Posted on September 18, 2015
POS systems are vital to the smooth flow and operation of any business, restaurant or retail. However, far too many retailers and restaurateurs are operating with outdated hardware and software. POS systems are a long-term investment. A lifespan of a POS system is about a decade. If you’re operating your business on decades old hardware, you’re likely to run into a few of these pain points. When that happens, it’s time to upgrade your POS. The good news is that there are many powerful, reliable, and sleek options on the market right now and —with the impending liability shift— this is a great time to upgrade both hardware and software to accept new forms of payment, such as EMV and NFC, and increase customer data security measures.
1. Eliminate payment processing glitches. Payment processing glitches are a hindrance to any business’ operations. They infuriate customers and exasperate staff. When a customer’s credit card is declined and there is nothing wrong with the customer’s account, it has wide reaching implications.
You’ve just lost a sale.
You’ve lost the opportunity to turn the visitor into a returning customer.
You create a negative customer experience for other patrons waiting in line as their wait-time is increased due to the extra time spent on the customer whose card information did not process correctly.
If you upgrade your POS system, you will reduce—if not eliminate—these problems all together.
2. Increase receipt printing speed. The process of receipt printing should span two or three seconds, no matter the POS system. A longer wait, such as 30 seconds or a minute, can seem like forever to customers waiting in line. Your employees will feel pressure to continue moving customers through the line and will grow stressed—as customers grow impatient— increasing the likelihood for other errors to be made.
The extra stress and unnecessary mistakes are perfectly avoidable if you upgrade your POS system. There are so many variables that exist in the process of making a successful sale and ensuring a positive customer experience for each and every individual that enters your establishment. Your POS system should not be one of them. Having the utmost confidence in your POS system is vital—not only for your peace of mind—but also for your business. In an atmosphere where there are so many variables, your POS system should be the control.
3. Invest in up-to-date, reliable hardware. A POS system that yields screen freezes, blue screens and random power downs in the middle of a transaction is well on its way out the door. Upgrading your POS system is an investment, but when done smartly, it’s one that will increase productivity and profits for your establishment. A great POS system upgrade will more than make good on its return on investment.
4. Ensure that your new POS software enhances EMV security with tokenization and P2PE (Point to Point Encryption). With the shift in fraud liability approaching, it’s a great time to upgrade your POS to accept EMV payments. EMV provides stronger protection against fraudulent use of lost or stolen cards, skimming, and counterfeit cards. However, strengthening your security measures further is possible with an upgrade to your POS software.
Encryption: Thieves are able to steal card data as it’s transmitted in plain text from the reader to the POS server or merchant’s central server. P2PE (Point to Point Encryption) protects customer data from the point from which it is captured and maintains protection throughout the transaction. If this encrypted data is ever intercepted, it’s rendered useless to hackers.
Tokenization: Tokenization does not store live credit card data. Instead, it replaces consumer data with a value that is meaningless should it be captured by hackers. This token is what is stored in place of original credit card data. Merchants can use the tokens just like original credit card numbers to run sales reports, process returns, etc.
Upgrading your POS system will allow you the opportunity to upgrade both hardware and software. Ensuring that you are protected in every manner possible will ensure that, in the event of a data breach, you are not responsible for shouldering the liability.
Upgrade your POS and solve these common pain points. You will improve your productivity, increase your profits and safeguard your future.