In 2015, Starbucks suffered a loss of more than $4 million because of a simple glitch that prevented sales during the course of a few hours on a busy day. The malfunction affected them internationally (between Canada and the USA), which multiplied their monetary loss.
This loss was triggered by a simple and easily avoidable malfunction. That is, despite being such a large corporation, it is clear that they did not prioritize their point of sale (POS) system. Luckily, business owners have ways to grapple with and even anticipate such a glitch.
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First, it’s important to seek out a trustworthy merchant services provider, such as the Malaqy Group, as opposed to such companies as Visa or Mastercard. Indeed, the right company can help you prevent these problems from ever happening. They will provide the best possible customer service and guide you every step of the way.
In short, they will help you overcome whatever glitch may be interfering with your business. The fact of the matter is that providers like Visa, who have absurdly high volumes of customers, are more likely to encounter unforeseeable technological troubles.
You might also want to avoid the vastness of the internet, if possible, by switching to smaller networks. Use a locally installed system to avoid being dependent on WiFi. This will keep your business safer from hackers coming in from the outside. It will also allow your business to evade WiFi outage issues entirely, which are mostly out of your control.
Understandably, however, many people are determined to use the latest cloud system on the market. If this is the case, at least purchase a high-end internet package from a reliable provider. You want to be using the very best WiFi connection possible. Additionally, good hardware, it goes without saying, should accompany all of this extensive and elaborate software.
Train your staff and have a specific set of guidelines for them to follow, if ever you should be without a payment processor. For example, make sure everyone on your staff knows what to do during those hopefully rare times when your business can accept only cash.
Despite taking all of these precautions, problems can still arise. A glitch can still happen.
Technological conundrums are sometimes out of our control, after all. However, no matter how severe the situation, maintain a clear head. Stay cool, and keep any monetary loss to a minimum. Even if you’re unable to completely prevent a glitch.
Nothing is foolproof, but it’s important to do the best you can to protect business transactions.
Specifically, adopt the best possible security measures at the point of sale. When you do, you will protect your revenue. What might be even more important, though, is that you will protect your business’s reputation. And that, without a doubt, is one of the best reasons to be proactive about the safety of your payment processes as soon as possible.
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