6 payment trends to look out for in 2023
Integration brings a world of benefits to your business. Tyro partners with over 240 point of sales (POS) providers as well as accounting software, like Xero, to help you streamline your workflows and gain valuable insights.
1. Benefits of POS integrating
An intuitive POS can take any business to the next level of efficiency and professionalism. Reduce keying errors, reap the benefits of automation which leads to accurate reporting, increase your transactions speed and reduce payment time for your customers. Streamline end of day reconciliation so you can get back to the things you would prefer to be doing.
2. Automating tasks to streamline workflow
Automation can be a powerful way to let technology do all the mundane tasks, leaving you time to focus on the experience you provide customers. An example of automation is having the ability to monitor and manage your business performance, using automated reporting tools and business management reports – all at the touch of a button.
Cannings a sustainability sourced butcher in Melbourne decided to go completely cashless and revolutionised their business. The reason behind this was to improve hygiene and to streamline their workflow.
Electronic payments reduce administrative processes such as accounting significantly as all transactions are captured and recorded when they occur eliminating errors such as short-changing or overcharging. Also balancing the till at the end of the day is simplified as all payments go through their POS, Wedderburn and Tyro machine.
“Tyro was very supportive of the whole project and has implemented a truly seamless and convenient payment experience. I have at least 30 minutes extra in my day now because I don’t have to do the daily cash run to the bank,”
Sam Cunnings – Director of Cunnings Free Range Butcher, operating 5 stores in VIC.
3. Stable, reliable cashflow management
Every business should have a robust, stable cashflow, billing and accounting function that meets the needs of a busy business and reduces the need for staff to key in payment details. With the majoring of POS software you get fast, accurate accounts and billing thanks to user-defined product and fee columns, secure levels of user access, the ability to credit funds to multiple bank accounts, automated alerts for outstanding accounts and an extensive reporting module.
For those in medical practices there’s added value as an integrated POS can ensure easy online lodging of Medicare and Veterans Affairs claims, you can also streamline rebates, reduce re-keying errors using integrated Medicare Easyclaim and Medicare Online functionality, along with EFTPOS-powered Tyro Easyclaims for rapid rebate processing.
“We really like how Tyro and our POS, Pracsoft from Medicaldirector, integrate seamlessly. They work well together and are both very stable, fast and easy to use. Features like online reporting, the ease of setup and ongoing support also make our clinics more efficient as we continue to grow. We’ve even had patients comment on how streamlined our payment and patient experience is for them.”
Jennifer Surie – Operations Manager from Family Doctor who have 11 sites Australia wide.
4. A scalable, integrated solution
As your business grows, the right POS needs to be scalable and adapt to your changing needs. One example of a busy and growing business is Sonoma a bakery offering Artisan bread. Together Tyro and their POS, Lightspeed Kounta POS, provide a seamless experience, according to Sonoma Retail COO Eirini Papadopoulou, operating 5 stores in Sydney.
“It has simplified the whole payment process and has made the experience much easier for customers, as well as our retail staff,” she said. “Tyro integrates perfectly with our POS and the transition was seamless. The system is reliable and customer support is fantastic.”
The benefits of integration between the two, which Tyro Director of Sales and Marketing, Joshua Walther, recently described as “a match made in payment heaven”, are:
- Customers get one point of contact. Your concerns are addressed by the first person you speak to.
- Sales amounts from your POS are sent directly to Tyro’s EFTPOS machine, eliminating the need to re-key in totals.
- With contactless payments (Tap & Go) and 1.6 second transaction time, your customers will move through the queue quickly.
- The machine has a built-in 3G backup, so payments keep happening even when your main internet connection is down.
- Being wireless and cloud-connected facilitates sharing: one Tyro machine can be used by as many registers as you need.
5. Automated batch and payroll payments
Save time settling accounts and payrolls by integrating your accounting software. The Tyro Bank Account connects with Xero allowing you to schedule bill payment and payroll conveniently. This is no need to download and upload ABA files as you can post pay runs directly from Xero and approve them with one touch via the Tyro App. You will also receive notifications if your account balance is low, when you have a new payee or when you receive a deposit.
Tyro can put you in touch with the perfect POS and Xero payroll integration is available in your Tyro app. Get integrated and start making the most of your business.
Xero is a trademark of Xero Limited.