updated - October 22, 2019 Tuesday EDT
As payment and POS technologies continue to evolve at a rapid pace, it is more critical than ever to make sure that your POS equipment is up-to-date. The lifecycle expectancy of POS hardware is shifting from an average 8 to 10 years, to a significantly shorter average lifespan of 4-years. This drastic reduction in lifespan the rapidly-changing nature of technologies which constantly render each other obsolete.
With this in mind, if you're running your business on what is surprisingly an already-outdated POS system, you may be putting your business at risk of a security breach. In any case, you ought to be advantage of the sheer power of current technological innovations - it can truly do wonders for your business when it comes to productivity and customer satisfaction.
If you aren't already convinced about the necessity of having reliable merchant transaction procedures at hand, here are a few things to remember as you start your journey in the nuanced world of merchant processing services.
1. Sophisticated POS Systems and Merchant Processing Devices Collects Important Data
"Big data" describes the volume of information that is being collected on from consumers on a day-to-day basis. This mass of info is a large influence on how businesses reach out to and connect with consumers. Modern POS systems are able to sift through all a great deal of information that small businesses collect from their customers, offering ideas and insights that would not otherwise be considered. This could significantly improve the way you run your business.
2. Older Operating Systems are Vulnerable - But You Don't Have to Be
Because old machines are incapable of running new software, the operating systems by which your POS device runs could become more vulnerable to basic cyber-attacks, given that older machines no longer support security updates. In recent years, Microsoft, for has stopped supporting any and all versions of their Windows XP operating system. Prior to this announcement, Microsoft would release a new security patch each week, working round the clock to discover flaws in their operating systems. By moving on from XP entirely, the system itself is rendered unsafe - but nevertheless, it is still a software that too many POS systems continue to run on.
This discontinued support means that a hacker could easily - if not instantaneously - locate a security flaw and quickly exploit your machine and gain access to it, along with all of your sales and so much personal information. Not only does an outdated machine make you vulnerable, it puts the safety of your customers at risk.
3. Merchant Processing Companies Are Here To Serve You
Fortunately, there are an array of companies to help you get started when you do finally decide to upgrade your POS system - Swift Payments is especially diligent in all things related to merchant processing services. Not only do they have exceptionally reasonable rates (with no hidden fees), they prioritize the satisfaction and comfort of their clientele above all else.
Moreover, reputable companies of this nature have a great deal of leeway when it comes to technology. Typically, they will work well with EMV-enabled credit cards, or "smart cards", which have an embedded microprocessor that provides useful security features. Swift Payments, moreover, has an extensive list of modern debit and credit transaction devices that are not only speedy, but very durable. Their portability will guarantee an enjoyable customer experience at the till, taking up less space and making it easier for your employees to maneuver.
No matter the size of a retail or restaurant business, upgrading your POS system is, without a doubt, in your best interest - by preparing your enterprise for the future, it'll surely stand up to any potential obstacles.
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