restaurants aren’t making the money, they just make it differently. Most payments are electronic to avoid the risk of passing germs with cash (not necessarily because of the lower accessibility of it).

That leaves restaurant owners and wait staff with a problem. How do they get paid? If there’s no cash, owners have to run to the bank, which isn’t as easy as it used to be thanks to the pandemic. Wait staff, who deserve to have their tips right away, are now forced to wait, sometimes as long as two weeks until they receive their paycheck.

Fortunately, many restaurants have started tipping virtually, here’s what that means.

eTipping is an Option

Many restaurants have turned to eTipping, similar to what Uber and Lyft offer. At the end of the night when the restaurant closes out the tabs, they electronically send your tips to your bank account. You should have the funds within a day (usually less) this way.

Here’s the problem.

It doesn’t work for every restaurant or employee, for that matter. If an employee doesn’t have a traditional bank account, it could cause more trouble than it’s worth.

Pay Cards

Another more common solution is pay cards. They work like debit cards and restaurant owners can load the cards with the appropriate tips at the end of each night. Employees then have the money available on a card that they can use like a debit card.

Here’s the problem.

Not all retailers or businesses accept all cards. Many pay cards also have fees, sometimes a monthly fee and sometimes a fee for each use. This reduces an employee’s pay, which right now is the last thing anyone needs.

The Benefits of Electronic Tipping

No matter which method you choose, there are many benefits of electronic tipping including:

You don’t have to worry about cash flow. With fewer customers paying cash, you’d have to constantly run to the bank to payout tips in a timely manner.

You don’t have to resort to payroll tips. Waitstaff and bartenders are used to receiving tips the same day they earn them. Making employees wait until payday would mean putting them off for 2 weeks. This could cause bill paying problems and financial destruction.

There’s a lower risk of mistakes and theft. Dealing with cash is risky business. Withdrawing large amounts of cash and doling it out creates plenty of room for errors, misplaced cash, and even theft.

Virtual tipping isn’t as ‘new age’ as it sounds and it could be more beneficial for restaurant employees in the long run. Restaurant owners must work out the kinks, find the right program that suits their employees, and make sure it’s an easy enough system to adapt during these trying times when every aspect of our lives are changing whether we want it to or no.

Virtual tipping: one piece of running payments in a restaurant. The rest of our restaurant payment guides are in Restaurant Payment Resources.

Chinese Fintech Firm, Ant Group, Forced to Postpone Record IPO

China made a surprising decision when they postponed Ant Group Co.’s IPO. The decision caused Hong Kong shares to plummet and made investors wonder about the financial future of the fintech company.

The postponement came after a meeting between one of Ant’s founder and Chinese regulators. The Shanghai Stock Exchange also removed the company from its listing. They claim it’s due to disclosure and listing condition issues that Ant Group can’t meet.

Why did it happen?

Jack Ma, a co-founder of Ant Group, openly told Chinese regulators that they were excessively risk-averse and it didn’t live much room for innovation. This move was a first for Chinese regulators, though, especially the night before such a large IPO release.

According to the Shanghai Exchange, recent changes in fintech regulatory may make it hard for Ant to pass the requirements. This mostly pertains to the information disclosure.

What Would the Changes Do?

The new regulations put the squeeze on Ant and many other fintech companies. Ant specifically would face new rules requiring them to have more cash reserves for the loans it offers. This would put more credit risk on the company.

Is that the reason Ant Group IPO was canceled? It’s yet to be determined. Some think it’s a power move by Beijing to remind Ma that they are in charge. The move was still drastic on China’s part as it hurts capital markets as a whole, but it could be a precedent they are trying to create.

A Detrimental Move for Ant Group

The move to pull Ant’s IPO cost them over $3 trillion in orders that were pending from retail investors between its two listings. In China alone, the listing would have brought the company $34.5 billion, making Ant worth $313 billion. This would have been one of the largest IPO releases in history.

As far as Ant Group is concerned, they feel they will rise above. They will continue to converse with regulators, figure out what they need to do, and come back stronger than ever.

COVID19 Drives Adoption of Contactless Payments and Curbside Pickup

Today, shopping retail and even picking up food at a restaurant looks different. Most customers prefer contactless payments and curbside pickup. They are the norm – they are expected. Contactless payments are just one more way to reduce the risk of sharing the virus. With less cash flowing around, the risk lessens, especially when consumers can pay online before they arrive or can use a digital wallet, like Apple Pay.

Curbside pickup used to be a luxury and one that not many customers used. COVID-19 turned the tide on it and so far it looks like there is no going back. Stores and restaurants need to offer curbside (touchless) pickup if they want to remain competitive.

Adopting Contactless Payments

Most stores and restaurants accepted the standard payments – credit and debit cards and some accepted digital wallets, but not many. Fast forward to today and it’s rare to see a business that doesn’t accept contactless payments, whether online payments, digital wallets, or direct transfer from PayPal or Venmo.

Consumers look for those extra payment options. They want the choice of how they’ll pay whether it’s online or in person. Everyone’s looking for contactless payments so even if they shop in-store, they don’t have to touch the credit card machine that everyone else touched too.

Curbside Pickup is the New Norm

Customers today want to walk into a store as little as possible. Rather than paying shipping costs and waiting days for it to arrive, they want instant gratification with curbside pickup. This means two things for retailers:

Your inventory system must be up-to-date in real-time all the time. You can’t have customers buying products to pick up that day only to find out a few hours later that it’s not in stock. You won’t have happy or repeat customers.

You need a seamless curbside pickup routine. This may mean hiring more staff, setting up new procedures, and creating new routines. The key is keeping a steady flow in the lot, and getting customers their items fast.

Buy Now Pay Later Plans are Important Too

During these trying times, many consumers need help. They don’t want to change their normal holiday shopping routine and give less during such a treacherous time in our lives, but many can’t afford it.

Buy Now Pay Later options give customers more choice. They can shop like they used to despite not having the cash resources today. Adding Buy Now Pay Later options on your website makes it easy for customers to apply in the privacy of their own homes. With an instant answer, they’ll know their options without facing anyone face-to-face.

Getting with the Times

COVID-19 changed a lot for retailers, and the changes are continuing. It’s important to adapt to what consumers need today to keep them and yourself safe, but also your business thriving. The right business model will help your business get through the pandemic and all that it’s changed.

Top Ways Merchants Can Succeed During the Holidays in 2020

COVID-19 changed so much for millions of people, but retailers were among the hardest hit. Now that the holidays are upon us, retailers must act smart and fast. What happens in the last quarter of 2020 could make or break your business.

So how can you succeed during the holidays? Check out our hottest tips.

Have an Online Presence

Every business, even small brick-and-mortar stores need an online presence. Millions of consumers will shop online this year and skip in-person shopping altogether. Not having an online presence could be the difference between staying in business or not.

If you already had a website now is a great time revamp, update, or otherwise make it better.

Make Sure your Website is Fast and User Friendly

Your website must be able to handle a lot of traffic and your staff able to handle the influx of shipments, deliveries, and returns, all while providing great customer service. If shoppers are frustrated at your website speed, they may move onto a competitor.

Aside from speed, think of user-friendliness. How easy is it to use the website? Can all customers (including new customers) find what they need quickly? Is it easy to spot where and how they can contact customer service?

Offer Valuable Services

Today, consumers want to know what you’ll do for them that goes above and beyond the norm. Sure, they can order online, but what else do you offer?

Here are a few ideas:

Curbside pickup for contactless service
Real-time inventory updates for better service
Offer more payment options including ‘buy now pay later’
Staff accordingly so you can answer customer questions, provide timely curbside pickup times, and offer any other necessary support

Market your Business

Don’t forget in the madness of the holiday rush, all the changes, and observing COVID-19 regulations, to market your business.

All businesses will be operating online and hoping for the same target audience. Find a way to stand out from the crowd. What do you have to offer that others don’t? Focus on that when you market your business.

Don’t forget to get on social media – all platforms including Facebook, Instagram, and even Tik Tok if you have a young audience. Offer specials and give other reasons to get your company ahead of the market.

Get Ahead of the Market

This year will look different than any others. Black Friday may not bring in the same numbers in-store, but you can do the same thing online. Appeal to your audience who feels more comfortable staying home and prepare yourself now.

Most customers are shopping early this year – don’t miss the opportunity to grab the sales now, earlier than ever, and build trust in your customers. Don’t use this as a time of trial and error, but rather a time to find a solution to the problem that all businesses will face today – satisfying both the in-person and online customer to the same level.