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Five Types of POS Solutions to Avoid at All Costs

January 20, 2017

Five Types of POS Solutions to Avoid at All Costs

When shopping for a point of sale platform, you want to be sure you are looking at POS solutions that will meet your specific needs. There are so many different POS solutions, from old-fashioned cash registers to the new generation of smartphone and tablet transaction systems. The technology is changing quickly, and you want to consider POS technology that can grow with your business.

According to Let’s Talk Payments, there are currently more than 13.9 million POS terminals in the United States, excluding the growing number of mobile POS solutions. Ninety-three percent of those POS systems are mag stripe readers. However, most of these terminals will soon be outdated thanks to the mandated changeover to EMV smartcards. This means retailers and restaurateurs will be shopping for new POS systems.

Here are some of the things to avoid when shopping for POS solutions:

  1. Only accepts cash or credit cards – There are a number of new payment systems entering the retail market, from Apple Pay to Google Wallet to Bitcoin. Although it’s still not clear which of these new payment formats will dominate, smart retailers are hedging their bets by adopting new POS solutions that can handle multiple forms of payment.

  2. Not ready for EMV payments – EMV is coming. The deadline for EMV card conversion is October 2015, and just about every new POS system on the market is EMV-ready. This should be a checklist item for any POV solution you choose.

  3. Won’t interoperate with mobile technologyJavelin Research predicts that mobile POS systems will be a $5.4 billion market by 2018. Mobile is catching on like wildfire, and although many retailers and hospitality providers are finding mobile to be the ideal POS approach, it’s not for everyone. However, it makes sense to adopt an extensible POS system that can integrate mobile to handle floor sales, inventory, and other needs.

  4. The POS system is too complicated – You want to have power in your POS platform to track sales, inventory, product variations, customer profiles, and more. However, if the platform is too complex to use, those features become useless. Make sure the front-end of the system is easy to use and leave the complexity to back-end processes.

  5. Doesn’t integrate with other back-end systems – If you are going to rely on back office systems to manage operations, then you need a POS solution that can integrate with back-end software for supply chain, inventory control, CRM, etc. Data captured at the point of sale should be able to give you a complete portrait of your operation.

  6. Isn’t extensible to the cloud – Just as mobile POS technology is becoming a “must have” for retailers, more businesses are relying on cloud data storage and cloud computing to extend their business processes. Whether that means using the cloud to add new remote locations or using the cloud to support more data capacity, such as for big data, having cloud computing as an option for future expansion will provide maximum flexibility.

  7. Doesn’t have adequate support – Too often POS buyers, especially smaller businesses, try to economize by buying the cheapest POS solutions they can, cutting corners on features but more importantly, on support. Without the right support you can’t maximize your POS investment. Have the expertise you need available to aid with integration and expansion.

These are just some of the pitfalls to avoid when shopping for POS solutions. Take a hard look at your current POS needs and think about your needs for the future. Only then can you start determining which POS solutions are right for your business.