Have you noticed how more and more companies these days have their own apps that offer financial services? Did you know that Starbucks for example, reported that 17% of their purchases came through their mobile app? Similarly, Apple launched a credit card! Not only are global enterprises recognising the potential of offering in-house financial services, more and more of our local clients are embracing mobile apps and Digital Wallets to improve customer service, customer experience, monetise and boost sales.
Launching your own app and offering in-house financial services can sound intimidating if you have limited resources – the good news is that our custom and white-label solutions make it easy to build fintech apps even if you have no dev team.
Let’s run through the key Digital Wallet benefits for both business and customers to see how your business needs them!
- Boost cashflow
Cash flow is the lifeblood of any business, and it is essential to ensure that all operations run smoothly. Innovative financial solutions can help improve your cash flow in a number of ways, two of the biggest being: getting paid fasterand selling products ahead of time. By improving your cash flow forecasts, you can better plan for upcoming expenses and stay ahead of the game. This can help you stay on top of payments, increase stock and ensure that every supplier is paid on time. Investing in financial solutions to improve your cash flow forecasts is an important step towards running a successful business.
- Get paid on time
Improving your payment infrastructure and diversifying your payment options is key to getting paid on time. By offering a variety of payment options, such as online payments through a custom digital wallet will not only assist in monetising your brand app, but assists you to facilitate effortless, instant payments via credit cards, cryptocurrencies, contactless payments, debit cards and mobile payments (Google Play, PayPal Apple Pay), making it easier for customers to pay you quickly with their preferred method. Additionally, you can create a branded wallet that gives customers a personal touch when they are making a payment. In the end, the more payment options you offer, the better chance you have of getting paid on time.
- Pre-empting selling
Whilst lockdown seems a distant memory, businesses continue to grapple with the challenges posed by the economic wake of the COVID-19 pandemic. One strategy to improve liquidity in light of this looming pressure is to offer customers vouchers and gift cards and sell ahead. This pay-it-forward approach not only improves cash flow but could become a common strategy even after the pandemic passes. Gift cards are not just a solution for retailers; other industries like the travel industry have begun to offer paid memberships that offer discounts on post-COVID travel plans. Administrating gift card-type promotions can be an effective strategy to improve cash flow while also providing customers with extra incentive to purchase.
- Become a leader in customer loyalty
Turn your customers into avid loyal members with a loyalty program facilitated through a custom enterprise Digital Wallet. Make them feel valued and reward them for their loyalty. With the help of our fintech apps, you can easily create a unique loyalty program tailored to your business, and the reward preferences of your customer. From collecting points and offering rewards, to tracking crucial customer behavior, you can make sure that your customers will keep coming back.
Large brands like Discovery – who have already shown that loyalty programs are an effective way to drive long-term customer retention. In fact, a recent State of the Restaurant Industry report found that one in three consumers are more likely to choose a restaurant with a loyalty program over its competitors.
The benefits of a loyalty program are clear – customers who sign up spend more than those who don’t. According to a Paytronix Systems report, loyalty program members spent double the amount of their uncommitted counterparts in the restaurant industry in 2020. Start building customer loyalty today – make it easy for your customers to join your program, offer great rewards, and watch your customer retention soar!
- Preloaded Digital Wallets
Transaction fees can be a real drain on your profits, especially in businesses with small margins. To combat this, launch a wallet app that allows customers to load up their balance due in advance. Not only will you save on transaction fees, you’ll also gain more loyal customers, as well as a more secure revenue stream. With preloaded balance apps, customers get the added convenience of having an additional payment method, and you get the benefit of increased customer conversion rates. With this kind of app, you can create a win-win situation for both you and your customers.
Unlock the power of increased sales and open up new revenue channels with the synergy of commerce, finance, and incentives driven through a custom digital wallet.
Take advantage of the opportunity to unlock a digital wallet, allowing engagement, loyalty and commerce, with a single in-app tap.
Chat to us today to learn more:
danielle.matthews@insticcdigital.com
+2782 906 8830
