Top 5 Ways to Please the Unbanked and Underbanked C-Store Consumer

The unbanked and underbanked American consumers are always looking for the businesses that can help make their lives easier.  They also value the businesses that they can trust.  Because many convenience stores are in communities where there is a high population of people who are underserved by traditional financial institutions, they have a unique opportunity to become the resource these consumers need.  To make the most of this opportunity, c-store owners should focus on the best ways to meet these unbanked and underbanked customers’ needs and keep them happy.

  1. Check Cashing

Consumers are often forced to pay fees as high as 10% of their check at some check cashing establishments.  The convenience store owner that offers check cashing at a low affordable price will always win with the unbanked or underbanked consumer.

  1. Bill Pay

Underbanked consumers may not have credit cards or bank accounts, but they usually still have bills to pay.  Without the ability to pay online, or even write a check, doing something so necessary can become very difficult.  Now, c-store owners can easily add bill pay countertop terminals or a kiosk to their store that makes paying bills in a convenient location, with cash, easy.

  1. Money Orders

Money orders have become a staple for the unbanked when taking care of payments that can’t be made in cash.  The c-stores that allow customers to purchase money orders for a small fee are giving people the ability to ensure they can make important payments like rent or deposits when they primarily deal in cash.

  1. Prepaid Cards

Without credit or debit cards, many consumers are left unable to adapt to electronic transactions of today.  Prepaid cards can not only allow the unbanked and underbanked to protect their cash, but also to take advantage of technology like money transfers, online shopping, and more.  The c-stores that sell prepaid cards

  1. Special Offers

Unbanked and underbanked consumers value a positive customer experience.  Consider offering special deals or even a loyalty program for the consumers who take advantage of the many other products and solutions at your c-store.  Gaining a discount on things like snacks or beverages will keep these customers coming back time and time again.

in Consumer Trends, goEBT News, The Banking Revolution