An untypical end of year is expected: make sure you are prepared early
Imagine having a flashing neon light above your business where tourists with big wallets make a beeline to your doorstep. Now imagine that these same tourists will ignore any of your competitors without the neon light and the majority of sales will be yours for the taking. Sound too good to be true? Let me explain.
The neon light I am referring to is a UnionPay International (UnionPay) logo. Tyro has automatically enabled UnionPay functionality on all card transactions to its customers to accommodate for the demand from Asian, predominantly Chinese, tourists who are ready to spend big without incurring the international fees that come with the territory of international transactions.
If you are an existing Tyro merchant, call 1300 966 639 for your free UnionPay sticker.
How will UnionPay benefit me?
Good question, and I am glad that you asked it. Simplistically speaking, the Asian tourist demographic prefer to use UnionPay. The stats speak for themselves:
- Each Chinese tourist, on average, spends $2,499 in Australia
- Research indicates that by displaying a UnionPay sticker on your shopfront, a Chinese tourist is 20 times more likely to visit your store and make a purchase.
Also, did I mention that there are no spending limits on UnionPay debit cards? I know, the possibilities are endless.
Why UnionPay is the way forward
UnionPay looks good on paper, right? Well, the figures will look even better on your reconciliation reports at the end of each day. Think about it – in 2016, Chinese tourists were estimated to have spent more than $4.1 billion in Australian retail outlets (*cue jaw drop*). And with Australia still being the top tourist destination for Chinese tourists, if we waved around an eight ball, chances are it would say prospects are looking good for shop-owners Down Under.
Gone are the days when tourists are slapped with exorbitant international transaction fees if they are a UnionPay customer who purchases from a UnionPay provider. UnionPay card transactions allow for international consumers to buy products and services in Australia in their local currency-it’s cheap for them, which makes it lucrative for you.
How do you jump on the UnionPay bandwagon? Seeing as UnionPay is enabled on every Tyro terminal, all you have to do is prominently display the UnionPay logo (aka flashing neon light) on your shopfront and Bob is your Uncle (here at Tyro, we still haven’t figured out who Bob is).
By accepting UnionPay-based transactions, Tyro customers are appealing to a wider demographic of customers, namely, international tourists that rely on UnionPay for a cost-effective means of purchasing products whilst overseas.
Chinese New Year, anyone?
Speaking of colourful dragon street demonstrations, Chinese New Year is coming up on 28 January 2017. There is no better time on the retail calendar to cash in on the tourism market. So get that logo on your shopfront stat and watch the dollar signs run through the door.
Order your free Union Pay sticks by calling 1300 966 639.