Why Upgrading your Business’ POS System | FeeFighters

September 22, 2020

September 22, 2020

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In today’s business world, the point of sale (POS) system has become a key part of operations for retailers. The POS system is involved in several aspects of a business, such as inventory management, funds, and managing the inflow and outflow of products and services within a store. Due to its unique position in key […]

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In today’s business world, the point of sale (POS) system has become a key part of operations for retailers. The POS system is involved in several aspects of a business, such as inventory management, funds, and managing the inflow and outflow of products and services within a store. Due to its unique position in key activities of a business, the entire POS system must be able to function at maximum capacity. 

However, most businesses use their POS systems longer than they are supposed to. This invariably affects how they serve their customers and other crucial aspects of their business. While the average lifespan of a POS system is within five to seven years, recent studies have shown that most businesses tend to use them for much longer.

As a business owner, you should know that your POS software is the hub of activity in your store. Since, as a software, it is comprised of PC-based processors, you must change the system sooner or later. Upgrading your POS system will help your business continue to provide excellent services to your customers and help you avoid other losses. 

Why Should You Upgrade Your Current POS System?

There are several reasons why you should upgrade your POS system. Here are the notable ones; 

Improve POS software and hardware

The POS system works similarly to a lot of other gadgets we use in our daily lives. When you update your store or restaurant POS software, it is highly unlikely that it would perform as well as newer POS hardware. The new software update might overwhelm your older POS hardware, making it harder for it to perform basic tasks and experience freezing intermittently. This happens because the newer designs have better functionalities than the older POS models. They require higher processing power and memory. Hence, by upgrading to a modern POS system, you are improving both your POS software and hardware at the same time. 

Improved customer service

Today’s business world is ruled by excellent and fast customer services. Customers go to companies and businesses that provide them with swift and excellent services. By using the newer POS systems, your business will allow customers to pay for goods and services swiftly. Your customers no longer need to wait for long periods for transactions to be approved or verified. The new POS system can achieve increased operational efficiency and convenience because they have better features than their predecessors. They work faster to boost customer experience. It is also easy for you or your employees to work the cash register due to the reduced-time customers spend at the pay point. The new POS hardware allows data analysis and customer sales integration. Hence, making inventory tracking easier than in the past and improving the general state of the business. 

Increased security

Hackers are increasingly targeting smaller businesses, and the most vulnerable set are those using the older POS system. The older POS systems have more vulnerabilities, making it easier for hackers to steal from businesses and retail stores using them. New POS systems enjoy robust security measures that protect both the company and customer data. Their PCI compliance means that they are designed to keep the data of customers safe when they make payment using their debit or credit cards. They also support the integration of strong antiviral and anti-malware programs and deploy advanced protocols to help protect data in the transmission process. Hence, as a restaurant owner or any other business, your brand loyalty will increase as customers are confident that their data is protected whenever they shop with you. 

Increased convenience for your employees

A new POS system isn’t only going to enhance the shopping experience for your customers; it will also increase convenience for your employees. They will be able to manage business operations easier, allowing them to provide better customer service. Your staff doesn’t have to deal with slow loading times and freezes as the new system is more reliable and has faster processors. 

Why Can’t Business Owners Just Stick With What Works?

“If it’s not broken, why fix it?” It is a phrase some business owners might use to justify not upgrading their current system. However, you should know that without a POS upgrade, your business might suffer from a non-user-friendly payment system, longer payment time, embarrassing delays, and ultimately lack of customer loyalty. Most developers no longer roll out updates for the older POS models, which means that a business using those versions becomes an easy target for hackers and other cyber-criminal. Therefore, there is a need for retail outlets and businesses to continually evolve and grow, and this happens when they upgrade their software and hardware to keep up with customer needs. 

When Is It Time To Upgrade Your POS?

Signs It’s Time to Upgrade The POS System

Some signs indicate that it is time to upgrade your POS system. Watch out for the following signs.

Software is Slow, Buggy, and Complicated

You should know it is time for an upgrade when your retail POS system becomes slow to respond, buggy, and complicated for your employees and customers to use. The low processing power and other advanced feature will limit the function of your current POS system.

Out-of-Date Hardware

It is time to upgrade your business POS system when the hardware becomes worn-out and out-of-date. It makes it hard to carry out inventory tracking or other functions that would benefit your store. 

Outdated Features

When your POS system doesn’t have the latest features, then it is time to change it. A newer system comes with enhanced and latest features that make payment processing and inventory tracking easier. It also provides added security to shut out hackers. 

Limited Integration Capabilities

An older machine has limited integration ability, which is a sign that it is time to overhaul your complete POS system. Newer POS can integrate with a vast number of payment platforms, cards, and more. It can also carry out more functions. 

Outdated Payment Processing

The payment processing of your POS should be fast and should be able to accommodate the increasing number of e-payment platforms. If your system isn’t able to do that, then it is time to go for the latest POS solution. 

Still Not Cloud-Based?

Cloud computing has made so many things easier. Customer data and other crucial company information should be stored on the cloud, and your POS system should help with them. If you don’t operate a cloud based POS system, then it is time to consider using one. A cloud-based POS offers remote and easier access to you as a business owner. 

Too Expensive

Newer POS systems have faster processing times and lower cost of maintenance. As such, if your POS system becomes expensive to maintain and use, then it is time for an upgrade. 

Not energy efficient

Using an older POS system consumes more energy. The newer versions are energy-conservative, saving energy and cost of maintenance in the process. 

How Well Does Your POS Function Now?

To decide to upgrade your current POS system, you need to analyze your current hardware. Here are a few PSO-related questions you need to ask;

  • Does your POS system make work easier or harder for you or your staff, especially during busy periods?
  • Are you using multiple software to handle your store operations, such as inventory, sales, and more?
  • Does maintaining the POS hardware and software consume a lot of your time?
  • Do you feel dejected or sad at the thought of changing item and service prices or other data on your POS?
  • Can you access your POS remotely?
  • Can you conveniently manage customer data from your POS system, or you use other applications for that?

Negative answers to the above questions is a good sign that it is time to upgrade your current POS system and move to a newer model. 

What Do You Want From A New POS?

After acknowledging the deficiencies of your existing system, you need to ask yourself what you need from a new POS machine. Here are some features to consider.

  • Cloud-based operations
  • Faster payment processing time
  • Easy maintenance
  • Remote access to your device
  • Easily change customer information and other item prices
  • Boost customer retention by improving the efficiency of your payment services
  • Track inventories, conduct sales, and carry out other services using a single device 
  • Fewer crashes and maintenance  

How Will Modern POS Systems Meet Your Needs?

Now that you know the failures of your current POS system, here are ways that a modern POS system will meet your business needs. 

  • Creation of a loyalty program to boost customer retention: The modern POS system allows you to conveniently create a loyalty program that lasts longer than the outdated versions. It does this by conveniently integrating with other cloud-based apps, including customer loyalty service providers. 
  • Faster and more efficient payment processing service: the modern POS comes with features that ensure faster payment processing time. The newer system also integrates easily with other payment platforms to ensure users have as many options as possible. This increases brand loyalty and recognition. 
  • Easier access: since every modern POS is cloud-based, it allows easy and remote access to your POS system and its information. As a restaurant operator or other small business owner, you can easily access the data on your newer POS model, a feature that isn’t available with the older versions. Also, you can make changes in-person or remotely to your device. 
  • Increased security: your customer information and company data are safe from hackers when you use the latest POS in your retail store. The developers install antimalware software to help you ward off hackers and other cyber-criminals. 

Get the best POS deal available

Knowing about the latest POS systems is one thing, successfully negotiating to get one for your business at an affordable rate is another thing. This is the part where most businesses struggle. FeeFighters is strategically placed to help you in this aspect and save your business money. FeeFighters is home to some of the top negotiators, and our insider-relationship with credit card companies allows us to get the best available POS rates for your business. Hence, we will increase your profit by reducing the amount you will pay to credit card companies for deploying their state-of-the-art POS system. If we can help businesses save over $270,000 on credit card fees in a year, then we can do the same for you. 

Final thoughts

The mobile POS systems designed today are smaller, more durable, energy-efficient, and offer better services than their predecessors. They offer numerous advantages to retail stores and small businesses due to their faster processors, higher memory, and an increased level of integration. With the modern POS, it is easy for business owners to handle cash register, keep track of sales, worker’s performance, take inventory, and carry out a wide range of other functions. All these features and the costly mistakes of using older POS models makes it worth it to switch to the newer version. 

At FeeFighters, we believe that efficiency is key to scaling any business. And if you want to scale your business, maybe this is the right time to consider upgrading your POS systems to ensure you enjoy all of these advantages.

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