What if merchants could take a tedious business task that consumes an inordinate amount of time–counting, making, and replenishing change–and convert it into a delightful experience that lets merchants reach customers with a single click, and encourages their customers to come back and make repeat purchases?
Enter CoinOut. The innovative mobile and point-of-sale app, which launched in 2016, makes life easier for merchants through a digital piggy bank that makes cash transactions more seamless for everyone involved. As more consumers and merchants use CoinOut, the company has come up with ever more ways to make it an effective loyalty and communication tool for small businesses.
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. If your business offers cash tips, customers can use CoinOut to pay those, too. And in a more recent development, customers can even use the coins they save to make additional purchases with CoinOut.
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 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, and an exciting new way to communicate, with your cash-paying customers
Creating a more convenient experience for yourself and your customers is one thing, but creating an easy pathway for getting those customers back to your business to spend more money is where CoinOut really makes a difference to a business’s bottom line.
Encouraging customer loyalty is one of the most important business activities merchants can undertake in this highly competitive landscape. In addition to encouraging 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 with a single click. Use this tool in real-time when business traffic is slow in order to get customers through your doors.
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. But they can also use that money to make more purchases at the business, not only by tipping with their CoinOut wallet, but also by making wholly new purchases.
The kicker: when a customer uses CoinOut to pay for purchases, merchants are not charged a processing fee on those sales. Merchants can also access real-time data about CoinOut sales directly within the app.
Win for the business, win for the customer: merchants get to cross one more tedious task off their lists, develop a loyal customer base and earn more money. As for the customers, they have more ways to pay or save, and yet 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 a free trial of CoinOut 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]
Clover is sold by leading U.S. banks including Bank of America, BBVA, Citi, PNC, SunTrust and Wells Fargo. You’ll also find Clover at our trusted partners including CardConnect, Restaurant Depot, and Sam’s Club. For more information, visit us at clover.com.