The recent COVID crisis has done much more to impact businesses outside of restrictions of operating hours or limited customer interactions. While these events have been associated with forcing small businesses to adapt, keeping a positive attitude will open your eyes to new and exciting potentials that may have never been considered prior to COVID. One of these innovative changes is the use of cashless payment technology.
As coin shortages rolled across the country and the CDC advised people to limit the use of cash, cashless payment technology became the logical next step in any COVID business strategy. Business adoption of a cashless business model has been trending, which means that implementing cashless options in your own business can be accomplished with minimal risk. This also means that the technology case for going cashless, as well as a variety of benefits, has already been proven.
What Are the Benefits of Adding Cashless Payment Options?
Understanding how cashless payments work starts by learning about the benefits that a cashless strategy can offer. By matching these benefits to your business goals, you can quickly determine if a cashless approach is the right fit for your business model and if your customers will appreciate the new payment approach. These benefits have been proven to be universal across multiple industries, and add an additional layer of safety to customer transactions.
The universal benefits that you should include in your analysis are:
- Eliminate the need for in-person checkouts or payments through self or online checkout.
- Remove security risks associated with cash, including bank transport or counterfeiting.
- Modern POS systems easily track every digital penny that comes in, making bookkeeping highly accurate.
- Refunds are easily issued.
- Customer payment accounts can double as loyalty or rewards accounts.
As you can see, in addition to providing safer interactions between staff and customers, you can also tighten up internal accounting controls and provide a better customer experience. A modern layer of technology is required to support any cashless initiative, raising some questions around time and revenue budgeting, as well as the necessity of it all.
Solving the Technology Conundrum: Know Where to Start
How do you know if the POS system you currently use is up to the task of managing cashless payments? The answer is quite simply this: if you are not capable of accepting non-physical payments, your POS solution will need a refresh. Going cashless requires that you be able to take payment from a broader spectrum of payment types, as well as through mediums that are outside of the in-person methods most have grown accustomed to.
Here is a shortlist of basic POS functionalities that are required to best introduce cashless technologies into your business:
- Cloud-based mobile apps and data storage.
- Mobility options, which will be required for establishing online ordering features.
- Friendly payment processing agreements.
- Intuitive payment interface for both customers and staff.
Having these POS features in place will give you the required technical foundation for a cashless strategy that can open up new business opportunities. Possessing the ability to expand your brand when many businesses find themselves curtailed by COVID-related regulations will have a positive and lasting impact on how customers perceive your brand.
Leveraging Cashless Payment Options to Grow Your Brand
For many business owners, thoughts of business growth were curtailed with the arrival of COVID. However, adding cashless payment technology via an innovative POS platform will give you the tools you need to expand customer engagement options that will spark growth. This is accomplished by making your brand available through multiple platforms and will promote safer customer encounters without sacrificing the quality of the products or services that are being provided.
Fueling growth in a restricted business climate can be accomplished using advanced POS tools that further promote cashless payment options. The primary forms of customer engagement using these POS functions will be click and collect and online ordering:
Click and Collect
Click and collect is a strategy that allows customers to place and pay for orders online or by phone for later arrival to pick them up at your business. Also referred to as curbside pickup, this form of customer engagement has become a go-to strategy for businesses of all sizes during the pandemic. Click and collect makes it necessary to add a few requirements to your operating strategy:
- Order management and seamless organization.
- Automated notifications both internally and customer-facing.
- Ability to handle secure, digital payments.
Online ordering is very similar to click and collect in that customers can browse your products, place their order, and then pay for it. One key difference in online ordering is that the customer is given the option to have their items delivered to their doorstep. A powerful, cloud-based POS system with cashless payment options must provide several important features so that your business can maximize the potential gains of accepting online orders:
- The ability to create your own branded website.
- Seamless integration of digital payments from your website and to your POS solution.
- Order management capabilities through real-time synchronization between sales and inventory data.
- In-depth reporting to monitor ordering trends to gain valuable customer insights.
Both of these virtual experiences serve to launch your brand into a multichannel business world and will be a strategy that can bring success in any economy. These customer engagement options will work to stimulate growth, but only if the cashless payment tools you rely on are integrated into your workflows with a high degree of precision.
Take the Next Step Towards Cashless Payment Technology
Transitioning towards a cashless-centered payment acceptance model will present more questions than answers at first. Instead of relying on your internet search skills to bring the answers to your questions to light, engage the knowledge and skills that a POS partner can lend to your cashless payment initiative. Not only will your questions be answered accurately, but they will help you to see the questions you did not think to ask, improving the chances of your project’s success.
In a period of change, talech has a number of POS solutions that can help your business adjust operations smoothly. From reaching new audiences to engaging with your existing customers more often, we give you the tools to adapt quickly and with confidence.
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