Technology is changing every aspect of our lives, and it is making big changes in the way we shop and pay for purchases. Pretty soon, you won’t even need a wallet. You’ll be able to do everything with your smart phone or tablet.
Here are just a few ways that payments are changing, creating a whole new “wallet” for consumers:
Fewer and fewer people are using cash to pay for their purchases. Most people use credit cards or debit cards to pay, even if the purchase is only a couple of dollars. In fact, most people scramble to look for an ATM when they have to use cash, such as when paying for parking or buying a quick snack.
Smart Phone Payments
There are so many apps that it’s become a cliche. Whatever you are trying to do, there’s probably an app for that. Many businesses have apps that allow customers to not only order online but to also pay. That includes businesses that have typically only served customers in person, such as fast food joints and coffee shops. For example, you can use an app to order and pay for your Starbucks coffee. You just have to pick it up when you come in the store.
With these apps, you don’t have to take any payment out of your wallet. Everything is digital, saving you time and hassle.
Multiple Ways to Pay
Traditionally, your options for payment have been cash, check or credit card. But more options are now available. Paypal has become a popular way to pay online. Many businesses now allow you the option to pay with your Paypal account at the register. Paypal even offers a credit card that is linked directly to your account. In addition, Bitcoins are growing in popularity as a form of virtual payment.
Your customers have more and more options to make payment easy. Make sure you are keeping up with the times. Use a point-of-sale system that accommodates multiple payment types and development an app for your business to order and pay.
Analytics can provide important information to help you analyze your business’ performance. However, the kind of analytics data you get depends on the type of software you have. It is essential that you invest in the right software so you can get the right information and make the right decisions for your business.
Here are a few ways that you can use analytics to strengthen your business and reach your goals:
Analytics information can show you what stock is moving and in what quantities. The information will show you average times for stock to sell, average times for new orders to come in, and much more. You can use that analytics data to better manage your inventory, ensuring that you have the stock you need when you need it.
Proper usage of the data will help you meet your customers’ demands and save money. You won’t waste time or money ordering inventory that doesn’t sell, and you won’t lose money because you don’t have items in stock that your customers want to buy.
Your analytics will also show you what you are selling and when you are selling it. You will learn your average transaction values, the best times of day, week or year for sales, and much more. You can use that data to schedule personnel appropriately so that you don’t waste money on payroll by overstaffing.
By analyzing your sales data, you can determine the efficacy of your marketing campaign. You can compare the sales data to periods when you started a new campaign, and you can track sales of the specific items you were promoting. You can use this information to make tweaks to your marketing campaign as necessary, ensuring that you get the most out of every dollar that you spend.
Make sure you are getting the best analytics data you can by investing in the right point-of-sale system. With the right system, you will get all this analytics data and more, as well as offering your customers multiple ways to pay.
You need more than a payment processor to make your business successful. You need a control center that can take payments and do much more. Fortunately, today’s point-of-sale technology looks beyond simple credit card processing. Here’s the way advanced POS technology is changing the game by offering a range of services integrated into one tool:
You are already ringing up every sale with your POS system, so why not use it to manage your inventory, as well? The right system can keep track of every item that is leaving your store and compare that information to your remaining stock. The system can make intuitive decisions about re-ordering stock based on what you have and based on the sales history.
With the right system, you can make your business more successful by boosting sales and reducing loss. You will have the stock you need to meet demand and won’t waste money by keeping stock around that’s not selling.
The right POS system doesn’t just keep track of sales; it can also provide valuable analytics to help you monitor your business’ progress and identify areas for improvement. You can keep track of the average cost per transaction, when your busiest times occur, how sales change in response to marketing campaigns, and much more. This is valuable information that can take you a lot of time and money to compile on your own. With the right system, you have all the information you need at the touch of a button.
There are a number of ways that your business can fall victim to fraud, either by customers or employees. Your POS system can help you detect fraud, either through fraudulent payments or through inventory loss. By catching fraud early, you can save yourself a lot of money and prevent serious problems.
Do your research to ensure that you are finding the right POS system that offers you a full range of features to grow your business. With the right system, you get multiple tools in one, making your operations more efficient and saving you money.
Advanced point-of-sale systems are much more than payment processors. They are sophisticated pieces of machinery that can help you manage your business with the right features. Some systems come with those features automatically, and some require you to add on certain features to the basic system.
Here are a few of the value-added options you might want to consider for your business:
A shopping cart allows customers to purchase multiple items online easily. Without the shopping cart, customers have to buy items individually, which means that they also have to enter their personal information and payment details each time. People are more likely to abandon your site and buy the items in one single purchase from another site — even if you have better prices. Add a shopping cart to your system to make purchasing easier on customers and to increase your sales.
Rewards and Loyalty Programs
Rewards and loyalty programs also help you to grow sales by giving customers an extra reason to return to your store (or website). You might give customers a free item after they buy that item a certain number of times, or you might set up a system that awards points for each purchase to earn a free item. You can also create a program that gives a certain discount on purchases.
Your POS system is already managing purchases, so why not have it manage your inventory also? The right software can track what you sell and compare it against what you already have in stock. It can then order stock as needed to keep what you need on hand to meet demand.
Merchant Business Analytics
The right software can also give you valuable information about your sales, such as the type of items that are selling best and the times that you get the most business. You can also use analytics to find out which of your marketing campaigns are working best.
Get the most value from your POS system with the right features. Try out some of these features to see how they can benefit your business.