'Do you take Bitcoin?'

The Consumer Electronics Show always has some pretty crazy stuff, spanning almost every aspect of our lives. On the automotive front, BMW brought us color-changing cars, Cadillac introduced essentially a living room on wheels, and a fully tech-loaded EV pickup truck from Chevrolet.

Although unequivocally less sexy, a session was also held about how customers are paying for goods and services. COVID really ramped up a focus on contactless payment with 62 percent of consumers prefer making in-store purchases with digital or contactless payments, and just 16 percent of consumers will revert to their old methods of payments pre-COVID.

They even talked about how customers will be paying more and more with their smartphones, biometrics (fingertip payments anyone?), voice-activated payments, and Bitcoin.

So how do your customers pay for their tools? Sure most of them are on weekly time payments but how are they making those payments? Cash? Debit? Credit? What about Bitcoin? I know you’re thinking of the old timers who still take out a wad of cash to pay for their new tools, and it’s very important we continue to serve them too, but you also have young tech-focused technicians who might be buying some of their tools at Home Depot with Bitcoin as we speak.

 Yes, that’s right. Home Depot accepts Bitcoin.

With digital currency accounting for $3 trillion worldwide, it’s not just a far-off idea anymore. It’s something the mobile tool distribution industry needs to think about. I reached out to the four flags and some independents, and while a few flat out said no, they would not consider accepting cryptocurrency on their trucks, others (Mac Tools in particular) said they would certainly consider it in the future as customer interest grows.

I certainly won’t pretend to have the answers, but this is something the industry needs to start talking about and exploring its options.

Mobile Tool Network

Speaking of new technology, have you heard of Mobile Tool Network yet? I came across them a few months ago and while speaking with Cory Arnold, vice-president of sales, all I kept thinking was “Finally!” I was incredibly impressed by this new technology that gives your customers the power to see what tools are available from the manufacturer (regardless if you stock it on your physical truck or not), order it through an app, get notified by text message when it’s being shipped to them, and still make the sale through you, their beloved tool dealer! Your customers can access tools from many different companies, including Mayhew, Lang Tools, CTA, KNIPEX, and VIM Tools. Plus, the service allows you to control pricing, manage customer account balances, send mass text messages to your entire customer base, issue payment reminders, and more. Flags and independents can benefit from signing up for the Mobile Tool Network, and some of the most successful mobile tool dealers are taking advantage of this new opportunity.

Have you come across new tech that makes your life as a mobile tool dealer easier? I want to hear about it! Shoot me a note at [email protected].