Why Is it Important to Accept Multiple Forms of Payment?
In the digital age, it can be tempting for a small business owner to only accept credit cards. For older business owners, cash-only businesses are the gold standard. To workers in the gig economy, peer-to-peer payment apps are the norm. All these payment methods have unique benefits and ensuring that your point-of-sale system, or POS system, can handle them can be a huge asset.
Benefit Of Cash
There is an old saying that “cash is king.” In many ways, that’s still true. Cash is notoriously easier to use. Even if your POS system is a calculator and a balance sheet, your business can accept cash. It’s a more secure payment. Dollar bills are physical, meaning they can be touched, and handled in hand by you, your employees, and your customers. A cash payment cannot be declined due to a banking error or lost if an app experiences a system error. A bad investment by a financial institution won’t harm you. The permanency of dollar bills brings meaning to the term “cash is king.”
Benefit of Credit Cards
A problem with cash is that your customers are less likely to carry it nowadays. Even if they’re holding cash, they’re likely carrying lower quantities. A credit card with a $500 balance is substantially safer than carrying the same amount of cash. People spend more money when they use credit cards. A lot more. According to Forbes, consumers spend up to 100% more when they pay with a card versus paying with cash. A point-of-sale system that accepts cards can double a business’s profits.
Benefit of Peer-To-Peer Payment Apps
Cashapp, Venmo, and Paypal are all known as peer-to-peer payment apps, and they are the lifeblood of the gig economy. More people today either freelance full-time or freelance on the side to get extra spending money. Accepting these apps gives your business an extra level of accessibility and convenience for your customers. Everything your POS system does for your customer’s convenience is more profitable for your business.
Accept Multiple Forms Of Payment
The customer is always right. Consumers are using multiple methods to pay for products. They’re using cash and card. They’re using PayPal and Venmo. In the competitive business world, offering your customers better service leads to higher profits. Call BOSTON NORTH COMPANY today to set up your POS system to accept multiple forms of payment.
Tracking and managing inventory has never been easier with this fully integrated application. Set alerts for when inventory is low, reminding you to replenish items. LexgiaPOS Inventory also allows you to define minimum stock levels for any and all products, prompting the system to create automated shopping lists with every item that must be replenished. Check for the most popular items and plan restocking accordingly.
Delivery service is a valuable asset for any business, as it conveniences customers and creates another avenue for profit. LexgiaPOS Driver is a fully integrated application developed for restaurants as well as their drivers to foster a seamless delivery process.
Quickly and easily assign drivers to certain deliveries or delivery routes within the system, speeding up the process. They can be informed anywhere at any time with SMS alerts, allowing for route changes and quick turnaround time. The system provides real-time driver status and allows you to collect data to measure driver performance.
LexgiaPOS's S customer loyalty application allows businesses to create customized loyalty programs based on the best interests of both their consumers and the business itself. Loyalty rewards can be based on a variety of factors, including enrollment, customer visits, a fixed spent amount, specific menu items, and menu category.
LexgiaPOS CDS is a customer facing display that they are able to interact with during checkout. The easy and fast technology provides high levels of service and convenience for customers, allowing for less delay at checkout and increased consumer satisfaction. Equipped with a tip processing feature and required digital signature, the system provides quick service that is both enjoyable and more secure. The application can also prompt customers to opt-in to your loyalty program if you choose, driving more signups.
Self-order kiosk checkouts allow for customers to fully engage with the order and checkout processes independently, creating a more convenient customer experience while simultaneously lifting pressure from the front-of-house staff. LexgiaPOS Kiosk quickens the process of making and dispatching orders by communicating directly to a second display system located in the kitchen. The application eliminates extra steps by enabling direct communication from your consumers’ fingertips to the eyes of the kitchen staff.
LexgiaPOS KDS is a system specifically designed for catering to needs inside the kitchen. Always in direct communication with the front-of-house display, both systems can stay connected even without internet, allowing for no interruptions to the flow of your workday.
If your restaurant serves pizza, LexgiaPOS KDS allows your customers to customize a pie down to the slice and make their topping choices as elaborate as desired. Customers can also receive SMS text alerts directly from the kitchen so that they are notified as soon as their order has been completed. The kitchen display system allows for optimal efficiency and a significant reduction of error and waiting time.
Excessive wait times can lead to customer dissatisfaction, lack of repeat business, and loss of sales. LexgiaPOS Waitlist is a fully integrated application within the operating system that tracks and manages your business’s bookings and guests to ensure minimal wait time and maximal communication with your customers. Equipped with a wait time calculator and synced with the statuses of your tables, the application remains constantly updated and can keep your customers in the loop as well by sending SMS text alerts regarding the status of their wait.