Serve up success: How a payment processing system can make you money
When you think about the payment processing system you're considering or using, you're likely to only think in terms of costs, not in terms of how they can support your top line—but, in fact, a payment processing system can also support revenue generation. Here are some ways that a payment processing system can make help you make money:
Use customer data to inform smarter marketing campaigns.
Attract new customers through payments data-driven marketing and push out timely, relevant offers to your existing customer database. Investigate the analytics and data reporting capabilities tied to your payments stream either by your payments provider or through data analytics associated with the integrated payments system you might be using.
Automatically update inventory in real-time as transactions are completed.
Fully integrated with your point-of-sale system, your payment processing system can support a running tally of your inventory, so you won’t be surprised when a location is running low on an item. As payment transactions are associated with sales, items are removed from available inventory. You’ll have a better handle on items or supplies you need to reorder or stock up on to meet customer demands and boost your revenue. You’ll make more money when you have the inventory on-hand to keep up with your customer demands.
Accept a wider range of payment types to bring in more revenue for your business.
Accept traditional magnetic stripe credit and debit cards, EMV chip cards and enable near field communication (NFC) technology, which powers most of today's most popular mobile wallets and other mobile payment types.
Keep your checkout lines moving along more quickly.
Today’s modern point-of-sale (POS) systems keep customers happy and reduce the likelihood that a customer will leave your store because of long checkout queues. You’ll make more money because you can increase checkout speed, getting your customers in and out more quickly and enabling your staff to serve more customers, more effectively, in a shorter amount of time.
At-table tablet-based POS systems save your staff time.
If you have a restaurant, newer, customer-facing POS systems allow diners to order food and drinks themselves and pay for their checks when they’re ready, freeing you and your staff for other activities. Your wait staff can concentrate their on delivering exceptional dining and entertainment experiences around food and drink, rather than on order taking and running card payments. What’s more, diners are more likely to leave higher gratuities since the ability to add a tip is built into the payment app with a single click.
These are just a few of the ways that a payment processing system can make your business money. And, these are just the tip of the iceberg. Speak with your payments processor today to learn how your company can begin reaping these benefits and many more.