Chatting to customers and building relationships with potential leads over social media is one way to improve customer loyalty, but can the POS terminal you use in-store have a direct effect on how customers perceive you and your business?
The UK will be celebrating ten years of contactless payments next month, with the technology first introduced in September 2007. Since then, research shows that 55% of shoppers in the UK choose to pay with contactless systems because it saves them time. 48% also say they prefer it because they don’t need to enter their PIN number with contactless systems.
Research also suggests that the modern contactless POS terminal has other benefits. Queuing is seen as the top time-wasting activity by 52% of shoppers, but 27% believe contactless payments has helped reduce waiting times. 52% also believe they spend less time at tills thanks to contactless.
POS terminal costs save retailers more than money in the long-term
It’s factors such as these that small business owners and brands looking to expand need to consider when considering new POS terminal costs.
The right POS terminal isn’t just a way to accept new payments. It can be a brand’s gateway to introducing new modern digital payment systems that are fast being adopted worldwide.
Half of all retailers still don’t have a POS terminal or payment system that accepts contactless payments. At the same time, 75% of retailers who have introduced contactless payments say they have seen, on average, 30% more transactions each day.
The key for these retailers’ success has come down to understanding their customers’ shopping habits at the most basic level. New payment systems aren’t just about delivering easier ways to pay for customers. Optimising your payment structure and providing an omnichannel approach can also deliver loyalty programmes to shoppers and encourage them to become repeat customers.
Are POS terminal charges worth it when considering business growth?
Sometimes it’s the smallest things that matter most to customers. While they spend millions marketing themselves to an audience to attract them in-store and improve their public image, that money could be better spent having better changing rooms, improving customer service, reducing queue waiting times and more.
Aldi, for instance, has managed to become one of the top supermarket chains in the UK and has managed to attract new customers thanks to quirky ad campaigns highlighting their bargain prices. The chain, though, is facing a customer backlash through social media and the press because of the fast way people are dealt with at checkouts.
Millions spent on PR and damage limitation – as other brands will do in similar situations – when all it may take to keep those customers happy is a small tweak in the way they do business.
So it goes for smaller businesses looking to grow and expand, too. Adopting the right POS terminal and introducing modern digital ways to accept payments could be a small tweak that attracts new customers, turns them into long-term brand advocates and lays the foundations for serious future business growth.
Want to know more about POS terminal charges and how integrating an entirely new way of accepting payments can grow your business and attract new customers? Contact Fibonatix today to find out more.