Running a business just isn’t the same as it used to be. Traditionally, updating a Point of Sale (POS) system has been done every six years or so, with business owners trying to get the most out of their investment as they possibly can before upgrading. However, that may not be the wisest course of action in today’s ever-changing business world. In fact, it has come to the point that outdated POS systems may actually create a competitive disadvantage. We’ve put together four of the many reasons you may decide it’s time to upgrade your POS system.
Reasons to Upgrade Your POS System
1. Your System Isn’t Working Right
If your POS system has slowed down, checkout times are longer, payments are being delayed, or authorizations are failing repeatedly, it’s time to consider a system upgrade. Sometimes a software update is all you need, but electronics wear out, and you can’t keep running the same system forever. Customers are easily swayed by small delays, so upgrading your POS system can be financially beneficial. Upgrading your POS system can also help you integrate your POS terminal up front with your system in the back office.
2. Accepting Plastic
If your system is so antiquated that you still can’t accept plastic, you’re probably losing quite a bit of business. Many younger consumers carry very little or no cash. That means if you want to turn them into paying customers, you better accept plastic. While cash probably won’t be going away anytime soon, only 23% of POS purchases are expected to be made with cash by 2017. If your company is unable to process plastic payment, you’re probably losing sales to your competitors already.
3. Complying with PCI Standards
If you are currently able to accept cards as payment, you’re probably aware that the Payment Card Industry (PCI) security standards are constantly changing because hackers are relentlessly attempting to circumvent new security protocols. If you are attempting to continue doing business on an out-of-date POS system that is incapable of complying with current PCI standards, you are putting your business at risk for significant fines from credit card associations as well as costly data breaches. Remember: there comes a point that software updates are no longer enough and you need to invest in new POS hardware as well.
4. Upgrading to Gift Cards
Many older POS systems are incapable of issuing and redeeming plastic gift cards. As we mentioned in our blog post Who Should Offer Gift Cards, switching from paper gift certificates to plastic gift cards can actually increase sales by 50-100%, and 72% of customers who use a gift card will spend more than the original value loaded on the card. American’s were projected to spend $31.74 billion on gift cards over the Christmas holiday. Getting a slice of a similar pie next year seems like a pretty good reason to upgrade your POS system.
Upgrading Your POS System
Like we said, there are a many reasons to upgrade your POS system. It’s a decision that can make your business better and more competitive. Upgrading your POS system is an investment, and you have to look at it that way. You can’t just focus on the costs; you also have to look at the value provided and the ROI you can receive. If you’ve decided it’s time to upgrade, but you’re still worried about the cost, check out our quality used POS systems to see if there’s something that’s right for you. Source: https://www.businessnewsdaily.com/4394-accepting-credit-cards.html