Merchant services encompass a range of business tools that enable businesses to accept and process payments, whether they are done in person, online, or by other virtual methods. These solutions typically involve a combination of physical hardware and intangible software. But why are merchant services so important, and in particular, why should you maximize them this holiday season?
In this blog, learn about the many ways that True POS merchant services can benefit your business during the holidays.
5 Ways True POS Merchant Services Can Help Your Business Succeed During the Holidays
'Tis the season... for boosting your revenue! Here are a few tips and suggestions.
1. Attract More Customers
The holiday season is a prime time to drive awareness and affinity for your business. Customers have both purchasing power (most purposely save for the season, while others are lucky to get bonuses) as well as the intention to buy things!
Statistics show that credit and debit card payments have surged as preferred payment methods, while cash and mobile wallet are tied for third place. As of 2019, over 75% of US households owned at least one credit card. And by the end of 2021, revolving credit (which pertains to credit cards and other similar plans) in the US amounted to more than one trillion dollars.
These figures show that more and more consumers are gravitating toward non-cash payment methods, and businesses are expected to comply. Offering a diverse range of payment methods makes your business more attractive to customers because it provides them with convenience and security. It also helps boost your credibility as it shows your acceptance of new technology and understanding of evolving consumer needs.
2. Reduce Operational Cost
It’s called a “holiday rush” for a reason! The influx of consumers, whether in-store or online, will inevitably cause additional stress to your business. Merchant services empower you to have an integrated multi-channel payment solution, which consolidates and reduces your transaction fees.
Aside from the financial cost, merchant services can also help you save on time and effort during the holidays. POS systems are equipped with employee management features, making it easy to schedule rosters and tasks, clock in and out for shifts, and track staff performance.
These features enable you to optimize your operations — such as scheduling top performers or more staff during peak hours and tracking attendance — without breaking a sweat. After all, time is money and the holiday season is a ticking countdown.
3. Manage and Track Transactions More Efficiently
The holiday season typically means longer hours and busier shifts for businesses, especially retailers. You’ll barely have time to catch your breath, much less sit down to do your accounting. But with merchant account services, you won’t have to, because the systems do all the work for you!
As an additional benefit to accepting different payment options, modern merchant services are designed to consolidate these various methods into a single system. This way, you only have to look at one dashboard, or one platform, to track your transactions. This is particularly useful for businesses with more than one transaction point — whether that’s having multiple checkout counters, multiple physical locations, or they’re running an online-offline hybrid model.
Additionally, POS systems can be integrated with third-party software, including accounting platforms, so your data can be synced to your financial books automatically.
4. Potential for Expansion
With the emergence of holiday fairs and weekend markets, it’s common for businesses to set up pop-up locations and boost their visibility. As a byproduct of offering more payment methods, it will also be easier for your business to expand its presence.
For example, using a payment gateway allows you to accept payments online, catering to potential customers who may be unable to visit a physical location. A mobile POS system lets you process payments on the go, whether you have a temporary stall at a weekend fair or you’re processing payments for minor purchases on the store floor.
POS systems also allow you to accept gift cards and run loyalty programs, so you can expand your consumer base and retain your recurring patrons.
5. Understand Your Performance
Certain merchant solutions, like point-of sale-systems, are the final touchpoint in a customer’s purchase journey, which enables them to monitor and track each completed transaction. When organized and studied carefully, you can glean powerful insights from the collected data. For example, you can determine which products are selling well and which ones are not.
Performance insights will come in handy during the holidays, so you can prepare accordingly. Stock up on popular products that customers will likely seek out (possibly for gifts?), and plan your re-purchase schedule so that you never run out of inventory.
Choosing the Best True POS Merchant Service for Your Business
There are various types of merchant services that can benefit your business during the holiday season (and every season!). But here’s a quick rundown of the different kinds of merchant solutions to help you narrow down the best one for you:
1. Point-of-sale (POS) System
POS systems are a combination of hardware and software that work together to provide real-time sales tracking and inventory management. For more information on POS systems, check out our blog on Choosing the Best POS System.
2. Payment Processing
Payment processing pertains to the process of connecting with financial institutions to ensure that the customer’s money is successfully transferred to your merchant account. In short, it ensures that you will be paid quickly and securely. Brick-and-mortar stores typically use payment terminals, while eCommerce and online businesses leverage payment gateways.
3. Loyalty Programs
Loyalty programs are a tried-and-tested method of rewarding your returning customers for their continued support and patronage. If you don’t have one yet, here’s everything you need to know about the importance of loyalty programs.
To help you succeed this holiday season, leverage the best merchant service that suits your business’s needs. Contact True POS today for a free quote!
