8 signs it's time to update your payment systems

Published: 11/ 02/ 2020

One of the most important elements to running a successful business is keeping up to speed with the ever-changing needs and wants of consumers, and that’s not restricted to trends, tastes and fashions but your payment systems too. 

Not only do customers want convenience and the latest payment options, they expect them, and for some shoppers, a lack of choice is enough to turn them away full stop. 

Are your payment systems up to scratch? It’s not uncommon for business owners to be unsure on the answer, so we’re here to help with our eight signs it’s time to update your systems. 

1. Customers want you to

It might sound obvious, but when you’re rushed off your feet with 101 things to do it can be easy to miss the signs that your customers want you to update your systems. 

Questions such as ‘Do you take contactless?’ and ‘Can I use ApplePay’ are some pretty common examples, and if they sound all too familiar it might be an indicator that it’s time to upgrade.

Top tip: Not sure whether your customers would like more options? Just ask! You’ll really show a commitment to keeping the customer happy and might be surprised at the answers.

2. They’re slow

We’ve all been there, stood at a checkout paying by card when the machine takes what feels like forever to complete the transaction. 

Given the rapid speed at which technology is evolving, it’s tough for old devices to keep up with things like network requirements and programming, and this can slow them down pretty drastically. It might also be down to outdated software or simple wear and tear. 

A slow checkout can lead to frustration and that’ll leave a pretty bitter taste in someone’s mouth, so if your systems are moving at a snail’s pace, it’s time to move on. 

3. You’re restricted

Us Brits have got a great reputation for queuing and being mega patient, but the reality is nobody likes having their time wasted. Your current systems could be restricting you in three ways:

By quantity

If you’re currently operating from one POS and regularly wish you had a second (or third) system to ease your load then this is a good indicator you need to upgrade. Is your queue regularly several people deep? Are you rushing through sales and neglecting customer service to try and work through the backlog? If you answered yes and yes, you know what you need to do. 

By flexibility

Are you restricted to a countertop POS system and often wish you could take the machine to the customer? This likely rings particularly true to those in the food and drink sector. If you could keep customers happy and make more sales by being able to take payments on the move, it’s time to go portable

By payment type

This one’s most obvious, but are you restricted to only being able to accept a handful of payment methods? As we said, consumers want convenience, so if you can’t accept their money the way they want to give it to you, you could be losing out. 

4. Abandoned sales

It’s the stuff of nightmares, but it happens when consumers a) can’t pay how they want to, and b) get fed up with a payments process. 

If you’ve actually experienced losing a sale because you had to say no to a particular payment type, then this is a clear cut sign you need to update - and pronto. But it’s not just face-to-face sales that can be lost, it’s online ones too.

Wondering how to work out if this applies to your business? Using Google Analytics. The free tool gives you data on which pages of your website users are leaving you and if the numbers show it’s regularly on your checkout page, your payments system might be letting you down and costing you money. 

Top tip: for help getting to grips with the ins and outs of Google Analytics head here

5. Maintenance costs

Outdated systems are prone to breakdowns and malfunctions and this can cost you big time. If you’re finding your hardware or software is needing regular maintenance, you’ll be all too aware of the associated costs. 

Perhaps to start with you were under warranty but now you’ve found yourself footing the bill? Typically, companies stop offering support and free updates after a period of time. 

If this sounds true of your systems it’s probably time to upgrade. By switching to a top-spec system and leasing it from a reputable provider (spoiler, like us) you’ll gain access to the latest technology as well as regular maintenance and updates, for a fraction of the cost. 

6. You’re struggling to expand

Have you got your eye on the bigger picture? Maybe your bottom lines are looking buoyant and you want to take the next steps to grow your business but your payment systems are holding you back. Then you guessed it, it’s time to upgrade. 

Outdated systems, lack of features, insufficient terminals, and inflexibility can all restrict your potential because the better, quicker and more efficient your payments, the more customers you’ll be able to serve and money you’ll be able to make. 

For example, if you run a restaurant the sooner you can take a payment and reset a table, the sooner you can fill it with more paying customers. 

7. All your system does is accept payments

That’s all you need it for, right? Wrong, the latest payment terminals on the market can do so much more than those of yesteryear, including:

  • Inventory management
  • Staff performance monitoring
  • Automated reports
  • Identify trends
  • Rota and pay management
  • Collect customer data

Just think of all the time and effort you could save by upgrading to a system that does all of the above (and more) for you. Say goodbye to heaps of paperwork, frantic dashes to the stockroom, and scraping all your receipts together for your accountant. 

If you’re reading this thinking ‘that sounds pretty dreamy’, then it’s time to consider updating.

Good to know: Our EPOS Now Pro-C15 till system offers all of the above and more, and could cost you as little as £65 a month.

8. Safety

Credit and debit card technology has come on in leaps and bounds over recent years, so by sticking with an old-school payment system you might not only be missing out on the advancements but putting your customer’s data at risk.

For that reason, it’s always sensible to keep on top of the latest security features before a nightmare data breach can occur. So, are your current systems compliant with all the latest security requirements? If not, you’ll be liable to cover the cost of fraud and we don’t need to tell you how damaging that could be not only to your bank account but reputation in general. 

Here at takepayments, all our payment systems come equipped with the very latest security technology to ensure both your and your customers’ data is safe, and we offer a dedicated team to help you get compliant on your end too. 

Our EPOS systems, card machines and online payments systems are second to none and accept all the latest payment types as standard, so if it’s time to update your systems and give your business that competitive edge, speak to our experts today on 08082 393254.

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