Can I save time with digital payments

Answer a few questions to find out how much you can save.

Annual revenue

Type of business

What % of your current revenue comes from digital forms of payments?

Labor rate (optional)

Estimates based on an analysis of reported labor hours associated with taking payments from the survey Digital Transformation of Small and Medium-Sized Businesses (SMBs): The Future of Commerce. Survey was commissioned by Visa and conducted by a third party research firm, Maru/Matchbox, during February and March 2018 and administered in English to 425 small and medium size businesses with storefront or at home business in food/dining, retail, services and grocery industries in the U.S.
Legal Disclaimer: This tool is provided and intended for illustrative purposes only. Results are intended to provide estimates of current labor hours. The tool is not provided for or intended to be used as predictive of future labor hours required, or costs or savings. Estimates should not be relied upon for operational, business, marketing, legal, regulatory, tax, financial or other advice. Actual numbers may vary based upon types of payment accepted, individual business circumstances, and other factors. Visa is not responsible for your use of this information, including errors or omissions of any kind or any assumptions or conclusions you might draw from its use.

Estimated savings

Current time saved based on of your revenue coming from digital payments.

Based on Digital Transformation of SMBs: Future of Commerce Research¹

ADJUST DIGITAL PAYMENTS %

See how much time you can potentially save

Ways to increase digital payments

Potential savings

NON-DIGITAL PAYMENT LABOR

Labor hours to manage non-digital payments (per $1,000 of revenue). Include Cash, Checks, Money Order.

How to compute non-digital payment hours

DIGITAL PAYMENT LABOR

Labor hours to manage digital payments (per $1,000 of revenue). Include Credit Card, Debit Card, Mobile Payments, Peer-to-Peer & Wire Transfer.

How to compute digital payment hours

How are payment labor hours calculated? Edit your inputs

Case study

Little Green Cyclo – More Customers, More Revenue, More Free Time for Owners

Little Green Cyclo has been bringing fresh, authentic Vietnamese street food to the Bay Area for eight years. The founders — Chef Quynh Nguyen, Monica Wong and Susie Pham — serve up a menu that showcases the great flavours of Vietnam using local, free range, sustainable, organic and seasonal ingredients.

The business started as one cash-only food truck. Not only have they added two trucks, they have also expanded to include a commercial kitchen, distributing product to 16 Philz coffee shops and local grocers. Little Green Cyclo also stocks smart vending machines that sell fresh packaged goods at hotels.

Accepting digital payments was a big part of their growth, say the owners. “By accepting only cash, we were turning away many customers every day,” says Monica. Customers also tipped more on cards, they discovered, especially on big-ticket orders. “Our customers like the easy tipping feature that displays “10, 15, or 20% tip” options after they swipe. Before, they would just leave one or two dollars in the tip box,” says Monica.

Susie mentions how employees noticed that digital payments helped to move people through the busy lunch lines faster and reduced customer complaints. Accepting digital payments has also made daily bookkeeping easier as managers can see the sales data in seconds, pull accounting records and check cash flow, freeing up two to three hours a week, or over a hundred hours a year.

Monica Wong says, ‘Adding digital payments contributed significantly to our growth. We would not be where we are today without digital payments’

Helpful hints and industry best practice

Helpful hints based upon observations of best practice from industry.

Acceptance stickers prominently displayed in store window/door, allowing customer to assess whether they can pay via their preferred/available payment method

Cards accepted with no minimum spend and no customer surcharging as this is an unfavourable customer experience, possibly causing more abandoned shopping baskets
Contactless payments promoted to reduce queuing during peak times

Card terminal prominently displayed with appropriate acceptance stickers clearly displayed
Backup terminal in place, preferably with a separate acquirer and communications mechanism (e.g. use a mobile terminal in addition to Wi-Fi/fixed-line terminal)
Dedicated fast-track checkout lanes for card-only payments (or even contactless payments only)

Staff trained to process all accepted payment options including new ones (e.g. Apple Pay, Google Pay)
Staff able to perform basic troubleshooting (e.g. payment above threshold for contactless card payments) and answer basic questions relating to payments

Card-on-file and/or digital wallet solution in place to save customer having to enter their card details at online checkout (improved customer journey/experience)

Highly customised outbound communications achieve higher response rates and levels of customer engagement. Examples could include SMS/emails addressed to the customer by name and providing offers based on customer’s past behaviour/purchases

Download reports

Digital Transformation of SMBs

¹Estimates based on an analysis of reported labour hours associated with taking payments from the survey Digital Transformation of SMBs: The Future of Commerce. Survey was commissioned by Visa and conducted by a third-party research firm, Maru/Matchbox, during February and March 2018 and administered in English to 425 small and medium size businesses with storefront or at home business in food/dining, retail, services and grocery industries in the U.S.

Legal Disclaimer: This tool is provided and intended for illustrative purposes only. Results are intended to provide estimates of current labour hours. The tool is not provided for or intended to be used as predictive of future labour hours required, or costs or savings. Estimates should not be relied upon for operational, business, marketing, legal, regulatory, tax, financial or other advice. Actual numbers may vary based upon types of payment accepted, individual business circumstances and other factors. Visa is not responsible for your use of the Information, including errors of any kind, or any assumptions or conclusions you might draw from their use.