As an Electronic Point of Sale (EPOS) provider, you may not have considered moving into selling payment solutions as a strategy to grow your business. However, offering your customers payments that are already integrated with your hardware and software can offer you a way to improve your customer experience, delivering a seamless, easy, and comprehensive payment solution and building loyalty to your brand.
The payments experience is a vital part of how your customers ensure conversions for their businesses and your systems therefore need to be simple for both users: your customers and their own customers. By integrating payment processing within your EPOS systems, you make utilising them easier and more convenient. By enabling your customers to make transactions directly through the EPOS system, you reduce the need for separate payment terminals, additional hardware, and multiple systems, increasing efficiency at checkout and making transactions faster and easier to complete.
Selling payments alongside EPOS systems also reduces the administrative burden for your customers, streamlining operations. You eliminate the need for separate contracts for payment processing services, simplifying the management of financial transactions, and removing the problem of having mismatching contractual periods that can cause problems for your customers. Secondly, having an integrated system can enable businesses to reconcile sales and payments more efficiently, track inventory accurately, and generate comprehensive data reports for accounting and analytics purposes.
But what benefits does providing payments hold for EPOS providers themselves?
A competitive advantage: Offering payment processing services in addition to EPOS systems can give you a competitive edge in the market. By providing end-to-end solutions that encompass both POS capabilities and secure payment processing, you can differentiate yourself from competitors who offer only standalone EPOS systems or payment services. This broader offering can attract businesses looking for comprehensive solutions or a ‘one-stop shop’ and foster long-term customer relationships.
Additional revenue streams: Selling payments can create an additional revenue stream for EPOS system providers. Of course, many EPOS providers choose to partner with payments providers to refer their customers, but by expanding their product offering to include payment processing, you can tap into higher revenue models, in addition to the sales of hardware and software.
It is important for EPOS system providers to understand clearly the payments market, regulatory and compliance landscape, and customer preferences in the UK to tailor their offerings accordingly. To do so you most likely need to find an experienced partner who has an in-depth knowledge of the industries you work within.
At Cashflows, we prioritise taking the time to understand the industries and businesses of our partners, so that we can work together to help them achieve their goals. Our account managers are dedicated to ensuring every partner has the support and knowledge they need to get the most out of their payments and give their own customers seamless experiences.