Suntoyo Singapore

Building A Resilient Retail Business: How To Safeguard Your POS System

PART 1 – INTRODUCTION

As the owner of a retail store or F&B establishment in Singapore, your point-of-sale (POS) system is undoubtedly one of your most essential pieces of equipment and a significant driving force behind the long-term success of your enterprise. After all, it handles just about every aspect of your business, from processing payments to planning your employees’ work schedules.

However, your POS system’s versatile functionality makes it a prime target for malicious hackers, as it also contains sensitive information like customer addresses, account numbers, and emails. That is why modern POS systems are typically equipped with various security measures, such as encryption, firewall, and intrusion detection and prevention software, to protect your crucial data.

Despite these features, it is still up to you to ensure your whole system, from employee to network, is as secure as possible at the end of the day. All it takes is one slip-up for your business to be compromised. The fallout from such an attack can have devastating effects on your brand. So, let us explore the different threats to your POS system and what you can do to safeguard your customer data.

Learn More: The Ultimate Guide to Choosing the Best POS System for Your Business in 2024

PART 2 – COMMON THREATS TO YOUR POS SYSTEM

2.1. Overview Of Potential Risks

It can be easy to dismiss security threats to your business, thinking they will never happen to you. However, complacency can often leave the door open to criminal activities. Insecure networks, outdated software, the use of unlicensed and unsecured third-party integrations, and the theft of devices or passwords, sometimes through scams, can leave you vulnerable to attacks.

In fact, there have been numerous recorded cases over the past decade where several F&B and retail POS systems were targeted to obtain personal details or payment information. Therefore, it is essential for you to comprehend the potential threats your business faces so that you can understand how to safeguard your assets better.

Common Types of Threats Your Retail Business Faces 

Risk #1: POS Malware
Virus Detected

Malware attacks are one of the most common cybersecurity threats. Yet they remain challenging to detect. The infiltration can often go under the radar for months or years before the issue is noticed. By then, you could be looking at significant damages to your enterprise due to the security breach.

Here are some of the most common types of POS malware attacks:

1. Spyware

Any software can be classified as spyware if it is downloaded without the user’s authorisation. Once the malware installs itself onto your POS system, it invades your device, searching for sensitive information and uploading the stolen data elsewhere without the end user’s knowledge.

2. Trojans

Most Trojans are designed to take control of a user’s system, stealing data and inserting more malware on the victim’s device. This software can disguise itself as a legitimate programme, usually accessed via a file or email link, to con unsuspecting users into clicking and installing it.

3. Keyloggers And Skimmers

Specific malware (keyloggers) are designed to record and log every keystroke made on a computer or mobile device. This can be problematic. Your employees’ password and yours, not to mention any customer data you key into your system, could be compromised.

Meanwhile, skimmers are equally disruptive; they can be disguised to look like part of a card reader. When an unsuspecting customer swipes their credit card, the skimmer attachment will collect the card number and PIN code, which can then be replicated into counterfeit cards.

4. OAuth Hijacking

Open Authentication (OAuth) manages identities and secures online areas across third-party services. While this is a convenient way to offer users temporary and secure access tokens, it can also be used to attack retailers through third-party sites. For instance, if a customer can log in to their account with you through a third-party login, their user data can be at risk if your business or the third-party app is hacked.

5. Ransomware

When ransomware infiltrates your system, it can cut off your access to customer orders, computers, and emails. In recent years, an increasing number of ransomware programmes can even hold your business data hostage, with hackers threatening to release the information online unless you pay a ransom.

Risk #2: Hardware Tampering
A Person Paying Using A Credit Card at A Retail Store

Not all threats to your POS system are software-related. Criminals can interfere with your POS hardware, such as the card reader, to steal valuable data. With the prevalence of self-service kiosks in retail and F&B outlets, hardware tampering is becoming an increased risk for many business owners.

Risk #3: Brute Force Attacks
A Computer Hacker

Even with the latest cybersecurity updates and measures, cybercriminals remain undeterred in trying to steal your business data. Often, they rely on brute force attacks, which usually involve guessing your credentials to gain access to your POS system. Therefore, it is crucial for you and your employees to maintain strong passwords to minimise the likelihood of being hacked. We also recommend implementing restrictions on the number of login attempts.

Risk #4: Phishing
Concept Of A Phishing Attack

Phishing attacks generally involve scammers attempting to reveal valuable data, such as account numbers or credit card details, to transfer and retrieve money. Such malicious activities are even a common occurrence in our day-to-day lives. Examples include an email supposedly sent from a manager or director of a company asking an employee to click on a link to download malware or share sensitive information, like a login credential.

Risk #5: Employee Theft
Shoplifting

Not all threats to your business are external. In fact, employee theft is more common than you realise. 75% of employees admit to stealing from their workplace at least once, and half will steal repeatedly. The damage to your business could also extend beyond the loss of petty cash. Malicious employees may even work with criminals to compromise your POS system without your knowledge.

2.2. Examples Of Data Breaches Involving POS Security Compromises

Never underestimate the scale and impact of a POS security breach. You do not just have to deal with the immediate effects of restoring your operations. The loss of customer information can cause consumers to lose faith in your brand and take their business elsewhere. Not to mention the potential legal issues your enterprise could face due to the failure to protect sensitive data.

In fact, many of the most high-profile data breaches of customer payment information involving POS security compromises have resulted in the company paying millions in damages due to class action lawsuits. Here are a few examples from recent years.

Case Study #1: Target

The U.S. retail giant fell victim to one of the largest and most publicised data breaches of all time in late 2013 after its POS systems were infected with a Trojan.POSRAM malware. The attack affected up to 70 million customers, as their personally identifiable information (PII) and payment card data were stolen. Target ended up settling the class action suit for US$39 million while incurring another US$19.9 million in associated legal costs.

Case Study #2: Home Depot

In September 2014, another major U.S. retailer was hit with POS malware, resulting in an ensuing breach of POS system data that affected up to 56 million customers, spanning 2,200 stores. As a result, Home Depot had to pay US$19 million in settlement from the resulting lawsuit.

Case Study #3: Wendy’s

Over 1,025 Wendy’s restaurants owned by franchisees had their POS systems infected with malware, causing a data breach of an undisclosed number of records. Wendy’s only discovered the attack in January 2016 – over a year after the virus infiltrated its system – after the payment industry noticed fraud patterns on various cards used at its restaurants.

After being sued by both customers and financial institutions, the company reached a US$3.4 million settlement with customers and agreed to pay US$50 million to settle the lawsuit brought by approximately 7,500 credit unions and banks whose payment cards were affected. The latter sum of money includes attorney fees and legal costs.

PART 3 – BEST PRACTICES FOR SECURING YOUR POS SYSTEM

3.1. How Does POS Security Work?

Concept Of Cybersecurity

As you can see from the various case studies shared above, the security of your POS system is critical to safeguard your business data. Having robust POS security protocols can make it challenging for hackers to view or steal valuable information.

You can achieve this goal through the following measures:

  • Data encryption;
  • Being selective with your POS software, including usable apps, integrations, and programmes;
  • Complying with world-class security standards;
  • Restricting access and creating customisable permissions for users.

Generally, a reliable POS system from a reputable service provider will include these features and come equipped with robust security tools as part of its baseline plan. However, avoid relying on these measures alone. As a business owner, you must take various steps to maximise your data security, which brings us to our next point.

3.2. How To Secure Your POS System

Top Security Measures To Safeguard Your POS System

Never assume that corporations are the only target for malicious hackers. On the contrary, small and medium-sized retailers are often prime marks for these criminals because they do not have the security resources available to larger companies. 

Furthermore, the financial losses arising from a security breach can often be more devastating for these businesses, with many struggling to recover after an attack. Therefore, it is vital for you to prioritise POS security. Let us share the proactive measures you can take to prevent hacking attempts.

Tip #1: Enable End-To-End Encryption

Most POS systems feature 256-bit level encryption for the data stored within its database. Nevertheless, it is still a good idea to use a payment gateway that employs end-to-end encryption to guarantee that your customer’s payment information is never exposed to hackers.

Ideally, the data should go straight to the gateway without touching the POS unit. That means your security tool should encrypt the credit card information the second it is received on your POS device and once again when the data is sent to the server. This way, it is never vulnerable to hackers, regardless of the presence of malware.

Tip #2: Stop Allowing Card Swipes

Remember when customers used to make purchases by swiping their credit cards? There is a reason why this form of payment is being phased out in favour of Europay, Mastercard, and Visa (EMV) payment cards. These traditional magnetic stripe-based cards can easily fall prey to card skimmers. All it takes is a swipe of the card for a consumer’s information to be stolen.

So, if your business is still relying on a magnetic stripe reader, it is time to upgrade to an EMV payment tool. While EMV cards are still vulnerable, their robust transaction security features make them harder to clone. Moreover, they never transmit credit card information in the clear, mitigating various common POS attacks.

Tip #3: Check Your POS Hardware For Signs Of Tampering

Always remain vigilant for any signs of tampering that could compromise your POS security. Effortless acts such as keeping an eye out for missing screws or unusual cables or maintaining a list of photos of your terminals with their serial numbers to ensure your POS hardware has not been swapped can go a long way in preventing security breaches. That is especially crucial for businesses utilising self-service kiosks, as employees may not be able to monitor them constantly.

Tip #4: Update Your POS System Regularly

Hackers are constantly finding new ways to circumvent existing security measures. As such, various POS service providers often have updates and security patches for download to remedy any vulnerabilities before they can be exploited. If your POS system prompts you with a security update, please do so immediately. Besides, the process is seamless and quick, so there is no excuse for not staying up-to-date.

Tip #5: Install Antivirus On Your POS Devices

Installing antivirus and malware protection is an excellent way to prevent harmful programmes from infiltrating your system. These tools will periodically scan the software on your POS devices and detect problematic files or applications that require your attention. If you are unsure which suitable software to use, you can ask your service provider for recommendations.

Tip #6: Restrict Access To Your POS System

While you never want to distrust your employees, it is still prudent to restrict access to your POS system where possible. Of course, your managers will require back-end access, but you should allow only the permissions necessary. The same applies to other employees or contractors, who should have the lowest level that permits them to perform their roles. Meanwhile, ensure you account for and lock down your POS hardware at the end of each workday to prevent others from stealing or tampering with them.

Tip #7: Avoid Connecting Your POS Devices To External Networks

With the advancement in technology, it is now possible for hackers to compromise a system remotely. Devices that connect to external networks are more susceptible to attacks from these malicious individuals. Specific malware can even infiltrate an external system and lie dormant until it connects with a POS device.

So, if you plan on implementing an external network to provide your customers with free Wi-Fi within your brick-and-mortar store, remember to segment your network to prevent hackers from exploiting the system and gaining access to sensitive information. Additionally, always use a corporate network to handle critical tasks.

Tip #8: Encourage Employees To Use Strong Passwords

When it is impossible to infiltrate a system, many hackers resort to brute force attacks to try and gain access to your POS system. As such, it is essential for you and your employees to have robust passwords to minimise the likelihood of being hacked. 

Cybersecurity experts often recommend having at least 12 characters in a password, with a combination of capital and small letters, numbers, and special characters like @ or &. Users should also avoid references to personal information, like a pet’s name or birth date. You and your employees should also update your passwords regularly – ideally, every three months.

3.3. What To Do In Case Of A Data Breach

Even the best cybersecurity efforts may not always be sufficient to prevent a data breach. While we hope such an incident never occurs to your business, you must still know how to react quickly and efficiently when your POS system is hacked. Please note the steps below in the event of a security leak.

Step 1: Determine The Extent Of The Breach

Prioritise identifying which POS systems or networks were compromised and what information was stolen. Only by knowing the extent of the breach can you start to mitigate the damage.

Step 2: Notify Everyone Affected By The Breach

Once you understand the extent of the breach, immediately notify everyone who may be affected to inform them how and when they were directly impacted, such as customers’ credit card information being compromised after visiting a particular store or employees’ personal data leaking after the hack.

Additionally, include suggestions on how the victims can safeguard themselves. Examples include changing their passwords and checking for fraudulent purchases made with their credit cards. Meanwhile, consider offering identity theft protection to your customers and employees if their personal data were compromised in the attack.

Step 3: Hire A Cybersecurity Firm

Hire a cybersecurity firm to investigate and identify the source of the breach. Generally, the consultant will compile their findings in a report and recommend additional security measures you can implement to prevent another attack. 

Step 4: Keep Track Of All Communication

Ensure you keep track of all communication related to the security breach to use as evidence if legal action is taken.

Step 5: Contact The Relevant Authorities

In Singapore, you are legally required to notify the Personal Data Protection Commission Singapore (PDPC) as soon as you are practicably able to if your organisation suffers a data breach. Beyond the PDPC, you should also contact local law enforcement to launch an investigation into the attack and determine who is responsible.

Step 6: Notify Your Insurance Company

Notify your insurance company of the attack and enquire whether your policy covers data breaches. We recommend getting cyber insurance if your business does not already have one, as it can help cover any losses incurred as a result of a cyberattack.

PART 4 – FAQs ABOUT POS SECURITY

4.1. Your Most Pressing POS Security Questions Answered

Question 1: My POS system is physically secured. Is that sufficient to safeguard against data breaches?

POS security extends beyond your physical terminals. If you utilise a cloud POS service or have an online store on your website, you must secure them against hackers. All it takes is a virus to infiltrate your device or server to enable hackers to steal sensitive information from your POS system.

Question 2: Is it safe to use a POS application on mobile devices?

Mobile devices share the same vulnerabilities as larger POS systems. Furthermore, their smaller sizes increase the risk of theft and make it easier to lose track of them. With that said, you can still utilise them for convenience. However, remember to apply the same security measures as you would for any POS system.

Question 3: Are open-source POS systems safer?

In terms of cybersecurity, open-source POS systems are neither riskier nor safer than other POS types, as they face identical threats, like malware, phishing attacks, and viruses.

Question 4: Are contactless payment methods safe from malware attacks?

Contactless payment is inherently safer, as it lacks some of the vulnerabilities present in physical payment methods like card swiping. However, it is not immune, as any tampering with the credentials of a mobile or digital wallet can allow hackers to make fraudulent purchases even in physical storefronts.

PART 5 – CONCLUSION

As retail and F&B brands become more reliant on their POS systems to handle the bulk of their operations, the need for comprehensive security protocols, especially where POS security is concerned, becomes paramount to safeguard confidential information and prevent a data breach. To further enhance business security, only invest in a reliable, secure POS system from a reputable service provider.

At Suntoyo Technology, our leading POS system is the trusted choice of over 1000 retail businesses nationwide, with solutions that cater to every aspect of your technological and operational demand. Local SMEs may also tap on the PSG grant to receive up to 50% subsidy to kickstart their adoption of our retail and F&B POS systems. Contact us today if you are interested to learn more about our products.

The Ultimate Guide to Choosing the Best POS System for Your Business in 2024

In the fast-paced business world, an efficient operation is just as crucial in staying ahead as having a great product or service. So, consider upgrading to a point-of-sale (POS) system if you have not done so already to help streamline your business operation. 

Of course, with the various options available on the market, you might be wondering what the best POS system for your business is. There are several factors you must consider to ensure you make an informed decision. Let us share what these considerations are.

Factor #1: Understand your business requirements

Image Depicting The Concept Of Business Requirement

Before purchasing your ideal POS system, you must understand your business inside out. After all, most retail and F&B establishments with a physical location require a POS system to accept payments and keep accurate sales records. However, a multi-unit restaurant franchise will have different needs from a retailer operating its first pop-up store. 

So, knowing your business type and specific needs should be at the forefront of your POS system selection criteria. Consider factors such as business size, industry, transaction volume, and growth projections, as they can all impact the features you require for your company and future goals. 

Factor #2: Consider the essential POS features and functionalities

POS systems come with a broad range of capabilities, from basic transaction processing to advanced inventory management and customer relationship tools. While your business may not require everything, your POS system must still contain the essential features, namely sales reporting, inventory management, employee management, CRM (customer relationship management), and integration capabilities with other software solutions. 

For example, sales reporting POS software can provide analytical capabilities and comprehensive reporting on sales patterns, inventory levels, and consumer shopping habits to assist you in making educated business decisions. Meanwhile, effective inventory management allows you to automatically update your inventory levels as you sell or restock your products in both physical and online retail settings. This way, you spend less time manually counting and reconciling your inventory and minimise the likelihood of human error.

The best POS features should also offer customisation to meet your business’s specific requirements. Look for POS software that provides various personalisation options, such as different types of fields and reports. Additionally, ensure the solution is compatible with your other business software, as a system with extensive integration capabilities is essential to simplify your business operations.

Learn More: Inventory Management Software: Why Your POS System Requires This Application

Factor #3: Assess payment options and security measures

Shopper Making A Payment Using Their E-Credit Card

Consumers value convenience more than ever, and that includes being able to choose the form of payment most convenient to them. Therefore, your POS system must be able to cater to various payment options, including credit cards, mobile wallets, and cash. As such, you should consider getting essential peripherals, like an electronic cash register, alongside your POS system. This diversity can cater to a broader customer base and enhance the customer experience.

The degree of security offered when choosing a payment system for your POS system should also be one of your top priorities. Ensure the payment system complies with Payment Card Industry Data Security Standard (PCI DSS) requirements, as it will be handling sensitive data about consumers and their transactions – information valuable to hackers. 

By offering secure payment options, you are not only safeguarding customer data. You are also preserving your business reputation. After all, any security breach or data leak can cause severe damage to your brand. The last thing you want is for your customers to lose trust in your business.

Factor #4: Cloud or on-premise POS

On-premise POS systems offer various benefits, including enhanced stability and reliability, security and privacy, and the ability to customise or integrate with other software. However, they can often be challenging to scale up or down, meaning businesses usually incur higher costs when upgrading their existing system.

Conversely, cloud POS systems offer flexibility, scalability, and the convenience of remote access. As such, users need not worry about hardware failure or software obsolescence that can impact system performance and functionality. 

We recommend weighing the pros and cons of cloud versus on-premise POS systems based on your business size, industry, and future expansion plan to determine the best option for your business.

Factor #5: User-friendliness and ease of training

Image Of A Supervisor Training A Cashier On How To Use The Electronic Cash Register At Work

A comprehensive POS system might not be the game-changer you expect it to be if you and your staff do not know how to operate it. An intuitive interface and straightforward navigation can streamline business operations and minimise training time and errors. Meanwhile, a complex system achieves the opposite.

So, look for a POS system with user-friendly software that offers comprehensive training and customer support. This way, you can ensure you and your employees require minimal training to get up to speed and operate the system effectively.

Not all POS systems are created equal. So, what might suit some businesses might not necessarily be ideal for you. So, keep what we shared in mind to ensure you make an educated purchase. Doing so can help your business achieve better sales and efficiency while offering enhanced services to customers. 

If you are in the market for a reliable, efficient POS system with robust software features, look no further than Suntoyo Technology. We also offer a comprehensive range of POS peripherals, including cash registers. Contact us today if you require our help with selecting the ideal POS system that matches all your business needs.

Can Self-Ordering Kiosks Encourage Customers To Order More?

Self-ordering kiosks are becoming a game-changer for the F&B industry in Singapore, automating the ordering process and providing customers with a convenient and personalised way to place their meal orders. However, the most important question is, “Can self-service kiosks help boost the revenue for my F&B establishment?”. The answer is a resounding yes! Let us explore how a self-ordering kiosk can benefit your business by enhancing the customer experience and driving sales.
 
 

1. Automated upselling

Concept Of Upselling
Pasta and cheese. Burger and fries. Butter and corn. Some dishes complement each other perfectly. Yet, many are often unaware or unsure of what sides to complete their meal. Of course, you can train your staff to recommend additional items to the customers. However, during peak hours, most of your employees will probably be too overwhelmed to have the time to explain each side to the customers.
 
So, how can you help your customers make the best food pairings by themselves? The answer lies in self-ordering kiosks. Imagine ordering your favourite burger and having the kiosk suggest a side of crispy fries or a refreshing beverage to complete your meal. This subtle recommendation often proves irresistible to customers, tempting them to order a few extra items. That is the secret behind increasing your customer’s average order value.
 

2. Data-driven algorithm

How does a self-ordering kiosk understand which items on the menu to recommend to customers? All of this is possible due to the data-driven algorithm within this technology. By analysing past orders, the kiosk can provide data-driven menu suggestions or food combinations that align with a customer’s preference. For example, if dishes with seafood are popular among your customers, the algorithm can recognise this pattern and suggest new seafood dishes or seasonal specials.
 
These personalised recommendations encourage customers to discover new flavours and explore new offerings they may have overlooked otherwise. They also help foster a sense of exclusivity that keeps customers coming back for more. As you can see, this proactive approach not only increases sales. It also enhances the overall customer experience.
 

3. Visual and interactive experience

Person Ordering Food In A Restaurant From A Tablet Screen
You can only do so much to showcase the numerous dishes offered by your restaurant on a traditional paper menu. The limited space may even prompt you to forego images, making it challenging for first-time customers to visualise what their orders will look like. Conversely, you do not have this worry with a self-ordering kiosk. The e-menu allows you to display vibrant images, detailed descriptions, and enticing visuals to whet the customer’s appetite.
 
Additionally, the user-friendly interface makes it easier for customers to explore the menu thoroughly, make real-time modifications to their orders, and visualise the customisation process. This interactive experience encourages customers to browse at their own pace, reducing the pressure to make quick decisions. That enables them to discover new favourites and add more items to their orders.
 

4. Enhanced comfort and convenience

Customisation is the cornerstone of various modern dining experiences. Self-ordering kiosks excel in this area, providing customers with unparalleled comfort and convenience in tailoring orders. From adjusting ingredient quantities to requesting specific preparation instructions, customers have a high level of control over their food orders, ensuring they receive what they desire and preventing potential miscommunications. As a result, customers have a better experience with your business and are more likely to return in the future.
 
As you can see, self-ordering kiosks are revolutionising how food establishments engage with customers and drive sales. Embracing this cutting-edge technology is no longer just a modern convenience. It is also a strategic move towards success in a competitive F&B market. So, if you have yet to invest in self-ordering kiosks, what are you waiting for? Our friendly staff will be delighted to assist you in selecting the ideal system that integrates with your F&B POS system. Contact us today to learn how we can help you.

4 Signs That Indicate It Is Time To Upgrade Your POS System

As the backbone of your operations, the efficiency of your point of sale (POS) system can affect your bottom line significantly. Therefore, your equipment must be capable of accelerating innovation, navigating your business forward, and adapting to various market changes. With a modern POS system, you can stay ahead of the curve in a rapidly evolving business world. Let us share the tell-tale signs that indicate it is time to upgrade your current POS system.

Sign #1: Your current POS hardware is outdated

Using outdated POS hardware not only poses significant risks for your daily operations. It also threatens future sales growth and opportunities. A setup consisting of clunky, slow, or obsolete terminals and peripherals can hinder the efficiency of operations, leading to longer transaction times, frustrated customers, and increased risk of technical failures.

The timely replacement of your ageing POS system will allow you to eliminate these risks and capitalise on industry trends to improve your business’s productivity, efficiency, and profitability. The upgrades to new peripherals and tools can also make your brand more modern and relevant, allowing you to leave a positive impression on customers.

Learn More: Why It Is Time For Your Business To Upgrade To A POS System

Sign #2: Your POS system does not have real-time reporting tools

Your POS system does not have real-time reporting tools

Real-time information is invaluable in our modern data-driven business landscape. No longer are acting on hunches and guesses going to cut it. So if your current POS system lacks robust reporting capabilities and cannot offer comprehensive insights into your business, you are missing out on a competitive advantage.

However, data alone is insufficient. You will also require the necessary tool to digest all this information, allowing you to glean insights and take action to boost sales. A modern POS system with detailed reporting features can help you track sales, inventory levels, and customer behaviour in real-time, enabling you to make informed decisions on the fly and stay agile and responsive in a fast-paced market.

Sign #3: It has been a while since you purchased your current POS system

The pace of technological advancement is relentless, and what was cutting-edge a few years ago may be outdated now. Even if you encounter no significant issues with your current POS system, using older equipment may leave you vulnerable to new cybersecurity threats. Additionally, your system may no longer be compatible with the latest payment technology. As a result, your customers have fewer payment options.

Besides, industry guidelines generally recommend upgrading a POS system every five years. Doing so will help futureproof your business and ensure you continue to offer the convenience and security that modern consumers expect.

Sign #4: You notice your POS system is slowing down or crashing frequently

You notice your POS system is slowing down or crashing frequently

Is your POS software constantly lagging or freezing up? Perhaps you have even experienced multiple system crashes. These issues are the most glaring signs yet that an upgrade is overdue. Technical glitches and delays can frustrate employees and customers, leading to lower productivity and potential revenue loss. Remember, when your POS system is down, it impacts your business too!

Upgrading to the latest POS hardware and software is the best way to improve system performance and minimise the likelihood of crashes. Modern POS systems are engineered to cope with the demands of a busy work environment, thus eliminating the headaches caused by system slowdowns and allowing you to enjoy reliable performance during peak business hours.

Your POS system is a critical component of your business’s success. So avoid waiting until it becomes a liability; make the decision to upgrade your POS hardware and software now to enjoy the benefits of a modern POS system and position your business for continued growth and success. Contact Suntoyo Technology today if you are in the market for a brand-new POS system.

Inventory Management Software: Why Your POS System Requires This Application

In today’s fast-paced business environment, effective inventory management is essential for the success of any retail or hospitality establishment in Singapore. Gone are the days when you can rely on tracking your inventory with a pen and paper. Such actions only increase the risk of human errors, leading to stockouts or overstocking. 

Instead, inventory management software has become an indispensable tool for businesses, especially those using a POS system, as it helps automate inventory processes. So if you are considering a POS system for your enterprise, let us share why you should consider one with inventory management software installed.

What is inventory management software?

Every business owner understands the importance of staying on top of their merchandise. Too little inventory when and where needed, and you can expect unhappy customers. Conversely, abundant supplies come with their own liabilities, such as the risk of spoilage, theft, and damage. Therefore, finding the happy medium between the two is crucial. However, how can you simplify this process for you and your staff? 

Enter inventory management software. This powerful tool allows you to monitor, control, and optimise inventory levels efficiently. It can provide you with essential insights into your business performance with the data collected by your POS system, allowing you to make more informed decisions based on valid and accurate information. As a result, you can better understand when to restock and how much supplies to order.

Learn More: Manage Your Inventory Effectively With A POS System

How does the software work?

How does the software work-POS systems

There are two primary types of inventory management systems – periodic and perpetual. The former is more labour-intensive, as it relies on physical inventory counts. Subsequently, an employee will adjust the quantities in the system accordingly. While more cost-effective, this simple technology is less reliable, with a higher risk for discrepancies and human error. 

Fortunately, modern POS systems utilise the latter system, which tracks inventory levels in real time through technology like barcode scanners and RFID tags. With automated inventory tracking, you can receive the most accurate data at any given moment since every sale, purchase, or transfer is immediately recorded, and inventory levels are updated accordingly. As a result, you benefit from enhanced accuracy and efficient control over your inventory.

Benefits of inventory management software for businesses

As a busy entrepreneur, the last thing you want is inventory management challenges like overstocking, stockouts, and inaccurate supply orders to distract you from more pressing matters like expanding your business. Thankfully, managing your inventory need not be a struggle anymore. Read on to learn the benefits you can enjoy with effective inventory management software.

Benefit #1: Streamline inventory processes

Streamline inventory processes-POS software

Enjoy real-time visibility into your stock levels and streamline inventory processes with the right POS software. With instant updates after each sale or restock, you can monitor inventory movement accurately and make informed decisions regarding stock reordering, ensuring your shelves are always well-stocked and minimising the risk of stockouts or overstocking.

Benefit #2: Save costs

Save costs-POS system

The benefits of optimal inventory levels cannot be overstated. A POS system with inventory management software can enable you to identify slow-moving items and forecast demand more accurately. By efficiently managing inventory, you reduce carrying costs associated with excess stock and avoid any loss associated with stockouts. The system can also automate reordering based on a preset reorder point or minimum stock level, allowing you to streamline the procurement procedures, thus saving time and effort while ensuring a steady supply of products.

Benefit #3: Improve customer service

Improve customer service-POS system

Imagine searching for a particular product only to discover it is out of stock. That is undoubtedly a frustrating experience for any customer. With inventory management software integrated into your POS system, you can gauge how much stock you need to match expected demand, ensuring you always have sufficient products to fulfil customer orders. Order processing time and errors are also reduced, keeping customers happy. That can lead to increased sales and repeat business.

As you can see, inventory management software is essential for any business using a POS system. So if you have yet to have a dedicated inventory management system for your enterprise, what are you waiting for? It is time to unleash the full potential of your POS system and take your business to new heights of efficiency and profitability.

If you seek a reliable retail POS system, look no further than Suntoyo Technology! As one of the leading POS service providers in Singapore, we offer various solutions that cater to every aspect of your technological and operational demands. Contact us today to learn more about our products.

Why It Is Time For Your Business To Upgrade To A POS System

Home > Blog > Why It Is Time For Your Business To Upgrade To A POS System

Has your cash register seen better days? Does it lack the features you require to streamline business processes? If you answer yes to either question, it is definitely time to upgrade to a point-of-sale (POS) system. However, we understand some businesses may be on the fence about this decision. So let us share why this switch might be an excellent investment in the long run.

What is a point-of-sale system?

If you are unsure what a POS system is, let us clarify what this system entails. Think of it as a modern advancement of the cash register. You can still process sales with the machine, but there is also so much more it can offer your enterprise. A POS system can do it all, from in-depth reporting to inventory management, offering businesses a range of tools to manage the ins and outs of their stores.

Why your electronic cash register might be insufficient

cashier using an electronic cash register-POS system Singapore

Sure, you will be using your POS system to ring in sales and hold onto cash since it is a tool for managing your entire business. When you put it that way, a POS system may not seem a significant step up from your cash register. But dig deeper, and you will find that a conventional cash register has restricted capabilities. You are limited to handling sales transactions, calculations, and generating receipts. 

A POS system offers the same features with additional innovations and a seamless and improved user experience that your staff can easily pick up. As a retailer, you may benefit from a one-stop tool that allows you to manage your stock, schedule employee work hours, check historical data to make sales projections, and improve your customer service. Essentially, a POS system streamlines every aspect of operating a single or multi-store business.

Why a POS system is a worthwhile investment

cash-Cash registers Singapore

After switching to a POS system, you may discover noticeable returns on your investment quickly. The most obvious difference is your business efficiency. A POS system can automate repetitive, time-consuming tasks while reducing human error, allowing you to process payments, refund orders, and restock your inventory in a single system without any extensive human intervention required. As such, you can focus on more essential areas of your business.

Additionally, generating and compiling reports on sales data, inventory levels, and customer behaviour is no longer a hassle, as these tasks can be handled by your POS system. With detailed error-free reports to peruse, you can make more informed decisions to grow your business, such as what products to restock and the ideal pricing strategy to entice consumers to patronise your store.

Learn More: 4 Benefits Of Investing In A Quality POS System

Upgrading to a POS system

Given the numerous advantages of a POS system, why are we not chucking cash registers aside once and for all? The biggest reason (and limitation) is the cost of integrating a POS system into your business.

Depending on the size of your business and the complexity of your operations, a POS system can cost several thousand dollars, which is a sizeable sum for many small and medium enterprises in Singapore. Moreover, entrepreneurs have to spend additional time and money to maintain the system and train staff on how to use the machine. 

Fortunately, small and medium enterprises looking to upgrade to a POS system can seek financial assistance through the Productivity Solutions Grant (PSG). With the PSG grant, businesses can receive up to 70% subsidy to kick-start their adaption of technology with pre-qualified IT solutions and equipment to improve their competitiveness and productivity.

As you can see, there are various benefits to upgrading your cash register to a POS system. So avoid lagging behind your competitors and getting left behind with the changing times by adapting and staying ahead of the game. A modern POS system will provide you with the tools to boost your business efficiency and streamline operations.

Are you ready to upgrade your cash register? In that case, look no further than Suntoyo Technology for your modern POS needs. Our team will be glad to assist you in selecting the best system that fits your business requirements. Contact us today to learn more about our products.

Manage Your Inventory Effectively With A POS System

Home > Blog > Manage Your Inventory Effectively With A POS System

Every entrepreneur understands the importance of inventory control. After all, if you are running out of stock, you are missing out on potential revenue. And as the centre of your business operation, your point-of-sale (POS) system is capable of helping you manage your store’s inventory efficiently. Let us share how your POS system can help you achieve this goal.

1. Ensure effective stock management

Ensure effective stock management-POS system Singapore

To run a highly successful business, you must first know what items are your top-selling products. With this knowledge, you can push these products more effectively by giving them adequate floor space and ensuring they always remain available. And your POS system can help you determine your best sellers. 

With data obtained from your POS system, which is based directly on your sales history, you can see which products are performing well with your customers. As such, you can make an informed decision on which items should continue getting premium floor space and which products should go on clearance to make room for better-selling goods.

2. Never worry about running out of stock

Never worry about running out of stock-POS system

When things get hectic, it is easy for you to overlook some tasks, such as monitoring your stock levels. Fortunately, your POS system can function as your assistant by keeping track of stock levels for your countable items. Functions like stock count, stock in and out, and stock variance can help you track your stock levels efficiently. 

Subsequently, you can set low stock alerts to remind you to replenish your inventory based on your preset low inventory levels and optimal stock, ensuring you never miss out on potential revenue. And in the event you plan on transferring stock from one outlet to another to mitigate low stock levels in a particular store, your POS system can update the stock count for both shops. Hence, accurately maintaining inventory levels for all storefronts.

This feature is also helpful for any warehouse-to-outlet stock transaction, allowing you to track inventory levels for your various retail outlets and warehouse. With these handy tools, you ensure you always have an adequate amount of stock to meet consumer demand.

3. Manage inventory shrinkage

Manage inventory shrinkage-POS system singapore

Managing inventory shrinkage (inventory loss due to damage, poor tracking, or theft) can be challenging, as a lack of visibility into your inventory can make it tough to spot shrinkage. Your POS system can mitigate this issue by allowing you to track inventory in real-time. Each item is immediately deducted from the stock count once you make a sale.

This method saves you the hassle of having to manually count what is in stock every week, which is time-intensive and error-prone. Any miscount or typo can cause inaccurate stock counts, adding more problems to your plate. With up-to-date inventory, you have accurate data available to determine if there are any discrepancies when it comes time to conduct your monthly, quarterly, or yearly inventory counts. 

The inventory feature of the POS software is also helpful in managing damaged items, making it simple to track blemished products and document why they were taken off the shelf. And when your employees know that every inventory is counted and tracked, they are less likely to steal, instilling employee accountability.

As you can see, a POS system is crucial to any retail business looking to streamline its inventory management process. So if you have yet to make the switch, we recommend doing so immediately. And if you are looking for a reliable POS system, you have come to the right place! Contact us today, and our team will be glad to assist you in choosing a POS system that matches your business needs.

Learn More: 4 Benefits Of Investing In A Quality POS System

How To Reduce the Risks Of Employee Theft At Your Restaurant

Home > Blog > How To Reduce the Risks Of Employee Theft At Your Restaurant

Your employees are the lifeblood of your restaurant. Without their effort and commitment, it would be near impossible to ensure the continued success of your business. So as the owner of a restaurant, and the leader of your employees, you would want to establish trust with your staff and give them autonomy to produce their best work for your business.

Unfortunately, what you may overlook through this rose-tinted lens is a very credible threat to your restaurant – employee theft. In fact, employee theft is more common than you think, accounting for 75% of all inventory shortages and 4% of sales. To make matters worse, about 75% of staff steal from their workplace on at least one occasion. 

As you can see, repeated internal theft can be harmful to your business. So how do you balance having adequate security protocols while providing your employees with the trust required to run a successful restaurant in Singapore? If you are scratching your head for an answer, fret not. Read on to learn how to reduce the risks of employee theft at your restaurant. 

Tip #1: Get an F&B POS system

Get an F and B POS system-F and B POS system Singapore

How you manage your cash transactions in your restaurant can limit your vulnerability to employee theft. The more intuitive your cash management system is, the more obvious it will be when the register is short. For example, an F&B POS system with the appropriate software can project the expected cash at the end of each business day based on the transactions keyed into the system. As such, it will be immediately apparent to management whenever there is a discrepancy with the recorded cash. 

The benefit extends beyond security, as an F&B POS system also simplifies cash management tasks for your staff, enhancing efficiency. It can also prevent order discrepancy and improper billing, which can result in dissatisfied customers. When an employee takes a customer’s order through a handheld ordering device, you can rest assured that the data is sent accurately to the cashier and kitchen staff.

Learn More: A Beginner’s Guide To Restaurant Management Systems

Tip #2: Adjust staff settings and access controls

You should always be aware of which employees have passcodes or keys. After all, the safekeeping of these access control measures is an essential responsibility. However, it is recommended to minimise the number of employees with access to the passcodes and keys to reduce the risk of after-hours crime. And if there is an incident, you can narrow down the pool of suspects to those with access.

You should also consider limiting what your employees can and cannot do when inputting orders and taking payments. For example, a sneaky employee may receive payment for a bill of $100 before voiding the check and taking the cash for themselves. Since the voided check will not show up on the total amount, the POS report total for the day will tally with the amount in the electronic cash register.

An F&B POS system with customisable controls can help avoid such situations. With the option to set up each staff member with specific permissions based on their role, you can enjoy greater oversight. The example shared above can be easily prevented because manager permission would be required to void the check.

Tip #3: Implement an effective surveillance system

Implement an effective surveillance system-F and B POS system Singapore

Implementing a surveillance system in your restaurant serves as an effective deterrence against brazen criminals. The ideal spot to install the security camera is at the location where your electronic cash register is situated. You may understandably have concerns about how your employees will react, but you can reassure them that the cameras can protect them from wrongful accusations. 

If theft were to occur in the workplace, you can immediately get to the bottom of the issue by reviewing the security footage. Remember, reviewing a questionable situation does not have to be done with any level of suspicion. So no accusations should be made until sufficient evidence is collected. This way, you still retain the trust of your employees while maintaining the necessary level of security in your restaurant.

Tip #4: Train employees with security in mind

Alas, it is impossible for you to be everywhere at once. In these moments, your employees are your eyes and ears on the ground. So it is essential to empower them to come forward when they notice any suspicious behaviour. Let them know what you expect from them and whom they can approach if they spot anything suspicious. 

Your handling of such situations is also crucial. If your punishment or approach is viewed poorly by other employees, this may discourage anyone from coming forward in the future. Therefore, you must be fair and transparent about how you would like your employees to handle theft reporting.

Now that you have an answer to the question, “How to prevent employee theft”, what is your next step going to be? Remember, by taking proactive steps to minimise internal theft, you are investing in the longevity of your business. And if you do not have one already, an F&B POS system can provide you with greater control and insight into your staff’s actions, serving as a vital tool in employee theft prevention.

If you need help choosing the most suitable F&B POS system for your restaurant, do not hesitate to contact Suntoyo Technology. Our team will be glad to assist you with selecting your ideal system.

How To Grow Your Retail Business

Home > Blog > How To Grow Your Retail Business

It is no secret that the retail industry has undergone massive changes in recent years. With the rise of e-commerce, many Singaporeans now prefer to shop from the comfort of their homes. So does this herald the death of retail that some analysts have predicted for years? Not so, if recent statistics are anything to go by.

Nonetheless, the hyper-competitive market does indicate that retailers must make more of a concerted effort to continue growing and find new ways to appeal to consumers to survive and thrive. As a retail owner yourself, how can you achieve this goal? Read on to learn more.

1. Re-evaluate your business plan

Re-evaluate your business plan-POS system Singapore

A solid business plan lays the foundation for your brand to get off to a good start, and it will only become even more crucial further down the road when you plan to expand and scale your business. So if your business is not heading in the right direction, it might be time to re-evaluate your plan. 

Revisit your brand purpose and vision established at the beginning. Are you closer to your vision? Have you stuck with your purpose? If the answer is no, then it is time to re-strategise and reconsider your approach to allow you to move closer to your goals. 

We also recommend referring to your financial plan regularly to ensure it measures up to your day-to-day expense. Do not hesitate to make adjustments when necessary. Updating your plan along the way allows you to have a better understanding of your financial situation. As such, you can prepare contingency efforts and secure more funding accordingly – if things should come to that.

Remember, when you fail to plan, you plan to fail. Accounting for any and all potential failures allows you to consider every scenario. Hence, you can better identify the correct path to success. In the worst-case scenario, you still ensure your business will survive should your expansion plans fail.

2. Target the right audience

Target the right audience-POS system Singapore

This strategy is a no-brainer, and it is even more vital in the face of shifting consumer habits. Ask yourself this question, “What problems are my business uniquely placed to solve? The answer to this will help you align your business purpose, brand, and target market and allow you to offer the most attractive products to the right customers. 

Do not neglect to brush up on your customer service too. Customer experience is a vital part of the retail experience, and it is something most customers take into account before purchasing or recommending a store. It is also an opportunity for you to distinguish yourself from your competitors.

You may find that a reliable retail POS system can help significantly with this goal. It can speed up checkout times, ensuring customers spend less time waiting in line – something every shopper dreads.

A POS system with built-in customer relationship management (CRM) features can also help you identify your loyal customers and make implementing a loyalty programme a breeze. This way, you can show gratitude towards your customers and reward them with special discounts, enticing them to continue patronising your business.

Learn More: How To Boost Customer Experience With Your POS System

3. Embrace technology

Embrace technology-POS system Singapore

Some entrepreneurs in Singapore are hesitant about new technology due to the initial investment costs. However, we will posit that not taking advantage of technology is even more costly. For example, a robust POS system can do wonders for a retail brand and is more than just a check-out point for transactions. 

In fact, a reliable retail POS system can help you manage your inventory smoothly. After each transaction, your POS system will automatically update your inventory database. This gives you a real-time record of your inventory levels, allowing you to know when stocks are running low. As a result, you can schedule the optimal time to restock to ensure there is always sufficient supply to meet consumer demands. 

The transactions recorded in your POS system can also provide insights into how your business is faring. You can compile the data into a sales report, allowing you to glimpse which products are more popular among your customers. This gives you a better idea of the type of products your customers seek, letting you tailor your stock accordingly.

We hope what we have shared has provided you with a better insight into how you can expand your retail business. If you are excited to begin growing your brand, do not hesitate to contact Suntoyo Technology! Our team will be happy to assist you with selecting the ideal retail POS system suited to your expansion.

A Beginner’s Guide To Restaurant Management Systems

Home > Blog > A Beginner’s Guide To Restaurant Management Systems

Are you the owner of an F&B establishment in Singapore? In that case, a restaurant management system (RMS) should be high on your priority list. In fact, almost every modern food establishment utilises this piece of technology to manage their business.

However, if the first thought that pops into your head is, “What is a restaurant management system?”, fret not. Let us clarify what this system entails and outline the benefits of adopting it for your establishment.

What is a restaurant management system?

A restaurant management system is a form of POS system catering to bars, cafes, restaurants, and other establishments in the F&B industry. A typical RMS setup generally includes both hardware and software, including a barcode scanner, cash register, receipt printer, and more. 

These features are conveniently packaged into one comprehensive tool to improve the efficiency of your restaurant. Moreover, it is designed to integrate seamlessly with other software applications, allowing you to customise an F&B POS system that suits your business needs.

So what separates a restaurant management system from other POS systems? Unlike other conventional POS systems, RMS encompasses all your back-end needs, such as keeping track of your employee schedules and inventory. It also offers features unique to the F&B industry, like the ability to send orders directly from the customers’ table to the kitchen, ingredient-level inventory updates, and a kitchen display system.

Why should you use a restaurant management system?

Naturally, the features present in each restaurant management system are different depending on the software it utilises. However, the core benefits provided by an RMS are generally identical. Let us share the perks you can enjoy when you adopt a restaurant POS system for your business.

Benefit #1: Prevent wrong orders

Restaurant Pos System Prevent Wrong Orders

You would rightfully be displeased if a waiter mixed up your order and served an incorrect dish to your table. Unfortunately, this is an all too common issue that many restaurants face. Such errors often lead to improper billing and dissatisfied customers, which are usually precursors to a bad review. 

Fortunately, such problems can be easily resolved with a reliable F&B POS system. When an employee takes a customer’s orders through a handheld ordering device, you can rest assured that the data is sent accurately to the cashier and the kitchen staff, preventing any billing or order discrepancy from occurring.

Benefit #2: Efficient staff management

Restaurant Pos System Efficient staff management

Do you have too many employees on duty at specific times and then find yourself short-staffed on other occasions? That undoubtedly seems like poor resource management. A restaurant management system can analyse the peak periods in your business and suggest the appropriate number of staff you require for a particular shift. This allows you to better plan your employees’ schedules. As a result, you will never find yourself short-staffed again during busy periods.  

Benefit #3: Improve your customer relationship management

Restaurant Pos System Improve your customer relationship management

Many restaurants in Singapore now offer loyalty incentive programmes to entice customers to patronise their business regularly. So why do these businesses go the extra mile to implement such initiatives? Because they work! In a study conducted by Bond, around 71% of consumers believe that their loyalty programme was a meaningful part of their relationship with the brand. 

Naturally, you do not want to be left behind by your competitors. An F&B POS system with CRM features can help you record essential customer information, such as their name, contact, and transaction history. This data allows you to push customised deals and promotions to specific customers based on their past purchases and interests. It also allows you to provide better after-sale service, leaving a positive, lasting impression on your customers.

Learn More: How To Boost Customer Experience With Your POS System

As you can see, there are plenty of reasons why every F&B business should adopt a restaurant management system. However, some entrepreneurs shy away from adopting a restaurant POS system due to its high implementation cost. 

If you share a similar sentiment, here is some good news that may persuade you to change your mind. The current PSG grant offered by the government subsidises up to 70% of the cost of a modern POS system, making it more affordable for F&B owners to integrate this technology into their existing business models. 

Moreover, you will find that the benefits of a restaurant management system far outweigh its cost. So what are you waiting for? If you need help choosing the most suitable system, do not hesitate to contact Suntoyo Technology. Our team will be glad to assist you with selecting your ideal F&B POS system.

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