Three ways a smart terminal can increase your profits.

Selling terrific products and providing a superior buying experience to your customers should be two of your highest priorities. However, if you want to have the means to keep offering that merchandise and growing your business, you need to make a profit. Here’s how a smart terminal can help pad your bottom line.

Smart terminals explained.

You may be wondering how a smart terminal works. In effect, it is the modern replacement of what can be called a traditional or “dumb” terminal. A smart terminal does more than simply process customers’ credit card payments. It can work in conjunction with your point of sale software to revolutionize your entire business. Here are just some of the most important ways.

1. Enhanced customer relationships.

Because smart terminals work alongside your other payment solutions, they are capable of harnessing any customer contact details you have entered into the POS software. As a result, you will be able to launch and maintain a customer loyalty program that rewards your best patrons. Furthermore, you can send personalized emails to customers who opt-in that inform them of upcoming promotions and incentivize them to come back with special discounts.

Providing your customers with a highly personalized, curated relationship with your brand inspires loyalty. What’s more, it entices happy guests to spread the word about you to their family and friends. The result? Increased profits for you. 

2. Better control of your inventory.

In the past, your credit card terminal was nothing more than a cash register that allowed you to accept payments. Today’s modern smart terminals can help you keep track of every piece of merchandise you sell. Thanks to this capability, you can finally have detailed knowledge of your stock.

Inventory control means that you don’t experience product shortages nor will you over-order. That enables you to keep tighter reins on your spending, giving you improved cash flow, and the potential for higher profits in the long run.

3. Easier employee management.

If you are trying to handle your myriad of staff-related tasks manually, you have your work cut out for you. As it stands, you may be spending an inordinate amount of time creating and updating schedules and trying to determine which workers are doing well and who might need more targeted training.

Because smart terminals and point of sales systems can record each purchase, you can keep track of details such as which worker made the sale. With just a few clicks, you can fire up your smart solution’s reporting capabilities to create spreadsheets that tell you everything you want to know about each of your staff members. You can then use this data to provide feedback and training and to make decisions about which tasks to delegate to whom. On a side note, your smart terminal or POS system can also help you automate many of those pesky time card-related scheduling jobs that can eat up so much of your day.

You cannot make a profit unless you are providing top-tier customer service, keeping track of your stock, and ensuring that your staff is doing their best work. Bringing a smart payment device on board can be invaluable, helping you to achieve all of these goals.