A point of sale (POS) system is more than just an order taker – using an outdated system can drain a business of its profits, decrease productivity, and even limit your competitiveness. Upgrading your POS system can give you five advantages to help the overall functionality of your business.
Enhancements Create Competitive Functionality
If your business is operating with POS hardware or software that is more than five years old, you may be operating at a disadvantage. Upgraded software empowers business owners with the ability to gain a deeper understanding of their customers, personalize services, and operate more cost-effectively. Many POS Systems are now able to fully integrate with loyalty program applications which can show which customers are using loyalty rewards, what their shopping habits are, and which promotions that get the greatest response. This allows owners to create more targeted marketing campaigns that are more likely to result in greater profitability.
Protected Technology Offers Safer Transactions
Upgraded POS systems can give business owners peace of mind when it comes to processing payment transactions. EMV technology reduces the possibility of chargebacks due to unauthorized purchases. Keeping payment card data “out of scope” limits the opportunities for hackers to gain access to your systems and steal this data. By upgrading your POS system, the areas of your network that store your customers’ data are more protected and can help protect your business from the costly effects of a data breach.
Greater Control of Operations Processes
Your POS system can provide data to help you make better predictions of demand for products and send automatic alerts when more of these products need to be ordered. Some data may even help you to manage relationships with vendors and negotiate pricing.
Many POS systems have features that keep accurate records of labor, such as employee clock-in and clock-out times, prevent overtime hours, optimize schedules, and much more. Using the POS labor data helps to prevent over-staffing and the casts that are associated with it.
As your POS system ages, it will inevitably need upgrades. The longer regular updates are postponed, the more costly they can be – often surpassing the cost of an entirely new system. Older POS systems are often more difficult to scale when adding more terminals or locations, or when integrating with new applications.
An advanced POS system is no good if the hardware it’s running on is out-of-date. The ideal hardware will have a powerful processor, adequate memory, and solid-state drives.
Many POS systems offer cloud-based backups and storage. This enables you to store and access data and applications locally with a cloud backup that keep your business running in the event of an internet outage or natural disaster. Cloud-based software ensures you are running the most up-to-date software, including security patches to protect against cyber-attacks.
Enhance Customer and Employee Satisfaction
Today’s customers are not going to be patient when an outdated POS system causes delays and service interruptions. Many consumers use technology to shop, order, and pay for products and services all at the touch of a button. If your in-house operations are lagging, you may lose your customers’ loyalty.
Much like consumers’ expectations have changed, so too have those of workers. Your employees may grow impatient if the technology they need to perform their jobs successfully is not up-to-date.
While it may seem counterintuitive to invest in new or upgraded technology with the goal of improving your return on investment (ROI), it is important to trust the numbers. An in-depth analysis of these five areas will help you make the right decisions when determining when to trade in your old POS system for a new one.