5 Benefits of Integrated POS Payment Processing for Jewelry Stores

5 Benefits of Integrated POS Payment Processing for Jewelry Stores | Jewel360

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Like most parts of business, payments are going digital.

A recent report revealed the following breakdown of point of sale (POS) transactions in North America in 2023:

Credit Cards: 42%

Debit Cards: 28%

Digital Wallets: 15%

Cash: 11%

Other: 4%

Based on the data, it’s clear that cards and digital payments have completely surpassed the use of cash among consumers. This is especially true in the jewelry industry, where buying a high-end jewelry item with a credit card is common.

To accommodate these digital transactions, retail stores — including jewelry stores — need payment processing.

In this blog, we’ll discuss integrated POS payment processing for jewelry stores, the difference between integrated and nonintegrated systems, and why an integrated processor is the best option for your business.

Let’s get started.

What Is Payment Processing?

Payment processors work with card and digital wallet providers to electronically transfer funds. The processor also provides a card terminal so customers can insert, tap, or swipe their card.

For each sale you make at your jewelry store, the payment processor charges you a processing fee. Card providers (like Visa or Mastercard) charge fees to the payment processor for every transaction. To cover these costs, the processor then passes fees on to you.

A processor may charge you a variable rate or a flat rate. A variable rate changes depending on the payment method used — meaning if a customer uses a Visa card, the processing rate may be different than if they use a Mastercard. A flat rate stays the same regardless of which payment method is used.

Payment processing is essential for any modern retail store. By educating yourself on your payment processing options, you can determine what your store needs and find a provider that’s a good fit.

Integrated vs. Nonintegrated Payment Processing

A POS system is a digital platform equipped with a variety of features that make running a business easier. Its primary function is to ring up sales transactions, but ones with modern software can also help you manage inventory, engage in e-commerce, communicate with customers, and market your jewelry store.

A POS has a database of your products and facilitates simple sales transactions for customers. The credit card terminal you use to take payments from customers can be connected to your POS system, or it can operate independently. When the card terminal is connected to a POS system, it’s called an integrated processor. If it’s separate, it’s referred to as nonintegrated.

5 Benefits of Integrated Payment Processing

Both integrated and nonintegrated processors can perform the task of taking payment so your business can function. That said, using an integrated processor comes with multiple benefits for your jewelry store.

1. Speed Up Transactions With a Faster Checkout Experience

When your payment processing device is integrated with your POS system, the POS calculates the customer’s total and automatically sends it to the card reader so the customer can pay. When the device is nonintegrated, you have to manually enter the total into the card reader to accept payment.

An integrated solution speeds up the checkout process by eliminating the need for manual entry. At a jewelry store, you want to communicate class, elegance, and simplicity. A streamlined checkout process with one system helps you create this kind of experience and is more convenient for you and for customers.

2. Minimize Manual Errors and Improve Accuracy

Even for the most conscientious employees, manual entry can lead to occasional mistakes. For expensive jewelry items, inadvertently adding an extra zero to a price before charging a card can cause major stress — and potentially damage the customer’s perception of your business.

Using an integrated solution eliminates the need for manual entry and helps reduce errors. This means you can charge the customer the right price every time — building trust in your brand.

3. Resolve Issues Efficiently With Unified Customer Support

Regardless of what digital systems you use, you may experience technical issues from time to time. To resolve these problems and keep your jewelry store up and running, you need reliable and responsive customer support. When your POS and payment processing are from the same provider, you only have one customer support team to work with rather than two.

Since both systems are in sync, the support team can more quickly identify and address complications without shifting blame between providers. With unified customer support, it’s easier to resolve technical issues, which helps you avoid delays that might be costly for your business.

4. Leverage Cutting-Edge POS Technology

Because integrated processing is a more recent development than standalone processing, an integrated solution is better aligned with today’s technology. It not only meets current expectations, but also positions your jewelry store to grow with evolving industry standards.

Using a cutting-edge POS payment processor means your business is well-prepared for future changes in the jewelry industry, and you can offer your customers the best experience possible.

5. Offer Transparent Pricing

Nonintegrated payment processing providers tend to offer variable rates that change depending on which payment method is used. Variable rates can sometimes lead to hidden fees. Integrated processors often offer flat rates, which ensures the rate stays the same regardless of the payment method used. This keeps pricing transparent and makes it easier for you to understand how much you’re paying for processing.

By using an integrated processor, you can run your business smoothly while also saving money.

Launch Jewel360: Integrated POS Payment Processing for Jewelry Stores

Payment processing is an essential service for any modern retail business. The more payment methods you can accept, the more sales you can make. With a payment processor that integrates with your POS system, you can create a fast and convenient checkout experience for each customer.

Integrated POS payment processing for jewelry stores reduces errors, simplifies the customer service process, and helps you avoid hidden fees. By working with one service provider instead of two, you can streamline your operations.

Jewel360 is an all-in-one POS solution designed just for jewelry stores that offers integrated payment processing. With our POS platform, you have access to a full suite of both general and jewelry-specific features, so your business has what it needs to succeed — including the ability to efficiently process payments.

To see Jewel360 for yourself, schedule a demo today!