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It’s no secret that retail businesses must keep up with all the latest technological advancements in payment systems.  After all, competition is fierce these days, and any convenience that a business owner can offer customers likely translates into more sales.  If you’re still using a point-of-sale (POS) payment system, here are a few reasons why you may want to consider switching to a Virtual Payment Processing System instead. 

1. Lower Set Up and Transaction Fees

When you invest in a POS system, you need to buy a terminal or cash register, a credit card reader, and a barcode scanner. But setting up a virtual payment system doesn’t require any equipment, other than a computer – which you likely already own – and wireless access.   So, the total upfront out of pocket expense is minimal.

Oh, and don’t forget that with a POS system, you pay a fee each time you swipe a customer’s credit card through the reader. That may not seem like much at first, but even if you’re a mid-volume retail business, those fees can quickly add up.  Because a virtual payment processing system is keyed-in without you or your employees having to swipe a card through a reader, your fees are much lower per sale, which means that every penny you save on a transaction goes directly to your bottom line.

2. Opens Your Business Up To More Customers

Technological advances in payment processing have given retail business owners the opportunity to reach a global customer base. But you can only take advantage of these new revenue streams if you are savvy about how you accept payments. And while a POS payment system is ideal for a brick-and-mortar that relies primarily on in-store traffic to drive sales, most businesses can’t thrive without expanding their customer base.

When you invest in a virtual payment processing system, you can take orders from anywhere in the world – including with smart phone apps.  This makes your retail business mobile so that you can now make sales at conventions, trade show and public events.  BONUS: you can also send receipts via email on-the-spot too!

3. Enables Recurring Payments

When you use a POS payment system, there is no option to set up recurring credit card payments. But a virtual system lets you enter a customer’s credit card information and set a future payment date. This can be a huge value-add for small retail businesses that rely on recurring payments to drive profits. There’s no need to call customers to obtain their credit card numbers every month, because the virtual system stores that financial information and triggers the payment on the specific date and time you’ve already pre-set. This not only assures that you will get paid on time every month, but it also offers convenience to your customers and clients.

4. Simplifies Cash Flow

Much like a POS system, a virtual payment system processes your transactions instantaneously, which means that you will always know your expected daily, weekly and monthly revenue. This is beneficial for your company because it lets you see which products and services are selling well, which products are lagging, and how to adjust your inventory to meet unexpected demand. Better cash flow means that you won’t find yourself in a situation in which you can’t meet payroll because you were unable to keep track of your receivables.

Take the Next Step

Investing in a virtual payment processing system can help boost your bottom line by lowering your setup costs and transaction fees, diversifying your payment options, and simplifying your cash flow reports. And the best part is that even if you already have a POS system in place, you can use a virtual payment system as a complement to increase your customer base.

If you need help choosing a virtual payment processing system, contact us at 1-866-944-3244, or visit us online to learn more about how we can add value to your company.