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In these hygiene-conscious times, you have undoubtedly noticed that mobile payments are becoming fixtures at more and more checkout counters with each passing day. Before you dismiss them as just another passing fad, take a minute to learn how the mPOS revolution can benefit your business.
More payment options for your customers.
Like it or not, smartphones and the digital wallets built into them are gaining in popularity and show no signs of disappearing. In less than five years, experts estimate that the majority of the world’s population will be embracing them.
One of the reasons for the smartphone’s success is the flexibility it provides to buyers who value choice and customization above all else. As an entrepreneur, the more amenable you are to catering to customer wants and desires, the greater your chances of success. In short, if you provide your patrons the option to purchase your goods and services using the payment methods they want, you are far more likely to both attract and keep their business. On the other hand, failing to do so may cause shoppers to defect to take their business elsewhere.
In addition to providing customers with in-person payment methods, your mPOS can also be used for card-not-present payments, allowing you to manually input information provided to you over the phone. Once you have this technology up and running, you can take orders even when your customers – and their cards – are not present.
A drastically improved checkout process.
As a retail store owner, you recognize the importance of arranging your wares to promote sales. You train your staff to be friendly and informative. You make returns and exchanges easy. However, all of your hard work will come to nothing if the checkout experience you provide is slow, untrustworthy, or frustrating. In fact, nearly three-quarters of consumers have identified checkout to be a major source of disenchantment. Fortunately, your mPOS can come to your rescue.
For one thing, mobile POS systems are, by their very nature, portable. Consequently, you and your staff no longer need to be tethered to a cash register or a checkout counter. Instead, you can make sales from anywhere in your store while simultaneously assisting customers in the choosing and purchase of items that complement what they have already found. Thanks to your mPOS, you can drastically cut back on long lines, irritated buyers, and harried cashiers.
Checkout is not even limited to the confines of your physical retail space. Your wireless mPOS can travel with you and your staff curbside to facilitate safe, contactless transactions.
Simplified inventory management.
Having the items your customers want when they want them seems easy and obvious – until you set about running a business that involves juggling numerous other important priorities. Sadly, this multi-tasking can lead to incomplete or sloppy inventory procedures that can leave you lacking what your buyers are requesting and potentially over-stocked with things they don’t want. However, with the right mPOS, you can streamline ordering, sales forecasting, and more. Gone forever will be the days of hand-written, incomplete ledgers. Instead, your modern POS software will keep you apprised in real time, helping you to meet and even exceed buyers’ expectations.
You can’t afford to have only 63 percent inventory accuracy, which is the current average among retailers. Simply by using your mPOS, along with a barcode scanner or smartphone camera, you can constantly monitor and track purchases, ensuring that your bestsellers remain available and the goods that are slow to move are not re-ordered until necessary.
You can think of your mPOS as a conscientious silent partner, always on the watch for over- and under-stocked items. Considering all of the other fires you put out on a daily basis, isn’t it nice to know that your point of sale software will have your back when it comes to inventory management?
Today’s software takes the guesswork out of sales forecasting. You no longer need to guess which items are becoming popular and which are on the decline. Instead, your mPOS can generate actionable reports loaded with real data you can use to please your customers and boost your profits.
Once you get an mPOS on your team, you can have ready access to key information such as how much your customers spend per transaction, the average number of items they purchase, your gross margins, and more.
Your mPOS is a data powerhouse that can quickly generate reports across all your locations. Your days of scrambling from one office to another and attempting in vain to collaborate with colleagues will be over once you have comprehensive sales, inventory, and employee records at your fingertips.
Easier employee management.
The larger and more successful your retail operation becomes, the harder it is to keep track of your workers. This can lead to inefficiency and loss of profits. Worse still, the security of your systems and customer data might be jeopardized. Fortunately, your mPOS can streamline many of your employee functions, including regulating and tracking who has access to sensitive networks and data. With accurate logs and alerts available to you at all times, you can keep watch over your digital perimeters and react immediately if problems arise.
Furthermore, your mPOS syncs effortlessly with your other business systems, allowing for easy payroll, time management, and scheduling. As a result, many of the headaches you currently feel in terms of your workers can become nothing more than distant memories.
Streamlined accounting processes.
No one looks forward to tax time and the scurrying through disorganized financial records that often accompanies it. These woes should disappear thanks to your mPOS system’s easy interfacing with your QuickBooks or other accounting software.
Once all sales and employee data are entered into your systems and tracked on an ongoing basis, monthly, quarterly, and annual bookkeeping tasks will be transformed from dreaded drudgery into a few routine clicks. Best of all, the results will be complete, accurate, and traceable.