Published On: August 22, 2023
  • Upgrading point-of-sale systems streamlines operations and improves customer service
  • Some key factors when selecting a new POS system include security, transparent pricing, and reporting capabilities
  • Offer training for your staff on new POS functionalities

As a retailer, your point-of-sale (POS) system is paramount to the success of your business. It enables you to ring up sales quickly and efficiently, streamlining the checkout process. Moreover, your POS software can also serve as a retail management platform, providing you with robust inventory tracking, analytics, and customer care tools. Therefore, selecting the appropriate point-of-sale system and setting it up for optimal performance are crucial.

As a business owner, you may contemplate upgrading your point-of-sale (POS) system when your current one works just fine. However, upgrading to a new POS system benefits you and your customers. Modern point-of-sale systems make managing business operations easier, and customer service improves. It also saves time for cashiers and ensures that employees can devote more time to customer interactions and complete their tasks more efficiently.

New point-of-sale systems are reliable, so you won’t have to worry about system freezes or slow loading times, which can waste a lot of time and leave customers waiting in long queues. Having to constantly reboot point-of-sale systems can be frustrating for employees and decrease their efficiency. It also increases the amount of effort they must put in to serve customers and ensure that they have a good in-store experience.

The Steps to Upgrade to a New In-Store POS Solution

When you’re ready to upgrade your in-store POS system, there are some things you should be aware of. Here is a list of steps to upgrade your retail POS solution.

What POS System is Right for You?

When considering a migration, viewing it as an opportunity to prepare your business for the future is important. Since predicting the future can be difficult, it’s best to prioritize flexible payment solutions.

Our Clover terminal options are a great example, as they can be customized to fit your needs and budget. Whether you start with a simple Clover Mini, a mobile Clover Flex, or a more robust Clover Station Duo with additional hardware options, you can easily adjust and upgrade as your business grows.

When selecting a payment solution, choosing the appropriate payment platform for processing your transactions is essential.

Here are five essential points to consider:

  1. Security: Ensure a safe payment environment

Safeguard your business and customers by choosing a POS system that incorporates advanced security measures, like encryption, to protect sensitive payment data.

  1. Transparent Pricing: Look for clear and fair costs

Opt for a payment platform that offers transparent pricing with no hidden fees, ensuring you have a clear understanding of the costs involved.

  1. Reporting Capabilities: Access detailed insights

Select a POS system that offers comprehensive reporting and analytics tools, allowing you to have valuable insights into sales trends, inventory management, and customer behaviour.

  1. Support for Integrations: Seamless partner connections

Choose a payment solution that supports easy integrations with other business tools and software, streamlining your operations and enhancing efficiency.

  1. Prompt Adoption of New Formats: Stay updated on emerging payment methods

Select a POS system that adapts to evolving payment technologies, ensuring you can accommodate the latest payment methods and meet customer expectations.

Prepare Your Data

Before moving to a new retail POS system, ensure your data is clean. You can do this during research or as part of the migration. Analyze why data became degraded. If it’s a point-of-sale system issue, upgrading your solution can solve it. If it’s related to other processes, fix it before migrating.

Backup your Data

It’s important to regularly and effectively back up your data, regardless of your payment solution. When transitioning to a new payment platform, it’s a great opportunity to review your backup process and ensure that any potential loss is minimized.

Create a Project Plan

To effectively manage a project, creating a plan to keep everything organized is crucial. If you’re running a small business, a Gantt chart may suffice. But for larger businesses, it’s recommended to use proper project management tools. Regardless of your chosen approach, it’s crucial to consider the following three key questions.

What is the Process to Get Up and Running on Your New Payment Platform?

To sign up, you will need to fill out a form with your personal information and undergo a verification process. To ensure safety, it’s best to wait until the verification process is finished before making any transactions on your new payment platform. Although most verifications proceed without issues, some complications may require additional time to resolve.

Your new POS system will also need to be connected to current software and hardware systems. This will ensure you have all the user accounts and payments methods set up and ready to go. When using a trustworthy payment platform, you can anticipate receiving precise instructions on the necessary actions. Additionally, you should be directed to the appropriate instructions for carrying out these steps.

At MONEXgroup, our technical teams are available 24/7, 365 days a year. You can trust that our dedicated team will take care of your POS system and ensure everything runs smoothly from start to finish.

Reduce your operating costs with our full suite of payment solutions

With MONEXgroup as your payment provider you benefit from our all-in-one payment ecosystem with: integrated processing solutions, 24/7/365 support, comprehensive reporting, and much more.
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What Are the Steps to Decommission Your Old Payment Platform?

Consider all aspects of its former usage when transitioning from your old payment processing system. Disconnect and reconnect integrations carefully. Ensure you have login details ready. If forgotten or lost, resolve the issue before migrating. You should be prepared for a smooth transition.

Is it Worth It? Initial Investment vs Ongoing Profit

While the initial investment can be quite high for upgrading your in-store POS system, the long-term benefits might outweigh the initial cost.

New point-of-sale technologies have advanced features and can be incorporated with third-party platforms. They also operate more efficiently, reducing customer wait times. The user-friendly interface enables cashiers to engage with customers one-on-one, support peripheral customer displays, and accept mobile wallet payments.

Integrating the modernized functionality into your current processes is recommended to improve your business operations with a new POS system. However, additional training may be necessary for your staff.

Tips for your Business Operations with New POS System

When upgrading your payment processing system, you’ll likely get new functionality. Train your staff for smooth integration into business processes. It’s also advisable to temporarily keep the old payment solution after migrating to the new platform as a backup in case of any migration issues. Additionally, retaining the old system can make it easier to process returns.

Keep at least one register linked to the old POS until returns are over. You can stop using the old platform once your new payment solution is fully tested. It’s a smart way to ensure a seamless transition!

Are you Ready to Migrate to a New POS Solution?

Upgrading to a new POS system doesn’t have to be complicated with the right merchant services partner. At MONEXgroup, our dedicated customer service will help you at every step and ensure stress-free setup and operation. You will have a dedicated account manager to set up and have everything up and running, and we guarantee to offer the lowest rates.

If you’re ready to upgrade your retail POS system and optimize your payment processing, you can sign up online with a few clicks. If you’d like a free, no-obligation quote, get it here.

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Grow your business with our Full Suite of payment solutions

With over 20 years of industry experience, MONEXgroup creates competitive advantages for your business through customized innovative payment solutions.

Contact us today and discover the right payment solution for YOUR business!

Ask yourself “What is the cost of doing business when having a poor partnership with a payment processor?”. If your payment processing touches various entities, a small problem can quickly turn into a frustrating experience. There is no need for a pieced-together solution with several providers.

As your single point of contact, MONEXgroup is nimble and quick to respond. Have one merchant account, one statement, one monthly fee, one support line, one dedicated account manager. We have multiple gateway relationships, and easy integration with main gateways & acquirers. MONEXgroup is the One-Stop-Shop for all your payment needs.

Consider saving big on operating expenses. Take advantage of our integrated payment solutions and deal with one company for all your payment needs: In-Store POS & Attended Payments, Unattended Vending & Self-Service, On-the-Go & Mobile Payments, and eCommerce, Virtual & Recurring Payments.

We understand the complexity that comes with having to rely on multiple payment processing providers. That’s why, as a MONEXgroup client, you can consolidate your unattended, in-store, on-the-go and online solutions under a single account, with one monthly fee and statement.

By choosing MONEXgroup as your payment processing partner, you benefit from a full suite of Payment Processing Solutions and rely on one trusted partner. We’ve simplified payment processing. Choose our future-proof Integrated Payments Solutions!

At MONEXgroup, we’ve built our reputation on providing the most efficient and extensive level of customer service in the industry. Hundreds of our Google reviews attest to our quality Customer Service.

Technical support is available to you 24/7/365. We pride ourselves with fast response times. A skilled agent is dedicated to your issue and proactively follows up until you are satisfied. We also routinely perform outbound courtesy check-ins to ensure full satisfaction.

We offer quick onsite swap service for terminal replacements. Our rapid response policy ensures that downtime to your business is minimal.

The clarity of our offer and of our statements makes MONEXgroup unique in the industry. Our friendly and proactive Customer Service will patiently review statements with you, to avoid any type of doubt or confusion.

Due to close partnership relationships with acquirers, we able to offer the most competitive Visa, Mastercard and debit card processing rates available on the market. Start maximizing your ROI with MONEXgroup today!

Knowing what drives your revenue is a significant advantage to making informed business decisions. Access the full-suite reporting dashboard to monitor data such as financial transactions, usage statistics, location/regional performance, etc.

Our device allows remote admin access to get diagnostics, check terminal status, set up alerts, and perform updates. You can interact with payment terminals remotely to adjust pricing in real-time, assign permissions to managers, or review transaction history.

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