Many events cause delays for small businesses. Oftentimes not enough foot traffic comes through the door, while other times poor marketing strategies or inexistent online presence don’t attract enough customers. Sometimes in-house logistics cause failure; outdated credit card processing could have this effect. Avoid these risks with this guide on how often to update your credit card processing system at your small business. The following sections highlight signs that it may be time to update.
The System Is Impacting Profits
Naturally, it’s time to update your credit card processing system if it’s impacting profits. There are many reasons why a small business could lose sales. Poor marketing, bad customer service, and inexperience could all lead to business failure. Still, many of these could stem from inefficient credit card processing. When your POS systems are outdated, they can cause inefficiency in your retail establishment, restaurant, hotel, or other small business. Cashless payments are becoming increasingly common with bank cards and mobile technologies, and an outdated system may not handle this. When you see profits decrease, consider this as an additional factor.
It Causes Long Wait Times
Similarly, it’s time to update your credit card processing system when it causes a lag in wait times. Every small business relies on fast, smooth payment transactions. Restaurants use front-of-house POS systems, retail outlets and stores have checkout counters, and hotels use receptionist desks to handle rooms and services. There is a persistent problem if these areas start to backlog and wait times increase exponentially. Long wait times can lead to unhappy customers and negative reviews. Most people know customer retention is important for business success, so keep wait times short with a new POS system.
Cards Frequently Jam or Fail to Read
Last, when credit cards frequently jam, it is an obvious sign you should update your machine. New and well-conditioned bank cards should not jam in a processing machine. Credit card processors should also read the cards effortlessly to send the data from the merchant to the bank provider. Still, if delays occur often from jamming or readability failure, it’s time to update the hardware and software involved.
Fortunately, our BPAPOS legacy point-of-sale systems efficiently process credit cards and other forms of cashless payment. Our signature retail accounting software ensures credit card processing, inventory, bar code printing, and complete accounting software all under one system. Manage loyalty and gift card programs, security, integrated payments, and complete business functionality for an effortless experience.