Monday, April 15, 2024

5 Benefits of Integrating EFTPOS with Your POS

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It goes without saying that business managers and owners need to ensure their operations run as smoothly and efficiently as possible.

Therefore, if you currently have payment technologies that do not work in tandem or can communicate with each other, you should be looking to improve the efficiency of your transactional processes.

One of the best ways to do this is to integrate a Point-of-Sale system (POS) with an EFTPOS machine. These will combine to streamline your payments and, therefore, meet your business’s operational needs more effectively and efficiently.

By doing this, you will be able to quicken the overall transaction process, reduce the risk of human error and provide your customers with fast and flexible ways to pay.

Not convinced?

Well, here are 5 benefits of doing so.

What is POS integration?

Before we outline the benefits, it is worth clarifying what we mean by POS integration.

Essentially, a POS system is the device most typically located where customers purchase goods and services. Just think of the system at your local supermarket where the food items you want to buy are scanned at the checkout or at your local coffee shop where your specific skinny-latte-double-shot-one-sugar order is rung into the machine.

The core elements of a traditional POS system are the software that manages the transaction and the cash register. However, an integrated POS system is one that connects your POS system or computer with an EFTPOS machine. For more information on this piece of hardware, check out Smartpay’s EFTPOS terminal here.

So, why is this worth doing? In the next section, we’ll outline the benefits your business can enjoy.

Benefits of POS integration with EFTPOS

When you integrate your POS system with an EFTPOS machine you ensure that payment date can seamlessly move back and forth between the two. This, in turn, streamlines your business and payment processes, because it enables you to process credit or debit card purchases very quickly.

The benefits of doing so include:

Faster Payments

Integration can significantly reduce the length of time it takes for you or your staff to process a transaction. This in turn leads to shorter waiting times for those wanting to pay for their purchases and lessens the likelihood of someone abandoning the queue because they got tired of waiting.

By integrating your payment systems, you will reduce the time and steps it takes to ratify the transaction. That is because what you issue as an invoice or enter into your register will appear straight away, ready for payment on your EFTPOS machine.

Better Customer Experience

As you have a system that facilitates faster payments, all your customers will need to do, if they choose to pay via credit or debit card, is tap their cards on the terminal.

Subsequently, they will enjoy a quicker and more streamlined payment experience, which will also reduce waiting time for others.

Reduced Errors

One of the biggest reasons to integrate EFTPOS with your POS is because it significantly reduces the potential for human error.

In an age where it is easy to add an online review to your Facebook or Google My Business page, a simple mistake in manual entry can be very costly for your business in terms of negative PR.

For instance, imagine how disgruntled your customer would be if a staff member charged $595 for their bill instead of $59.50. By the same token, your business will suffer if they issue an EFTPOS refund for $1000 instead of $100.

That is far less likely to happen with an integrated system.

Less Need for Bank Reconciliations

With integration, you also won’t need to spend as much time on your bank reconciliations.

The sale amount on your POS system will be the same as on your EFTPOS machine, so all it will take is a quick double-check to see if they match, and the task will be done.

Greater Business Insights

As a business, if you have accurate and real-time information at your disposal about your sales, you will be provided with greater insights to make decisions to further enhance your operation.

Integration provides you with this, enabling you to establish and understand buying patterns that you can apply to staff rostering or hiring, stock levels and even the best times for you to open and close.

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