One of the top complaints of small business owners is that they spend so much time on a pileup of tedious (yet essential) tasks that they often don’t have much time left to address the bigger picture for their business.
There are perhaps fewer areas that can be as tedious as counting, making, and replenishing change. From pausing their days to run to the bank for rolls of change to counting coins and reconciling the cash drawer, managing change can be a major time suck for small business managers and their staff.
Enter CoinOut. The app, which is free both for businesses and consumers, makes life easier for merchants through a digital piggy bank that makes cash transactions more seamless for everyone involved.
How it works
In a nutshell, cash-paying customers can use CoinOut to save their change using their phone numbers, rather than getting it back in loose coins or bills. And if your business offers cash tips, customers can use Coinout to pay those, too.
CoinOut has an integration with Clover that adds a “CoinOut” button next to “Credit” and “Debit” on the register or sale application you currently use to ring up a transaction. If a customer pays with cash, they can choose to “CoinOut” in order to save some or all of their change to their digital piggy bank in a seamless and straightforward transaction.
At the register, the merchant will hit the “CoinOut” button, then swivel the Clover device to the customer, who will then enter their phone number to finish their completely coin-less transaction. (If preferred, the merchant can also key in the customer’s phone number on their behalf.)
Building loyalty with your cash customers and tip revenue for your staff
Encouraging customer loyalty is one of the most important business activities merchants can undertake in this highly competitive landscape. In addition to encouraging a better experiences for both customers and merchants, CoinOut can also help them create customer bonds that, until now, were often lost with cash transactions.
For example, if a customer who uses CoinOut chooses to receive notifications, merchants can pass along promotions, discounts, or simply a nice “thank you” note for visiting the store. Customers have the option to manage their money in a variety of ways, including transferring it into their bank account, an Amazon gift card, or even donating it to charity.
Finally, customers can also choose to tip with their change, which can help maximize tips for your staff given that onscreen tipping and receipts increase average tips. CoinOut shows a visual prompt to the customer to tip, and they can choose to tip either the full amount or a pre-set portion of their change.
Win for the business, win for the customer: merchants get to cross one more tedious task off their lists, and their customers have more ways to pay or save, and another reason to love their local merchant.
Jeff Witten is the CEO of CoinOut, which makes cash transactions easier, better and more enjoyable by enabling consumers to save change to their phone. For businesses that have customers that pay with cash, CoinOut reduces the headaches associated with change and provides seamless, integrated and automated reporting to make life easier. Learn more at CoinOut.com, and try CoinOut for free by visiting the Clover App Market.
CoinOut will promote your business via their social media channels to drive customers to your store. They ask you to send them a picture or tag them on Instagram (@CoinOut) so they can repost and get some more visibility for you![image: Coins by Jason Rogers on flickr]