Despite soaring rents in city hotspots, rising business rates, and inflationary pressures, brick-and-mortar shopping in the UK is undoubtedly on the rebound, with more stores opening than closing in the pandemic years of 2020-21. However, in today’s fast-paced digital economy, efficient and reliable payment solutions are crucial for small businesses aiming to stay competitive. And the boom of pop-up markets requires efficient and secure transaction handling that is crucial for both vendors and customers.
Whether it’s selling handcrafted jewellery at a craft fair or artisanal food at a farmers market, managing pop-up market transactions effectively can not only maximise your earning potential, but also significantly enhance the customer experience and boost credibility as a vendor.
However, accepting payments is one of the biggest concerns for pop-up shops and events. Whilst offering a card only service to customers might seem the simplest way to manage transactions, it also risks alienating the thousands of consumers who prefer to pay by cash. In addition, as consumer demand for efficiency has grown, cards have overtaken cash as the nation’s preferred payment method, and the popularity is only set to grow. Failing to cater to these individuals will result in lost revenue and opportunities…
Fivos Polymniou, Director of ASK Global Solutions, explores how adopting smart payment solutions can stand out as a game-changer for small pop up businesses, offering a comprehensive suite of payment services that enhance customer experience, improve cash flow, and drive growth.
Vendor Credibility
In the bustling world of pop-up markets, efficient and secure transaction handling is crucial for both vendors and customers. The ability to manage pop-up market transactions effectively can significantly enhance the customer experience and boost credibility for vendors at events such as craft fairs and farmers markets.
Ensuring that transactions are safe and secure is another important consideration. In an era where data breaches are rife, customers are increasingly concerned about the security of their financial information. It is important to demonstrate a commitment to safeguarding customers’ data by implementing best practices for both cash transactions and credit card payments. This will not only enhance the pop up shop’s reputation, but also build trust with customers and garner long term success at craft fairs and other vendor events in the future.
The use of kiosks that accept both cash and cards enables retailers to offer customers a choice. Kiosks have already found a home in the fast food industry, especially at transportation hubs, such as airports and service stations on motorways. However, they tend to be card-only, which limits accessibility, but there is no reason this model cannot be expanded to pop up markets to offer a cash payment too.
Year Round Convenience
It’s clear that cash usage is declining, but it is certainly not disappearing. Around half of the UK’s small and medium businesses (SMBs) still rely heavily on cash, with over a third saying they have no intention of adopting cashless systems. Alongside this, around 20% of the UK population still uses cash and cards equally. These pop up businesses, therefore, need a safe and secure way to support cash handling that maximises revenue whilst also utilising staff skills as effectively as possible. In the hustle and bustle of pop-up markets, craft fairs, and vendor events, maximising sales hinges on the efficiency of the transactions. Whether retailers are handling cash or credit card payments, the smoother the transaction process, the happier the customers will be. Efficient transactions not only boost customer satisfaction but also encourage repeat business, ultimately boosting vendor sales.
And Finally…
Making sure staff are well-trained in handling both cash and card transactions efficiently is vital. Familiarising them with the stalls payment processing equipment and troubleshooting common issues before they arise is key. The more confident retailers are in the transaction process, the smoother and faster the sales will be.
By focusing on efficient transactions, retailers can maximise profits, boost vendor sales, and create a positive shopping experience that keeps customers coming back. Implementing streamlined checkout processes, leveraging mobile payment options, and offering contactless payments are just a few strategies to enhance transactional efficiency in this up and coming festive season.
