Payment integration allows small firms to shed inefficiencies
January 16, 2014
Eliminating waste in back office retail operations becomes much easier when managers and employees have access to integrated payment systems.
The daily challenges facing small and medium-sized businesses today are much different than they were several years ago. For instance, the online news website Bizcommunity said consumers now place equal value on the overall shopping experience and the ability to simply find the products they want to purchase. This gradual shift has led many stores to expand into multichannel territory by supplementing their brick-and-mortar operations with new online shopping portals or mobile applications targeted toward smartphone and tablet users. However, expanding the number of revenue channels can make it more complicated for managers to organize financial information in a way that maximizes productivity. What these businesses need is full integration of electronic payment systems.
A recent article in Business 2 Community said retail success in 2014 will depend heavily on the ability to eliminate operational waste. Applying this concept in the back office will have a major impact on boosting efficiency and reducing any obstacles standing in the way of long-term success. The website highlighted the fact that a focus on doing more with less has traditionally been associated with factory businesses as opposed to small and midsize retailers. The changing nature of today's economy has made it all the more possible for these smaller firms to benefit from the same productivity-boosting ideas. While some local establishments may take pride in the fact that they operate on a more traditional level, any opportunity to improve back office operations will make it easier to maintain profitability in the future. More importantly, when managers and employees can spend less time organizing financial information, they will ultimately be able to pay more attention to other important factors, such as improving the consumer-end shopping experience.