The steady migration away from cash has been a trend among consumers for some time. The recent pandemic has added fuel to this migration due to many factors, including cash or change shortages and growing safety concerns around handling cash. As a result, many retailers have been turning to cashless payment solutions to add higher levels of safety and security to their business, as well as mitigate the risks of cash or coin shortages.
While there are several cashless payment options available to retailers, only a few of these stands out as universal must-haves. Having these features in place through your POS system will position your business to further develop cashless options to expand your brand. Contactless or online customer interactions with your brand will demonstrate your ability to be flexible under any business setting while offering a glimpse into the importance you place on ensuring everyone’s safety.
Mobile POS Software Opens Up Limitless Possibilities
Taking your business software into the cloud opens up a broader spectrum of operational possibilities for your store. The cloud is instrumental for building cashless payment strategies and forms the foundation for the mobile options that modern consumers enjoy. The amount of contact between customer and salesperson lessens, and the options for enjoying your brand can be expanded to include several remote or virtual shopping experiences.
The most well-known and utilized of these is online shopping, but building your online eCommerce website can be expensive and time-consuming. But what if you could find a mobile POS solutions provider that offered a fully integrated and customizable website template that you could use? Not only would this give your brand 24-hour access, but it would provide you with new channels that can be leveraged to fuel a cashless payment strategy.
Click and collect, a logical next step in after your website has gone live, helps customers support your cashless strategy. They can pay for their items online before arriving at your store for pickup. Even those customers who may be averse to making online purchases can still enjoy the convenience of cashless offerings by using kiosk-based payment terminals or via a mobile payment app on one of your store’s mobile devices, presented by a member of your staff.
Leverage New Payment Options Through a Mobile App
Using POS software that provides a mobile payment app will further help bring your cashless strategy to the customer. Payments can be quickly accepted during in-store visits or curbside pickups while adding enticing contactless features to your store, such as QR codes or click and collect. This allows you to leverage emerging payment options and traditional payment types to securely and at a distance, accept customer payment from anywhere.
Having access to a mobile payment app is only possible when utilizing mobile POS technology within your business. Mobile payment apps broaden the range of payments that you can accept while keeping the old familiar standbys, credit and debit cards, as options as well. EMV-chip cards, tap cards, and web-based invoicing all become viable payment options. Digital wallet payment options become an option as well, which serves to increase the scope of your offered eCommerce options.
The best thing about this is that you can potentially accept almost any modern, trending payment type without worrying about paying increased payment processing fees. Choosing the right mPOS solution provider will be instrumental in assuring that you do not find your business locked into a rigid payment processing contract. But instead, the most effective mPOS partner will present you with open-ended and flexible payment processing terms that maximize your payment acceptance flexibility.
QR Codes Contribute to Reduced Contact
Adopting a cashless payment approach will yield multiple new ways in which your customers can be engaged. One of the biggest trends that has emerged over the past year is the strategic deployment of QR codes to help maintain in-business operations while reducing overall contact. These can attract new customers and present existing customers with the ability to enjoy a contactless experience in your store.
Using QR codes can introduce pros and cons to the way you run your store. But the cons are easily avoided when you follow QR code best practices for retail environments. Placing QR codes in your store’s traffic areas and configuring the codes to launch your online website via a smartphone browser will allow customers to conduct their inventory lookups, product scanning into a virtual cart, and finally perform a self-checkout.
This option gives the customer almost total control over their in-store experience and maximizes the safety of everyone. And with a cashless payment strategy in place, QR codes significantly reduce checkout times and can nearly eliminate lines of any kind, which are considered uncomfortable by many. These codes can be directly integrated into your POS solution, allowing you to monitor these transactions just as effectively as any other transaction in your store.
Simplify the Addition of Cashless Payment Solutions to Your Business
Adopting a cashless transaction strategy sounds complicated, but that doesn’t have to be the case. Taking a mobile approach to your POS technology will yield the tools required to confidently accept cashless payments of almost any kind and without the worry of outlandish payment processing fees. All it takes is knowing where you want to take your business and to choose an effective and proven POS provider to handle the technology running behind the scenes.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.
Want to learn more about cashless payment solutions?
Get your free Demo