For any business owner today, remaining isolated from POS technology and digital payments is next to impossible. Especially in India, with the rapid transitions that are being made towards a cashless economy, no entrepreneur can expect to thrive and grow by receiving cash payments alone.
Even hawkers, vendors, and small grocery shops are conveniently allowing customers to Scan QR code Android for payment. In this scenario, investing in a good EPOS system is a non-negotiable for any B2C business. But any kind of investment should be done after careful consideration. Here are 5 important points to ponder over, before you go ahead and buy an EPOS system for your business establishment:-
- Select the Right Features
This is where many entrepreneurs tend to stumble. Given the plethora of POS features available today, it can be hard to decide what you require and what you don’t. Ideally, you should take some time and jot down the requirements that are of high priority for your business. Some of the key areas to consider are:-
- Range of payment options provided (whether you want only card swiping or multiple digital payments like scan QR code Android)
- Cloud Storage of all Transactions/Sales Data
- Inventory Levels Monitoring
- Portability of EPOS System
- Loyalty Points/Gift Vouchers Integration
- EMI payments/Buy Now Pay Later Integration
- Request for a Free Trial
More than anything else, the operating system of your chosen EPOS system should be user-friendly. Otherwise, you will end up spending precious work hours and resources on training your employees. The only logical way to determine if the POS software is easy to use is by requesting a free demo or trial. Once you get a hands-on experience, you will be much more comfortable deciding if it is worth going ahead or not. Attempt all the permitted payment modes in the free trial, to fully ascertain the ease of use.
- Assess the Tech Support Services
POS software downtime is a major business deterrent. As a business owner, you should ensure that the EPOS system is efficient and robust at all times. Speak to multiple POS service providers and tell them about your business priorities. Find out what kind of after-sales support and technical support services they provide. Whatever be their assurances, make sure you take them in writing. Furthermore, check their reviews and ratings on multiple platforms online. Find out what verified clients have to say about their EPOS system and their responsiveness towards resolving any technical issues.
- EPOS System Security
Unlike certain features and add-ons that you can forego, EPOS security is an integral aspect that you simply cannot ignore. Here are the top security concerns that you need to check before investing in a new EPOS system:-
- Secure payment gateway/payment processing (Should abide by the highest encryption norms and PCI DSS compliance for card payments)
- Keeping a Check and Balance on Employee Misuse/Theft
- Preventing Unauthorized Access and Data Tampering
- Having a Secure Data Backup in case of any device malfunction
- Sturdy physical components that are tamper-proof
- Opt for Mid-Range Pricing
Walking the tightrope between your budget and quality is always a challenge. As far as investing in an EPOS system is concerned, it is highly recommended that you opt for mid-range pricing. Choosing dirt-cheap models might imply compromised payment security, limited capabilities, and lack of efficiency. At the same time, investing in a high-end system that is way beyond your budget would imply that you have opted for a bunch of features or a monthly transactions volume that you don’t really require. Conduct a detailed online survey of the EPOS systems that could be suitable for your business. Compare their prices vis-à-vis the functionality, security, features, and so on.
Conclusion
Post demonetization, when the Indian government pushed measures to encourage cashless transactions, there was a mixed response. A large chunk of the business community was hesitant to make this transition. But the Covid-19 pandemic has brought most of us to a consensus today, with contact-free, digital payments (like Scan QR Code Android) getting high priority. Both the demand and the supply for a reliable POS have skyrocketed. Keeping the above purchase criteria in mind, the time is ripe for you to invest in a well-built EPOS system.