Payment processing tools result in long-term cost savings
December 03, 2013

Investing in tools that make it easier to accept credit card payments from consumers can result in long-term cost savings for small and medium-sized companies. The dynamic nature of today's small-business market has transformed the ways many people interact with local enterprises. Holding on to antiquated behaviors and processes can create unnecessary obstacles to growth.

For example, advancements in transaction technology have highlighted many of the significant costs associated with focusing exclusively on cash to make sales. Business owners and store employees often spend excessive amounts of time manually counting income at the end of the day when they choose not to invest in electronic payment systems. Cash-only stores also miss out on unique opportunities to increase customer retention rates through interactive gift card programs and loyalty programs.

According to the online publication Money Crashers, eliminating wasted time is one of the top 12 steps for small enterprises to reduce operational costs and pave the way for revenue expansion. In many cases, different management techniques can help employees make better use of their time. However, when it comes to backroom financial processes, stores often need the help of advanced technology to make daily tasks run with greater ease.

Consumer and business needs are closely interconnected
Mobile credit card processing tools and other advanced transaction strategies can not only streamline business operations, but they can also lead to greater customer satisfaction. In fact, what's good for the consumer in many cases is also good for the company. A recent article from the financial publication Bank Systems and Technology highlighted the role of smartphones and mobile devices in changing buyer habits regarding the convenience of cash. Today's shoppers place an especially high value on having access to a number of payment options for purchasing products and services. The more possibilities offered, the more likely it is small enterprises will experience a sharp increase in revenue. For instance, tools that accept mobile credit card payments enhance the in-store point of sale experience. Online stores provide consumers with an option to make purchases from their own homes as well.

Preparing a firm for full-scale payment integration is not as hard as it sounds. Simple upfront investments can result in long-term savings that offer small-businesses owners a necessary confidence boost. Instead of spending hours organizing financial information each day, automated payment processing technology allows companies to devote time to other essential tasks that have a direct impact on growth.

Nexus: G-WEBCD6