How Can Using Modern Payment Methods Create a Successful Business Brand
The main aim of, well, every business on the planet is to make money. Businesses need to make a profit to pay their rates, pay their staff, and expand. Without profit, a business will get into debt and fail – no one wants that.
So, you need to find a way to take payments effectively whilst also building your brand towards success. Modern payment methods can help boost your income and your branding at the same time. In this article, you will find out all you need to know about modern payment methods and building a successful brand.
POS vs Cash
For many years, cash has been king. Everywhere took cash as their main form of payment. Even years and years after the credit card was invented, the amount of cash in circulation still increased.
Nowadays, many would argue that cash is dead. As the team at www.posusa.com explains, “credit card payments continue to dominate the transaction landscape in the United States, it’s more important than ever to ensure your brick-and-mortar business can accept digital payments.”
This is why you need to invest in POS (point-of-sale) systems. Whether you totally give up on taking cash or not is up to you. But, to be a modern business, you need a great POS setup.
Take Payments Easily
So, first, the benefits of a great POS. The most obvious one – you can take payments efficiently, easily, and with no hassle. Most POS systems allow you to accept payment from all different kinds of cards, so you’ll never have to turn a customer away.
Of course, this will cost you a little money. Most POS manufacturers charge between 0.5% and 2.5% per transaction for using their machinery. This can often be negotiated and depends on your turnover. That 1-2% payment, though, removes all the hassle of manual accounting and banking cash every week.
Link Invoices and Online Accounts
On top of this, a good POS links with all your various online accounts. Whichever accounting software you use, for example, should be able to directly take sales reports from your POS. This, once again, saves so much time on accounting and banking, giving you far more time to focus on your business and brand success.
You’ll probably also be able to generate, send, and receive money through invoicing linked to your POS. This helps streamline the invoicing process, while also making you look like a professional outfit, as businesses you invoice will receive payment links, personally-branded invoices, and more. These simple little things help to boost your brand and impression on other companies and customers.
Speaking of boosting your brand, a good POS system will allow you to create custom, personalized receipts. When a customer asks for a bill or prints a card receipt, you’ll be able to generate one with your logo, address, contact info, slogan, or just about anything else that you want on it.
This means that your in-store customers leave with a professional impression of your business. Once again, building your brand identity through your point of sale system.
A great POS can help make your day-to-day life easier to manage, too. You no longer need to manually work out how much each item costs, account for them, and charge accordingly; your POS can do this for you.
With most, you can input an item, how much it’s worth, and how many you have in stock. Then, as you sell more, your POS will update your sales reports alongside stock reports. It really is that easy.
On top of this, you will be able to organize your stock however you wish to. Categorize each item into different sections, making them easy to find. Streamlining your sales process will make your day easier and make each customer’s experience flow faster giving you an all-around better impression when making sales in-store.
A huge part of modern business is selling products online. Though there is a lot of focus here on in-person sales, any good business needs to have an online income stream to help improve its chances of success. If you’re not already, you should be considering adding a layer of e-commerce to your business model.
With these aforementioned POS systems, you will likely find a way of linking them with online sales. In some cases, they will even offer you a fully-fledged online store and e-commerce tools.
In other cases, you’ll be able to generate online payment links through your POS system to send to customers via email or through your website.
Either way, these will be slick, professional tools to help you manage online sales. Better still, they will link up nicely with your inventory management and sales reporting tools that you have already learned about.
All-In-One Back Office
As well as keeping track of income and stock, your POS can do far more for you, should you want it to. Often, there are many different module add-ons you can opt to buy or subscribe to.
For example, you can often manage staff hours and productivity through your POS system, or manage customers and see how often they return to your business.
For extra brand impact, you can use your POS system to generate and manage memberships, discounts, gift cards, and even more. So, you can generate everything from sales to customer reports, discount lists, and more.
These reports will help you build a huge and easy-to-read set of reports about your entire business and its financial status. Basically, a great till system will make your life tens of times easier on a day-to-day business management level.
As you can clearly see, the combination of functionality and brand-boosting features makes a modern point-of-sale system a must for any business.
This doesn’t mean you have to totally kill cash – at least not yet! But, having modern payment methods at the forefront will help make your business and brand as successful as they could possibly be.