Top 8 Reasons Why Your Small Business Needs EFTPOS
As a business owner, you need to make sure that you have established all aspects of your business to serve your customers better.
As you need to make a lot of decisions in keeping your business on its feet, introducing technology into your company will make your life easier.
If you have not considered EFTPOS yet, it is about time you do because of the number of benefits it provides.
It attracts more potential customers
Did you know that 26% of customers abandon their cart because of undergoing a lot of sign up procedures just to complete the purchase?
The same is true when customers buy products from a physical store. Not having the option to pay electronically adds a few more steps to the purchase process.
One way that you can grow your sales is by accepting EFTPOS payments.
Most customers find it more convenient to use their credit or debit card for faster transactions. If you have the option to pay using the electronic card payment options, you will be attracting more customers because of the convenience that EFTPOS provides.
It saves customers from carrying cash
Many customers prefer to pay for their purchases using their card.
So if you can give them an option to pay electronically, they will be able to handle less cash.
With less cash, you will also reduce the risk of becoming a target for criminals. Handling less cash can also impact your business insurance positively.
A more effective way of handling cash flow
Another way that you can benefit from EFTPOS is when you use it in improving your cash flow.
More often than not, you need to chase after clients and customers because they only issue cheques.
This means that you have to wait for the cheques to be delivered. It can be frustrating, especially when the money you expect has not arrived.
With EFTPOS, you will be able to receive payment on the spot. It is now possible for your cash flow to improve if everyone pays in a timely manner. You can also keep bad debtors this way.
It makes customers happy
One thing that makes customers happy is when you are giving them the option to pay conveniently. Put yourself in the customers’ shoes.
How would you feel if you are stuck with a very limited payment method?
Paying for your purchases via the old-fashioned payment method is no fun. This is the beauty of EFTPOS as customers do not have to stress about making a payment for their purchases.
By accepting electronic payments, day-to-day transactions become easier and faster. Customers will also have the option to choose the type of payment method they prefer. Better customer service means better customer experience.
It speeds up the accounting process
Accountants need to spend long hours just to reconcile accounts.
While to some, this can be passion, keeping track of each and every transaction can be quite frustrating in the long run.
You do not have to spend hours trying to match the invoices with EFTPOS. It is the easiest way that you can monitor your finances.
The EFTPOS solution allows you to make accounting as smooth as possible.
It gets rid of invoices
How many times have you found yourself searching from a pile of receipts and invoices?
Running a business can be stressful let alone, compiling invoices. EFTPOS gets you covered.
There is no need to worry about invoices because EFTPOS will generate it for you. If the customer asks for a receipt, all you have to do is to print them from the terminal.
Reducing manual tasks results in accomplishing the task quickly.
It tracks and monitors all your transactions
It is every business owner’s dream to have the ability to track all transactions.
It will not be possible without the help of EFTPOS.
If you want to make sure that you have a clear and detailed audit trail that can counter any payment dispute, EFTPOS is the best method to go.
It resolves disputes quickly as you have the evidence to present.
It automates payment
As technology continues to improve, it is about time businesses start embracing the transformation.
Using the old payment method can be time-consuming and more often than not, delay-causing. EFTPOS provides a better way for you to handle your business by reducing manual tasks.
The long hours you spent will be reduced to minutes. It is advantageous on your part as you can focus on other things that matter in your business.
Still thinking about getting an EFTPOS? Feel free to drop your questions in the comments below.