As a business owner, finding new ways to increase revenue is likely one of your top priorities. After all, the more revenue your business generates, the more opportunities to scale, hire new staff and attain new heights of success. But how exactly do you go about increasing revenue? Here are a few strategies you can consider:
One way to increase revenue is to integrate a virtual terminal or EFTPOS facilities with your POS software. This simplifies your operations, saving you time and significantly reducing errors whilst accepting secure payments from a variety of payment options.
This ultimately allows you to sooner introduce new products or services that complement your current offerings or even diversify your product line to reach a larger, wider audience.
Another way to increase revenue is to encourage your customers to purchase more when they shop with you. You can do this by offering upsells, which are additional products or services that are related to the customer’s original purchase. For example, if you own a bakery and someone buys a cake, you might offer to add on a set of candles or a custom message. Cross-selling involves offering customers a product or service that is complementary to their original purchase. For example, if someone buys a new phone from you, you might offer them a phone case or screen protector as an add-on.
If you have a product or service that customers use on a regular basis, you might consider offering a subscription or membership program. This can be a good way to generate recurring revenue, as customers will pay a regular fee to receive your product or service. With a reliable third party e-commerce payment gateway, you can set up bill payments, memberships or subscriptions in a single go.
You can also increase your revenue by making it easier for customers to pay. This could involve using an online payment system such as PayPal or Stripe or taking advantage of third-party EFTPOS solutions. Mobile EFTPOS systems make it easy for customers to pay with their debit or credit cards without needing cash on hand. By providing more convenient ways to pay, you can encourage people to spend more and offer a better overall customer experience.
The surcharge levied for each transaction can be automatically added to the customer’s bill through the terminal, saving you costs with every transaction. This “pay-as-you-go” method of charging makes it much easier to recoup the merchant fees as you trade.
If you’re hosting an event, such as a concert or festival, having ATMs on-site can be a great way to increase revenue. This will give customers the flexibility to withdraw cash for their purchases and make it easier for them to pay for your goods or services. Plus, many ATM providers also offer commission fees for businesses, so you could potentially earn some extra money from each transaction.
Ultimately, increasing revenue for your business is essential to ensure its long-term success. However, it’s important to remember that the strategies you choose must be tailored to your specific business and its goals.
At Venue Smart, we get to know our customers and their business before recommending the most suitable and efficient ways to increase revenue. By carefully considering all of your options, you can make informed decisions that will help increase revenue and ensure a successful future for your business.