One very successful service that our clients have integrated into our POS software is bill payment. Currently a good client of our using this bill payment system does about 10 to 20 transactions a day.
And there is good news.
Recently, there has been a change to the commission structure which does away with the merchant account fee. From now on, there will be no cost to our clients to switch on bill payments and so they will be able to offer their clients bill pay facilities
So from the merchants' point of view
- It cost nothing to set up or run the bill payment
- The Training Time for the Bill Payment system is minimal.
- It has no impact on the space on the shop.
- It requires no special equipment as it used the point-of-sale equipment.
-It also now comes with advertising material and store signs too all for free.
The outlook for bill payment services
For the next five years with our clients we see bill payments as a growth industry. Currently an average Australia Post outlets did last year from figures I saw about 200/day. Even if you consider that its dropping by 2% a year, that is still a lot of people in the medium term, as if you consider that that in five year assuming a 2% as year fall you still have 180 people a day. So there is definitely room to grow for our clients.
In this five year term, little we see changing in that about 27% of the Australian population has limited access to many financial resources, such as credit cards and bank accounts. 15% do not have internet asccess. Plus there are many people who are not technically savvy or literate in English and they find paying online too difficult. As such these people prefer to walk into a shop and pay their bills in cash. Plus there are also the people that have some bills that needs to be paid on a certain date and for some reason these people, need to be 110% sure that the payment went through on that date and they have a receipt in their hand to prove it.
Other benefits
There are also a number of immediate benefits of offering such a service.
-Additional revenue stream.
-You will get increased traffic to your shop with new customers who never came before.
-More repeat customers as there are over 4000 different accounts on Bill Payment and beside them now having as such over 4,000 reasons to come to your shop, they also need to come often many times a month to pay them.
Want to know more please contact us.
