For any merchant, having a reliable and efficient point-of-sale system and payment processing solution is critical to ensuring smooth and seamless transactions with customers. However, managing separate providers for these two critical functions can be a headache, leading to various issues such as compatibility problems, lack of integration, and increased costs. That’s why more businesses opt to work with a single provider for both systems. In this article, we’ll explore why having one provider can be beneficial for merchants, including increased efficiency, an improved customer experience, cost savings, and streamlined support and maintenance.
Small Business POS System and Payment Processing
Many businesses in the modern world use various technologies to ensure that their operations run smoothly. When it comes to integrating these two systems, a POS system and payment processing offer numerous benefits. A POS system and payment processing integration can streamline checkout, reduce errors, and improve inventory management. This can ultimately increase efficiency, customer satisfaction, and higher business profits. Let’s take a look at what role they play in making a company more successful.
1. POS System
POS systems are commonly used in the retail stores to process transactions, manage inventory, and provide other features that can help streamline their operations. There are many variations of POS systems, but they all offer different hardware and software but all function for the same purpose. Some POS systems only offer a terminal screen and a cash register drawer, while others may provide more components. National Retail Solutions (NRS) offers a cash drawer, barcode scanner, receipt printer, and even a customer-facing screen. Additionally, the NRS POS system also provides software that can help merchants in various ways. For instance, we offer inventory management, sales statistics, price book management, employee log-in, etc., that can assist merchants in running their businesses more efficiently and effectively. These features are all integrated into our user-friendly software platform, allowing merchants to easily access and utilize the tools they need to optimize their operations and increase profitability. It is the perfect business solution for any independent retailer who needs an all-in-one system.
2. Card Payment Acceptance
As for a credit card terminal, no matter what kind of business a merchant operates, it is an invaluable tool for accepting customer payments. And with 84% of Americans owning a credit card in 2021, use of credit cards for payment will continue to increase in the near future. Furthermore, a card reader offers a range of benefits, such as increased security, faster transactions, and statistically increased spending by customers. Unfortunately, there are not many customers that carry around cash. In fact, only a small percentage of Americans today prefer to pay with cash. That is why merchants need to consider accepting credit cards, as many Americans will continue using them as their preferred payment method.
Benefits of Having One Provider for Your POS and Credit Card Processing
While it may seem acceptable to purchase a POS system and payment processing services from two different providers, it can result in complications and inefficiencies in managing transactions and reconciling accounts. Choosing a provider that offers both systems can streamline the process and provide a more seamless experience for both the business owner and customers. Let’s take a look at five advantages of finding one provider for both your POS and payment processing:
1. Streamlined Checkout Experience
Having one provider for a POS system and credit card processing can offer several benefits for businesses. Firstly, it streamlines the checkout process by simplifying the payment procedure. With one provider, switching between different platforms or systems is unnecessary. Having multiple providers could result in difficulties and irregularities with data management and security, which would be detrimental to the company’s overall effectiveness and efficiency. Because of this, it’s critical to have an integrated point-of-sale system and credit card processor. By doing so, businesses can automatically receive payment information, improve security, and save time and money. But how does having an integrated POS and payment processor streamline checkout? When a merchant’s POS system and payment processor are integrated, customers can complete their transactions in a shorter time. This is due to the fact that the integration allows for seamless communication between the two systems, eliminating the need for manual input and reducing the risk of errors or delays in processing payments.
2. No Room for Human Error
Another important advantage of having one provider for both systems is that it eliminates the possibility of human error. When these systems are integrated, the information is automatically synced. This not only saves time but also reduces the risk of discrepancies and inconsistencies in data, which can lead to costly mistakes and delays in decision-making processes. If merchants have two different providers, there is a chance an employee will enter the transaction data incorrectly. This will cause merchants to get more chargebacks, which can cost them between $10 and $50, and even more in some cases. For example, if the cashier enters the wrong card number, expiration date, or zip code, the payment will likely be declined by the bank or payment processor, resulting in a chargeback. Additionally, if the cashier mistypes the merchant ID associated with one of the providers, the payment may not be processed properly, resulting in a chargeback. Customers are asked to confirm their amount on the card reader, but many customers are likely to quickly confirm out of habit rather than check to make sure the total is correct. When you charge an incorrect amount to a customer’s card, they may notice the wrong amount later on their statement. Especially if you overcharge the customer, you’re likely to have an upset customer on your hands. If that customer goes directly to their credit card issuer with their complaint, you’ll end up having to go through a chargeback process, which can cost you between $10 and $50, and even more in some cases. Transaction errors can also hurt your standing with your bank. If the merchant has many chargebacks, they can lose revenue from the sale due to fees and penalties from their bank and payment processor. Chargebacks can also damage a merchant’s reputation, and customers may view the merchant as untrustworthy or unreliable and be hesitant to go to their store. Overall, chargebacks can significantly impact a merchant’s store, and merchants need to take steps to minimize the risk by having a reliable provider for both systems.
3. Detailed Records
When the POS system and credit card processor are integrated, it can also give the merchant detailed records of transactions on both systems. This integration can help merchants streamline their accounting processes and reduce the risk of errors or discrepancies in their financial records. Additionally, it can provide valuable insights into customer behavior and purchasing patterns. Whereas, when a merchant has a different provider for each system, they would need to spend more time and resources analyzing and reconciling data from multiple sources, which can be a tedious and error-prone process. Therefore, the merchant needs to be aware that having a single provider for all systems saves time, resources, and ensures consistency and accuracy in data analysis. Therefore, merchants should carefully evaluate their options and choose a provider that offers comprehensive solutions for all their needs.
4. Easier Customer Support
Having a single provider for a POS system and payment processing can have significant benefits when it comes to customer support. In a traditional setup, businesses often have separate POS system providers and payment processing providers, leading to confusion and difficulties when resolving customer issues. However, when a single vendor provides both the POS system and payment processing, the customer support process becomes much more streamlined. With one single provider, there is only one point of contact for customer support. This means when issues arise, there is no need to navigate multiple support teams, which can be time-consuming and frustrating. Customers can simply contact their provider and get the help they need. And, because the provider is responsible for both systems, their support team will likely have a more comprehensive knowledge of the entire system and quickly resolve the issues.
5. Financial Perks
Merchants can also enjoy some financial perks from using one provider. These financial perks could include lower service fees or a lower upfront cost for equipment. For example, if merchants use NRS Pay as their credit card processing provider, we will provide them with a free card reader for use in their store and their monthly POS service and support fee will be lower. This card reader, which communicates seamlessly with our POS system can accept various payment methods, including all major credit cards, debit cards, and mobile payments via Apple or Android, EBT, and eWIC. If you’re using the NRS POS, NRS Pay integrates with it at no additional charge. Some companies charge a third-party integration fee to connect the card payment terminal with the POS. The card reader also works with chip EMV cards, which are known to be more secure payment methods than traditional credit cards. EMV cards use a microprocessor chip to encrypt and protect the cardholder’s data, making it more difficult for fraudsters to steal information. Merchants need to have a secure and reliable payment processor and POS system so they can keep their data and customers’ information safe. If merchants use separate providers for their POS and credit card processing, they may be expected to pay an integration fee. If the systems are not integrated, there may be more fees than the merchant realizes, hurting their bottom line. That is why consolidating payment systems with a single provider can help merchants save money on fees and streamline their payment processes.
POS and Payment Processing From NRS
Merchants who want a reliable and trusted company should look no further than partnering with National Retail Solutions. Our modern, all-in-one POS system provides merchants with the tools they need to manage their business efficiently and effectively. With features such as inventory management, sales reporting, and customer loyalty programs, our POS system is the perfect solution for any merchant looking to streamline their operations. We also offer NRS Pay credit card processing and provide affordable plans. Merchants can choose from a flat rate of just 2.49% plus 10¢ and a $10/mo. account fee, or Cash Discount, a cash discount plan that passes along fees to the customers so you pay zero transaction fees. Cash Discount is 100% FREE for a business processing over $18K/mo. Otherwise, it’s just $49.95/mo. flat. Merchants can also get a free EMV card reader when they sign up for payment processing with NRS Pay, which means huge savings for their business. To get started, request a free quote today.
