Every small business wants to grow their organization, but not all have the solutions and tools needed to do so. Incorporating a sales-boosting strategy is a vital element in order to grow your business in 2016. Fortunately, enhancing your revenue strategy is easier than ever. With an updated point-of-sale (POS) solution, small businesses will have access to state-of-the-art platforms that will assist in running their business seamlessly. 


Here are 4 ways small businesses can increase their sales by using an updated payment solution: 


1. Process Faster Transactions
Most consumers want to get in and out of a store as quickly as possible. An updated POS solution helps create faster transactions and promotes a user-friendly process that any employee can use. Modernized terminals help save your business from not only employee confusion but also customer frustration. The straightforward functionality will allow your staff to move customers through the checkout line quicker. This creates both happy customers and employees, as the flow of selling is seamless and persistent. A quick and easy to use POS system creates a better customer service for all involved and ultimately, brings in more sales with the help of speedier transactions. 


2. NFC Technology = Less Wait
An updated POS system will also come with advanced payment solutions that are not offered on more traditional and outdated solutions. Near Field Communication (NFC) technology is a great way to decrease the wait in line significantly. Examples of payment solutions utilizing NFC are mobile wallets like Apple Pay, Samsung Pay and Android Pay. With this new form of technology, consumers can walk up to a terminal and wave their smartphone to pay instantly. No more hassling with cash or credit cards and holding up the checkout line. 


When customers discover your business offers timesaving payment solutions such as NFC, they will be more inclined to visit your store when they are in a rush. Not only will this give your small business a competitive advantage, but will increase your overall sales, as more customers will choose your store to shop instead. 


3. Manage Your Inventory
Your staff can also increase sales from utilizing a modernized POS system with features like inventory management. This feature lets employees know what is currently in stock at a moment’s notice, so when a customer asks about a specific product the employee is able to check the inventory instantly. Inventory management additionally has the capability to keep track of what products need to be restocked. The analytics feature will help organize the store strategically, showing what products are in higher demand throughout the store and is bought more frequently. 


4. Integrate Loyalty Programs
Customer loyalty programs are a great business strategy to retain existing customers and enhance the customer experience. Businesses who upgrade their payment solutions can have a built-in customer loyalty program directly in their POS system. This will make it even easier to integrate rewarding returning customers into your business strategy, and cut down on unnecessary time managing your loyalty program manually. With this in place, your small business can instead spend more time on increasing revenue and bringing in sales. 


As technology continues to evolve within the payments industry, it is important that small businesses remain relevant and competitive by upgrading their POS system. Doing so will help result in an increase of sales and added value for your company long term. With an upgraded POS system, your small business will see faster transaction times, experience less wait with NFC technology, efficiently manage inventory, and integrate loyalty programs within your payment solution. 


Are you looking to improve and expand your payment processing capabilities? Learn how First American can help.