Many factors can take a business down the drain. Some major ones include competition from businesses that offer similar goods and services at ridiculously lower prices and bad customer experience. A survey conducted by LoyaltyOne and Verde Group showed that 81% of US consumers do not share their customer frustrations with the business they are transacting with. With the customer’s dissatisfaction going away unnoticed, you start to notice a drop in revenue. Your business senses are awakened, but you can not pinpoint exactly where the problem is. It will be of help to know that it might be coming from your point of sale section.
How? You might ask. A point of sale is just not a place and time where a retail transaction is completed, but also an enormous determining point whether a customer will come back or not. This is heavily determined by the client’s payment options you present to them.
Do they really appeal to them? Are you meeting their needs and preferences? You have a clear understanding of how customer satisfaction will raise or lower your business to the next level. So, it is time to stop making payment options casual and ordinary and make them personal, adapt the Credit Card processing in your Point of sale system.
There are many benefits of bundling a POS System with Credit card processing. Whether you are running a sports store, a clothing store, or even a car wash, whichever business it is, accepting credit cards is one of the best business decisions you will ever make. They are relatively inexpensive, and you will most likely find a credit card provider that gives you a package that fits your budget. Some of the advantages of incorporating a POS system with credit card processing to help you make that decision include:
Trust me you really want to appeal to your customer the best way you can. A credit card holder went through a rigorous process to just obtain that credit card, and there’s nothing more frustrating than to have a card that they can not use. So they are always looking for a service provider that will accept them – a vendor who is willing to meet their needs by just accepting their credit cards. This is one way of making customers loyal to you. So tap into this need.
With credit cards, you can obtain and analyze data on a customer’s purchasing history. From this data, you can better understand their preferences and therefore make it an aim always to meet their needs. This will improve customer relationship with the business, and hence foster customer retention and eventually drive sales growth.
Credit card offers consumers protection through section 75 of the Consumer Credit Act, where they can be refunded their money if they are not satisfied with the purchase. This is one good way of determining whether your goods or services are meeting your customers’ needs, and how you can improve them to appeal to a larger population and drive sales.
Increase in Purchases and hence Profits
With credit cards, consumers have the ability to purchase expensive goods or services, which they can not be able to pay at once. It gives them the freedom of buying just anything without the fear of not having enough cash to buy all that they want. In this case, it may result in impulse buying since they do not feel limited cash-wise, and this is the point you invest in and make huge sales. It would also work very well in restaurants where an individual wants to treat a group of friends, colleagues or family; credit cards give them the confidence to go all out.
Some credit cards come with incentives. The credit card companies offer various promotions to attract more people to apply for them and actually use them. Such spending incentives include loyalty points, air miles or travel rewards, some also offer percentage discounts on specific goods bought such as groceries or gas, and they give back cash to the consumers based on the discount. To get these incentives, the consumers must purchase goods and services, and there is no better place than this spending to be accomplished through your business.
The need to raise a credit score. Most customers who desire to raise their credit limits and get more offers from the credit card suppliers need to have a good history on their credit card use. Meaning, they should show evidence of how they used their cards to make purchases, and this is why you will be grateful you incorporated a credit card payment option in your POS.
Convenience and safety
This method is very convenient for your customer and you as well. Millennials are known to have the highest purchasing power in the world’s population, and they would vouch for cashless systems as the mode of payment anytime. The transactions are quick and easy for them, whether physical buying or through online purchases. So appeal to them this way, as a way of growing your business too.
For your business, it saves you time waiting for checks to clear or queuing in banks to deposit your money. Credit card transactions are processed electronically and are settled fast, and money is deposited directly into your account. It minimizes fraud and bounced checks. It is a safer mode of transaction and reduces the cash handled daily.
The benefits that accrue from bundling credit card processing with your POS are more than enough, and it is exactly what your business needs in order to make that step in growth. Move with time, move with technology, allow your business to grow, adapt the Credit Card payment option and watch customers flawlessly streaming in.