If you’re looking to upgrade your EFTPOS system, there are a few things you’ll need to take into account. How do you make the right decision? How do you prevent wasting money at a time when every dollar is critical? Keep in mind that not every system will have the same, so it’s not a straightforward decision. Here are some key considerations to keep in mind.
Integration
Although this is something that often goes forgotten, you need to remember the integrated EFTPOS features. This means that you have to take into account how the system will work with the software you’re currently using; an older system may not be able to do this. You also need to make sure that it can take advantage of any updates or new features in your software; a system that can’t do this will quickly become outdated.
Thankfully, some excellent solutions allow you to integrate a terminal into hundreds of POS systems which means that you get the best for your business rather than feeling restricted.
Reporting
Elsewhere, one of the most important features of an EFTPOS system is its reporting capabilities. A good provider will offer you a suite of reports that give you valuable insights into your business. These could include things like sales reports, transaction histories, and more.
Being able to track this data is essential for any business owner as it allows you to make informed decisions about your company. As a restaurant, for instance, you’ll learn which menu items are selling well and which ones need to be tweaked. This information is invaluable and can help you boost your bottom line.
Inventory Management
As well as sales reports, your EFTPOS system should also offer inventory management features. This is especially important for businesses that sell physical goods as it allows you to keep track of your stock levels. If you run out of a particular item, you’ll be able to quickly reorder it without having to go through a lengthy manual process.
With inventory management, ordering stock isn’t quite the hassle it used to be. In the past, you might have had to estimate how much stock you need and then place a large order that could take weeks. Instead, you order precisely what you need based on previous sales.
Simple Installation
If you’re like most businesses, you don’t have the time or resources to dedicate to a complex installation process. That’s why it’s important to choose an EFTPOS solution that’s easy to install and set up.
User-Friendly Interface
When you’re choosing an EFTPOS solution, it’s important to consider the interface. You want something that’s easy for you and your employees to use. A user-friendly interface will make it easy to train employees and minimize errors; for example, a touchscreen is a popular option.
Flexible Payment Options
Your EFTPOS solution should offer flexible payment options if you want to be able to accept all major credit and debit cards. Contactless payments are also becoming increasingly popular, so it’s worth considering if you want to offer this option to your customers. Furthermore, the trend of EMV cards is quickly becoming the norm in many countries, so you’ll want to make sure your machine can accept these types of cards.
Security
Of course, security is always a major concern when handling payments, so you’ll want to make sure that your EFTPOS solution is PCI compliant. This means that it meets the security standards set by the Payment Card Industry Data Security Standard.
If a solution is within budget and meets your needs in terms of features, why not get started this year? You could also consider WiFi/3G support, customer support, and contract type.