A traditional point-of-sale (POS) system is no longer the same cutting edge technology that is available for your storefront as it may have been two decades ago. The digital age of advanced technology and the information superhighway has pushed it out of the way to make room for a much more efficient alternative – the cloud-based POS system. You can profit from making this transition in four different ways.
Stay Ahead of an Evolving Market
Regardless of the type of business that you have, it is always important for you to remain at the threshold of innovation and change. With each passing day, your competitors are striving to find new and efficient ways of being you when it comes to convincing your customers to buy the same products from them instead of your company. Therefore, you always need to stay two steps ahead of the market. By investing in advanced technology, such as a cloud-based POS system, you can achieve that goal.
Think about all of the mobile applications, loyalty programs, and other features of your business that are specifically tailored to the technology of today instead of yesterday. Having a cloud-based POS system will allow you to take full advantage of all of those perks.
Faster Resilience from Technical Difficulties
When faced with a technical issue or glitch, a traditional POS system may experience a complete shutdown and extended downtime. This is often the case if you are suffering from a computer virus that has infected the entire system. Take into consideration the amount of money that you will have to stand or technical support, the re installation of your programs and software, and other types of damage control that may become necessary. On the other hand, having a cloud-based point of sale software that’s easy to use will minimize those costs and allow you to get back online and back in business in a relatively short period of time. Therefore, you will be able to win back the sales that you would have loss due to the downtime that would’ve been experienced with the old system.
Future Incentives from Major Credit Card Brands
One study has confirmed that within the next two years, such major credit card brands as Visa, MasterCard and American Express will bear the full responsibility for the total costs of goods that are purchased with stolen credit cards. However, according to Entrepreneur.com, this provision will only be made available to businesses that are fully equipped with the newest technology. Therefore, you can be missing out on an opportunity to improve the efficiency of your loss prevention system and recuperate more of that lost money later if you don’t upgrade in a timely manner.
Save Money on Associated Fees and Expenses
Another benefit that you need to seriously consider when it comes to making the transition between a traditional POS system and a cloud-based POS alternative is the extensive list of associated fees and expenses that you will not have to pay. For instance, you are usually required to pay a standard software licensing fee for each individual register within a traditional POS system, in addition to an annual maintenance fee that can range between 18 and 20 percent. In most cases, you will also have to pay additional costs for training and technical support as well, according to the Small Business Administration.
The Bottom Line
An added bonus that you need to take into consideration is the advantage of mobility and an increased level of efficiency that simply can’t be provided through a traditional system. Even though it may seem like a major inconvenience to make this type of transition, you would actually be inconveniencing yourself and your business so much more by deciding not to do it instead.