What You Need to Know About Upgrading a POS System
Point-of-sale technology changes regularly, so how can your business keep up with the times? One of the best ways to stay up-to-date with the latest trends in technology is to consider upgrading your POS system.
How to know when you need a POS upgrade
There may come a day when you notice that your trusty POS system isn’t running as well as it used to. It may be time for an upgrade if you observe:
- Routine POS procedures become more time-consuming.
- Customer checkout times take longer.
- Price/inventory items scan inaccurately.
- Payments are rejected or delayed.
- Payment authorizations fail repeatedly.
Any of the above issues may be enough to turn a customer off from your business permanently. Customers are fickle. If they don’t get the quality service they’re looking for from the get-go, they might visit your competitor down the street.
Fortunately, these common functionality issues can be fixed by upgrading a POS system. Many times, scanning errors can be remedied with a simple software update. In some cases, a barcode scanner or touch screen monitor may need to be repaired or replaced.
If payment processing has become a major issue in your store, a software update is in order. It’s also recommended to contact your vendor to check if magnetic credit card readers need to be replaced.
POS upgrades in the cloud
As you’re researching POS upgrades for your existing system, you may come across POS systems “in the cloud.” Many retailers and restaurants have made the switch from cumbersome POS systems to cloud-based alternatives that provide the same ordering and payment processing features within a tablet or mobile device.
Most cloud-based POS providers offer convenient iPad or iPhone apps with standard and updated features, including real-time ordering, e-commerce integration, inventory management, gift card processing, and accounting integration. As for speed, some cloud providers advertise as little as 5 second credit card authorization – putting the issue of long customer wait times to rest.
Most cloud vendors argue that it’s worthwhile to upgrade to a POS cloud system for one primary reason: fraud protection. Credit card processors, including MasterCard, Visa, and American Express, will soon absorb the cost of purchases made on stolen credit cards with one contingency – merchants looking for this protection must update to the newest credit card technology on the market.
For minor malfunctions and a slower-running system, a software update can offer a quick fix without the need to replace POS hardware. If your point-of-sale system is outdated, it may be time to bite the bullet and invest in a brand-new system with newer technology. At the very least, upgrading some hardware components, like wireless scanners and mobile tablet registers, can bring your business into the 21st Century.