Investing in technology is one of the biggest business decisions you’ll make. You want to ensure your business is benefiting from what’s available, but you don’t have the budget to buy every gadget that comes to market. For a retailer, this technology decision often hinges on when to upgrade the POS equipment.
Here are some things to consider that will help inform your decision about when it’s the right time to upgrade and choose the right POS system for your business.
If you have these pain points, then it’s time to upgrade before losing those sales.
Every retail operation experiences pain points that indicate their POS equipment might not be providing the same level of service and efficiency as needed. For example, your sales volume may be on the rise, but you notice there are glitches in payment processing. These glitches might include credit cards that inadvertently get declined even if there is nothing wrong with their account or processing takes much longer than normal.
Screen freezing, slow receipt printing, and other issues that affect uptime may cause customers to grow impatient and impact how they see the shopping experience with your retail brand.
If you are spending too much time on troubleshooting when you could be engaging your customers or working on other marketing strategies, it’s a sign you need to upgrade your POS hardware and software.
If you are concerned about security and data breaches, then it’s time to invest.
With so many data breaches and responsibility resting squarely on the shoulders of the retailers who experienced them, you may want to upgrade your POS equipment to minimize this risk. Older POS equipment may be more vulnerable to thieves and allow them to break in to your system.
However, new POS equipment has been enhanced with EMV security and other solutions like tokenization and P2PE (point to point encryption). This will reduce the risk of skimming, counterfeit cards, and various hacking measures.
If you are looking for ways to boost your customer loyalty and revenue, new POS equipment may be the answer.
The latest POS software can double as a marketing tool, offering a way to maintain a customer database to provide personalized deals, suggestions, and coupons. You could also use this additional feature to create a loyalty rewards program to boost sales and keep customers coming back to you. Another feature provides you with a way to expand your payment options, which can also attract and retain more customers because they appreciate you now accept mobile wallet payments or other type of alternative payment method.
If your customers always need to stand in line to check out, then you need to upgrade your POS processes now.
Think about the possibilities of a mobile POS (mPOS) solution that allows your cashiers to walk around your store and approach customers rather than shuffling them into a long line. Or, if you have wait staff, then you can give them a tablet to process payment right at the table rather than disappearing for what feels like forever to the restaurant guests. New POS equipment can allow you to do this, creating a more engaging, positive experience for them.
If you can’t process chip card payments, then get a new POS ASAP.
Most banks have issued new chip-enabled debit and credit cards by now, so it can be a real revenue killer if you can’t process secure transactions because your card reader doesn’t offer the functionality. Minimize your fraud risk and protect your customers’ card data by upgrading to a POS system that offers EMV processing.
If you are having inventory tracking issues, that’s another sign that it’s time to upgrade that POS equipment.
Does your inventory tracking not seem as accurate as it once had? If you can’t reconcile the difference between what you should have in your inventory and what your POS system says you have available, it might be time to upgrade. A new POS system uses advanced technology to offer accurate real-time inventory management to improve your efficiency, costs, and customer satisfaction.
Work with your payment processing partner to understand what type of POS upgrades are available and what these options can achieve for your business. If you have any of the above issues or pain points, then now is the time to act and add the technology solutions that add efficiency, enhance the service experience, and build customer loyalty.