With the Black Friday sales and the Christmas shopping season upon us, retailers should meet the increasing demand of their customers and offer cashless and alternative methods of payment in order to remain relevant and grow their businesses.
CEO, Paul Kent explains, “Gone are the days where consumer payments are limited to cash, debit and credit cards. Shoppers are seeking alternative payment methods and retailers who provide certain payments solutions, like buy-now-pay-later, may see an increase of up to 30% in sales as has been witnessed across our retail client portfolio.”
adumo provides fintech solutions to improve the efficiency and ease of payments for their retail clients. To that end, adumo offers a wide range of options to benefit both shop owners and customers alike.
adumo provides alternative payment solutions, where retailers can offer their customers a buy-now-pay-later option which enables the customer to lock in the Black Friday specials with extended payment instalments over three to four months as opposed to the full immediate payment, while the retailer receives the full upfront payment.
Layby is another option offered by adumo, where customers have an extended time period to pay off a purchase made, while locking in today’s price. This option could promote an increase in sales for the retailer and reduces the risk for the customer. When full payment is completed, should the retailer not have the chosen merchandise, the customer has a full claim on their payments already made.
To support retailers with the increase in shopping demand over this season, adumo is offering additional devices to existing clients on a short term rental to ensure that they don’t lose out on the expected increase in sales.
Dual sim cards means that the payment device is always connected especially as the increasing number of load-shedding hours plays havoc with cell phone tower batteries.
Rechargeable batteries that last up to 8 hours are provided in certain payment device models which also enables continued trading through load-shedding.
Should retailers wish to invest further and grow their businesses, they may choose to obtain funding through a cash advance, which enables them to buy additional stock or possibly open additional branches. In this instance, merchants can secure funding of up to 75% of their average monthly turnover. Kent notes, “this could be a game changer for small retailers who may require additional cash resources but may not qualify for banks loans. The repayments provided by adumo are linked to their card turnover processed through the payment device. If turnover increases the payback period decreases, but similarly should turnover reduce, the payback also reduces, providing some breathing space for the retailer.”
“Offering our clients integrated and alternative payment solutions for their in store and online platforms, means retailers can cope with increased customer payment volumes in an efficient, reliable and fast manner. Consumers also benefit with different payment options available to them to pay for their merchandise and with buy-now-pay-later sales prices can be locked in and cash payments extended into the new year,” concluded Kent.