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As a small business owner, it's easy to see each expense as a burden. Try not to get caught in the mindset trap of viewing every dollar spent as just an expense. Some costs are necessary—they're investments that can pay for themselves and bring significant returns. Think of your star employees or marketing. But what about your consignment software?
Consignment software should be more than a tool to save time and money. With the right approach, it can actually pay for itself and offer additional benefits.
Don't believe us? Here's a story from one of SimpleConsign's satisfied customers who owns a thriving consignment store:
"As I began to grow, I realized my old technology was holding me back. At first, the monthly software expenses stressed me out. But I quickly realized I can set up different fees for consignors, vendors, and just about anything. Now, I don't pay anything for the software. I am so happy I switched!"
Let's dive into how to make your software work for you and maximize your returns.
1. No More Outstanding Checks, Turn to ACH
With SimplePay, SimpleConsign’s payment processor, consignors can manage their banking info and set up ACH payouts. Say goodbye to outstanding checks on your balance sheet. Imagine the time and money saved on bookkeeping alone. With SimplePay, you can set a fee for each transaction, but keep in mind that ACH fees are $2.50 per payment. By charging a fee above that amount, you can start earning extra. For example, if you have 300 customers and charge a $3 ACH fee per payment, you could earn an additional $150 monthly. It’s convenient for your customers and can be profitable for you when managed wisely.
2. Set Your Own Consignor Fee Schedule
Managing your time is crucial, especially when handling finances. Chasing down payments can be a hassle, but with SimpleConsign, you can automatically deduct fees from consignor accounts, saving you time and effort. You can set your own consignment terms, including item, check, and credit card processing fees. Plus, with SimpleCollect (coming soon), vendor malls can automatically charge booth rent fees to their vendors' credit cards, streamlining your operations even further. To learn more about what types of consignor fees are available and how to set them, visit Consignment Fees 101.
3. Better Reporting
Knowledge is power, and SimpleConsign's reporting capabilities put that power right in your hands! With our advanced reporting tools, you can easily identify your most profitable items, helping you decide what to focus on for future intakes. Quickly spot stale inventory that’s taking up valuable floor space and make informed decisions on markdowns or promotions. Analyze cost vs. retail to ensure you’re pricing items optimally. End-of-day reports provide a clear snapshot of your daily transactions, giving you valuable insights into your store’s performance. Plus, with Consignor Access, your vendors can view their reports in real time, saving you from countless “how much money is in my account” calls.
Make Your Software an Investment, not an Expense
It's tempting to see every expense as a burden on your small business. However, some costs are investments that can ultimately pay off. Consignment software is one such investment. When used properly, it can save you time and money and even generate additional income. By leveraging features like SimplePay, customizable fee schedules, and detailed reporting, you can make your software work for you and achieve maximum returns. Don’t let outdated technology hold you back—explore the possibilities of consignment software today.
