An outdated point-of-sale (POS) system can cause significant issues for your business. You will see the impact of an old system from sales, bookkeeping, inventory, customer satisfaction, and profitability.
Many systems only last between five to seven years and should be updated more frequently with the constant technological change. Here are five signs that it’s time to update your POS system.
Is it time to update your POS system? Contact Cornerstone Credit Services today!
1. Your System Is Slow, Buggy, or Crashing
One of the easiest signs to tell when you need to update your system is when it’s persistently slow, buggy, or crashing. If your customers are trying to make a transaction, it shouldn’t be challenging to complete as it can make them, or you, frustrated.
If your system continually freezes or requires a restart or reboot, it’s time to update. It may also become difficult to train new employees if the system is outdated or complicated to use. They should be user-friendly like Clover and allow your whole staff the capability of using it.
2. Outdated Features
Payment methods are continually changing to make it easier and more convenient for customers to pay. If your POS system can’t keep up with the changes in technology, this can cause several problems. Some customers may only have one payment method and could be discouraged from buying if that option isn’t available.
Some features that your system should have are:
- Swipe, chip, tap-based credit cards, or smartphone payment methods
- E-commerce features (online stores, online ordering)
- Digital receipts or kitchen order screens
- Customer loyalty programs
- Email marketing campaigns
- Social Media integrations
Giving your customers these feature options can make them likely to return.
3. Limited Integration Capabilities
Essential business functions, such as inventory and bookkeeping have become digitally standardized. If your system has difficulty keeping track of stock after a transaction, this can cause significant financial problems for your business. Improper inventory tracking can drive higher holding costs, missed sales, inefficient replenishment, and uncertain cash flow.
If your system has difficulty integrating valuable transaction data, it could cause poor data entry on your books. This can cause problems with your financial costs and decision-making, leading to losing customers by charging them incorrectly. Lousy data entry on your books is known to lead to damage in reputation.
4. Not Cloud-Based
Many newer POS systems are cloud-based now, which can help with retaining data and security. As stated previously, it’s essential to keep track of the proper data on your books. Cloud-based systems can help with storing data in a safe place.
It can also help with security breaches. Your customers need to know that their payment data is protected when buying your product or service. Point-to-point encryption (P2PE) and tokenization can also help reduce card fraud, a significant loss for retailers.
A cloud-based system also allows constant and easily obtainable updates on the software, which can help you stay up to date and protect you from new malware.
5. Current POS System is Too Expensive
Another reason it’s essential to update your POS system is the change of affordability. Older software would require purchasing many pieces of hardware to operate, such as large terminals, servers, or backup servers.
The software is generally cheaper and offers a month-to-month rate instead of getting locked into a contract. They also require less maintenance on your end so that you can spend that time on more valuable things for your business.
It also becomes easier to have 24/7 help from your POS system provider. These people are professionals who can help with any problems you experience with your system.
At Cornerstone Credit Services, we can help update your system to a state-of-the-art POS system. We keep up with the top trends in POS software and hardware, giving you the power to make your business more productive and profitable. Beyond the systems, we provide 24/7 support to provide you with the comprehensive payment solution you need.
Would you like the best POS system and services? Contact Cornerstone Credit Services to sign up today!