Your point-of-sale system is the backbone of your business. It can mean the difference between fast transactions, easy employee check-ins, and accurate inventory management and costly slowdowns and unsatisfied customers. Unfortunately, POS systems are often the last thing to get an upgrade in most businesses. On average, most on-site point-of-sale systems can last for up to 7 years before they are simply obsolete. While investing in a new point-of-sale isn’t free, it can pay for itself by helping you run your business more efficiently. Here’s why you should consider upgrading your current system.
Your Current System Is Complicated or Slow
It’s definitely time to upgrade when your current system starts to show its age in obvious ways: it’s buggy, too complicated, or just too slow to keep up with transactions. Today’s platforms are incredibly user-friendly to make it easy to train employees without convoluted tasks. You won’t need to deal with freezes and bugs that make payment processing a long and unreliable process.
New Features Can Revolutionize Business Management
Today’s point-of-sale systems do far more than allow you to accept card payments; they also include features that can help you better manage your business. Inventory tracking, for example, is now a common feature that’s more efficient and reliable than outdated methods. New systems can also include other features that can help you grow and manage your business:
- Email marketing and accounting integration
- Customer loyalty program support
- Real-time reports
- Digital receipts
- Social media integration
- E-commerce support for online ordering and online storefronts
- Off-site payment processing for deliveries
- Customer-facing support for gratuities
- Employee tracking
Your POS Doesn’t Support New Payment Processing Methods
Outdated point-of-sale systems may do little more than accept stripe debit and credit cards but the future of the payment landscape includes a broader range of payment options. To keep up with demand from your customers and ensure you’re able to accept their chosen form of payment, it’s time to upgrade your point-of-sale system. A growing number of customers are paying with chip cards as well as Android Pay, Apple Pay, and NFC payments. This doesn’t just help you increase sales; it can also reduce your liability and costs as a merchant.
You’re Ready to Switch Merchant Services Providers
If you’re paying too much with your current payment processor or you’re tired of hidden fees and confusing terms, you may be ready to switch providers. If you purchased your old point-of-sale system, this is as easy as making sure it’s supported by your new provider. If you’re leasing your point-of-sale, it’s a good idea to make the switch. Leasing is more expensive than buying outright. By upgrading to a new point-of-sale system, you can choose a merchant services provider with a better pricing model and a wider variety of advanced systems that will support the growth of your business.