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What to Look for in a POS Company

Posted by Bryan Wang
our POS is an integral and extremely important part of your business.  It doesn’t matter how savvy your advertising or well-trained your staff if your POS lets you down in the areas of security, innovation and integration with sales enhancing tools such as gift cards. The POS has evolved and you should know about POS innovations for the benefit of your business and sales.

It might be easy and cost effective to go with apps or a given to choose more established (and expensive) legacy systems – but this is not the right approach to take when choosing your POS provider.

Below we go over the key things to look for in a POS provider, why these are important and what mistakes you may be making in conceptualizing a POS provider.Pick a Partner

Your POS provider shouldn’t just provide you with some hardware and then disappear. They should be open to being a partner in your businesses’ success. This means that they show an interest in you and your operations, striving to improve and strengthen your operational efficiencies. For example what if you need technical support? Will your POS company charge for this and only offer limited time frames? Also think about implementation and installation – this can be a complex process. A POS provider who will help you train your staff and watch over your POS operations to tell you if your system is down and have 24/7 support for you if you have any questions is best. Beyond this ask any potential POS companies you are short-listing about what type of attention they will give your file. A dedicated project management professional who will manage and oversee your POS account (such as that provided by Givex) and know your client history and preferences is key.

Choose An Innovator

Don’t think that your only options are apps or legacy systems. It is important to research here and know about POS technology innovations. Vexilor for example bridges the gap between apps and older, bulky systems via its android, cloud based tablets which provide the functionality of legacy systems for a cost effective price associated with apps. Features such as multi-location inventory management, integrated loyalty and gift card programs, customer data collection, easy to understand reports are all capabilities that modern and innovative POS systems have. Also did you know that you can get a POS system which is tailored for your industry vertical? Or that there is a POS which has been designed and tested with the collaboration of real businesses for purpose driven workflows? Contact us and we’ll tell you more! Remember many of your competitors may already know this and have implemented modern POS systems and are benefiting from their capabilities.

Think About the Future

Your POS isn’t just about where you are today – it is about where you want to take your business in the future. You may be a small to medium sized business now but what if your product or service gains popularity and you want to grow your locations or you plan on building out franchisees? If you have an app with limited capabilities which do not include enterprise-level features such as currency conversion, being able to remotely access real-time reports on any location, managing different menu, pricing and promotion across locations you will be restricted in what you can accomplish. Also if you are a big business which wants to expand globally these are important features to have. Be aware that some POS companies charge extra for enterprise features and modules, so ask upfront if this is the case. Also consider that legacy systems may require expensive upgrades to be able to provide you with features such as cross-location reporting and inventory management which certain POS systems come included with. Your POS provider should be well-versed in helping companies grow or go international and even be able to make suggestions, becoming an integral part of your team. If your POS company does not do this, know that there are other options out there.

Always Be Secure

If you have picked a POS which isn’t secure you have taken a route which could lead to a loss of sales, customers, reputation and even your business. We have all heard of the security breaches which have happened at both big retailers and small business recently.  The same could happen to you if you pick a POS provider who does not prioritize security. Two things to ask any POS provider you are considering are; ‘Is the POS EMV ready?’ and ‘Is the POS PCI compliant?’ Know that October 2015 is the deadline in the United States for merchants to be compliant with the new Europay, Mastercard, and Visa (EMV) standards requiring a shift from magnetic-stripe credit cards to chip-and-pin cards. It matters because a major type of malware known as Backoff functioned by scraping or taking credit card information stored in the magnetic stripe on the back of credit cards when they are swiped. EMV belies the need for the magnetic strip mitigating many common POS attacks. EMV cards are also less attractive to attackers as they are hard to clone. It’s important to pick a POS such as Vexilor which is already EMV compliant allowing you to avoid costly and cumbersome updates to your POS system. It is also important that you are and remain PCI compliant. This is a set of requirements designed to ensure that all companies that process, store or transmit credit card information maintain a secure environment. A knowledgeable POS provider such a Givex will be able to go over PCI compliance and its requirements with you.  Beyond this know that many malwares are contracted via Internet browsing on tablets that are used for Internet reliant apps. Choose a POS which limits Internet use for employees to work related tasks.

Pick a POS provider that goes beyond providing you with a product. Instead they should look out for your business health, help you innovate, and take security very seriously.

With the tips in this post you can now pick the right POS company for you!

Topics: Point of Sale