Store owners now have a unique opportunity to tap into a growing revenue stream previously dominated by large chain stores. Accepting Over-the-Counter (OTC) & Grocery Insurance Benefits offers not only financial advantages but also fosters customer loyalty and increases foot traffic.
Insurance providers such as Humana, United Healthcare and BlueShield offer substantial monthly benefits ranging from $50-$300 that customers can spend on a wide range of products already available in stores like yours. This monthly stipend ensures a consistent customer base that returns month after month to utilize their benefits before they expire.
Accepting OTC and Grocery Benefits is a strategy to enhance customer experience and commitment. With 18 million customers currently enrolled in plans offering these benefits, and an annual market spend of over $7 billion, the financial impact is significant. Independent merchants report impressive average sales figures of $17,000, with a typical per-sale value of $70 through these programs. This marks an undeniable boost to both revenue and customer engagement.
The range of products covered by these benefits is extensive and includes both traditional items and new, health-focused products. For traditional offerings, your store can continue to sell essentials like toothpaste, vitamins and pain relievers. You can also expand your inventory to include fresh and canned fruits and vegetables, salad kits, healthy grains, dairy products, meats and nutritional shakes, among others. This not only caters to the health-conscious consumer but also attracts a broader demographic looking to utilize their grocery benefits for healthier options.
Accepting these benefits as payment at your business is streamlined thanks to modern solutions like CHEXIT. This tool facilitates a frictionless and flexible checkout process by ensuring that both the customer and the products are eligible for benefits. This system not only simplifies transactions but also enhances the customer service experience, allowing you to focus more on customer interaction rather than administrative tasks.
By accepting OTC and Grocery Benefits, you not only diversify your revenue streams but also position your store as a community health resource, increasing both visibility and profitability. The integration of these benefits into your payment system is straightforward, secure and beneficial to your business operations.
