As a retailer, one of the essential features of your business is your POS (point-of-sale) system. Unfortunately, POS systems are also a prime target for cybercriminals, so your system must be safe and secure. If you begin to lag when it comes to security for your POS, it can lead to many serious issues. Internal security is critical because anyone at any time can be a potential risk to your business, and regardless of the size of your business, you don’t want to take any chances. Even if you have the best employees, it’s important to think about your POS system’s security. Here are just a few reasons why POS security is critical.
Business Runs Efficiently
Most people remember waiting several minutes for the older credit card machines to dial-up a network to authorize your transaction. Modern, reliable POS systems are an improvement over the older approval machines. They allow the lines at checkout to move quickly, which ultimately helps keep your customers happy and possibly prevents them from reconsidering their purchase. But, if the POS system is unreliable, you will have the opposite effect. For instance, if your POS system goes down, it may be hours or even days before the problem is repaired, and you’re able to process payments. Reliable POS systems have a security system that helps keep the system running if your server, Internet, or network goes down, which allows you to process credit cards through a private network or dialup connection.
Customer Information is Safe
In 2014, there were data breaches among a popular retailer that ended up costing them millions in damages. Hackers accessed the credit card and debit card information of thousands of shoppers, which resulted in customers having their financial information and personal information available to the hackers. The court system initially found no injury to the customers because all of the fraudulent charges were reimbursed. These customers have since appealed the case because of the money and time they lost dealing with the matter. This means to retailers that if this ever occurs to your business, you will most likely lose all of those customers for any future sales, which may cost you millions in sales. This is why it is critical for your business to invest in a secure payment solution, especially when it comes to mobile payments. A reliable POS system keeps your customer’s information safe, which allows your customers to feel comfortable and at ease when shopping at your business.
Happier, More Loyal Customers
As a retailer, you know that your customers are always right; they are the bread and butter for your business, so ensuring they’re happy is your primary concern. Investing in a secure, reliable POS system is a great way to keep customers happy. A reliable, secure system means that your customers can get the goods they want when they want while avoiding long lines because of waiting for payments to go through. A closed system means that they know their information is safe and allows them to continue shopping at your business with confidence. When customers know they can safely shop at your business, they are more likely to become loyal customers. Keep in mind that the chances of selling to existing customers are greater than new customers, and it costs more to attract a new customer than it does to keep your existing customers. A reliable and secure POS system not only allows you to help increase your business revenue, but they are critical for maintaining your good reputation and encouraging customer loyalty.
Investing in POS security will allow you to know every aspect of the sales generated through your business, from understanding the employee’s ID number to what time the purchase was made. This will allow you to keep track of what takes place when individual employees are using the system, which will enable you to know if there is any wrongdoing done by specific employees. You can monitor everything in regards to your cash registers and sales.
