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Have you ever noticed some of the services that the larger retail chain stores have in common that many small retailers aren’t taking advantage of? For example, if you go into any Walmart store in the entire country you will find that they have a Money station in which customers can send and receive money or even buy money orders to pay bills. That’s a huge amount of business that you could be capitalizing on simply by partnering with a money transfer service.
In fact, since we live in a mobile society, a service like this would also help you get much-needed funds to friends and family who might be living or visiting outside of the United States. With that in mind, and as a very good reason to offer this service, let’s look at three of the ways in which money transfer services can help you in your own individual retail location.
1. Serving Consumers without Bank Accounts
You might be surprised to learn just how many people simply don’t have a bank account! These are the people who are most likely to need money transfer services. Later on, we’ll get to the financial benefits of offering a service like this, but for the moment, let’s look at something as basic as the Ria Money Transfer app that receivers can use without ever needing a bank account! All they need to receive their money is valid identification and a retailer that has this service available. They can get their money in hand immediately and that’s a real plus as far as you are concerned.
2. Bringing Foot Traffic to Your Store
Now, let’s get onto the nitty gritty of becoming an official agent for a money transfer service. Once a consumer locates your store as an agent, they obviously need to enter to get their money. This will bring foot traffic in your door and it is especially significant if you are a smallish retailer such as a curbside store that sells hot and cold beverages and perhaps premade sandwiches and a food counter. Quite often you will make a sale once they have cash in hand and that, alone, can generate profit you wouldn’t otherwise be privy to.
3. Generating Income for Your Retail Establishment
That leads us to generating income for your retail establishment. Not only is it possible that they will spend money in your store but it also means that you earn a percentage of the fees associated with sending and receiving funds through your service. That is now two ways in which a money transfer service can add to your bottom line, and what retailer won’t benefit from something like that?
In the end, not only is a money transfer app a benefit to anyone in need of fast cash but it also helps you in the long run. Maybe they’ll buy something in your store, and maybe not. However, you will get paid for every transaction, and few (if any!) retailers can scoff at that.