As I’m writing this post, over 90% of iQmetrix retailers have opted for an integrated payment system — and for good reason too. Integrated payments take your electronic transactions to a whole new level with automation, transparent reporting, and faster refund abilities.
Retailers who take advantage of this feature have noticed quicker checkouts and even faster reconciliation at the end of the night. In an increasingly competitive environment where customer experience is king, adding payment integration to your mix may be the secret sauce to a winning strategy.
Read on as I describe 5 reasons why you should get payment integration today.
1. Centralized Payment Setup
Payment integration optimizes your credential setup by centralizing all payment settings through the Hub portal. Users can control all RQ settings, merchant credentials, verification methods, terminal settings, and analytical reports through Hub’s convenient online platform.
2. Faster Checkout Experience
Fast efficient checkout is one of the most important aspects of the retail experience. When a customer is ready to pay, they should be able to do so as simply as possible. Payment integration removes some of the friction points during checkout by decreasing the number of manual steps your front-line staff performs. Integration automatically registers card differences like debit vs credit, Visa vs Mastercard, and more, so the only question your staff needs to ask is “will that be cash or card?”. Not only that, but integration also enables quick transactions with less chance for human error by automatically pushing the sale to the payment device. No longer will you have to rely on the rep to manually punch in the correct transaction amount. This increases the professionalism of your store and ensures greater accuracy when you go to reconcile at the end of the night.
3. Automated Back-End Processes
In addition to providing a better customer experience by reducing payment friction for your front-end staff, payment integration has tremendous advantages for your back-end staff as well. While payment integration automatically pushes the sale to your devices, it transmits that same transaction data back to your POS at the same time, once the amount is settled. This acts as a central ledger recorded in the same system that created the sale in the first place. With both pieces of data held together, reconciliation between your sales invoices and amounts tendered occurs automatically. Refunds leverage this same data path to ensure that the right amount is being refunded to the right card. Verification is invaluable in protecting your business from defrauding attempts.
4. Transparent Analytics
Payment integration’s automated back-end processes provide convenient access to your business’s transactional data, housing all invoices in one spot; users can easily pull up transaction reports to view daily sales information. Payment device data is also captured through integration, letting users run real-time terminal reports displaying terminal history, sales to date, payment methods and types, and more.
5. Custom Terminal Flows
Integration connects your operations to custom device experiences built specifically for your industry. Flows — including surveys and branded screens — help to increase customer engagement and capture important customer information which can’t be done on stand-alone, non-integrated hardware. In addition to custom flows, integration allows you to access an extensive range of certified next-gen devices from mobile line-busting devices to larger screen units that display your latest promotion.
Adding payment integration to your operational mix unlocks a host of benefits surrounding automation, speed, efficiency, and reduced human error. It can become your back-end lifesaver like in the case of automated reconciliation or even connect to new features to help optimize your payment system like custom terminal flows.
To learn more about payment integration and how it can benefit your business, download our free infographic that compares operations running with payment integration and those taking transactions without. You won’t believe the streamlined difference!
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