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Report: It may be time to consider new POS technology

New York – For many retailers, it may be time to consider investing in a new POS system. According to a new report from touch-screen POS terminal and peripheral vendor Posiflex Technologies Inc., fingerprint biometric technology provider Digital Persona Inc., and Chain Store Age, “How Do You Know If It’s Time to Upgrade Your POS System?,” rapid advances in omni-channel technology in the past several years have radically changed the nature of POS.

Instead of serving as simple transaction execution devices, POS systems now serve as links to a customer’s loyalty and behavioral history across all channels. In many instances, POS platforms also need to extend to mobile and customer self-service devices, connect to social networks and otherwise extend beyond standard fixed terminals.

Yet many retailers still operate the same POS system they were using five or even 10 years ago, leading to slower transactions and increased risk of fraud and theft, resulting in lost profits.

Upgrading the POS can also speed up customer service through features like omni-channel connectivity, which allows customers to gain quick access to online loyalty accounts, special mobile offers and other “seamless retail” features. This opens up the walls of the store and lets customers take advantage of every channel in which retailers do business at the physical point of sale.

In addition, biometric security technology offers built-in protection against internal theft and fraud at the POS. Fingerprints provide accountability, which is a strong deterrent to employee theft. Requiring a fingerprint login versus a password or card protects against employees granting access to unauthorized personnel, impersonating managers to approve improper overrides, sharing passwords, improperly clocking themselves and coworkers in and out, and otherwise abusing or misusing their access to POS systems and data.

Download the full report here.

© 2014