There are many ideas that come to mind when one thinks of how their business is secured. An accounting firm may have files stored on an encrypted drive. A bank may have a security guard stand outside to deter criminals. Surely you may know of more ways to secure your business. Were you aware however that you could do so with the services available at https://blog.cloudswipe.net?
How can CloudSwipe help secure your business with regards to cash you might ask. Let’s examine some ways. An article published in 2015 on http://www.marketplace.org gives us details from the most recent annual report from the Secret Service. According to the report, there’s more than $147 million in fake U.S. currency circulating globally. That year, the secret service suppressed 145 counterfeit manufacturing plants, arrested 795 counterfeit criminals and seized $58 million in counterfeit currency. The most commonly used counterfeit note? The $20 dollar bill.
With those figures in mind, imagine being a store owner who only accepts cash payments. Someone walks in during the busy part of the day to pay for something and gives you several $20’s. You may verify that the amount is correct, provide them change and move on to your next customer to keep the line moving smoothly. Now, when you go back to balance your ledger, you notice that a few of the 20’s you receive don’t have Andrew Jackson’s face on them. No, in fact, they have Jermaine Jackson’s face on them. And because you had many people come in and pay in cash, there’s no way to trace who gave you that currency. Now, you have to accept the loss as the bank you take to deposit the funds will not credit your account for those counterfeit notes.
How does CloudSwipe help secure your business from this? CloudSwipe provides a service to allow your customers to make payments with their debit/credit cards. According to the Pew Research Center, only 34% of Americans use cash for transactions. Based on this figure, 66% of American’s prefer to use other means to make payments. Offering multiple payment options will vastly reduce the risk of customers bringing in counterfeit notes. More people will pay with cards which will speed up the transaction process. This will allow you more time to look at the notes you receive and ensure you’re not accepting fake bills. This serves as a deterrent and it doesn’t cost a fortune to take advantage of.
How can CloudSwipe help you secure your customers/clientele? As mentioned earlier, most American’s prefer alternatives to cash for payments. If your business is one that requires a monthly subscription, retaining clients can be a hassle. In the U.S. where 25% and counting of small businesses accept multiple payment options, competition is expanding. Realistically speaking, how often would you visit a business to make a cash payment for something? Or how often would you remember to and feel like being inconvenienced in making that payment? How much easier would it be to have the payments debited from your card on a monthly basis?
Think of the streaming giant Netflix. One could argue that in addition to providing popular movies and tv shows, one of the best things about Netflix is the convenience of it all. Not just the convenience of watching it from anywhere, but also being able to have the monthly payments debited from your account every month. In addition, when you receive new debit cards or change banks, you’re able to log into your account and update your card information on your own. This keeps people happy which in turn retains subscribers.
Small business owners are aware that half the battle is trying to obtain new clients. However, the other half of the struggle is securing your existing clients. If other businesses are offering a similar service or product but have more preferred ways to pay, you may fall victim to loss. You may lose clients, which in turn loses money. Your business wouldn’t be doing all it can to be secure.
Here we see a few ways to secure your business and nothing involved paying for firewall equipment or hiring a security guard. Although there are many ways to secure your business, try using the recommendations found in this article. Think about ways in which your small business may be impacted by not offering multiple payment options.
Secure your business with CloudSwipe. Visit our website at https://blog.cloudswipe.net