Ad-hoc systems have pretty much taken over the way we live. So, living in the era of wireless technology, if you’re a business owner you have the job to figure out not only how many types of payment your business must accept but also, by which system it will. For small businesses, the point- to- sales (POS) systems is the standard choice. Being traditional, for small enterprises you may still find the usage of POS systems rather than the relatively new mobile payment options.
Even though mobile payment options provide more flexibility, businesses might still find it more suitable to use POS Systems. The advantages include,
- Elimination of manual entry system as inventory update, complication of sales history, processing and storing of sales data and processing immediate sales transactions are performed by the POS system.
- Enhanced optimization and added sense of security to customers.
- Employee management as POS system ability to provide processing and reporting of the entire enterprise.
- Time efficient and accuracy enhancement.
- Recognition of real cost of products through review which enhanced simplification of inventory management as well as profitability.
- Decision making process enhanced considerably.
- Security and protection provided due to P2P encryption.
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However, mobile systems will soon start to provide a competitive advantage to customers. Seeing how they enable credit card payments virtually anywhere and at any time. While, POS systems still need to fight the cons such as possibility of malware and security breach, the inability to perform payroll application, and the flexibility mobile payment systems have to offer.
In conclusion, POS systems are here to stick around for a longer while especially for small and medium size businesses. Mobile systems lack PCI compliant level of security, are prone to physical theft and can risk sensitive customer data. Hence, businesses instead of adapting to an unfamiliar system will revert back to POS systems for the coming time.