If you have been thinking about how your payments are made and whether or not it might be time to upgrade your system, then you might have a few questions. Much of whether or not you need to make an upgrade can depend on whether or not planning on refining your payment processes, whether you want more information, or you are concerned about security.
Here are some indications that it might be time to upgrade your POS (point of sale) system.
Age of your current system
If your POS system is several years old, then you might have received notices from the best merchant accounts that it’s time to update. A lot might have changed from when you received your current system until now, including updates to your security systems, more tracking information, or software that allows for easier returns or refunds. If your system is several years old and you are still having to swipe credit cards instead of using a chip, then it might be time to make the leap to a new POS system.
You are being charged
While quality merchant providers shouldn’t do this, some will charge you if you choose not to upgrade to a new system. Some credit cards might not allow you to use them as a merchant either—they might require that you upgrade for security reasons or because it makes their company look better. It might not be a large fee, but it can add up over a number of years and you can be missing out on a number of great features that come with having a new POS system.
You are worried about security
Older POS systems also might have weaker security software than newer ones. As cybersecurity becomes more of a concern, it can be important to be on top of security as much as possible. This is where having a new POS system can help you as a business and keep issues concerning your clients’ information safe. When you are dealing with credit card data, you can never be too careful, and an updated POS system can help you assure your customers that you have everything safe and sound for them—even with reoccurring payments.
You want upgraded features
A new POS system not only helps your clients. It also helps you when you are looking for your systems to be integrated and you want to discover trends. If you want to know if you have a certain product that is doing well or that you might want to take off your shelves. If you need any information about clients and you want it pulled up right away, a new POS system can do that in much less time than you might otherwise. The best part is that it makes it much easier for you to keep track of all of your files as a business.
You can have some issues with both your merchant account and your credit card company if you don’t make the switch to another POS system. Along with additional features that give you more data, a new POS system allows your customers to remain safe when they choose to work with your company.