How many times have you sat in the cab and wondered what can be done to increase your business, well, I’ve been speaking to my passengers over the last couple of months and one subject keeps on cropping up, CREDIT CARDS. Well as much we try to avoid it, it’s not going away and I don’t think it should.
Firstly we need to up our game by taking cards, we can help ourselves by giving this facility to our passengers, but we need help, help from the people who process these cards. We all know that processing a card costs a fraction of what we’re being charged at the moment. There are many options to process a card, from paypal, I zettle, mobile terminals & apps which allow us to process cards, but 10% which seems to be the normal rate is too excessive. Personally I would be happy with 2%, card firms are earning enough through the percentages they charge in interest to the card users without creaming off more for processing.
Then we have the issue of payment, most card processors pay three times a week with some only paying once a week. Enter the new player into the market place of payment, Maaxi. Maaxi are offering instant payment with their Maaxitap card thereby giving the driver instant access to their hard earned money at the end of the working day. If a driver doesn’t have to wait a week for their money their more inclined to take credit cards, it’s self perpetuating.
From what I understand the maaxi system pays out from a pool of money, this same system could be applied right across the credit card/ debit card system for taxi drivers to access their money easier and faster. The bigger turnover of cards the bigger profit for card companies it’s a win win situation for all. Help us to help ourselves thereby helping the customer.
Once the customers realise the ease of getting into a cab and using a card to pay for their journey we stand a chance of winning back work we have lost to the likes of uber.
Next we need to look at the way we market ourselves to the younger generation who live their lives on their smartphones. So apps are the main way in which they access their means of travel. Most of the younger generation are driven by cost, this is the difficult part of the equation because of our meter, a meter set by our licensing authority but reflective of the cost of running a purpose built vehicle.
Price is one place where we are stringently regulated by TFL, but we can still offer fixed price work going out into the suburbs. We need directional ranks of an evening. Some of these suggestions may not be palatable to all but if we can win back some of this work, work which was once ours we all stand to gain.
Let’s hear what you think because by talking these ideas through other ideas come to the surface and can be discussed.