A POS machine is one of the best facilities for a retail store and its customers. However, there is a lot more to it than being a card swipe machine.
A POS Machine helps small consumer-facing businesses to run their business more efficiently by being organised as the POS machine not just helps them to accept payments against the credit cards, debit cards and payment wallets but also helps them to stay organised by having a single window visibility of their business transactions which becomes a hub to manage the entire business.
While almost every business is now going for a card swipe machine. Here are the top 7 mistakes that retailers need to avoid when choosing a POS system.
- Not Utilising Machine Loans
POS machines also bring with them the option for retail businesses to get access to unsecured business loans based upon the digital trace of business transactions. While the traditional lenders ask for collaterals, the new age business lenders like Indifi offer machine loans against the POS machine transactions. A lot of retailers overlook this key aspect of the POS machine and do not avail the machine loans, which is a huge opportunity lost for the retail businesses. A POS machine provides a quick and simple window to the retail businesses for getting access to unsecured business loans based on their card swipe machine transactions.
- Getting Influenced
Retailers tend to get influenced by their peers, neighbour retail stores and friends and family while choosing the POS machine for their business needs, while a word of mouth is a good starting point, such a POS machine might not be the best solution for your specific business. Thus, a retail business needs to clearly earmark their requirements which are needed to identify the right card swipe machine solution for their retail business.
- Not putting in Research
The retail business needs to put in the basic research before going for a card swipe machine. They need to ask the right questions based upon their business, some of these questions could be what are the main credit and debit cards which customers bring into their shop, what are the main amount of transactions the customers commonly do at your retail store. Then based upon this understanding a retail store needs to compare the features of the POS machines to identify the best fit POS machine for their retail store.
- Not Using Features
While most retail stores utilise the key features like the card swipe machine, not every retail store utilises the complete features a POS machine may offer to their retail store. A POS machine also brings with it a complete transaction management system which can be used to manage entire operations of a single store or even multiple stores. The POS machine system offers the transaction and data management which gives a retail store owner deep insights into their customer transactions that can be used to reach out to the customs with right offers and benefits which helps the store with the long term profitability.
- Not Utilising Auto Repayments
While the intelligent retail store owners are today utilising the machine loans which are based upon the transactions against the card swipe machines, there is a huge opportunity missed by a lot of such retail businesses. The top digital lenders like Indifi offer machine loans with interconnected repayments that are connected with the POS machine and hence a retail store needs not plan separately for the machine loan repayments. This means, that a retail store pays more when they earn more and they pay less when they earn lesses during the lean business phases.
- Not looking at Customer Convenience
A POS machine is a convenience for the retail store and the customers. However, there is more to it than simple cars swipe machine transactions. Today, with the evolved technology offerings there are a lot of customer conveniences that a POS machine can offer, some of these conveniences are touches payments, EMI offers on purchase of expensive goods, cash back and several benefits like loyalty points that are being offered by the card swipe machine companies, banks and several corporations for the customer transactions. A retail store needs to use these transactions for their benefit by thinking from the customer’s point of view.
- Not Using Latest Offers
A POS machine brings with it several new offerings and latest offers that may be beneficial for the retail store owners and the customers alike. A lot of card swipe machines offer schemes like gifts, cash-backs among several others for consumers. At the same time, there are offers for the retail stores like quick and easy machine loans, easy advance for purchase of select stock and a lot of other such offers.