One challenge that retailers face at cash registers is to manage loose change. Customers often give currency bills that are of very high denomination. This requires stores to keep enough loose change with them at all times, so that each transaction can be successfully completed.
This involves daily struggle of restocking your cash register with enough cash for the day. This also creates safety issues. A lot of cash in the register can also lead to cash loss or theft.
Handling a lot of loose change during most of the transactions can also result in long checkout queues.
One way to do away with these problems is to go cashless. If customers are making payment through cards, mobile wallets, etc., then you do no need to keep a lot of cash. With Loyera’s paid or free POS billing software plans, you can enable customers to make electronic or mobile payments easily.
But not all customers like to pay through electronic modes, and many prefer paying cash. For such customers also you can do away with the need to carry loose change with the help of Loyera POS.
How to convert loose change due to customers into loyalty points
Here’s how Loyera’s retail store billing software makes cash register management more efficient and cashless:
Add Loyalty add-on to Loyera POS
If you are using a POS billing software with Loyera, then you can easily add Loyera Loyalty add-on to your subscription (free or paid). This will enable you to not only give loyalty reward points to customers, but will also help you enable customers to choose to convert their cash balance from a purchase into loyalty points, which they can use for later purchases.
In this case, customers’ loyalty reward accounts act like store wallets that they can use to purchase with you in the future.
Open/Close register
Sales staff at a point of sale has to open register at the start of the day by entering the amount of cash in the register. The staff person opening the register has to enter their unique ID in the system. This helps make staff more effective in carrying out their tasks diligently.
At the end of the day, POS staff has to add the closing cash amount in the register to the POS software. The Cash register log page in Loyera gives an overview of the accuracy of cash balance in the cash register for each day. Any discrepancy in the balance is highlighted in red in the Difference column of the log.
Process order at checkout counter
When a customer makes a purchase and approaches the checkout counter to complete the order, then you can enter their mobile number in the POS software to find them in your existing customer list, or add them to the list, so that they are now a part of your database. This database can be used to study customer behaviour and send marketing messages.
After that, in the POS software, select the products chosen by the customer. This will help you record every product sold and will enable you to map each item sold to a particular customer.
Collect cash payment from customers
When you are processing the order of a customer with Loyera POS, you have various payment options to give to customers. Customers can pay through cash, credit card, debit card, mobile wallet, etc. This enables customers to choose their preferred payment method and complete the order. This helps stores achieve more completed orders.
When the customer choose to make a cash payment, the feature of converting loose change into loyalty points can be used.
Convert due balance into reward points
This helps retail stores to do away with loose change to be kept at cash registers and to retain customers. Once Loyera POS software helps you calculate the balance due to a customer after they have made a cash payment, you can offer two options to customers— return the balance due in loose currency or convert the balance into customer loyalty points.
This balance converted into Loyalty points is reflected in retail store’s POS software and in Loyera’s customer app, too. Therefore, with Loyera, your customers can easily track loyalty points earned or added by them to use for future purchases.
Enter cash in register
The cash transactions made can be added to the register with the help of Loyera POS software. You can use Loyera POS to record the cash received during each transaction. This helps at the end of the day to tally the cash in the register with the cash transactions made during the day. This helps correct issues of loss of cash.
As staff members have to login with their unique IDs before being able to operate Loyera POS register features, it helps managers to track the staff that was at the register at any given point of day.
Issue receipt with order details and customer reward point balance
The last point to be carried out in cash order processing with Loyera POS is to issue receipts to customers. Receipts can be issued in print or electronic forms. Electronic receipts are issued through SMS and emails. Receipts issued to customers reflect loyalty point balances of customers.
This helps keep customers informed of the loyalty point balance they have, so that they can plan their future purchases better.
This wonderful feature of Loyera POS not only helps your store go cashless, but also helps you retain customers.
Benefits of turning customer balance into loyalty points
Here’s a quick highlight of the benefits you can get with this feature of converting customer cash balance into loyalty points:
Avoid keeping loose change in registers
The first advantage is that you do not need to keep a lot of loose change in your cash registers to complete cash transactions successfully. A toggle button on POS screen of your software will help you convert balance due to customers into their loyalty points.
Prevent cash loss and theft
As you avoid keeping a lot of cash in your registers with the help of Loyera free pos billing software, you can prevent chances of cash loss or theft. Also, as sales staff has to login with their individual IDs, you can keep track of who processed which cash transaction.
Move checkout queue go faster
With no hassle of returning loose change to customers, sales staff at point of sale is able to complete transactions faster. This helps in moving checkout queues quickly. With checkout queues moving faster, you’re able to satisfy customers and motivate them to complete purchases that they intend to make.
Create customer store wallet
When customers can convert cash balance into Loyera loyalty points, they can use their loyalty point account as a store wallet where they can add money to purchase products with you in the future. This helps them avoid carrying cash when they visit you and to complete transactions and payments quickly.
Customer retention
With more points in their loyalty point account, customers are encouraged to visit you again to make purchases. This helps in encouraging customers to stay connected with you for a long period of time, increasing customers’ lifetime value.
Marketing opportunities
With more money in customers’ loyalty wallets, you can create offers that encourage loyal customers to purchase more often and larger baskets of goods with their loyalty wallet points. These marketing opportunities are effective, as customers already have some money in Loyera loyalty wallets to avail such offers made by you.
Who knew not giving loose change to customers could be such a boon for retail stores? You can use this feature of Loyera retail store billing software in many creative ways to improve your store’s performance in terms of order processing, cash management, customer retention, etc.