For many start-ups and independent retailers, business software and tools including Point of Sale (POS) are often considered as one-time investments primarily due to costs and maintenance requirements. These business tools and software solutions are often at the core of the strategic plans and take a huge slice of a retailer’s budget. And since these tools including POS solutions are now considered necessary investments in a growing market, independent retailer and novice entrepreneurs invest in POS solutions and stick to these tools for a long period of time.
If you’re a business owner and you have invested in POS terminals and software, then you’ve taken a great step towards competitiveness. But don’t think that leveraging POS solutions end with purchase and installation; effective use of POS software and related solutions also involves on-time updates and even replacements when necessary. Here are the top reasons why you’ll need to update or even replace your POS systems for retail.
Protection Of Consumers’ And Corporate Data
Remember the Target situation where millions of credit and debit card accounts of customers were compromised due to the hacking of their system? According to reports, malware was installed directly on POS terminals, thus compromising the system. In the words that customers can understand- customer credit and debit card details are now open to hackers and can be used freely. This is a scenario you don’t want to happen to your business, and it can be avoided by maintaining or even upgrading the POS system. If you can upgrade on time, then you will not only protect your customers, but you’ll also boost your retail store’s brand.
Update And Maintain POS For Compliance
Updating and maintaining your POS system is also a requirement to comply with governmental regulations. For example, retailers should be on top of PCI compliance that has been drafted by the Payment Card Industry or PCI Security Standards Council. Failure to comply with the standards can mean penalties starting at $5,000 which can be quite painful for those just starting out.
Optimize The Speed And Efficiency Of POS Systems
Point of Sale (POS) systems are designed to work in the most demanding retail environments, but it doesn’t mean that it will be reliable 100-percent of the time. If these are used excessively, particularly a busy component like a receipt printer or touch-screen interface, then there’s a big chance that it will easily fail thus slowing down certain transactions. With this in mind, it’s best to monitor the system and the components and replace when necessary.
These are just three (3) reasons why your POS should always on top of your mind when running your business. Your work with POS doesn’t stop with its purchase and installation; effective use of POS also requires regular checks, monitoring, updates or even replacement.