One purpose of a point-of-sale system is to help your business run more efficiently. As one of the most trusted merchant solutions, it’s a central hub for performing various activities. These tasks range from tracking sales to managing inventory. At some point, you may have to consider whether your current POS is helping or hurting your bottom line. Fortunately, there are some telltale signs indicating it’s time to upgrade or replace your POS.
Fewer Payment Methods
Customers expect multiple payment options. Even though cash is still the top payment method, more consumers prefer using credit cards. The younger demographic also prefer cashless and mobile payment methods, such as SamsungPay and ApplePay. Businesses that want to stay ahead of the curve need a POS like the Clover Flex that can process all or most merchant account types.
Protecting your customers’ data is a top priority. Older POS models are prone to data hacking. This leaves your business and your customers in a vulnerable position. Newer POS software provides more enhanced security features. Because of this, they do a better job of protecting your patrons’ personal and financial information. Any system you purchase should include:
- Antivirus software
- EMV-enabled payment functionality
- PCI compliance
Are you using or thinking about buying a cloud-based POS solution? If so, be aware that these systems are prone to data breaches as well. To boost security on these platforms, make sure it’s equipped with encryption software. Taking these steps protects the data collected during every customer payment transaction.
Fails to Grow
A scalable POS is important to your business growth. As an entrepreneur, your goal is to expand your market share. Can your current POS keep pace with your growth? Chances are it can’t if it’s an older model or if it lacks the following features:
- Free hardware updates
- Customizable features
- Automatically adds applications
- Auto-updates software
It’s not unusual for businesses to outgrow old or traditional POS systems. With this in mind, consider a POS, like the Merchant Account Solutions clover station, that can adapt and scale as your operations increase.
A POS that combines efficiency and affordability is the way to go. The POS industry boom is providing better merchant solutions for business owners. This is good news when you consider the high cost for running, operating and maintaining outdated POS hardware systems. Today, you can achieve better results using less hardware along with simple updates. Plus, there are more ways to save money such as:
- Subscription-based pricing
- Multiple station packages
- Vendor discounts
Your bottom line is vital. The aim is to cut unnecessary costs without sacrificing quality service. By investing in a newer POS system, you can achieve that goal.
Make a Change for the Better
POS is a critical component of your business success. It takes time to research various merchant solutions. However, it’s a good investment of time that can reap huge rewards when you choose a new system. With rapid technology changes, you may find that what worked for you in the past is no longer sufficient. If so, it’s time to change your POS.