Your EPOS solution is a vital part of your business, as it enables you to perform payment transactions, helps streamline and automate your business and creates very useful reports. As such, you want to reap all the benefits the system and hardware offer you, and avoid any potential mistakes.
Making a Rash Decision
One of the biggest errors you can make is to jump the gun. Many entrepreneurs will go for the first EPOS hardware and software they see and fail to realise they have entered into a questionable contract with their merchant services provider. You may also find if you do not take time to research the right EPOS solutions for your company, that they do not provide adequate training or software upgrades.
Installing Without Help
EPOS systems have numerous settings, which, if improperly used, could cause huge costs for your business. If you require inventory abilities for your system, these need to be properly set up, or you may need to input data again, over and over. Thereby, it makes sense to ask your EPOS provider to set up the system for you in advance.
Failing to Plan For Breakdowns
No system is totally immune to breakdowns, and these can happen at the worst moments, such as during a holiday rush or when you are short staffed. This is why it makes sense to have a backup option. If you use Wi-Fi to process payments, be sure to have a hotspot connection that can be used to process card payments in the event your internet goes down. Another option is to have a secondary system handy.
Violating the Merchant Services Contract
There are several ways you violate your contract that you signed with your merchant account provider, often unintentionally. Regardless of the cause, it could mean your account is frozen, or you are unable to use your POS. Minimise the possibility of this happening by carefully reading your contract before signing, and always ask questions should you have any. Review the contract annually too, to keep aware of the terms.
Failing to Secure Your EPOS System
Small business EPOS systems can sometimes be a target for fraud, especially if laziness or ignorance leads to lax security. Make sure your systems always meet the standard and upgrade the software frequently. Providing each staff member who uses it with a unique ID, encrypting your Wi-Fi network and choosing strong passwords are just some of the things you can do to keep your EPOS system secure.
Under-Using Your EPOS System
Your EPOS system functions as much more than a glitzy cash register. If you are only using it to process customers card transactions, you are missing out on several components which are hugely beneficial to your business. We have touched on these benefits in previous blogs, and they include generating sales reports, developing a customer database to build a loyalty program, managing employee payrolls and conducting e-commerce. If you find you are under-using your system, talk to your provider about how you can use the EPOS system to its full potential.
Get in touch with 3R Telecom today to find out how we can help set up an EPOS system for your business.