If you’re like most business owners, you review your financial statements regularly to determine the fiscal health of your operation. You focus on what you did right, areas that could be improved, and perhaps even new product expansion ideas that all might work together to accomplish your ultimate goal of increasing your profits. One area that you may have neglected to consider during this undertaking is how your payment processing system can integrate with the other procedures you have in place to pad your bottom line.
Whether you have two employees or two thousand, one fact remains the same: Time is money. If the payment processing system you’re using is ancient, slow, and prone to breaking down, your cashiers and salespeople will have no choice but to expend energy working around the difficulties. On the other hand, an updated set of hardware and software will streamline business processes, freeing up your employees to interact with customers, answer questions, and even sell more goods.
Not so long ago, busy retailers were often wary about expanding their business model to encompass the growing world of online sales. Fortunately, modern low-rate payment processing systems are allowing even the most tech-averse merchants to easily and securely accept customer payments. As a result, they can offer products to a national or even global customer base with maximum exposure and minimal overhead costs.
Increase your administrative efficiency.
How can boosting your back-office productivity have anything to do with more money coming in the door? You might be surprised by what a close relationship there can be between these two factors, especially if you put a modern payment processing system to work to maximize the capabilities.
That’s because your system comes locked and loaded with numerous tools that will make running your business easier.
- Inventory management.
- Employee management.
- Customer management.
- Reporting capabilities.
- Integration with accounting software.
When you use these features to the fullest, you can accomplish several vital tasks.
- Ordering. Once you begin to automatically track what products are selling and what is running low, you can set up low-stock alerts, ensuring that you’ll never fall short when it comes to popular items or over-order things that are not moving off your shelves.
- Smart worker scheduling and management. Cast those written timesheets aside in favor of schedules that are emailed to employees at intervals of your choice. Learn when your busiest sales times are so that you can make sure to staff adequately and cut back during periods when you have fewer customers. Find out which employees are doing well and which are struggling in order to facilitate incentives and training opportunities.
- Easier and less stressful tax preparation. Automated financial tools that integrate into your accounting program eliminate the need for cumbersome spreadsheets and drawers filled with receipts.
- Robust reporting. The old days of ledgers and reliance on scribbled notes and receipts can be behind you forever once you adopt the powerful reporting capacities contained within your contemporary payment processing system. With just a few clicks, you can generate highly readable data sets that show sales histories, staff performance, inventory levels, customer trends, and so much more. Using this information, you will be in a much better position to map out your strategies to increase profits over the months and years to come.
Enhance payment flexibility.
Customer payments are the lifeblood of any business. The problem is that it can sometimes be a challenge to separate people from their money. It isn’t necessarily that they don’t want to buy what you have to offer. Rather, if the process is cumbersome or insecure, they may elect to do business with one of your many competitors.
Modern payment processing systems help to bridge the gap between the interested customer browse and the consummated sale by streamlining and enhancing the entire payment process. This is accomplished in several ways.
- Providing the option for customers to make secure, contactless payments.
- Offering international customers the option of paying securely in their native currency.
- Enabling buyers to pay securely using various methods, including credit and debit cards, contactless payments, and EBT.
- Extending the option of accepting recurring payments on a subscription basis, enabling you to have predictable funds at a particular time each month without the need for chasing late payments.
Modern systems are easy to set up and use, making offering this type of payment flexibility a profit-encouraging strategy that you can adopt without much expense or difficulty.
The next time you sit down to conduct a report on the fiscal health of your business, consider bringing a new partner to the table. Your payment processing system can provide you with a wealth of information and tools that will do far more than just streamline your cash registers. Taking full advantage of all that your modern payment processing system offers can help to boost your company’s profits while keeping your valued customers at the top of your priority list.