Optimizing digital payment processes and streamlining back-office procedures save time and money
For business owners and operators, idle or wasted time is never acceptable. You’re always looking for ways to increase operational efficiency and operate more profitably. Merchants can gain a quick operational efficiency win by upgrading and optimizing payment technology throughout their operations.
5 Ways to Increase Operational Efficiency with Payments
Making these five changes can result in streamlined processes, enhanced customer experiences, and measurable strides toward efficiency goals.
Integrate Payments with the Point of Sale (POS) or Business Management System
For payment industry insiders, integrated payments may seem like table stakes. But many merchants, such as small or micro-merchants, field service providers, and professional service offices, may still rely on non-integrated payment solutions. Therefore, at the end of the day, they’re entering digital payment data manually into their systems or accounting applications and running the risk of errors. Integrated payments increases efficiency by automatically and accurately sharing that data with business systems, saving time for the back office.
Optimize Checkout Processes
Payments are a key part of customer experiences, and merchants need to ensure transactions are well-planned. For example, would contactless and mobile wallet payments enhance checkout? Are customers beginning to request alternative payment methods like buy now, pay later (BNPL)? When the payment methods consumers prefer are enabled, checkout is faster and more frictionless. Enabling all in-demand payment types also allows sales associates and cashiers to focus on positive interactions with customers rather than running through less-desirable payment options or having to turn a customer away.
Use a Single Omnichannel Payment Solution
Over time, as consumer preferences changed from cash to credit and debit, contactless payments, self-checkout, in-app payment, online, and more, merchants added new payment capabilities. However, they may have added solutions from different processors and gateways as they expanded their sales channels. As a result, they manage multiple provider relationships, receive different reports – and may pay more fees than necessary. Working with one provider is a much more efficient strategy.
Replace Paper with Digital Invoices
Accounts receivable departments that send paper invoices can increase operational efficiency by digitizing the process. Time spent writing bills, printing, mailing, and filing invoices can all be redirected to more productive work. Electronic invoices sent after products are ordered or services rendered allow customers to pay immediately, eliminating time and effort to settle a bill and improving cash flow. Furthermore, if a merchant uses tap to phone, their employees can accept contactless card or mobile wallet payments directly on the mobile devices they regularly use.
Use Payment Terminals for More Than One Task
The payment terminal is an essential tool for accepting payments in-store, but merchants may be able to increase operational efficiency by using it for additional tasks. For example, merchants can use the terminal to conduct customer surveys and efficiently collect feedback. The right solution will enable customers to answer a single question, increasing participation and providing merchants with data that can help them improve their service and products and refine employee training procedures.
Upgrade for Greater Operational Efficiency
Every one of these changes will help businesses save time, cut costs, and make a positive impact on the bottom line. They also positively impact customer experiences while increasing operational efficiency.
Whether you’re directly responsible for hitting benchmarks for business performance or you’re a trusted advisor helping a merchant get processes on track, assessing payments technology and processes is key to finding ways to improve operational efficiency.
Contact us to learn more.