In the merchant services industry, it is important to know the ins and outs of how businesses operate, this includes knowing the landscape of the industry and the specific pain points that any business may run into on a day to day basis. Knowing this information will help you formulate a “plan of attack." This knowledge will help you come across as well informed and prepared when dealing with clients, no matter the industry.
Below are a collection of industries that rely on fast & efficient methods of payment processing as well as some tips and tricks on how you can navigate the different landscapes of each industry to close the deal!
Restaurants rely on high output and a reliable payment processing system. When it comes to the busiest time of the day or year, a fast and efficient POS system will enable a restaurant to operate at a high capacity. Faster payment processing means faster service, allowing more business in their door.
Nightclubs are similar to restaurants in the sense that their business revolves around high capacity service. The faster that waitstaff can charge a bill, the faster they can serve other patrons. When a nightclub or venue has a slow POS system, you are likely to have frustrated customers and staff alike. In short, a fast point of sales system will ensure there is no slowdown in service.
Retail / Clothing
With real-time data becoming more and more common across all industries, having an intuitive payment system is a must. When it comes to being able to click a button and immediately see what is in stock, or what is on back order, you give employees the ability to better serve a customer. Instead of having to go into the back room to check the stock. Having a POS system linked to your supply will decrease the time spent searching for products and more time selling products.
Online businesses don't have the same overhead as a traditional brick and mortar establishment, so having an efficient payment system is a major component for this type of business to find growth and success. An intuitive payment method allows an online business to grow, without the worry of increased overhead, or unreliable/spotty service.
New / Small Business
New & Small businesses benefit greatly from a fast and efficient payment system as money may be tight in the beginning. With a new business, it is important to be able to give a business owner the right tools to help grow their business, whether it be building an email list, requesting tips after a sale, or helping establish a loyalty program. With benefits such as an interchange plus pricing, businesses of any size have access to low rates, compare that with a seamless payment system and the possibilities are endless.
By understanding the complications or limitations that a POS system may be putting on businesses, having insight on each industry will allow you to adapt and be able to inform potential clients about the benefits of upgrading to a higher capacity payment process system that suits their specific needs.
By providing merchant services to a client you are giving your customers access to the lowest prices, without sacrificing great service. These low costs allow businesses of all sizes a chance to lower their monthly overhead, increase employee benefits, and grow their business with infinite possibilities.