Running a company means having access to as much information as possible. A point-of-sale (POS) system makes it easier to gain insights and make changes based on a wealth of available data. Increased business intelligence capabilities may allow a company to adjust which products it carries, when it is open for business or how many people it hires. However, that information may come with a cost in the form of monthly fees and possible security risks.
Pro: Get Information Anywhere You Have an Internet Connection
If you have online capabilities, you can access the data from your POS system. This makes it easier to operate your business from home or on the road. You may also be able to look at scheduling and inventory information from multiple locations from one computer screen, which makes it possible to make decisions that can save money or increase efficiency throughout your entire company.
Con: You May Need to Consistently Upgrade Your Software
One of the downfalls to having a web-based POS system is that you may be subject to frequent updates and upgrades. In some cases, you will be responsible for these updates on your own. However, you may also be subjected to updates from your service provider, which may cause problems on your end depending on your operating system and other system properties.
Pro: Know Who Your Customers Are
If you don’t know who your customers are, you won’t be able to market to them effectively. Whether the point of sale is in a physical store location or online, the customer wants to feel appreciated and know that they are worth more than the money that they spend. With a POS system, you can better manage customer relationships and ensure that you meet their needs both now and in the future.
Con: You Could be Subject to Security Flaws
Although your POS system may be PCI compliant, it doesn’t mean that your company or its customers are not exposed to security issues. As many customers will use a credit card to make larger purchases, they could be the target of hackers looking to steal their identities. While newer credit cards come with a chip instead of a magnetic strip, there are still many cards that use the strip that could be vulnerable each time they are scanned. Remember, it only takes one compromised customer or one attack to make your company look unreliable to everyone.
If you are looking to run your company more efficiently, a POS system may be worth investing in. You will have access to more information, have the ability to make decisions across multiple store locations and manage relationships with customers. However, it is important to know the risks associated with such systems to ensure that you find one that best meets your needs.