To maintain a cordial relationship with your customers, your business must be able to offer value at every point of the sales process. Implementing a successful sales model involves adopting a seamless transaction infrastructure that allows the customer to purchase what you are selling without sacrificing much time or effort.
Selling is an art form, but in today’s technological age, creating a sales process of value is also important, and many businesses today use the ASC 606 model.
ASC 606 Model
The ASC 606 model is the Accounting Standards Codification (ASC), which provides a template on how a business should document revenues generated from sales. This accounting standard has been in existence since 2014 and is used by many businesses across diverse industries.
The model includes a set of stipulations for businesses to operate by for better transparency and accountability. Businesses using ASC can create financial statements due to the historical data and bookkeeping process. Incase you were wondering ”what is ASC 606”, now you know what it is and what it represents, let’s delve deeper into tips on implementing seamless transactions.
Tips For Seamless Transactions With Customers
1. Prepaid Credit
Many businesses have been using prepaid credit cards to entice customers to come back for bigger purchases in the future, and your business can follow suit. Issuing prepaid cards is not only about securing their loyalty; it also provides them with convenience.
When a customer issues a store card with their name on it, cashiers will be able to get such cards quickly and make the withdrawals faster than cards issued by a bank or credit card company. The customer will be charged directly from their account, which they have with your business, and the possibility of a failed transaction is almost zero.
2. Multiple Receipt Options
Your business should consider providing customers with multiple instead of single receipt options.
Apart from paper receipts issued as evidence of purchases, you may want to consider electronic receipts forwarded to their email. Electronic receipts are far more convenient, and both parties can revert to them for reference purposes in case the paper goes missing.
Moreover, electronic receipts reduce waiting times at checkouts
3. Fast Checkout
Providing a faster checkout is another way to improve transactions with customers. Managers understand that customers are naturally impatient and wish to complete the transaction as quickly as possible. Use modern POS solutions like barcodes and quality inventory management.
This will reduce checkout times instead of the traditional waiting system to collect cash for items bought. You may also create a process where the customer makes on the spot payment instead of moving to a different section.
4. Various Payment Methods
It pays to make different payment methods available for products or services bought. The last thing you want is to miss sales opportunities because the customer is paying with a different payment means that you support. Broaden your options to include cash, Gift card, mobile wallet, debit and credit cards, contactless payment, QR code, Samsung, Google or Apple Pay, etc.
5. Omnichannel
The use of Omnichannel is also a good idea for seamless transactions. Customers can buy items online via your business website or store and pick them up at your physical store or any other convenient location. Omnichannels are becoming increasingly popular, especially for large corporations that have to serve customers across several outlets.
6. Self Service
Self-service is becoming increasingly popular today, and many retailers have implemented it with varying degrees of success. It gives the buyer more control to make purchases and pay themselves rather than wait on sales staff or stand in long queues. Self-service is faster and cheaper since fewer sales representatives will be required to meet customer needs.
7. Overall Customer Service
Your business can build customer profiles to understand better their unique needs and tailor services to meet their preference of integrating EPOS solutions into the business website. Chatbots are also great tools to engage online customers.
Conclusion
Implementing a seamless transaction process for customers is possible but requires a strategic plan that accommodates their needs across the sales chain. Proper studies must be done first to understand customer behavior before anything else. Your brand may also want to try different systems to find one that serves the best purpose and guarantees optimum customer satisfaction. Only then should the system be implemented in the business environment.
