You may be comfortable with your existing Point-of-Sale (POS) system. But take a moment and look at the current POS environment. You will see around you a change, a shift. Cumbersome legacy POS systems are quickly being replaced by savvy businesses and business owners who have caught on to the fact that better, more efficient POS systems can make their lives easier and even contribute to higher profits.
It is important to not be static and left behind when competitors are rushing to update their POS systems and benefit from their many advanced features.
You may not want to go through the reams of research or lengthy reports which advocate switching to an advanced POS system – one that combines the flexibility of otherwise limited apps and the functionality of otherwise clunky legacy systems. So below we have put together the top five reasons to switch to a new POS system.
Managing InventoryTraditional POS legacy systems are often little more than cash registers. They do not come with the added feature of being able to keep track of inventory levels in your store or restaurant. Not only do certain modern POS systems tell you how much of an ingredient or product you have left, but it can also link this information to which products and promotions sell best for you giving you important information which could affect your bottom line. Never run out of a popular product, keeping up with customer demand or over-stock on an unpopular item with a POS system with inventory measuring. In certain POS systems inventory monitoring is standard and free upgrades will be provided multiple times in a year.
Mobile POSYour older POS system probably doesn’t have a mobile POS option limiting your ability to get important customer information and provide superior customer service. Customers waiting in long lines are less likely to want to take the additional time to sign up for your loyalty program or give their contact information for your database. A mobile POS tablet allows you to line bust, going directly to them wherever they are in-line or in the store. This allows you to shorten wait times, giving you the much needed time to get their information or sign them up to a loyalty program. A mobile POS tablet also allows you to quickly answer questions before the customer reaches the till and pull up customer information to provide tailored customer service.
Data/ReportingYou POS system can be a treasure box of information – if you have the right POS. Certain POS systems such as Vexilor will allow you to gain 360 degree visibility at store, region or enterprise level via data reporting. This allows you to make insightful business decisions based on accurate data which can tell you how well certain products, promotions and employees are doing and what measures to take to improve in any of these areas.
EMV Readiness and Windows XP ExpiryAnother very practical reason to switch to a modern POS system is EuroPay, MasterCard and Visa readiness requirement. October 2015 is the deadline for merchants to be compliant with the new EMV standards requiring a shift from magnetic-stripe credit cards to chip-and-pin cards. Those with legacy POS systems will have to undertake costly and cumbersome updates while those with newer systems will have seamless integration.
Also important to note is that Windows XP is in use by many legacy POS systems but is no longer being supported by Microsoft. Microsoft will no longer be providing new security updates or patches for XP, leaving many merchants defenceless against viruses and malware which could threaten customers’ credit card information. This again can lead to costly upgrades to those using legacy POS systems. A newer POS which comes with customer support and free upgrades will be highly useful to merchants.
Customer ExpectationsAs more and more businesses adapt to new technologies from mobile payment to mobile POS it is becoming a standard for businesses to be fully adapted to the newest technologies. Increasingly technologically savvy customers expect to see the latest technologies deployed at your locations and this includes your POS system. Legacy systems with their clunky hardware no longer meet these expectations and it is not unreasonable to upgrade your POS system to meet customer expectations, stay competitive and improve brand image.
There are a number of reasons to update your POS system. Above we have outlined a few of the major reasons to do so. For more information on why an advanced POS system matters for your business contact us at Givex for an informative chat!