Do you have an electronic point of sale system in place? Then you are familiar with how much of a difference it can make to your business. It can accept more payment methods than traditional cash registers while providing a host of other benefits that enable you to look at all aspects of your operations. You can manage inventory, generate insightful reports, estimate sales goals, create customer loyalty programs and more. 

That said, ePOS systems software is not perfect, and you may be due for an update. Similar to how you updated to an ePOS from a standard terminal, your ePOS software might not meet all of your needs and customer’s expectations. Your ePOS software might be limiting you, so how do you know when it’s time to upgrade your system? 

The software lags

It’s time to update, of course, when the software is glitchy and is a significant source of frustration instead of problem-solving. What would the customer experience be like if someone hands you their credit card and it takes an uncomfortably long amount of time to process? 

What if your staff member needs to swipe the card again? Now the customer is frustrated, and they will leave with a sour taste in their mouth (and maybe less likely to return). An ePOS is meant to work quickly, so it’s time for a new one if yours is more trouble than it’s worth. 

It doesn’t update regularly

If you have a local access network-based software, then it’s up to you to update it when it’s time to do so. You will save yourself time and energy, however, if you partner with a third-party provider that offers cloud-based software. The developer should update the system regularly to correct bugs and ensure everything is running smoothly. 

It is also vital that your software is secure. You should care deeply about protecting your customers’ information (and your own, of course), and the best cloud-based software providers regularly update their technology to prevent the likelihood of successful cyber attacks. This way, you don’t have to start from scratch each time, but be sure you are confident in your provider’s expertise. 

The hardware is insufficient

Is your hardware outdated? Then it’s certainly time to update your ePOS system. Not only does inferior equipment slow you down, but it also suggests a lack of security to customers, who are right to be wary of anything that does not offer the utmost protection. According to Enterprise Podcast Network, “One warning sign regarding hardware obsolescence is that your peripherals are no longer repaired but replaced from inventory found online.” These replacement parts might even come from other business owners who have already upgraded their systems. 

Cloud-based ePOS software doesn’t require much hardware to operate. Instead of relying on bulky machinery, you simply need a device (such as a tablet), a place to hold cash, a credit card swiper, and other industry-specific equipment (like a barcode scanner). This kind of hardware enables you to be more mobile, too. 

The system doesn’t provide all the features you need

Your ePOS software should give you a comprehensive overview of your business. Does it not generate detailed and insightful reports? Does it not include inventory management capabilities? Does it not accept contactless payments? Then it’s time for a new system that actually meets customers’ expectations and enables you to grow your business. 

The features mentioned above are pretty standard for retailers. Not every ePOS system is the same; some are designed for specific industries. If you run a restaurant, then you will benefit from software that allows you to manage seating charts. If you’re in the service industry, then you want to be able to schedule appointments and keep track of all the places you need to be. ePOS systems are diverse, and the best ones are customizable to fit your needs. 

Your customer service takes a hit

Your ePOS system should be a helpful tool for improving customer service. Instead, is it taking a hit? It’s awkward for both employees and customers when the latter asks a question and the former has to say, “Just a second, the system is loading.” Your software should provide staff members with easy access to answers, so it’s time to update the system if it keeps both employees and customers waiting longer than they want to.

 It’s also disappointing if an employee tells a customer that the product they want is in stock because they saw it a minute ago, but it turns out that a colleague sold the last one to a customer while they were speaking. An ePOS’s inventory management capabilities ensure accurate and real-time inventory data and prevent overselling. 

You’ve heard that it’s helpful for businesses to have an ePOS system in place, but not just any software option will suffice. If yours is not serving you well, it’s time to upgrade your system to something that actually makes your life easier.