One of my favorite things about running a company like QuotePro, is helping our clients apply technology to solve business challenges. One of these challenges is how to accept and process cash payments in the most convenient, efficient and safest way possible.
In the U.S. we love cash. In a 2016 report, the Federal Reserve found that over 32% of all U.S. transactions were paid in cash. In that same year, QuotePro processed over $50 million in cash payments at kiosks located at car dealerships, grocery stores, apartments and universities throughout the U.S. The data from our QuotePro Kiosks around the country shows that even when given a choice of using credit, debit, check or cash, customers choose cash 70% of the time. Most businesses are happy to take payment in cash – when it is safe and convenient.
According to the FDIC, 27% of the U.S. population is unbanked or underbankedrepresenting 33 million households. I prefer to call this group “financially underserved” rather than underbanked. This group of consumers represents over $1 trillion annually in U.S. purchases. They also spend over 10% of their income on service fees, late fees and money orders to pay their financial obligations. Offering fast, convenient payment options with low, reasonable fees can create customer loyalty for life.
A kiosk increases customer satisfaction by allowing consumers the ability to make a payment, in a variety of languages, in less than 60 seconds. Research from across the country shows that when paying bills in person, customers prefer kiosks to over-the-counter transactions. Whether due to speed, anonymity, language barriers or not actually wanting to deal with a human, consumers are choosing kiosk transactions. From airline check-in to ordering food at McDonald’s to checking out at Walmart, consumers trust kiosks and appreciate the speed and convenience they provide.
To summarize, here are some of the best features of kiosks:
1. Convenient, one-stop service – and no device required. Kiosks often become a pay day destination for customers. They can use a single kiosk to deposit their pay check, get an insurance quote, pay bills, or withdraw cash.
2. QuotePro Kiosks are built on a customized ATM platform which can seamlessly process cash payments and make change right down to the penny. This is particularly important for cities, municipalities and utilities who, by law, must provide exact change cash payments.
3. Available from open to close with no waiting. Kiosks are simple to use, and customers can self-serve for transactions. There’s also less risk of errors in data collection when customers enter their information directly. QuotePro’s newly released outdoor kiosk model enables 24/7/365 payment processing.
4. The kiosks can provide service in more than one language, such as English and Spanish. Allowing customers the ability to transact in their native language provides added comfort, confidence and satisfaction that the transactions are being handled correctly.
So, what’s next for kiosks? Cash isn’t going away, so let’s embrace it. Please contact me at firstname.lastname@example.org to schedule a demo and discuss how we can help you.
Marco Freudman is the CEO of QuotePro. QuotePro has been helping auto dealers, utility companies, apartment owners, insurance carriers and agents and many other types of companies grow their business with technology solutions for financially underserved consumers since 1991.