Why Updating Your Electronic Point Of Sale System Is Important?

Posted by Epos Direct UK on March 16th, 2023

An epos system is one of the foundational systems that retail and hospitality businesses rely on. However, precisely because epos systems are extremely common in the retail industry and retail and hospitality businesses use them daily, it can be easy to overlook and forget to update them.

If you have not recently updated or upgraded your epos system, you may be surprised by the sophistication of modern epos systems. Instead of simple payment systems, today's electronic point-of-sale systems offer a variety of automated tools that can streamline your business processes and improve the customer experience. It is one of (many) reasons why you should choose a complete epos system for your retail business like the one offered by Epos Direct. If you don't feel the need to upgrade your epos system, you should. Working with a system that hasn't been updated means you may not be able to complete certain types of transactions and may even expose your business to security threats, such as attacks.

In this article, we'll look at what an epos system can offer, why it's important to keep your system up to date, and how you should approach the cost of a system upgrade.

What can the epos system do? 

If you are working with an outdated epos system, the functionality of the new systems can be surprising. A list of tasks a robust POS till system UK must be able to perform, including the following:

• Calculate the accurate payouts for every transaction
• Save payment method
• Track money in the cash register
• Generate regular sales reports
• Determine the correct number of employees and payroll
• Maintain inventory data
• Provide regular customer information

In addition to these "basic" functions, a quality POS system integrates with your broader infrastructure, including your online payment system. It means it must be able to handle recurring payments and includes support for new technologies like in-app billing and cloud infrastructure.

At best, modern epos systems can even help you streamline more strategic goals. If you're looking to build a strong E-commerce community around your brand, making sure your epos system provides optimal functionality can be an effective way to encourage loyalty. Excellent brand and customer reviews.

The importance of updates

If you haven't updated your epos systems for hospitality in a few years, you're probably missing many of the features I listed above. You're also in the minority among retailers: A 2015 Capterra survey found that 88% of companies have updated their point-of-sale software in the past 5 years, indicating that most businesses Retailers value the need for updating.

There are also some more practical reasons why you should update your POS system. Five years have passed since the end of 2015 deadline for major credit card issuers to implement EMV point-of-sale systems, but many are still working with unmanageable point-of-sale systems. Chip and PIN payment processor. Not being able to accept this type of payment can undermine the trust customers have placed in your business and can also lead to legal consequences: businesses that don't use a point-of-sale system support EMV and fraudulent transaction execution will be held responsible for the client. ` losses.

In addition, epos systems that have not been updated for a few years are increasingly targeted by cybercriminals due to the security holes they contain. Being the victim of a hack not only has serious financial consequences but also affects your online reputation. For this reason, it is important to have a point-of-sale system that helps you avoid the pitfalls of credit card processing and comes with dedicated support.

Finally, upgrading your epos system can save you money. Advances in epos hardware over the past five years have meant that modern retail till systems are often much cheaper than their predecessors and also come with lower monthly maintenance costs.

The Bottom Line

Ultimately, the purpose of your epos system goes far beyond accepting payments from customers. Complete epos systems have become an integral part of the modern business environment, and you can integrate them with many other systems you use.

The benefits of updating your existing epos system are manifold: enhanced functionality increased security, and potentially reduced costs. Upgrading your existing system is a more dramatic step, but can offer equally impressive benefits for your business. First and foremost, you need to realize that the majority of retail businesses use epos systems that are less than 5 years old. Therefore, if you are still using an old system, you run the risk of being left behind by more advanced competitors.