5 Reasons Why You Need a POS Terminal for your Business

Admin  |  July 12, 2023

2 mins read

For small business owners, it’s not uncommon to burn out due to old ways of handling cash, loss of money, looking for change for customers or not knowing why your business is not growing.

With a POS terminal, that’s all in the past because it gives you the ability to serve customers better and manage your finances for business growth.

If you run an offline business and are yet to get a POS terminal, here are 5 reasons why you should take that step now:

1. You reduce (or eliminate) employee error and theft

From small to large stores, business owners use sales boys/girls who help man their shop(s) while they are away. While some business owners have been lucky to have sales reps who are honest, this practice has seen some other business owners record losses due to theft of both money and products. In some cases, products go missing and the number of sales made doesn't account for them.

With a POS terminal like Bankly, you can be at rest when you’re away from your store because all payments will be made either via bank transfer which your sales rep can confirm without your presence or via card, which is settled instantly.

The Bankly terminal also allows you to record payments collected via cash. So, all funds collected is accounted for, no matter the method of payment.

2. Improve customer experience 

Have you ever gone to a store and ended up not buying anything because the seller insisted on accepting only cash? The business owner has not only lost sales, that experience will leave a sour taste on that customer. A POS terminal like Bankly enables you to serve your customers however they want to pay, giving them an experience that will make them want to return to patronize you.

There’s also the case where you make a transfer to a seller, and he/she says you can’t leave with the product until they get an alert. No one wants to be treated like that. Payments made in and out of the Bankly POS terminal are settled within 5 seconds – you don’t have to delay your customers or stress them out after they have made payment.

3. Monitor/track your cashflow for business growth 

So many business owners run their business without an idea of how much they make on a daily, weekly or monthly basis. If you don’t track your inflow and outflow, how will you know if your business is growing or not?

With the Bankly POS terminal, you can track your cash flow – know how much you’re making, how much is going out of your business and where it’s going. This will help you make informed decisions on when you need to take steps to increase your sales or cut spending.

4. Get paid faster

You’ve probably received money a couple of times and it didn’t get to your account. That can be destabilizing and set you off for the period the money didn’t enter, making you lose focus on running your business. With the Bankly POS terminal, transaction failures are not a thing. Money paid into your account is settled instantly.

With the multiple payment option, customers also do not have the luxury of giving excuses to pay you later, such as, “my card is at home” or “I don’t have cash on me, I’ll pay later”. They can make payment for goods bought via card or bank transfer.

5. Save time

Time used to run your business shouldn’t be spent manually calculating your cash flow, counting money, looking for change for your customers or filling forms in the bank for a failed transaction.

The Bankly POS ensures that you can spend quality time running your business – funds are settled instantly, no bank dramas; your payment is digital, no need going from store to store looking for change or ending your day counting a pile of cash.

Ready to get a POS terminal for your business, request one from Bankly. It’s free and you get a dedicated business account alongside.

Visit business.bankly.ng to sign up.