Point of Sale software is one of the most commonly used software in the retail business. Every business is prone to have the systems that they regularly used and are habituated to. However, the question that we have for you is, do you use your Point of Sale software for the sake of using it, or does it really make you happy? POS systems are indeed widespread and thus easily forgotten when it comes to upgradation. And if your system is not appealing to you anymore, it is most likely in need of upgrading. In this guide here, we will look at why a retail establishment needs to update their POS system over time and other related elements. Let’s take a quick look!
Purpose of a POS system
If you are accustomed to a backdated POS system, you will be surprised to see the new range of features that a modern, updated system has to offer to you. Aside from the basic features, here’s a list of the other things that an updated POS system is capable of:
- Accurate calculations of payment on every transaction
- Recording different types of payment methods
- Maintaining data on inventory
- Creating daily sales (and other) reports
- Keeping track of money in the cash registers
- Maintain information on regular customers
- Determining payroll numbers and proper labor
Updated POS systems do not just give you the features as mentioned above but integrate with the IT of your whole business to concentrate information at one single point. It does not only help you give better access to your system but also provides you with useful insights to help you manage and grow your business. They are even known to be used to create strategic plans and goals. Thus, we hope to make you understand why a POS System, and that too a good one, is so required, especially for a retail business.
Signs to update
There can be too many reasons why you are unhappy with your POS system and trust us when we say that we can name a few right now. If the reasons below match your reason for being unhappy with your system, it has been too long since you had last updated your system, and it’s high time you get one as soon as possible!
- Too slow and complicated to operate
- The hardware is out-of-date and old
- Not only is it slow, but it is also expensive to maintain
- Does not contain new methods and processes of payment
- Contains outdated features
- Has limited capabilities on the integration front
- Is not eco-friendly
- Has no option of Cloud-based operations
Why are updates important?
According to the 2015 Capterra survey, it was found that around 88% of retail companies have taken the initiative towards updating their POS system. They have done so at least once in the past five years. This shows that as many as 88% of the companies know and acknowledge the importance of upgradations in their system.
Expanding your scopes
If you have not updated your system at least once in recent years, then you are missing out on all the features mentioned above. Not just that, updating your system helps you keep up with the current time and trends, thus helping you expand your business too. If you were to see, there are various new methods of payment surfacing today, thanks to the advancement of the Internet. However, backdated systems do not give you the option of working with such modern payment methods, thus decreasing your scope of business.
Backdated POS systems are more prone to be targeted by cybercriminals as they provide no sense of online security and are much easier to hack. This not just causes financial strain but also hurts your online reputation, thus decreasing the trust of customers. Updated systems provide the security that lacks in the older versions, safeguarding you from any potential cyber-crime, as well as promising a sense of security to your customers with their (credit card processing) pieces of information.
In the short run, updating your POS system might be a bit of an investment, but in the long term, it will prove to be economical. Also, due to advancements in the field, the contemporary model will be much cheaper than the initial versions, thus saving you a significant sum of money. The maintenance for such software is not too high either.
The financial stress
The next thought that ought to pop up in any businessman’s mind would be the financial question. If you are going in for an upgradation, indeed, it will not come for free. You will have to invest. Though the cost of modern POS systems is way cheaper than just a few years ago, investment is still an investment, and it will cause you a bit of financial stress. However, as mentioned above, investing in a POS System will prove to be fruitful in the long run.
Then what should you do? You may approach the problem in two ways:
- You may take up a one-off business loan, or
- Keeping in mind that updating your POS system is a recurring cost, you may create a provision in your business planning dedicated to it.
Whichever option you prefer, keep in mind that you must update your POS system every five or so years. If not, you may fall behind your competitors, as updates are sure to come in the future.
In the end, we hope that through this article, we were able to give you enough information about the POS systems and why it is essential to update them from time to time. The updating procedure may indeed be a bit on the expensive side, but to stay on top of the game, it becomes essential for you to do so. Therefore, if you are thinking of updating your POS Software Australia, you may do so now or risk losing out on all the advantages that modern POS systems provide the world of retails businesses.