Common Retail Business Problems Modern Billing Software can fix

Many retail business problems can be solved by having modern billing software. Quick Service Restaurants and retailers should consider certain features to streamline their businesses. It is important to increase sales and ensure customer retention, accounts and receivables, stock and sales tracking, and everything where proper management is needed. This way, you need intuitive and automated POS software to make things easier. 

Problems that businesses face daily

A lot of QSR and retail businesses still rely on cash registers to conduct financial transactions. The cash register can meet only in-store needs. You need a proper billing program to handle back-office operations like purchase and stock management, accounting, payments and receivables, and daily store problems. 

  • Maintain multiple stores – If you own a retail chain or multiple stores, it is not easy to keep track of daily sales reports, inventory transfer, item/product lookup, and even more. 
  • Maintain Payments and Receivables – You cannot keep track of receivables and payments with a cash register. You need a billing solution to monitor these things automatically to save a lot of time.  
  • Stock maintenance – It is the next most important thing you need to do on a daily basis. A cash register cannot help you in this way. 
  • Lack of efficiency – It is not easy to manage billing and customers in rush hours for both QSRs and retailers. Hand billing or using a cash register for billing can take a lot of time and you cannot serve multiple customers at the same time. 
  • Customer satisfaction – It is very vital for your business. But it becomes a challenge for a business if they cannot manage delivery and billing takes time. 

This way, a billing solution doesn’t just help you in billing, but also in managing the flow of customers, inventory, receivables, and payables, accounting, customer loyalty, accounting, handling several stores, and daily reporting.  

Rewards vs. Discounts – Which Works Better to Retain Customers?

Discounts help both small and large businesses to attract customers and boost sales in the short term. But business relationships fuel repeat purchases which work in the long term. Hence, loyalty programs are known to be more successful as compared to sales and discounts. 

Give incentives to loyal customers and attract new ones 

If you depend only on discounts, you may witness a quick hike in sales. But you cannot guarantee if the customer is coming back once the deal is done. It can drastically reduce your returns. On the other side, offering points, special deals, and limited period offers can reward shoppers as part of loyalty programs and build a healthy relationship. It assures you with high retention rates. 

Your customers are the best promotion tools as they refer you to their family and friends. Incentivize those referrals and give them a reason to share their experience with others. 

Make one-time shoppers your loyal members

If your customers join your loyalty program, they can earn certain points whenever they check-out with their products. It will take you and your customers further. On the other side, they will go to another shop once they get a discount. You can easily turn a visitor into a regular customer with just an offer to join your loyalty program. 

You can integrate a loyalty program with your POS system to choose regular customers for giving your offer. You can showcase the benefits of joining your loyalty program so they will come back for more. They usually forget one-time discounts that they can easily get online. You should offer different deals to turn the deal chasers into your loyal customers. 

It’s time to ditch the slashed prices and big billion sales. Remind your old customers about their points and when they will get more rewards. Motivate them to shop more from your store to win more points. 

Why QR Codes are the Clear Winner over NFC for Contactless Payments and Data Sharing?

QR Codes and NFC have become the two main technologies for contactless payments and document sharing in this crucial period. However, NFC still needs physical contact due to its very short range for digital file sharing and payment transfers. 

When the Coronavirus crisis is at an all time high, it is very vital to avoid physical contact when going out. This is the reason barcode scanner has been a very vital tool as QR codes are known to be more secure than NFC as they can be scanned from farther distance. 

QR Codes vs. NFC

In some circumstances, NFC is considered to be helpful but it cannot beat QR codes in terms of convenience and security. QR codes can be used in different ways and support different devices. They don’t have any limitations related to range and they don’t need physical contact unlike NFC.  

NFC is not supported in all devices 

It goes without saying that some latest smartphones have NFC but all of the devices don’t have this feature. You cannot add NFC tag to your device if your phone doesn’t have this feature inbuilt. You would have to use a smartwatch or other wearables to make mobile payments through NFC.  

On the other side, QR codes can save you from spending hundreds of dollars on a smartwatch and make the process a lot easier. There are several mobile wallets like Apple Pay and Google Pay which enable mobile payments by scanning QR codes. You just have to install an app and scan the QR code of the vendor to make payment without any physical contact. 

NFC has very short range

The most annoying issue with NFC is that it has a radius of only 1.5 inches (4 cm). In addition, NFC tags are placed in various areas of your device. So, you need to rub and touch the devices together to transfer data. So, NFC is very much useless these days as it can spread infection with the touch of contaminated surfaces. 

On the other side, QR code is a completely contactless technology which doesn’t need you to get your smartphone in contact with contaminated surfaces. You can scan QR codes from a distance and easily maintain social distancing. You can scale up QR codes as large as required. Keep in mind that you use a high quality image of QR code and its resolution should be at least 2×2 cm or devices couldn’t read it.  

Compatibility issues 

Another worst thing is that NFC is not compatible with all devices. NFC is also adversely affected when a user updates their device. It is also not prepared for convenient and universal transfer of digital data. On the other side, QR codes are universally accepted and they don’t need any specific device to work. All you need to open your payment app and tap on the barcode scan option and you can easily handle the whole transaction.