Choosing the right payment software requires a deep understanding of how your business is performing and how you want it to grow. Ultimately, there are a few key items that factor into the success of your business, and as such are “must-haves” for growing your business, and with that, delivering a great customer experience.
Effective Retail Payment Software Engages and Retains Customers
A key benefit of using the right retail payment software is an engaged customer base. While your customer might not be concerned about what software you’re using to accept payments, they care about three things: speed, efficiency, and accuracy. This is where an effective POS solution can be your greatest asset. This is especially true when your software integrates seamlessly into the flow of the day-to-day operations of your company.
An effective POS solution makes it possible to manage your inventory with an eye on the products that entice and satisfy your customer’s needs. The right retail payment software makes it easier to keep tabs on what your customers are buying, when and how often. A mobile or tablet solution, for example, can speed up the checkout process which allows you to spend more time with your customers.
A good loyalty program, as another example, is a great way to keep your audience engaged and excited about your business. Not only does it encourage repeat visits, it means you’re able to better predict inventory needs.
On top of that, your retail payment software needs to have gift card functionality. When your customers purchase gift cards for their friends and family, it’s only serving to further spread your brand awareness and get new customers in your doors.
Concise Inventory and Product Management
A productive retail payment software solution means more than just knowing how your customers pay for their purchases; it is also about tracking and stocking the items they most want, so they never leave your shop empty-handed. To accomplish this, you will need a good view of how your inventory management process flows and what improvements you need your software solution to provide for you.
Keep in mind that while it’s great to know what your hottest sellers are, it’s equally important to know what doesn’t perform so well and to be able to create multi-variate entries in your software to account for product modifications without losing management capabilities. Your system needs to be able to support a large number of SKUs, especially if you’re planning on expanding your business or your product lines.
Depending on the size of your store, shelving and inventory space are hard to come by, especially if you house a large number of products. Poor performers have a nasty habit of taking up valuable space on your shelves and sitting there for weeks on end. This is precious space that could’ve been dedicated to new items you’re preparing to launch or the expansion of an already successful product line.
The above scenario is not ideal, but it’s one that smaller businesses tend to run into more often than you’d think. Luckily, it’s something that the right retail software can help address.
A good software solution makes it a snap to keep tabs on your most important inventory metrics and use them to determine what should always have a featured spot on your shelves and which products need to be reevaluated.
Managing Your Finances
Managing and reconciling your finances is one of the more difficult aspects of a business to manage. This is, however, one of the most important responsibilities of a business owner, as it provides you with a window into the monetary health of your business. Small business owners often rely on consumer-level reporting solutions and even old-fashioned paper ledgers to accomplish accounting tasks that could be simplified and, in some cases, automated with an integrated POS system solution.
The effort involved with handling finances becomes exponentially more complex as additional accounts and transactions are added to your data pile. Implementing the right software system that can gather and track your data, watch your burn rates, and provide a level of automation for some of the more mundane aspects of your daily accounting requirements will have a positive impact on your operations.
Reconciliations can be automatically performed at the end of each shift, at the end of the business day, or overnight, freeing yourself and your staff to attend to more pressing matters. Other important financial considerations are the abilities to apply sales, BOGO deals, item-specific discounts, and clearance pricing.
A good software solution will also allow you to assign privileges and roles across your business to ensure that you know which members of your staff are performing which actions at any given time.
Want to limit the ability to process voids or full refund to the role of a manager? Would you prefer that cashiers aren’t able to open the cash drawer outside of an in-progress transaction? These are within the realm of retail software possibility and make it easier to control how transactions are being handled throughout your business.
Expert Assistance for Retail Payment Software Implementation
The expected hurdle of selecting the most appropriate software solution for your business can quickly grow out of control. All aspects of your business must be considered, from customer service capabilities to inventory and finance management, and any current software or manual processes need to be looked from several angles.
You can quickly identify and start gaining more efficiency by selecting a POS system that makes use of quality retail payment software, but are you covering all of your bases? Are you sure there aren’t other tasks or processes that you could be doing better? That’s where talech can help.
Enlisting the help of an experienced partner is vital to ensure you are getting the most out of your POS system, and talech is glad to assist. We make the effort to roll-up our sleeves to dive into your business in order to gain a deep level of understanding around your processes. Here, we see and feel your business challenges, and we learn how to navigate them so that you gain a solution to elevate your business to a higher level. Reach out to us today or sign up for a demo and to learn more about how talech can be your valued POS and retail payment software partner.