It can be a really tough on those small businesses whose aim is to grow; trying to compete with corporate prices as well as compete with the guy next door for custom. Consumers expect the highest quality of service at the quickest possible speed and you still have the day to day running of your business- sales, margins, security, marketing. Here are 4 ways integrated payment can ease the challenges faced by SMEs.
It makes it easier for your customers to part with their cash
Today’s consumers want great quality service and they aren’t willing to wait for it. Even if you are a relaxed, slow paced coffee shop, customers want to spend as little time as possible at the point-of-sale. In our increasingly cashless society, it’s important to offer customers a range of payment options. Integrated payments mean the figure on your EPOS is automatically included on your payments device. This means there's no additional keying in or cashing off transactions. This is done automatically which can drastically cut queues, the convenience of which reduces basket abandonment and drives revenue.
Reduces the risk of employee theft and eliminates human error
Businesses reportedly lose 2% of their annual revenue through theft and a huge 48% of that is by their own staff via discounting and manipulating the amount due on the PDQ for friends. Integrated payments eliminate human error and protect against employee theft by removing the need for manual input.
An additional benefit of using integrated payments with an intelligent POS solution such as Epos Now means you can set staff permissions and effectively track the audit trail. This empowers business owners with more control to monitor what discounts are valid, reducing abuse of improper discounting, possibly saving you thousands of lost revenue each year.
Removes the risk of reporting inaccuracies
A key issue facing SMEs without integrated payments is erroneous reporting and other inaccuracies that occur as a result. Each PDQ machine will produce a Z report (end-of-day) that will need to tally up with the EPOS system in order for back office reports to be correct. If staff members are making mistakes on either the PDQ or EPOS, this can become an accounting nightmare.
As a business with growth plans, ask yourself, could your time be better spent in other areas, such as increasing footfall or managing your margins? The more your business grows, the more non-integrated PDQ machines you’ll need, the more time spent reconciling accounts- an issue easily avoidable from the off. With payments integrated into a cloud-based EPOS system, such as Epos Now, you’re empowered with full visibility of all reports, on each till, across all sites taken by cash or card from the comfort of your own home.
There's never been a better time to integrate
As someone who works closely with the payment industry, I’ve seen the focus shift from customer acquisition to creating the ultimate customer experience. The market is increasingly competitive and even the smallest of businesses can pick up cheap monthly terminal rentals and good transaction rates, whereas just 5 years ago you would have struggled to find a fair and affordable deal. There has never been a better time to get your PDQ machine integrated with an Epos Now, as plenty of merchant service providers want your business! We work with a number of industry leading approved partners such as WorldPay, PaymentSense, Global Payments, PayPal, Verifone, and many more. If you'd like to learn more about these providers and how to incorporate their services into your business, give our team of specialist EPOS consultants a call on 0800 2 945 945..
In summary, there is no additional cost to get your current PDQ machine integrated and if you are a new business, or new to taking card payments, there has never been a better time to jump on board. For no extra cost, you can speed up the payment process which will drastically cut queues and improve the customer experience.
Epos Now integrate and partner with the biggest merchant banks and MSP’s in the UK. For more information regarding Epos Now’s intuitive EPOS solutions or to discuss the benefits integrated payments could have in your business please get in touch on 0800 2 945 945.