A POS system can be quite an investment, which is why getting the most use out of one is high up on a small business owner’s list. In time and as your business grows, your POS system will eventually need an upgrade, just like any other software tool.
To be on the safe side, you should be aware of the following risks associated with outdated POS systems:
- Inefficient pricing
There is a good chance that your product inventory has grown along with your business over the years. When your current POS provider adds more fees for an inventory cap they set, it should be a red flag for you. Browse the market – many providers offer unlimited inventory to make it easier for you to expand your product offering without having to pay any additional fees.
- Outdated hardware
Have you experienced problems with the responsiveness or brightness of your POS screen? Are your receipts faded? Is your hardware up-to-date? Accepting payments through contactless, Apple or Google pay has become the norm in recent years, too – is your POS ready for that? It might be time to upgrade your hardware if you are experiencing these issues as an SME owner.
- No flexibility
POS systems need to be able to conduct business transactions and record them with timestamps. They should also perform other important functions, such as helping you manage everything on the move: sales, refunds, reversals, gratuities or phone payments. For your business to run efficiently and seamlessly, these devices should be designed with convenience, security, and simplicity in mind.
- Payment security issues
POS systems and their components transmit data whenever customers swipe a card or enter a pin. As part of this advanced system, a terminal may be attached with keypads, chip readers, printers, inventory tracking systems, barcode scanners, and reporting tools. Due to their lack of encryption, older POS systems may have weak security, making them susceptible to attacks. A POS terminal that does not meet PCI compliance is also a common attack target for hackers.
- Poor customer service
You will eventually run into a question or inquiry regarding your POS system. If that happens, what kind of support can you expect from your supplier in that situation? Find out how to get in touch with customer service if something goes wrong. As a business owner, you want a service provider that can work quickly to assist a busy and thriving business.
5 benefits a smart POS can bring to your business
Business management can be significantly simplified with the right POS system, and it can even generate revenue in some cases. Here are the top 5 benefits a smart POS can bring you:
Hassle-free setup and maintenance
A good POS provider will set up and maintain your POS device free of charge. The most valuable resource you have as an SME owner is your time. POS systems that automate time-consuming but essential tasks will help you set up quickly. Modern POS systems are also intuitive, easy to use, and easy to set up. As easy to use as any smartphone, Ingenico POS systems take just seconds to set up.
By implementing a modern point-of-sale system, you will be able to assess your business on a deeper level and see what is working and what is not. Based on detailed analytical reports from your POS system, you can make strategic business decisions and adjust your operations to support smart business decisions. You can use this information to determine when to run promotions or restock your inventory.
Making payments faster is possible with a smart point of sale. Cash, credit cards, debit cards, and even foreign currencies can be accepted depending on the integrations and terminal. Customer transactions become easier and faster, and employees can get more sales by working more efficiently.
Offer loyalty programs
Customers will be more likely to return to your business if you have loyalty programs in place. In addition to tracking your customers’ spending at your store and offering rewards or incentives, your POS system can also help you manage your customer loyalty program.
Portable and pocket-sized
You will want a POS with extended battery life so you can take payments indoors and outdoors, as well as on the move. It is ideal for small businesses operating at multiple locations or for managers keeping track of sales made on portable POS devices.
Helping you choose a great POS
Using Trust Payments’ technology, the Ingenico Move 5000 is the latest trend in POS terminals. It has all the payment flexibility your customers demand and all the connectivity your staff need to take payments anywhere, seamlessly.
Moreover, when you choose Ingenico Move 5000, your entire business gets added support from experts who understand how you think. Learn more and get set up today.