Cashless payment providers have been seeing a sharp increase in usage. Billions of dollars of non-cash transactions are being performed via mobile payment options every year, and the numbers are only climbing. The cashless payment provider has become an accepted and mature business tool. Besides the growing numbers, there are a few small business-specific reasons to start making your own turn towards cashless payment providers.
Reason 1: Transactions Are Safer and More Accurate
Technology may be rapidly changing, but two things are still in the same place as fifty years ago:
- Customers want payments to be secure
- Customers want transactions to be convenient
Cashless payment options offer the chance to ditch paper and coin-based currency and all of their associated challenges, including securing them on the way to the bank and ensuring accurate counts. Transactions performed without cash eliminate these costly and stress-inducing risks.
The safety of cashless transactions is well known, but it is important to note that with this safety comes the need to add certain pieces to your POS system. Cloud-based POS tools function the best when working with cashless transactions. Sales and payment information is transmitted into the cloud using high levels of data encryption, keeping it all safe from prying eyes. This same flow of sales data through the cloud for payment processing also can be stored for easy access down the road.
Accessing sales data in the cloud must be as secure as the initial transaction. The cloud-based POS software you use must maintain data encryption regardless of how or if data is being used while allowing you near-instant access for reporting and monitoring purposes. Having this level of data management functionality at your fingertips will allow your business to operate at higher levels of productivity, and will simplify getting your brand voice to new audiences.
Reason 2: Expansion into New Channels Is Better Supported
Taking your brand and building a broader audience for it is a challenge shared by business owners of any size or industry. Traditional marketing methods will put your name into the minds of potential customers, but this still requires the customer to make the effort to visit your business, making this a gamble at best. But when you have added the ability to accept cashless payments and have the right blend of cloud-based POS technology on hand, the task of brand expansion starts getting easier.
With the cloud comes significant benefits:
- Tthe ability to create virtual storefronts. These web-based presences are no longer the sole domain of retail. Foodservice businesses, salons, spas, and even home repair service businesses are all taking advantage of these virtual brand representations. Before you start interviewing web designers and overpay to build your own website, first examine how you can leverage your POS software and service provider to build a virtual presence.
- Business tools and data storage. Taking advantage of this powerful cloud presence, your provider gives you a branded web template that will show the world who you are and allow you to take orders via this website. Your provider also provides you with a virtual terminal to better support a cashless payment structure, making your new branded website an extension of your physical business that can be accessed from anywhere, anytime.
Reason 3: Mobile and Cloud POS Options Add Speed and Accuracy
Leveraging the cloud as a foundation for a cashless payment strategy opens up the possibilities that mobility has to offer:
- Space savings at your counters can be quickly achieved by replacing legacy POS registers with mounted iPad tablets.
- Receipt printers can be phased out as well, thanks to the seamless integration of online invoicing software that allows receipts to be digitally sent to customers during any stage of the transaction process.
- Sales data from cashless transactions will instantly update not just your sales ledger and merchant accounts, but will also apply the changes directly to the data used to manage inventory.
- The reports and analytics you run will be highly accurate, giving you the confidence to make proactive changes to benefit the long-term success of your business.
The mobile elements of such a technology platform should not be allowed to get lost in the shuffle. Mobile payment apps align perfectly with cashless payments and giving staff the ability to carry a tablet with them as they assist customers yields a tremendous upside to both staff productivity and customer satisfaction. Mobile tools will make it possible to add trendy traits, such as contactless service or click and collect options, to your tool belt, enabling you to satisfy a wider range of customer expectations.
Supporting Cashless Payment Providers Starts With Your POS System
Cashless payment providers can be as simple as supporting traditional credit cards or as advanced as accepting payments from digital wallets or NFC-based cards. Whichever way you go, it is important to remember that you must have the POS technology in place to fully support the payment strategy you devise. Cloud-based POS systems have an edge in this area, with the ability to provide data security and storage while bringing your business to the customer in the palms of their hands.
Working with a point of sale partner like talech does more than just introduce you to powerful POS technology; it adds sage business advice to help you stay on the right track. The POS solution we build for you will be crafted to match the processes and goals of your business, turning your POS technology purchase into a long-term investment. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.
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