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Check Processing Services for Retailers: 4 Stand Out Tips

Posted by Heather Brautman | Wed, Jul 17, 2013 @ 10:00 AM
Closing

Earlier in 2013, USA Today sounded the death knell in reporting the retailers that would be shuttering the most stores this year, which included Best Buy, Sears, and JC Penny. But you don’t have to be a major brand name to know that life for retailers continues to be a struggle. In the still-weakened yet ever-competitive economy, it takes far more than just a good product to stand out from the crowd. We offer some retail tips to make sure you don’t end up on the list for 2014.

Introduce Demand

It’s called a flash sale for a reason. Like the proverbial flash in the pan, it happens fast and it happens once. Otherwise known as, you snooze you lose. You may want to make a sale last as long as possible to reach every last customer, but people may be spurred to act if they feel they’ll miss out. Placing parameters on specials makes them, well, special. You can spread the word about flash sales through your social networking sites. Put it on your Facebook page, Tweet about it, and send an email or text blast to your faithful followers.

Perfect Your Packaging

Have you heard the one about the guy who bought a cubic zirconium, then rushed into Tiffany to ask if he could buy one of their signature boxes? That “Tiffany” blue gift box is as much of a symbol of the company as their bean necklaces and diamond engagement rings. Which would you rather have – a plastic bag that costs a tenth of a cent and rips before you even get it home or a sturdy, laminated, decorated tote you may actually end up using again and again? It may sound like a waste. After all, your product is what goes in the bag, not the bag itself. But if you invest a bit more in the packaging – think of Victoria’s Secret’s signature pink and gray striped gift bags – you may enjoy a higher return on investment, including brand awareness as buyers tote your totes around town again and again.

Lean Into Loyalty

How do you “help” a consumer decide between you and “the other guy,” in your favor? When you offer something more, for less. Or for free. Loyalty programs are nothing new – you know you’ve been carrying those sandwich punch cards in your wallet for years. Isn’t it a little thrill when you get to redeem one? And how many times have you stopped considering going elsewhere, because it would make your “Buy 10, Get One Free” seem like a waste? Of course, some stores lend themselves more to loyalty than others – you’re not going to have a “Buy 10 Carpets, Get 1 Free” loyalty card, for example! But you can still capitalize on the idea. A returning customer discount, for example. A referral discount is another way to reward people who stick to and support your brand over others.

Say Yes to Checks

There’s no doubt that it’s an electronic world. You may be starting to see lots more sales come in through online channels, and even with online payments, but it doesn’t mean isolating one sector of your prospective purchasers – those who still wish to pay with checks. Accepting checks opens you up to risk, but when you align yourself with a check guarantee company, you’ve got a large arsenal of services at your fingertips. Ask about Remote Deposit Capture, desktop deposit, check conversion, and Multiple Check, to name a few.

How have you remained in the game? Share some knowledge below, and gain some too by reviewing our free guide to check guarantee services.

choosing check service

Topics: Retail, Electronic Check Processing

Written by Heather Brautman