Having a Point of Sale (POS) system is always a good idea if your business exists in a physical location.
POS systems are used as payment checkouts to help with data reports from all transactions in a given time, order information and tracking inventory.
However, just as there are benefits to having a POS system – there are also significant pitfalls that come with using a platform that doesn’t match up to your exact business nature.
Special care is required for POS terminal devices, and your employees must keep the devices in good condition.
If not maintained properly or damaged, fixing your POS requires a hefty fee on your end.
Also, if you’ve been utilising the same devices for a long time, you’ll experience a lot of POS system issues – and it’s possible that the device you use will slow down and lag over time.
5 Signs it's Time for a POS Upgrade
- Reports are difficult to generate, and they lack visibility.
It will be quite tough to manage your business if you do not have the latest POS system.
Your external card processing could get you into difficulty over time. It slows transaction times, which causes your reporting process to be disrupted.
- The checkout process is slow.
If you notice that your customers have to wait long for the POS devices to approve their payments, then this is a bad sign.
The longer the checkout processes, the more likely it is that you will be losing your customer’s loyalty.
- Software is too difficult to use.
You’ll miss out on a lot of amazing new technological perks that help you operate your business smoothly if you use the older version of a POS terminal.
Therefore, you will be dragged down by the old version of POS software, which is already outdated in the market.
- Too expensive.
Budgeting for your business can be challenging because you must carefully analyze each purchase and eliminate anything that isn’t necessary.
You must either buy or rent a terminal device, which requires a large investment.
Therefore, start thinking of a different digital payment method that can help you save more time and money.
- It’s not cloud-based.
If your company does not adhere to the compliance requirement, you may be exposed to additional security risks.
This is because you ran the danger of exposing your company’s data to cyber-attacks and other risks that come with wafer-thin security.
UOB mCollect POS: A powerful boost for QR payment collections
UOB mCollect POS introduces a simple, portable and downright efficient way of collecting digital Quick Response (QR) payments.
While its core function varies from that of hardware POS equipment – UOB mCollect POS can turn your smartphone into a payment collecting device in a matter of minutes.
When the app is downloaded, you’re then well on your way to receiving PayNow (Singapore), DuitNow (Malaysia) and PromptPay (Thailand) payments when your customer scans a generated QR code.
Here are three reasons why UOB mCollect POS powers up your in-store experience:
- Avoid hefty adoption and processing fees where you can
With UOB mCollect POS, you won’t need to buy additional devices to complete your payment transaction.
Simply provide your merchant with a smartphone and you’re good to go. You will be notified promptly after your customer makes a purchase.
This will save a huge amount of money by eliminating expensive and heavy terminal devices and staff training.
UOB mCollect POS also comes with only a 0.15% processing fee for each transaction.
For scale, having a credit and debit card terminal incurs a processing fee of up to 3%! Large middleman fees like these are what keep the costs of operating your business (and even accepting payments) high.
- Compatible with Southeast Asia’s largest digital payments
Instead of forcing your consumers to pay with cash or a single card (with high transaction fees), the UOB mCollect POS accepts PayNow, DuitNow, and PromptPay payments.
Simply input the sale amount, have your client scan to pay the amount, and you’ll have the money in seconds reflected in your UOB account.
In Malaysia, Singapore, and Thailand, UOB mCollect POS is accessible. In Hong Kong, it will be launched in 2022!
Those on the ground (delivery riders collecting payments, sales agents in brick-and-mortar shops, and so on) may be connected to mCollect POS so that you have a firsthand overview on the profitability of your branches as well as notifications of funds.
- Dynamic QR codes let you enjoy more transparency
When you need to collect a payment from a customer or client – the app generates a dynamic QR code that the customer can send with their own device.
Dynamic codes allow you to track the sales invoice down to each customer based on the exact amount they’ve paid and what for – instead of only seeing the total amount of in-store sales each month with other eWallet payments.