7 Common POS Mistakes And the way to Avoid Them
On this article you will get to know 7 Common POS Mistakes And the way to Avoid Them
Today’s cloud point of sale systems make it easier than ever for merchants to sell goods and services. Whether you’ve got a restaurant, salon, mercantile establishment, or another sort of small business, your POS system can assist you get more sales, manage your business, and even leverage eCommerce features like online ordering. However, POS problems can ensue if you …
- Don’t understand what sort of POS you need
- Install your POS system incorrectly
- Don’t train employees on the way to use the POS
Fortunately, most POS mistakes are avoidable if you’re taking a touch time to pick and implement your POS system properly. Read on to find out about the foremost common POS mistakes and the way your business can avoid making them.
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Choosing the incorrect POS
Oftentimes, businesses don’t take enough time to pick the proper POS system. It’s not such a lot the POS hardware itself (cash register, Mastercard swiper, etc.) which will bring big problems, rather the merchant services and technical support provider(s) . For example, some merchants select a cheap POS, or maybe purchase a second hand system on eBay, not realizing that they’re also tying themselves to a merchant account which will or might not be connected to a reputable bank. As a result, you’ll find yourself getting gouged on mastercard swipe fees, face account freezes, and/or need to affect early termination fees. Other businesses choose a POS supported its neat-sounding features or its sleek hardware. The right POS will vary from business to business. And if you would like help picking a POS we’ve got you covered.
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Improper POS System Installation
Installing your POS system might sound sort of a piece of cake, especially if you select an easy iPad-based system. However, in most cases, it’s best to possess the system professionally installed, typically by the POS provider or hardware vendor. Issues with seemingly “little” things like networking cables and software settings can wreak big havoc once you start actually trying to try to do business with the POS. Though some systems have this tendency quite others, customers generally report more glitches when the system isn’t professionally installed. While we do recommend using an EMV terminal—more thereon topic in only a bit—merchants should pay careful attention to the terminal’s debit network settings (you can read more about this issue within the above-mentioned CT article).
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Not Having a Backup Plan
Even if you are doing your due diligence in choosing a top quality POS, it’s always good to possess a backup . This is often especially important if you select a web-based system that can’t process payments without a WiFi signal. Though tons of cloud-based POS’s have an “offline mode” it’s recommended you’ve got a backup “hotspot” connection. some businesses keep a free POS system or mobile payment app handy for once they have problems with their primary POS. otherwise you could use a virtual terminal (e.g., PayPal) as a backup thanks to take payments just in case your POS fails. Really, the more ways you’ve got to simply accept payments, the better!
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Violating your Merchant Services Agreement
Now, i do know you wouldn’t ever intentionally break the principles, but merchants sometimes violate their merchant account agreements without even realizing it. Or a minimum of, they don’t know it until they get hit with an account freeze or sudden termination. In most cases, you’ll avoid inadvertently violating your merchant services agreement and rendering your POS unable to process payments by doing these two things:
- Staying within your monthly mastercard processing limits
- Selling what you said you’d sell—i.e., don’t say you’re getting to sell candy and truly sell vapes
Minimizing chargebacks also will help prevent business-disrupting account freezes and terminations. With some mobile POS’s that use an aggregate merchant account (Square, Spark Pay), you would like to be especially careful to steer beyond any red-flag transactions. Square, especially, doesn’t have any hard-and-fast processing limits, but this unfortunately means you’ll violate your unspoken “limit” without realizing it. (For this reason, we only recommend Square to very low-volume businesses.)You can learn more about preventing freezes, holds, and terminations in reference to your merchant account during this article.
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Not Securing your POS
Allowing your POS to fall victim to fraud is another major POS problem among small businesses. To stop this costly mistake, it’s important to regularly maintain and check your POS to form sure it meets PCI-DSS compliance standards. These tasks include things like keeping antivirus software up-to-date and assigning a singular ID to every person with computer access.Some additional POS security tasks include:
- Securing and encrypting your WiFi network
- Choosing secure password(s) for your POS
- Not operating your system on a WiFi network your customers can access
- Training employees on the way to securely take mastercard payments using the POS
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Employing a Magstripe Terminal rather than EMV
Not accepting chip cards may be a big POS mistake, but one that’s pretty easy to avoid. As long as you’ve got an EMV-compliant POS, you’ll purchase and found out an EMV terminal to simply accept chip cards. But wait, why isn’t accepting chip cards a mistake? in any case, these readers are often expensive, they take longer to process cards than traditional magstripe card readers, and that they can cause you more problems if found out incorrectly. Well, the solution is multifold:
- EMV transactions are far more secure than swiped transactions
- Fraudsters are now targeting businesses who don’t accept EMV
- Many EMV terminals also allow you to simply accept NFC payments, like ApplePayand here’s the important kicker:
- **If your business doesn’t accept the new chip cards then you’re financially liable for mastercard fraud that happens as a result
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Not Taking Full Advantage of your POS
Modern, cloud-based POS systems have far-reaching capabilities, including in-depth reporting and marketing features that assist you usher in more business. However, many merchants neglect to use advanced POS functions and only use their POS to record sales. The chances are good that you simply aren’t taking full advantage of your POS, which suggests you’re paying good money for capabilities you’re not even using. These features might include things like…
- Sales reports
- Email marketing
- Inventory tracking
- eCommerce
- Employee management
To start using your POS to its full potential, learn more about standard POS reports and therefore the advanced POS reports offered by cloud POS software. Also, make certain to require advantage of the support and resources offered by your POS provider. Most POS’s have a free technical help line also as online support resources for merchants.
7 Common POS Mistakes
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