Businesses belonging to the competitive industries are always looking for ways to stand out and streamline their everyday operations. Under the surface of growing business lies a tangle of digital processes, where each may perform a vital function in isolation. One of those significant functions is business payment processing.
Whether you’re about to open your store outlet for the first time or already have a furnished retail store, a seamless checkout process is key to a positive customer service experience. When choosing POS software for retail stores to automate tasks, credit card processing is a not-to-neglect factor. At some point, you may face a choice: Do I invest in a stand-alone system that works like a traditional point-of-sale or an all-in-one platform that has integrated payment processing features already? Here are the top surprising benefits of having a POS system with integrated payments.
Flexibility in Getting Paid
The need to go above and beyond your customer expectations is key to staying connected amongst your customer base in today’s fast-paced retail environment. Being able to provide multiple payment options to your clients makes or breaks the deal. Luckily, a modern payment system ensures your business’s ability to accept all major credit cards, PIN debit, EMV chip, and contactless transactions such as credit/debit tap, Apple Pay, and Samsung Pay.
Faster Checkouts
The very sight of people waiting in a queue to check out is enough to make a person run for the door. Customer waiting time is directly proportional to the feedback they provide. The faster your checkout process is, the higher the chances are of greater customer satisfaction and repeat sales. Not only this, faster and more efficient transactions lead to lower costs and, in some cases, high-profit sales.
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Accurate Insights & Reporting
Having a reliable payment processor and a POS system working together for your business makes it easier for you to get useful data and insights to plan future decisions and goals. You can view all your sales, transaction records, and payment data in one place, versus having to check reports on different platforms.
Having that visibility into your payment data can be quite powerful.
Theft and Fraud Prevention
Additionally, payment reports help you track cash flow, credit card payments, and inefficiencies that affect your bottom line. Using this information from payment reports, you can help prevent employee theft and frauds, determine how your customers prefer to pay and figure out how many sales are closed by the end of the month.
Saves You Time & Money
The most important long-term benefit is the saved time and costs. Employees are no longer reconciling transactions manually because all transaction data is updated instantly in real-time. With credit card/debit card transaction history readily available, you’ll get better insights, which can help to control costs, increase revenue, make better business decisions, and maximize profit.
The data from integrated payments seamlessly flowing into your POS system without the need for manual entry is an optimization that many businesses can benefit from.
Minimized Data Entry & Human Errors
Every store owner must be familiar with this disaster. Somebody put the decimal point in the wrong place while accepting payment.
Manually entering data during the payment process is time-consuming and also prone to human mistakes. These errors include redundant entries, incorrect values, or recording mistakes. Correcting these errors is also a time-consuming process because locating them is very difficult.
With an integrated credit card payment processing POS solution, there’s a seamless flow of data to your system that eliminates entry errors and avoids data redundancy. You don’t have to devote as many hours monitoring, tracking, and reporting transactions within your payment environment. Everything happens automatically — without having to intervene directly.
Better Forecasting
Deciding what’s been happening and what will happen in the future is difficult when a company’s crucial business statistics are spread across different machines and systems. When payment processing is integrated into your point-of-sale, numbers make more sense with fewer manipulations.
When your payment system isn’t integrated, processing, accounting, and marketing all exist in separate silos. What’s more, it takes a lot of energy to figure out where your money is going — and why it’s going there. Yet, when you integrate these separate sections, you gain much greater visibility into your finances and inventory.
Bottom Line
Integrated payments can have a tremendous impact on your business. That’s why if your POS and payment processor aren’t tightly connected, consider upgrading your systems sooner rather than later! Taking this first step will put you on track for higher productivity, lower costs, and a more successful business overall. Good Luck!
