My Forbes Article Last Week

What We Can Learn From Rocket Science About Closing The Sales-Marketing Loop

Payments plays a key role in trust, not only during the sale.. but also in providing transparency to merchants on marketing effectiveness. Sales is the ultimate report card on what happened.  Using this data in real time can double marketing effectiveness.

Analyst

While Commerce Signals has taken me away from my Space Analyst stuff (see link), I’m very proud to know that my old team is landing Elon’s rockets (see Wiki).

Beginning on Valentine’s Day, Double Bread Bowls Available for a Limited Time Including Delivery Just in time for Valentine’s Day—because what’s more romantic than sharing soup? — Panera Bread is officially launching Double Bread Bowls across the country. Available for a limited time beginning February 14 and running through February […]

AustraliaWhen it comes to running a retail business, choosing a great payment solution should be a top priority.

While a standard POS and payment processor will allow you to ring up sales, the right solution can boost your business efficiency, streamline your accounting and reconciliations, and even lower your costs. Ultimately, these benefits add up to increased store productivity, more satisfied customers, and higher profits.

So, how do you unlock all those advantages? Two words: integrated payments.

In this post, we’ll shed light on the importance of payment integrations in retail, and discuss how they can take your business to new heights.

What are integrated payments?

Integrated payments are all about aligning the systems and platforms that facilitate the payments side of a business. For retailers, this typically means connecting your point of sale system (POS) with your payment processor, so data flows smoothly from one platform to the other.

This setup eliminates the need to manually key in customer and credit card information at the checkout counter. Because your POS is integrated with your payment processor, all the necessary information is ready when you initiate the process using your EFTPOS terminals.

Why should retailers opt for integrated payments?

At first glance, it may seem like the advantages of payment integrations are limited to the checkout counter. But the fact is, integrated payments can have positive effects in multiple areas of your business, including customer service, business intelligence, and profitability.

Let’s examine these benefits in more detail:

1. Run a more efficient retail store

The last thing any retailer wants is to keep customers waiting. On average, retail shoppers are only willing to wait 5 to 10 minutes in line before abandoning their purchase, so you could be missing out on sales if your checkout lines take too long.

Enter integrated payments. When your POS and payment processor are tightly connected, you can reduce checkout time and keep the lines moving as quickly as possible.

One example of a retailer that benefits from their payment integration is Zanerobe, a progressive streetwear brand in Sydney, Australia. Zanerobe runs a busy location so it was a huge plus to have a reliable point of sale system like Vend integrated with Tyro’s EFTPOS terminals.


“When we have lines out the door, we need a system that’s going to be able to handle the pressure,” says Hugh Burke, the store’s retail manager. “The integration between Vend and Tyro is flawless and can really handle the busy times.”

Hugh adds that integrated payments were also a boon for the Zanerobe staff, who need an easy to use solution. “Our staff demand a lot out of our systems. Whether it be searching for a product in stock, returning or exchanging items or constantly putting through sales, they need a simple but effective system.”

Because of Zanerobe’s integrated solution, employees are able to serve shoppers efficiently during the busiest of times, thus keeping both productivity and customer satisfaction levels high.

Vend Tip

With Vend and Tyro, you can accept more payment types and ring up sales on any device. Tyro offers EFTPOS terminals with eftpos, credit card and Tap & Go capabilities that seamlessly integrate with Vend on any device, including iPad, Mac and PC.

Learn More

2. Reduce human error

Did you hear about the Australian worker who was overpaid by A$500,000? According to the BBC, “The worker was meant to get a salary of A$4,921.76 but instead found A$492,176 ($360,700; £280,250) in their account.”

The cause of the mishap? Someone put the decimal point in the wrong place.

While mistakes of this magnitude are rare, the story above highlights the importance of minimizing human error. A simple mistake — like misreading a number — can lead to unnecessary costs and headaches, and that’s the last thing you want in your business.

Fortunately, if your POS is connected to your payments processor, won’t have to worry too much about human errors. Aside from reducing manual entry at checkout, integrated payments eliminate the need for manual end-of-day reconciliations, thus reducing the chances of mistakes.

3. Get better reporting and insights

Having your payments and retail technologies working together makes it easier for you to gain data and insights about your business. You can view all your sales and payment data in one place, versus having to check reports on different platforms.

Having that visibility into your payments data can be quite powerful. As Merchant Maverick puts it:

POS payment reports help you track cash flow, credit card payments, and inefficiencies that affect your bottom line. Using the information from payment reports, you can help prevent employee theft and errors, determine how your customers prefer to pay, and figure out how many sales are discounted or sold at full price.

Simply put, the right POS and payments reports help you make more informed decisions forecasts for your business.

4. Lower costs

Streamlining your checkout and reconciliation process will lead to massive savings, both in time and money.

In addition, payment processors offer special rates to merchants using their preferred partners, so you can potentially score better rates by opting for a provider that integrates with your POS.

Vend Tip

With Vend and Tyro, you can accept more payment types and ring up sales on any device. Tyro offers EFTPOS terminals with eftpos, credit card and Tap & Go capabilities that seamlessly integrate with Vend on any device, including iPad, Mac and PC.

Learn More

Final words

The bottom line? Integrated payments can have a tremendous impact on… well, your bottom line. That’s why if your POS and payment processor aren’t tightly connected, consider upgrading your systems sooner rather than later. Talk to your payments processor or POS provider and ask about integrated payments.

Taking this first step will put you on track for higher productivity, lower costs, and a more successful business overall.

The post 4 Ways POS Integrated Payments Can Help You Run a Better Retail Business appeared first on Vend Retail Blog.

Anita Campbell AMA - Ask Me Anything - Small Business Trends and BizSugar

Have you ever wanted to be able to ask prominent business people how they attained the level of success they have? Or what their strategies are for building a business? Or their most awesome day in business?

That is what an AMA is all about. AMA stands for “Ask Me Anything.”

Executives and successful entrepreneurs are often willing to answer questions, but may not be able to do so one-on-one. An AMA gives the community a chance to “talk” to them.

An AMA also gives the executive or entrepreneur a chance to share behind-the-scenes strategies and experiences we all love to hear about.

Anita Campbell, the founder and CEO of Small Business Trends, is holding an AMA on Wednesday, February 20, 2019.

It’s going to take place in the Mastermind Community on our sister site, BizSugar.  The Mastermind Community is like a private forum and chat community for small business owners.  It’s free to join.

You can post questions on the forum there.  She will pop in and answer them throughout the day.

The entire Anita Campbell AMA will be done via text (typed) entries.  That way, participants can scan the questions and answers quickly.

The AMA questions/answers will also remain online there. People can view them even after the AMA event itself is ended.

Go here to register to enter the AMA.

Questions Anita Will be Answering

Some questions have already been posted in the Mastermind Community.  Anita will be answering these and more:

  • Why did you start Small Business Trends?
  • Is there an algorithm that decides what content is most popular on Small Business Trends and features it on the home page?
  • What is it like to be a publisher of a large site?
  • Can someone really make money from online publishing today?
  • Which advertising source have you found most profitable?
  • Why doesn’t Small Business Trends accept guest contributors much anymore?
  • Do you have any regrets related to your businesses?
  • How did you grow the original sharing members on BizSugar?
  • What are some of the top tech you use to run Small Business Trends and BizSugar?
  • You’ve used Zoho One technology for some of the new BizSugar features. Why did you choose Zoho?
  • Do you have a preferred social sharing solution?

What do YOU want to know?  This is your chance to ask Anita a question.

Details About the Anita Campbell AMA

Date: Wednesday, February 20, 2019.

Time:  10:00 a.m. to 3:00 p.m. Eastern (EST) time   Since this is an ongoing chat, you can jump in and out.  It’s not like a webinar or conference with a set time — it’s fluid.

Cost:  100% FREE

How to participate:  Register as a member of the free BizSugar Mastermind Community.  It takes 20 seconds to fill out your name and email address.  And that’s it!  Go here to get started for the AMA.

This article, “Anita Campbell, our CEO, to Hold an AMA. Ask Her a Question” was first published on Small Business Trends

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