If you’re considering a local currency program that allows member businesses to accept gift certificates as a means of payment, you’re about to bring a very worthwhile program into your community. Many small merchants don’t have the time to manage a gift certificate program so having a chamber or shop local organization make it available to them is often very appealing.

Getting Local Businesses Onboard

Take the time to market it to them. Don’t assume they’ll hear about it. Make sure they understand what the program is, how they will get paid, and what they’ll learn about their customers. Here are some things you’ll want to include when you speak to them:

Payment Schedule

If you sign with a company to help you execute the currency program (choose us, we’re awesome), note that there are two types — those that allow you to handle the money and those who handle the money for you. The problems with the latter are two-fold:

• You don’t have control. Where is your money if the gift certificate company goes out of business?
• It’s another layer of payment. Instead of being able to pay your businesses at the end of each month, if someone else is holding the money, you have to go through them first. This adds another layer of complexity and a longer pay out cycle, something a small business isn’t interested in hearing about. With Conpoto, we give you control over the money. It resides in your account to be paid out accordingly.

Reporting

Tell your small businesses of the reporting data you’ll have from the gift cards (assuming you select a company where this is possible). It will give you, and them if you share, greater insight into how people are spending their money.

Marketing

This is yet another way for them to market their business. You’ll be publicizing the new program and the members affiliated with it, and they will receive additional exposure. If they want to stand out from the other member businesses, there are opportunities for that too. If they are part of the initial roll-out there may even be press coverage.

As wonderful as a local currency program is for local business, you still need to take care and market the advantages to each of your member businesses. These are some of the most important points but are we missing anything? Let us know in the comments section below.

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