The retail world has been changing with new processes, new technology, and new regulations. With all of these adaptations it’s important to minimize the costs of having to update your systems and processes.
In many countries there are regulations to report all transactions to the FCA, and in some regions POS systems now also need to have certified security features that allow recording of every transaction to combat retailer fraud.
With the end of the Covid-19 tunnel in sight, businesses can fully reopen and will need to be capable of providing the best service whilst maximizing profitability of each location.
Here are a few key considerations to bear in mind when researching retail automation technology:
POS systems consist of different components like displays, desktop mounts, cash drawers, RFID/NFC readers, etc. Additionally, these peripheral devices can be updated or changed individually.
The main problem we see with non-modular hardware is that if any of its components inside fail – and there can be hundreds, the entire device must be replaced. This will most likely result in an expensive service technician call out, and those things take time.
With a modular system it is possible to react faster, repairs are cheaper, and you can often add new elements to the system without having to replace the whole thing. It also minimizes any risks when experiencing power or internet outages
Before committing to a solution, it is important to know if it can be scaled (up and down). Businesses need to be able to respond to the market rapidly which can mean growth or consolidation. If your POS network or cash management solutions require adaptation, this can be even more complex (and expensive!) if your system hasn’t been built with the ability to scale. This is another reason why a modular approach has benefits.
From time to time you will need to update your retail hardware. This can be to account for new processes, currency or driver updates. This can be incredibly disruptive to the store and difficult to monitor if it is a manual task carried out locally. That’s why it’s important to have remote update capabilities – It can all be managed centrally, and you have total control.
Modern technology is made possible because of the internet. This means simplified access to systems and reporting wherever and whenever it is convenient for you in terms of remote access and management.
But what do you do when the internet goes down?
When the internet is down – even just for a short time, accepting card payments only can be problematic and you need to ensure cash is coming in rather than losing customers. Having a thought through solution in place is important to protect your business from unexpected events. Some solutions still grant basic functionality if the internet doesn’t work.
It’s important to think forward. Things can happen. Service plans and extended warranties for those types of essential business tools can be vital. Cover plans can offer the ability to quickly swap a failed device for one in good working order and ensure the least interruption to your business.
Tellermate, for example, has more than 40 years of experience in its field.
Finding a partner who offers bundled solutions can help ensure that you have the right technology for your businesses needs and you get the support that your business deserves. An experienced partner will ensure that your technology works together seamlessly, and you won’t need to address 3 or 4 different providers. This will save a lot of time and money all through implementation, including ongoing maintenance and service.
Reducing labor costs can reduce a retailer’s sales and customers, too
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