Your POS system may have been serving you well for the last few years, but with the arrival of the New Year, it's probably time to think about upgrading. Here are four reasons to upgrade your POS in 2019.
Here's where we're going if you want to jump ahead:
Advancements in technology have made what was already easy a few years back even easier today, and that is especially true of newer point-of-sale systems. If your old POS system is starting to slow down, taking longer to perform various tasks, or even starting to freeze, then the faster and more user-friendly software that comes with a newer POS system will improve your situation exponentially.
With better software, a new POS system can spare you from the embarrassment and stress of processing delays.
You can also say goodbye to the counter space issues caused by the bulky hardware of older POS systems since an upgrade to a new one also means you're getting equipment that is much more compact and pleasing to the eye.
There are so many dimentions of your business demanding attention, and you can't possibly be there all the time to oversee every single one of them. POS systemshave enabled entrepreneurs everywhere to manage multiple facets of their business.
Modern POS systems are so advanced that they have morphed into a one-stop-shop. Aside from managing all payment transactions for your business, POS systems are now capable of assisting you in doing inventory, monitoring your labor force, and many other things. With robust analytical reports, every decision you make regarding marketing, employee promotion, and menu updating is substantiated by hard data.
Providing excellent customer service is something that most entrepreneurs are constantly striving to achieve. Your customers are your revenue stream, and without them your business proposition loses value.
New POS technology is loaded with features designed to help them drive sales. Before, we were running blindfolded against the current. Capturing more consumer-centric data at checkout (and throughout the customer journey) opens the door to enlightened exchange.
Let's say that you're planning on implementing a marketing program that rewards your most loyal customers with discounts and a variety of offers to show them how much you appreciate their continued patronage.
Rather than segmenting capabilities over a network of disparate technologies, we're bringing everything under a singular POS umbrella. Promo-related engagement becomes less arduous when you have an extensive customer database at your fingertips and can access everything directly from your POS.
Convenience is king and your level of business security depends on how efficiently you interact with your target market. Of course, the heighted expectations extend into the payments territory. Custom and off-the-shelf POS systems have acknowledged these demands and implemented enhanced features that allow customers to make payments in the way they prefer.
Many mobile users are partial to paying their bills using a mobile wallet. POS systems support mobile wallet payment now – a means of pivoting to remain relevant to a larger (and younger) market. With the wide range of payment options available, processing payments become so much faster, and customers are served better.
We live in a world where just about everything we do is online. Whatever information that exists about us, we assume is accessible somewhere within the infinite confines of the World Wide Web. Total interconnectivity is a double-edged sword we haven't quite learned to fight with yet.
In your case, knowing the credit or debit card details of customers who are paying for your goods or services is legal. What isn't—and you're probably being targeted without you knowing—is when other people try to access all that information that your POS system has processed. Hackers are armed with a toolbox, populated with tactics most of us will never understand.
Cybersecurity is a buzzword this year because we are finally facing our own vulnerabilities. The verdict is in: hackers have the skills and equipment to break through outdated POS systems and all your consumer data is vulnerable to attack.
Attacks disparage brand reputation and challenge consumer trust. You will be known as one of those businesses that exposed its customers to financial and personal risks.
Thankfully, you can avoid all of that when upgrading to a new POS system. Security is a primary concern among software engineers and all deliverable code now comes with advanced measures that will protect any customer data that passes through it. Upgrade to a new POS system, and you will get one with an EMV-enabled terminal that is designed to keep cardholder data transmitted from it fully secure and impervious to hacks. That is PCI compliance at its finest, and it comes with replacing your old POS system with a new one.
While it's true that upgrading your POS system requires a certain amount of expense, the benefits that your business will get from it—from a more efficient business operation to the improved security—makes it worth the cost.
Chad Vanags is the Chief Marketing Officer at Talus, a Dallas, TX-based company that helps small to medium-sized enterprises run their business more smoothly by providing them with reliable payment processing and merchant services. In a previous life, he played a crucial role in increasing the leads, revenue, and customer engagement and retention of several online businesses by helping them develop automated sales and marketing systems, and partner programs. In his spare time, Chad plays table tennis, surfs the waves, and cheers the Cleveland Browns on.
Chetu, Inc. does not affect the opinion of this article. Any mention of specific names for software, companies or individuals does not constitute an endorsement from either party unless otherwise specified. All case studies and blogs are written with the full cooperation, knowledge and participation of the individuals mentioned. This blog should not be construed as legal advice.
Chetu was incorporated in 2000 and is headquartered in Florida. We deliver World-Class Software Development Solutions serving entrepreneurs to Fortune 500 clients. Our services include process and systems design, package implementation, custom development, business intelligence and reporting, systems integration, as well as testing, maintenance and support. Chetu's expertise spans across the entire IT spectrum.
- See more at: www.chetu.com/blogs