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Boosting your payment and transaction technology ecosystem is a powerful way to maintain your competitive advantage. With increasing scrutiny on budgets, a tightening labor market, and growing customer expectations for personalized, responsive, and technology-driven experiences, the time to optimize is now.
So how can you make the most of your technology ecosystem to provide the service your customers expect while balancing compliance and cost requirements?
Here are three ways to boost your technology ecosystem:
Provide customers with self-service options.
Even before the global pandemic, customers were becoming accustomed to handling basic transactions on their own, primarily because self-service features introduce speed and efficiency into the buying process.
In fact, according to one study, 80 percent of today’s shoppers prefer to use self-service kiosks when they have the choice. Buyers have also become accustomed to using contactless forms of payment, with 74 percent of people stating that they will continue to use them even when the pandemic is over.
Providing customers with self-service options also introduces operational benefits for businesses, including opportunities to personalize the customer experience and upsell other products and services.
Use payment and transaction technology to allow more time for customer service.
Another way that modern payment devices can boost your technology ecosystem is through the built-in capabilities of cash recyclers and smart safes.
These devices securely and accurately count and reconcile cash, preventing miscounts and counterfeits which—when combined with other forms of shrink—reached all-time-high losses of $61.7 billion in 2020.
In addition to handling basic transactions and reconciliations, these devices allow for real-time remote access into device logs and holdings to better track the performance of your devices and the flow of cash.
Combined, you can cut otherwise manual tasks—like drawer counts and costly armored car pick-ups—so your teams can spend more time on customer-focused activities.
Leverage maintenance and management best practices.
Finally, utilize the internal connectivity and built-in device features to enable Remote Monitoring and Managed Services (RMS) throughout your fleet.
This allows your team to centralize and streamline ongoing maintenance by leveraging real-time understanding of device ecosystem health and performing electronic journal management. Your business can take this one just further by working with a trusted partner that provides 24/7 support and gives your team just one provider to contact for everything they need.
This can mean substantial time and cost savings. For example, a remote monitoring team can resolve a service call every 90 seconds without an on-site visit, minimizing downtime and the number of calls.
Another option is to implement a Device-as-a-Service (DaaS) solution like TransacTec™. TransacTec offers your business a wide array of industry-leading payment and transaction devices and is easily scalable to meet the ever-changing needs of your business.
Take the next step to total business integration.
You know the experience you want your customers to have each time they interact with your business: one that is secure, seamless, and personalized.
However, knowing the right mix of equipment and services to achieve this can be difficult and time-intensive to research and deploy on your own.
Fortunately, with Burroughs as a partner, you can benefit from having more than 135 years of industry experience in your corner to create, manage, and maintain a custom payment and transaction technology ecosystem that can scale to fit your and your customers’ needs.
Ready to get the latest devices—backed by industry-leading support—in your locations to deliver exceptional and efficient customer service? Contact us today to learn more.
