5 Ways EDC Machine Is Beneficial For Your Business
Investing in a high-quality EDC (Electronic Data Capture) Machine is not just beneficial, but necessary for your business nowadays. The popularity of cash payments is dwindling, and an increasing number of customers have switched over to digital payment methods. The erstwhile EDC device was just a swipe device for credit cards and debit cards. But the highly evolved EDC machine today enables you to pay using QR code, e-wallets, Internet Banking, Credit Card, Debit Card, UPI, and so on. Likewise, the EDC machine price used to be a constraint for many small-scale entrepreneurs earlier. But with multiple budget-friendly and feature-rich options today, a majority of businesses are procuring these with utmost ease. Here are 5 ways in which the EDC machine or the Electronic POS Machine is beneficial for your business:-
- Enhances Customer Experience
Of all the benefits of the EDC machine for any business, the ‘customer convenience aspect’ is the most prominent. Opting for a POS device that provides your customers with a flexible range of payment options will automatically translate into a positive checkout experience. This will also increase the likelihood of repeat visits, more frequent purchases, and enhanced customer loyalty. On the other hand, insisting on only cash transactions or providing a very limited range of payment methods will dampen the customer experience, and they are most likely never going to visit you again. Furthermore, accepting payments via an EDC machine increases the speed of transactions, thus reducing the average wait time per customer at the checkout counter. Checkout efficiency and experience are a big determinant of customer experience, and a high-quality EDC machine can help you give it your best shot.
- Necessitates Minimal Physical Contact
The Covid-19 situation has necessitated most businesses to implement contact-free modes of payment. A majority of customers prefer to pay using QR codes and other digital modes that involve minimum physical contact with the cashier or the store staff. The role of the EDC machine is pivotal in enabling contactless transactions. This is why in the post-pandemic world, even the most hesitant business owners are now checking out EDC machine price and features to understand what works best for their business.
- Enables Error-Free Payments
Cash payments are always prone to errors. While you cannot completely eliminate cash transactions at present, a gradual transition to digital payment methods goes hand in hand with minimal inaccuracies. Opting for an EDC machine from a reputed POS service provider, you can be rest assured of highly secure, efficient, and error-proof payments.
- Bolsters Operational Efficiency
Investing in a POS machine need not always be viewed from the customer’s perspective. Even from the sole point of view of your business operations, there is a great deal of orderliness and overall competence imparted by the right EDC machine. Not only does it streamline your overall checkout process, but also facilitates the generation of various reports. Instead of conducting a manual check and balance, you can rely on the POS software to give you an accurate auto reconciliation report in a matter of minutes. Performance Evaluation and Sales Analysis thus becomes a lot easier with a holistic EDC machine, especially one with a cloud storage option.
- Positive Cost Rationalization
As an entrepreneur, you might be hesitant about the ROI of an EDC machine. There are multiple ways in which a full-fledged POS machine can prove to be a worthwhile investment for you business in the long run.
- Optimization of payment procedures
- Increasing the productivity of employees/cashiers
- Reduced manpower requirement by eliminating manual book-keeping and reports compilation
- Valuable add-ons like Loyalty Points Integration, EMI facility, Buy Now Pay Later POS Integration, and so on
- Generation and dispatch of branded e-invoices and e-receipts to depict a reliable brand image
- High level of scalability, ability to process multiple transactions simultaneously, and widen up the available payment options in tandem with your business growth and expansion
Gone are the days of levying high commission per transaction and exorbitant installation charges. The EDC machine price range today is flexible enough to accommodate all kinds of entrepreneurial budgets. As a business owner, if you don’t want to lose out on a valuable chunk of customers who prefer to pay using QR code, credit/debit cards, and other non-cash transactions, opting for the right EDC machine for your establishment is extremely important.