The point-of-sale terminal you purchased several years ago may be processing payments just fine. Nonetheless, the truth is that the updated terminal lacks several good features that could be setting your business back.

For instance, the terminal could lack current security features, inventory management capabilities, and integrated data analytics. Find out what a point-of-sale system is, and discover more reasons to consider an upgrade from US Card Solutions.

What is a Point of Sale Terminal?

What is a point-of-sale system? A POS system is hardware that processes card, mobile, and contactless payments. It is a vital asset for retail stores, restaurants, supermarkets, hospitals, and other businesses that process multiple payments daily.

Why Upgrading Your Point of Sale Terminal Matters

POS terminals keep evolving to fit the ever-changing payment processing demands. For instance, unlike the old units, new POS systems process all forms of payment, including mobile wallets and contactless payments.

These advanced terminals allow customers to make transactions using their preferred payment option, apart from the capacity to process all payment options, upgrading your point of sale terminal matters for the following reasons.

Improved Checkout Speed

Newer terminals have faster processors, improved connectivity options, and optimized software. These technologies enable your business to process payments in seconds. With a new unit, you will reduce wait times at the checkout counters.

Improved Customer Satisfaction

Switching from your old POS to a new terminal is a great way to improve customer satisfaction. The reason? Newer POS terminals have excellent checkout speed, advanced security, and increased ability to accept almost all payment options.

Streamlined Inventory Management Management

Some modern POS terminals do not just offer payment processing. But they help you monitor product movements and alert you when the stock has reduced beyond a set level. The POS systems prevent revenue loss as they eliminate issues like stockout.

Enhanced Sales Strategy

Besides tracking inventory, modern POS systems can analyze customer behavior, sales trends, and inventory performance. After the analysis, you get valuable insights that can help you optimize pricing and promotions to increase sales and profits.

Excellent Financial Security

All modern POS systems are typically designed following PCI DSS security standards. These terminals use advanced security measures like encryption and passwords to safeguard payment transactions. They will protect your customers from fraudulent transactions.

The Types of Point of Sale Terminals

There are several types of POS systems, each designed for unique business needs. For instance, some units are designed for small businesses with limited transaction volumes, and others are ideal for large enterprises. Some of the POS systems you’d consider upgrading to include the following:

• Mobile Point of Sale Terminals. A mobile POS is a lightweight, rechargeable portable terminal that helps you process payments on the go. These point-of-sale systems are ideal for mobile businesses like food trucks and event vendors.
• Countertop Point of Sale Terminals. Countertop POS terminals are large, stationary units for checkout counters. These POS systems help process transactions in retail stores, grocery stores, and large enterprises that process many transactions.
• Integrated Point of Sale Terminals. What is a point-of-sale system? The integrated POS is smaller than the countertop POS and larger than the mobile POS. This POS is great for businesses that want a unit they can move around easily and yet robust enough to handle numerous payments.

Make a Difference For Your Business Today

Scaling up your business doesn’t always necessitate costly endeavors like extensive marketing campaigns or aggressive expansions. Sometimes, you need simple upgrades to catalyze growth, profitability, and customer satisfaction.

One such upgrade is transitioning from an outdated POS to a modern version. This seemingly minor change will reduce cart abandonment, increase customer loyalty, improve sales, and bolster your reputation.

Check our payment processing plans and seek expert guidance on upgrading to a better POS.

IMG Credit: Taras Vyshnya