Multiple industries have been negatively impacted by the ongoing COVID-19 crisis, and the restaurant business is no exception to that rule. With social distancing measures in full effect in most areas of the country, local restaurants have faced low turnouts and financial hardships that have made operation increasingly difficult in these times. One tactic that businesses have seen success with is issuing gift cards for quick business and advertisement. United Card Solutions wants to make sure that each client of theirs can take advantage of the ability to process convenient payment option in this current landscape. In this article, United Card Solutions offers examples of ways that the ability to process gift cards can benefit your small business.
Devoted Costumers Can Show Support
Most local restaurants have loyal regulars that frequently come in to patronize their favorite locales. With social distancing on the rise, however, many of these regulars are not visiting their favorite restaurants, or any for that matter. Gift cards are a great option because they give your best costumers a way to support your business without needing to stop in to eat. United Card Solutions acknowledges that gift cards are also a form of quick payment that can keep your business afloat during the current crisis, as some of your most valued customers may buy gift cards as a promise to come back to your restaurant when normal operations start up again.
Fast Cash Flow
United Card Solutions notes that one of the biggest issues with local restaurants and small businesses during pressing times is the lack of cash flow, which inhibits a location’s ability to pay bills, pay staff, and operate optimally. Gift cards are a great option because they act a microloan for restaurants and give quick access to cash that can be used immediately for business needs. There are also additional bonuses to offering gift cards for your business. For example, the average customer spends an average of almost $60 over the value of their gift card, giving businesses a further incentive for offering them. Restaurants that offer gift cards typically make a few extra dollars per check than those that do not.
Convenience
Gift cards are seen as an attractive option for consumers and retailers currently because of their ease of use. Gift cards can be sent and received through various means such as email and text message with the right systems to facilitate their use. The option to use a gift card as a form of contactless payment is beneficial to consumers as they do not have to worry about using their credit cards, which they may be abstaining from using depending on their current financial standing.