COVID sent many retailers into an instant scramble for survival. Local restrictions aimed at thwarting the spread of the virus forced businesses to either shut down completely or severely change how they operate. Cash and coin shortages, as well as supplier and shipping issues, were the icing on the cake on what would prove to be a dramatically shifting business climate that affected almost everybody.
Shifting your business technology into a cashless POS system can offer you several advantages to help you remain competitive. This will help you in adopting new and safer ways to engage with your customers that go a step beyond the knee-jerk reaction of taking retail completely virtual. While the online store will always have a place in your strategy, consumers still desire that in-store, in-person experience when making certain purchases. A cashless POS system can help you provide this to your valued customers.
Cashless POS Introduces Contactless Elements into Your Store
As invigorating as an online shopping experience can be, it is still the brick and mortar experience that helps small retailers carve out their niche. But with safety at the forefront of consumer thinking, leveraging your POS technology to provide an enticing and yet largely contactless experience is a necessary touch. And with the handling of germ-laden cash becoming passé, a new approach to the retail transaction is in order.
With this in mind, transitioning into a cashless retail strategy makes sense. The typical images of cashless shopping are quite accurate—for example, customers scanning QR codes to request different sizes or colors and then being given the option to pay immediately using their digital wallet. Kiosks have become a very real option, presenting shoppers with an extended glimpse into your inventory as well as offering them instant payment options right where they stand.
Your online presence will continue to be a valuable component of your success and will be a powerful complementary addition to a cashless and contactless in-store business model. The integration of cashless POS features and new payment options will also be available to your online channels and will allow you to build a consistent cashless and contactless shopping experience that keeps you in front of the pack as retail shopping patterns continue to evolve.
Harden Security and Financial Processes
A POS system that contains the vital and necessary pieces to create a cashless shopping experience will introduce gains in security through the payment methods you can now offer. As much as COVID has made your customers conscientious about health, the association of the words “data breach” and your store name will cause damage to your bottom line and your reputation. Cashless POS offers you innovative payment security features that prevent this from happening to you.
Cashless POS technology introduces a better ability to utilize the most secure payment types available including Apple Pay, Google Pay, and other digital payment methods, giving you and the customer peace of mind. These forms of payment do not require a trip to the bank. Instead, the money from each transaction is simply there at the end of the day or next business day, making balancing the books and paying your bills easier.
This technology provides you with a path to harden your internal accounting processes as well. Instead of relying on staff to accurately count cash, the digital tracking of your sales figures is tallied as each transaction happens, allowing you the ability to watch and balance your books in real time. You also lose the risks and delays associated with checks not clearing which means that the numbers you see are true.
Mobile Payment Apps Quicken the Checkout Process
Further contributing to improved security of the customer experience and payment acceptance is the use of a mobile payment app. This presents you with POS software that is updated often and is especially secure when hosted on an Apple iOS-based device like the iPad. But it will not just be security that will draw a customer to your cashless model, it will also be the rapid checkout process and the ability to deploy iPads throughout the store to create a self-checkout experience.
The self-checkout experience is the cherry on top when it comes to building a contactless retail experience. And, it is an experience that is driven by the adoption of a cashless business model. Instead of relying on automated cash counters and dispensers, all you need is a small card slot reader that is capable of also accepting digital wallet payments. Just like that, the interaction between staff and customers is kept distant, but without sacrificing the quality of your store.
A mobile payment app can also supplement your online store website and a contactless experience in one go. Click and collect offers customers a way to access your brand without worrying about coordinating the shipping of your products. The same cashless payment options you offer in-store will be available in this scenario as well, providing your customers with full payment flexibility no matter how they safely engage with your products.
Can a POS Consultant Make Going Cashless Painless?
Knowing if your current POS technology can support a cashless business strategy is important to know before you commit. Consulting with a knowledgeable retail POS consultant will help guide you towards understanding what technology you need before you can go cashless. The partner you choose should desire to work with you as a partner and will be there supporting you for long after your cashless POS solution has been implemented.
In a period of change, talech has a number of cashless 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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