Just last week I witnessed someone abandon their shopping basket because the shop didn’t take Apple pay.
This is Generation X, and they expect to be able to leave the house with nothing but their phone. So if you aren’t ready to meet their needs, then it’s your cashflow that will be taking the hit.
The above is proof that payment technology is transforming the way that the retail industry does business. This is all part of the cloud accounting movement, enabling retailers to manage their end-to-end processes in real time, and via their mobile or tablet, through digestible payments.
Nowhere is this more appreciated than among small businesses, who see these new, affordable payment methods as a lifeline.
iZettle is one of the big players and is fuelling the growth of smaller retailers by giving them a chance to grow. With set-up from as little as £29, the free app delivers handy analytics so that you can see what your top-selling products are, average spends and peak hours. The secure card reader connects wirelessly to your smartphone and enables you to email a receipt on point of sale.
In the back office, cloud software allows you to email invoices to suppliers and to receive payments directly through the email, simplifying the payment process. Over recent years we’ve seen a rapid increase in the number of online payment methods made.
Get paid quicker
Cloud applications are also helping retailers chase debtors more effectively through the use of automation, which analyses good and bad payers and then chases accordingly. On average, this is boosting cashflow by £22k per £500k of turnover by significantly reducing debtor days. Not only is that extra money in the bank, but it’s also less time wasted chasing bad debtors and more time in the heart of your business doing what you love.
Plus, sophisticated stock control systems are now obtainable from as little as £220 per month, and link to live sales data for more informed decision making.
Why not see how you can save your business cash by embracing new technologies?
If you’d like to chat about how your business could benefit from cloud accounting, please get in touch with your local cloud accounting specialist.