It Pays to Accept Credit & Debit Cards!
Thousands of Michigan Lottery’s retailers have been cashing in with the Cashless Incentive Bonus for over two and a half years now. They qualify for an additional 1% quarterly Incentive Bonus by accepting credit and debit cards for lottery purchases. That’s right, you can double your bonus and increase sales simply by providing your valued customers with payment choices other than cash! Currently almost 69% of Traditional and 20.5% of Club retailers are cashless!
The 2021 Diary of Consumer Payment Choice has found that cash payments represented only 19% of all transactions in the US in 2020. This was 7 percentage points down from 2019. So, there is a significant decline in the use of cash in the USA. Feb 8, 2022
What credit card brands and payment methods are accepted on cashless equipment?
- Accepted Card Brands: Visa, Mastercard & Discover (lottery machines do not accept American Express).
- Accepted Payment Methods: Credit and Debit Cards – Swipe, Dip & Tap
- eWallet: Apple Pay, Google Pay & Samsung Pay
Why should you accept credit/debit card payments?
1) Fewer people are carrying cash; offering this payment option will increase your customer base -customers enjoy the speed and convenience of paying with credit cards.
2) Customers paying with credit/debit cards spend up to 23% more per transaction.
3) Accepting credit cards helps level the playing field with your competition.
4) Saves time – both your employees and customers
5) Improves your cash flow
6) Improves accountability, less cash-handling errors
7) No more bad checks
8) Improves your business image
Additionally, nearly two-thirds of Lottery retailers polled said they believe their sales of lottery tickets would increase if they accepted credit and debit cards for their purchase. One third of players said they would spend more money on lottery-related purchases if they were allowed to used credit and debit cards to do so. If you aren’t allowing this form of payment for your lottery products, your business is missing out on added sales and commissions every day!
Cash in this quarter by accepting cashless payments! Contact your Lottery Sales Representative for additional details.