How can POS integrated payments benefit your retail business?
We’ll explore the difference between integrated and stand-alone payments, the importance of using integrated payments and how they can benefit your business.
The benefits of integrated card payments
When choosing a payment provider it’s important to consider payment integration with your POS system. You’ve heard the words “integrated payments” when researching POS systems so many times but not quite sure what it actually means? We’ll explore the difference between integrated and stand-alone payments, the importance of using integrated payments and how they can benefit your business.
What’s the difference between stand-alone and integrated payments?Integrated payments
A fully integrated payment solution connects a POS system and a card machine so items can be added to an order and card payment taken in one combined and seamless process. The POS system calculates the order total and automatically sends the amount to the card machine. There’s no need to manually enter the amount and risk mis-keying mistakes. An end of day closure on your POS will also trigger the end of day report on your card machine so you don’t have to process the closure on both devices. All transaction data from the card reader is automatically sync to your POS device and makes end of day reporting and reconciliation quicker and easier.Stand-alone payments
A stand alone system means the card machine and the POS system do not communicate with each other. This decreases checkout as the cashier needs to take the order on the POS system then manually enter the card total into the card reader. As both systems are stand-alone it isn’t easy matching an order taken on the POS system to a specific card payment. You’ll be duplicating your efforts too as both systems will require an end of day closure.
Cash registers are limited to handling sales transactions, calculations, and z-report and transaction receipts. A POS system offers the same features and so many more, with a much clearer and improved user experience that your staff can easily learn. Plus being cloud based, a digital version of all sales and end of day reports are available in what is often named the “back office”. The back office is your business management system and has a range of tools to help you efficiently run your business:
You may have heard of “Pay at table” or “Pay at counter” options. We’ve provided a clear definition of each so, 1 designed for hospitality and 1 designed for retail.Pay at table
Pay at table is designed for the hospitality sector, pay at table enables servers to process the payment at the table. Customers have the option to add a gratuity and split the bill across multiple payments.Pay at counter
Pay at counter is designed for retail stores and service based businesses. Add items on your POS system and the card payment total is automatically displayed on the card machine ready for the customer to make a payment.
Many retail POS system now work on both tablets and phones allowing the cashier to take their device and card reader with them and process a sale on the shop floor. Cashiers are no longer limited to processing a payment at a fixed terminal.
Why should retailers choose integrated card payments?
There are many advantages of using integrated payments, not limited to providing a faster service. We’ve listed key benefits that may help you decide if the integrated payments route if right for you.Faster service
The transaction total is instantly sent from the POS system to the card reader to help increase checkout speed and keep your customers happy. According to Bosch, 50% of customers see long queues as a major shopping killer so you could be losing out on sales and potential lifetime customers if your checkout process is slow.
50% of customers see long queues as a major shopping killer. - BoschReduce costly mis-keying mistakes
It happens, cashiers are in a rush and input the wrong total. Over-charged customers, means unhappy customers who may then choose to shop elsewhere. Under-charging a customer may be a win for the customer but can seriously impact your profits. Integrated payments helps eliminate this risk, providing peace of mind that the prices you set in your inventory list are the prices your customers are being charged.
Your card machine and till aren’t working well together. An error here, a miskey there and suddenly things don't balance. And when you write off the difference, it adds up. It’s time to join the businesses using integrated payments to eliminate expensive errors. - A Paymentsense customerBetter order visibility
From your POS system you can view a complete order history of all sales including a breakdown of each item sold and the card details used to purchase the items. The order number on your POS and payment provider transaction log will match making it easier to associate an order which a specific payment.Better refund process
Using integrated payments enables you to process refunds quickly and with greater visibility. Process a refund on the POS and the refund total is sent to the card reader. Some integrated payment providers will allow you to process a refund to the original card used straight from your POS without the need to insert the card into the card reader creating a quick and seamless refund experience for both you and your customers.Improved reporting and simplified reconciliation
All transaction data is sync to your POS so everything automatically adds up making end of day reconciliation a breeze. You can view all your sales and payment transaction details in one place without having to check multiple systems. Digital end of day and finance reports provide a complete breakdown of sales and payment types and totals which can be filtered per store and date range.
Take it one step further and connect your POS software to Xero. End of day totals and transaction fees are automatically sync to Xero enabling one click reconciliation.Saving time and money
Using integrated payments with your POS system not only streamlines checkout and reconciliation processes, saving you time and money, you could also receive better rates. POS provider carefully partner with their payment providers and build a strong relationship. POS providers will be able to refer you to their dedicated partner contact who can offer you a bespoke rate.
Payment providers partners
Saledock has partnered with Paymentsense, Dojo and SumUp to offer integrated payments for a variety of business types. Our carefully selected partners means we are confident we can refer a partner that can cater for your needs. If you’re looking to switch or you’re a new business looking for a payment provider get in touch and we can offer impartial advise about our partners and help you choose the best option for your business.Paymentsense and Dojo
Paymentsense is a leading provider of card payment solutions for small-to-medium-sized business in the UK and Ireland. Dojo (powered by Paymentsense) offers next-generation, Android powered payment terminals designed for countertop and mobile use. Paymentsense and Dojo offer great rates and could pay your early termination fee up to £3000 when you switch providers. You don’t need to sign up for a lengthy contract as they now offer monthly rolling contracts, giving you more flexibility.SumUp
SumUp is ideal for startups and small businesses with its simple, no contract fee approach. You don’t need to worry about PCI compliance forms either as this is sorted for you. Transaction fees are higher but you don’t pay a monthly contract fee. Pay up to 1.69% on all card transactions and that’s all you pay. If you transaction more than £5000 a month we can offer special discounted rates. As a partner we also offer discounted card readers which you can purchase here.
Consider switching to a payment provider that integrates with your POS system or upgrade to a POS system that offers integrated payments. We hope you’ve found this article useful and helps you decide if integrated payments is the next step for your business.
Boost productivity, sales and profits using POS integrated payments! Get in touch today and talk to us about our point of sale system and integrated payments. Saledock is a UK POS provider dedicated to empowering UK independent retailers!
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