A point-of-sale (POS) system is necessary for tracking inventory, meeting sales goals, and other responsibilities. But, how do you know if your POS system is the right one for your business?
Here are some factors you should consider when investing in such a system. Use these as determining factors for investing in the best technology for your business.
Is Your POS Cloud-Based?
This is the most important factor to determine if your POS system is the right one for your business. If your POS isn’t stored on the cloud, then you should consider another system.
One of the advantages of cloud-based POS systems is that provides you with immediate information. The information on cloud-based POS systems can integrate into applications on your smartphone or tablet.
Plus, the data is updated in real time. That means organizations can get real-time information about their inventory and customers. Having access to this information at all times is imperative to your business. It can help you make sound business decisions and cut costs.
Does Your POS Sync with Your Back-Office Tools?
Cloud-based POS systems should have the ability to sync with your back-office tools in real time. If your POS doesn’t have this ability, it’s costing you money in the long run. You won’t know what’s going on with your business, including the day-to-day operations. This can cost you that competitive edge you could have against other businesses.
The information you receive from your POS system should allow you to report sales, make goals, and keep track of stock. It should be integrated with inventory management, customer relationship management, and enterprise management tools. This can allow you to set a budget and plan buying schedules as soon as your competitors do.
Is Your POS User-Friendly?
If your POS isn’t user-friendly, chances are your staff is going to hate using it. An outdated system that’s not user-friendly can cost your business.
A point-of-sale system that prevents staff from performing their best work because of outdated software and tools helps you build a competitive brand.
If you don’t like your POS system because its complicated to use when it comes to sending invoices and making payments, then it’s time to change it. This isn’t just a technology issue. When things go awry because of POS issues, your customers notice.
It makes your business look disorganized and sloppy. Those customers may not even return to your establishment due to these issues.
Does Your POS Sync to Payment Options?
Speaking of payments, your point of sale for your business should offer various payment options. It also should sync to those payment options quickly and easily. Not every POS system is equipped to accept every payment method or technology. You should have a POS system that allows all payment options to be accepted immediately.
The goal of your business should be accepting as many payment options as possible. Your POS system should cater to those who go about their daily lives by using credit cards or mobile payments systems. Offering these payment methods and technologies can help your business stand out among the rest.
Is Your POS Vulnerable to Cyber Attacks?
According to the 2017 Verizon Data Breach Investigations Report, hotel chains, restaurants, and food service industries are common. Cyber-attacks and data attacks via POS systems are all too common these days.
Thanks to the new technologies that make it harder to access this information, data attacks have been on the decline in the past year. But that hasn’t stopped many POS systems from becoming prone to cyber-attacks.
Your POS should be in line with your security goals. It should come equipped with the latest security measures to keep all of your customer’s data safe.
That means your POS system should be PA-DSS compliant with payment partners who are upheld to similar strict standards. This can avoid data breaches and the costs associated with cyber-attacks.
Since technology moves so fast, it’s important to have a plan in place when choosing the right POS system. This means choosing one that understands your security goals and has the tools you need to make your business stand out in an oversaturated industry. This is imperative when you’re willing to invest in a point-of-sale system.