5 Common POS Business Challenges & How Best to Resolve Them
In Nigeria and in most African countries, the POS business is gaining enough popularity and acceptability. Many people today operate a POS business as full-time hustle or run it side by side with their existing businesses as additional sources of income. POS system is now a reliable means of payment for goods and services. However, there are common POS business challenges associated with it that must be avoided.
So, in this article, we would be taking time to analyze these POS business challenges and suggest the possible ways one can avoid or resolve them as they arise. Hence, if you’re ready, come with me, let us explore these common POS business challenges and ways of resolving them.
Common POS Business Challenges
Delay In POS Money Reversal
Just like other payment systems, the POS system operators also face the problem of money reversal issues. This can be regarded as one of the most POS business challenges every POS terminal operates experiences on daily basis.
The delay in the reversal of money from the issuing bank or financial institutions to the owners’ account makes them have the fear of using the POS system for any financial transaction. In most cases, when the customer account is debited without the completion of such a transaction, it takes more than 24 hours or a few business working days for the money to be reversed.
This can be a big problem for people who needed money to solve an urgent situation but cannot access their funds. Due to this frustration, people tend to avoid patronizing the POS system.
How to Resolve Money Reversal Issue
If a customer’s account is debited without being paid, the customer should visit his/her issuing bank and lodge a complaint. The might be requested by the bank to fill out an error form to get his or her money reversed back to the account.
Ensure to fill in all the information required of you correctly. You will get your money back but nobody can assure you of the time. the time for reversal is always too long due to the number of processes involved. It can take 24 hours or even up to a month before the reversal is completed.
Cost of Acquiring the Right POS Terminal
Today’s point-of-sale (POS) systems look much more like a cash register. They are fully integrated with full features that help businesses run more efficiently irrespective of size. No matter the nature of the business, whether you’re opening a restaurant, retail shop, or agent banking business, there is a POS system that best suits the needs of your business.
Most times, people intending to do POS business at first put much consideration into the cost of POS terminal. This makes them buy a cheap POS terminal, not minding the effects of such a product in the long run. Buying a cheap and wrong POS system will cause you a setback in the long run.
How to Avoid It
There is a need to ensure you choose the right POS system for your business to avoid getting stuck with the wrong POS system. Failure to buy a good POS will cause you expensive troubles because it has many drawbacks. Follow this link to read more on the common pos mistakes.
Poor Network Connection
A poor network connection is one among many POS business challenges many POS agents are facing. This can lead to a delay in the time money is expected to drop in a customer’s account when a transfer is made from a POS agent standpoint. The money could even be reversed back to the POS agent’s account instead of dropping into the receiver’s account.
How to Avoid It
POS system operators sometimes experience poor network problems like most other payment apps and ATMs. So, as a POS agent, you need a POS system with a reliable network connection to keep your business running.
To avoid the money reversal problem as an operator, apart from buying a quality POS system, you must ensure you have a quality and strong internet connection. Always have a good source of network connectivity. And if you are facing a network challenge, Avoid carrying out any money transactions till when your network is strong and stable.
POS Security Problem
There is always the problem of security traits in every online transaction, mostly if it relates to data information. As part of the POS business challenges, the security problem is not exempted. Hackers can hack the POS software resulting in your customers’ data information been compromised.
How to Avoid It
To avoid falling into the nefarious activities of hackers, a hacker detection system is fundamental in keeping your POS system and customers’ credit card data information secure.
Make sure to purchase a POS system from a reliable company that includes a hacker detection system in their cybersecurity protection.
A single personal data breach is all it will take to ruin your business. Don’t allow hackers to destroy the business you’ve built because you opted for a cheaper POS system that did not offer hacker detection and antivirus protection.
The main benefit why businesses are switching to a POS system is due to its ability to automate processes and reduce manual inputs. A pure POS system will have the challenges of managing and processing data, updating sales, inventory, and other date information. If the data report you are getting doesn’t add up, it then means there’s a flaw in the POS system.
How to Avoid It
Make sure you purchase a reliable POS system that can give you accurate data reports. Don’t go for a low-quality POS system because of the low price. A good POS system should be able to manage and process data, update sales, inventory, and other date information