Businesses today rely on technology for everything from merchant account solutions to employee time cards. Unfortunately, advances in digital technology do not slow down, which means many companies may be operating with outdated systems. One system that is crucial to operations is the point of sale system. When was the last time you upgraded your POS? Are you using a clover 2 or something else? If you aren’t sure when you last updated your system, then here are five reasons it might be time to do so.
1. Outdated Software
Many POS devices currently operate from Windows XP, which is now a discontinued software. Microsoft will no longer be providing support for security updates for the XP software. If you are running a POS system that uses XP, then it is time to upgrade. If you do not, then even if you have credit card processing for business no monthly fee, you run the risk of being exposed to hackers and thieves. Instead of taking that chance, especially with private financial and consumer information, find a system that works with more current software platforms.
2. Data Limitations
Older systems might not allow you to collect all the information you need to efficiently. For example, perhaps there are no automated forms on your current platform for online sales or email lists. Newer systems are more robust and set up for the way businesses must currently work. Also, beyond the consumer experience, more modern POS devices are allowing for a more streamlined workflow with limited redundancies.
3. Security and Mobile Pay
If you accept credit card payments, then you have likely heard about the more stringent regulations being placed on credit card security. Near Field Communications (NFC) and Europay, Mastercard and Visa (EMV). The NFC is pushing for mobile pay accessibility, and the EMV is aiming to reduce the number of hacks involved with POS systems and magnetic strips. Older devices are likely incompatible with mobile pay applications, and they might also lack the necessary security measures to make consumers feel safe.
4. Hard Drive Backups
If your system predates cloud storage, then you likely have a computer in a back office that is keeping records of every POS transaction. While there is nothing wrong with this approach, it is limited and less effective than cloud storage systems. Although some business owners might not feel their data is secure in the cloud, it is necessary to understand that cloud servers for POS systems are among the most secure finance systems.
5. Limited Features
With all the different apps and consumer and business needs, it is necessary to have a system that is capable of a variety of tasks. Older systems were not intended to work with the varying forms of payment or business structures of today, which is why an updated system is almost mandatory.
A POS system is a wonderful device for aiding in the organization of a business. However, it is only as useful as its ability. Unfortunately, that means some older devices will need to be recycled or upgraded. Contact your merchant accounts holder to discuss newer POS models.