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4 Big Advantages of Multiple Integrated Payment Options

Apr 1, 2020 12:00:00 PM / by Caitlin Pellas

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Want to know how you can get started with Treez Payments? Fill out this form to set up a demo or reach out to your Customer Success Manager to learn more!


 

We are all about integration here at Treez. Integrating all your tools into one system makes your business run smoothly since all programs are managed under one roof. Our newest integration is all about payments. Treez Payments gives you the ability to process all transactions within the Treez platform instead of through a third-party application. This is huge! And we’ll tell you why.  

 

Why Integrated Payments Matter

Payments can be broken into two categories: integrated and non-integrated. Non-integrated payments do not interface with your management software, meaning payments process through an external system. Integrated payments allow your business to accept payments directly within your retail management software. Treez Payments — our integrated payments solution —  automates the manual accounting process so that accounting and payment processing can work together seamlessly. This removes the need to manually balance the books at the end of each day since all transactions process directly within the Treez portal.

Integrated payments streamline operations, save time, and eliminate cash discrepancies. Without an integration, it’s far too easy for a sales associate to mark a debit payment as cash or a cash payment as debit, making closing out shifts and balancing the books a time-consuming activity.

It’s been proven in every vertical that multiple payment options improve revenue and customer experience. Providing an exceptional customer experience is one of the most important components of your business strategy, especially in a crowded cannabis retail market. The payment methods presented at checkout influence how your customers feel about the shopping experience. Letting your customers pay the way they want delivers more value and convenience which, in turn, improves experience and revenue.

If you want to learn more about the different types of payments currently available to cannabis retail, check out our blog post on the subject here. Now, let’s dive into the many benefits of providing multiple integrated payments to your customers at retail:

 

Increased Revenue

Providing multiple integrated payment options at your retail locations can directly impact revenue. Dispensaries can lose out on potential sales from not having the preferred payment processing solution. In this study by comScore, 56% of respondents said that they expect a variety of payment options on the checkout page of an e-commerce site. If customers have come to expect multiple payment options online, they will certainly expect the same when making the effort to visit your dispensary. A Treez case study comparing Average Order Value before and after our customers implemented Integrated Cashless ATM at their retail locations shows that offering integrated payment options increases Average Order Value more than 13%! Over time, increases like this can significantly impact your bottom line.

 

Improved Customer Experience

Customers seek convenience above all else. Making it as easy as possible to pay when the time comes, means you’re offering a variety of integrated payment options, which influences perceived convenience and improves customer experience. In e-commerce, it is universally understood that giving customers more choice in payment type and an easy-to-use payment system increases the number of payments received, boosting company revenue. Not supporting the customer’s preferred payment type is an obstacle that can cause your business to lose out on transactions and revenue. Providing a variety of integrated payment options makes it more likely the customer will complete their transaction and feel satisfied with their experience, encouraging repeat business.

 

Streamlined Workflow for Sales Associates

Integrated payments streamline the workflow for sales associates. Instead of manually inputting the transaction amount into a debit terminal and then completing the transaction in the POS system, Treez Payments allows all transactions to process within the Treez portal at the checkout screen. A streamlined workflow means more customers can flow through, which in turn, means more sales. Taking any manual guesswork out of the checkout process is a big win for your sales associates, your customers, and your business.

 

Easier Bookkeeping = Time Saved

Since integrated payments allow you to accept payments directly in the Treez portal instead of through a third-party application, there is no need to go back into the system at the end of the day to investigate and reconcile payment discrepancies. With manual accounting, businesses can spend hours reconciling reports and balances. Integrated payments automate most of the manual accounting work, saving valuable time and effort.

Having payments process within your cannabis POS software eliminates the risk of manual error, streamlines your books, and frees up time to focus on other areas of your business. We want you to enjoy increased profits while providing a seamless customer experience. We're signing up SellTreez customers now, so get ahead of the competition with modern and integrated commerce tools. With Treez Payments, integrated payments are now a swipe away.

 

Want to know how you can get started with Treez Payments? Fill out this form to set up a demo or reach out to your Customer Success Manager to learn more!

Topics: Cannabis Dispensary Software, Cash Handling, POS software

Caitlin Pellas

Written by Caitlin Pellas