- Your hardware is outdated.
Although upgrading your payment hardware every time a fancy new solution arises isn’t necessary, your technology, like any other electronic device, has an expiration date. Since updating to the new iPhone or Android seems like an annual occurrence for most consumers, your business’ technology has the shelf life to be in use a little longer than most consumer goods. However, it’s important to keep an eye on your machines functionality and efficiency. There is a point and time when your software or hardware will go stale, ultimately afecting your business performance and in the worst cases even losing sales.
- Major companies standardize on it.
As mentioned above, there is a technological tipping point. When Google and Apple decided to create a standard for NFC payments, that’s exactly what it became, a standard. Of course, in the wake of the iPhone 6 the business world quickly got in line for point-of-sale systems and terminals accepting Apple Pay.
What this means: If a technology is adopted by major players in an industry, there’s a good chance it won’t be going anywhere anytime soon. In the case that a technological shift can help you deliver a better experience for your paying customers, you can go ahead and upgrade without worrying about a replacement coming in the next week.
- It’s popular among your competitors.
Sometimes, when you see a few stores jumping early out of the gate, it’s not enough reason for your small business to risk spending money on a simple fad. As a small business it’s important to keep an eye out for technologies with lasting power and multiple uses.
If technology is being adored by your competitors and they’re seeing success from it, at least consider the investment.
Data inclusive loyalty programs and rewards are a good example of technology that’s being adopted by businesses no matter the size. In today’s market, loyalty programs have been easy to implement and reasonably priced for years with noticeable impact on businesses that execute them well. These programs provide information about your customers that’s value could be long lasting.
- It’ll boost your income.
While its easy to focus on the cost of new technology, your business should also be focusing on the return value of that investment.
For example, Deloitte an economy research firm expects the usage of mobile payments to increase 100X by the end of 2015. If you aren’t accepting mobile payments you are simply behind, while giving consumers the incentive to shop elsewhere.
What this means: In the world of expanding technology and payment systems, your consumers will expect you to be compliant. It’s usually a good idea to spend more where it counts, and if you can get a head start now and show your customers you’re prepared for the future, you will truly be in the lead.
- It will make your business more secure.
While upgrades may feel like a never ending hassle, it’s important to carefully express important qualities you would like to be associated with your business, such as trust. While mobile payments might seem like a luxury from a tight business model perspective, they can make a large difference in the level of security offered to your customers.
With NFC technology the customer is asked for a fingerprint scan or password before any funds are exchanged. There is then a securely authorized chip that communicates with the device to finalize the purchase. With this method, information is secured, while credit card numbers aren’t a factor.
Security breaches are on the rise and shoppers are wary of the threats to their personal security. Updating POS systems to more secure technology ensures your customers view security as a top priority in your business.
In business technology, there will be fleeting trends, false advertisement, and simply pointless technology. These changes must be carefully implemented into your business, but with a little bit of insight, the payoff can be monumental.