Is it time to upgrade? If you haven’t changed your payment terminals to ones that accept EMV (or more secure chip payment cards), the answer is 100% yes.
Beginning October 1, sellers who do not upgrade their POS terminals to accept these cards could be on the hook for fraudulent transactions. SquareUp.com reports, “Previously, the banks and processing networks ate the costs of some of these fraudulent charges. Now that could fall on you.”
The liability, they write, will fall on the source that has the least secure technology. So if a fraudster pays with a counterfeit EMV card at your retail location and you accept and process the payment, you are held accountable. Why? Because their bank made the investment in the EMV chip technology and your location did not.
What does this mean for your business? That you have to upgrade your POS terminals today – and Direct Capital is here to help you do that.
Not only do we offer financing for the Point of Sale equipment you need, but we also have some shopping tips for you. Software Advice, a POS system recommendation company, shared five POS features business owners shouldn’t overlook and we’re going to break them down for you today.
Feature #1: Customer Loyalty Management
We’ve said it before and we’ll say it again – showing your loyal customers some love is crucial to business success. In a survey conducted by Software Advice, they found that 66% of customers would be likely to stop shopping at a store if they aren’t recognized as a loyal customer.
Steve Lankler, Direct Capital’s Senior Vice President of Marketing and Technology, contributed to the Software Advice piece and shared why having these capabilities in your POS is so important.
He said, “There’s much greater intelligence around buyer behavior with these [POS] payment systems. It’s allowing merchants to get more control around buyer data. You start to layer on this new opportunity to understand who your customers are and build loyalty programs around them.”
POS systems are great resources to help you keep track of your regular customers. Having an electronic payment terminal allows you to collect data on your customers’ purchase histories and spend so you can determine who is considered “loyal” to your business.
Feature #2: Sales Reporting and Analytics
Installing a POS system will give you the ability to keep track of top selling items and how much revenue you are making on each product. This will better enable you to focus your efforts on revenue-driving products.
Erica Rios, owner of a Texas boutique, told Software Advice, “Without having [a POS], I’d have to look through all the data on the books and add it up manually. [Now], with one click of a button, I can see what our sales were for that day, what our returns were and how we’re doing on inventory.”
Feature #3: Employee Management
It’s not easy to keep track of payroll if your employees are hand writing their punch in and out times. At the very basic level, POS systems will help with shift scheduling and time clock capabilities. More advanced systems can even help with assigning sales commission to your employees.
And even though you think your business is running smoothly without an employee management system, you’d be surprised how much easier it will be with one.
In addition, if your employees are not managed effectively, it could be hurting your business. The Software Advice survey found that 85% of customers would be likely to stop shopping at a store if it’s understaffed.
Feature #4: Inventory Management and Control
Get rid of the inventory clipboard and stop counting products by hand. POS inventory management capabilities allow you to more easily keep track of what items you have in-stock, when it’s time to order more, and eliminates the need for checking “out back” for something.
You’ll also be able to track and manage inventory by season so you can better understand what products you can remove and what’s most popular in the different months.
If you haven’t considered investing in a POS system that has this feature, not doing so could negatively impact your business. Customers will get frustrated if your shelves are not stocked with the items they need. Inventory management will put you one step ahead and will let you know when it’s time to place an order.
Feature #5: Streamlined Checkout Processes
You’d be surprised how many businesses still don’t even use POS systems for an enhanced checkout experience. Software Advice found that 64% of single-store retailers still don’t have one.
This makes for a very time-consuming check out process for your customers and employees. Having to hand write each individual item and punch it manually into a cash register is not an efficient way to do business.
Rios told Software Advice, “We used to have to hand-write out tickets, and that was horrible, especially if we were busy. The POS allows us to just scan [the items being purchased], and then it calculates everything for us.”
Trust us – your customers will thank you for an easy checkout experience. 82% of surveyed customers said they would stop shopping at a store due to a long wait in the checkout.
The October 1 deadline is coming quickly, so consider these 5 features and invest in new POS technology today.
And, as we said, if you prefer to finance your new equipment, look to Direct Capital. Visit our website or click on the banner below to learn more!