Doing something the same way just because it “works” is no way to run a business. While your current ePOS system may be getting the job done, you have to wonder if it’s getting the job done in the best way possible.
Change is hard and can be scary, but one of the best technologies that you’ll ever invest in for your business is a modern ePOS system. These systems not only decrease transaction times and increase sales numbers, but they’re also endlessly beneficial.
While there are all sorts of benefits to using an ePOS system, there are also risks to be aware of. Buying the incorrect POS could be a waste of hundreds, possibly thousands of dollars; but at the same time, this system can streamline business operations and give you access to data so that you can make smart decisions.
So is an ePOS system an asset or a liability? Here are some things to think about when looking at your ePOS system.
Is This the Right System for Your Business?
There are dozens of different ePOS systems on the market. One of the biggest liabilities that business owners face with these systems is making the right decision. Because there are so many different ePOS systems to choose from, it’s hard to know which one is best for you.
Choosing the wrong system can make it a huge liability and a hassle to use.
Whether you’re buying your first ever ePOS system or upgrading to something more modern, it’s crucial that you pick a system that is designed for your industry. You don’t want to purchase a retail ePOS system if you run a restaurant!
By taking the time to research available ePOS systems, including the industry they were designed for, the system will be much more of an asset.
How Easy Is the System to Use?
EPOS vendors spend a lot of time developing a product that has all of the bells and whistles. Many go above and beyond by creating a system that creates reports, manages employee hours, tracks inventory levels, and so much more.
The problem is that vendors focus on all of the extra features while forgetting about the original purchase of an ePOS system.
The underlying purpose of an ePOS system is to process sales quickly and more effectively. This means that processing sales, refunds, or even splitting payments should be as quick and easy as possible.
If the system you’ve implemented is confusing to use, it becomes a huge liability. The key to choosing an ePOS system is to take advantage of demos and free trial periods. Get a hands-on feel for what the system is like, how it works, and what the UI offers.
Does it Improve or Hurt Customer Experience?
An ePOS system that’s seen as an asset instead of a liability is one that enables your business to provide top-notch customer experience. Consumers don’t like to wait. They also don’t enjoy having limited payment options.
A quality ePOS system that will benefit your business and your customers should be intuitive and up-to-date. Some of the most modern systems offer:
- Digital receipts
- Easy returns, refunds, and exchanges
- Ability to pay with cash, credit, debit, EMV, and mobile payments
- Loyalty programs
The bottom line is that in order for an ePOS system to not be a liability, it needs to enhance your business’ ability to offer a great experience for all of your customers.
How Accessible is the Data?
Legacy ePOS systems are stuck in the past. More often than not, they lack the ability for users to access system data from anywhere at any time. You shouldn’t have to be at your physical store in order to see sales numbers and inventory statuses.
With newer cloud-based systems, data is entirely accessible. This means that when you’re on vacation or meeting with a potential investor, you can have peace of mind that you’ll have access to the data you need.
There’s nothing greater than being able to make data-driven decisions no matter where you are.
Is Your Data Safe?
One of the biggest risks in using an ePOS system is the potential for data theft and loss. These systems not only store sales data and inventory levels, but they also keep track of customer data. To prevent your ePOS system from becoming a liability, you want to ensure that the hardware, software, and peripherals are hardened and protected against hackers and thieves.
The more secure the system is, the lowered chance there is of a data breach. Not only are data breaches expensive, they often cause a loss of sales and customers. Make sure that customers fully trust you with their data by using a properly secured ePOS system.
Conclusion
An ePOS system can be both an asset and a liability for your business. It all depends on the type of system you choose, how you use it, and how you protect it. Keep this information in mind to ensure that your system remains to be a business asset that will serve you well for years to come.