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How providing a cashback service can benefit your business

March 13, 2017 9:26 am

Customer service is a key element of the success of small businesses. With such high competition on today’s high street, shops need to ensure that they stay on top of the latest trends in service and provide their customers with a superior experience.

Debit card cashback is an additional amount added to the total of a transaction at the till. The extra amount charged on the card is then given back to the customer in the form of cash saving the customer from having to find a separate cash point service.

Providing a cashback service can be a benefit to the business as well as the customer. Keeping large quantities of cash on site during the day can be a concern for small businesses as it raises potential security issues. If a business is known for holding larger amounts of cash on site it can run a higher risk of becoming a target for criminals. Offering a cashback service helps to reduce the amount of money held in the till.

There is a limit of how much money a customer can withdraw using a cashback service. Until recently the limit was £50 per transaction, however that has now been raised to £100. Depending on how much cash you typically hold in your till you may wish to assign your own rules regarding how much money you are happy to exchange in this way.

If you would like to offer a cashback service with purchases all you need to do is contact your designated account manager. Your account manager will be able to answer any further questions you may have and will also liaise with your merchant account holder to arrange implementation of this service.

For further information on how South Coast Payments can help to benefit your business give us a call on 02392 489911.