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 Insecure networks, outdated software, the use of unlicensed and unsecured third-party integrations, and the theft of devices or passwords, sometimes through scams, can leave you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.

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.

The Importance of Online Ordering Systems in Restaurants

Food ordering processes have evolved significantly since COVID-19. Before the pandemic, food and beverage establishments mostly relied on physical Point-of-Sales (POS) systems and required customers to queue up in line to order their meals. However, after restrictions were lifted, they began introducing QR ordering systems to minimise interactions between people and speed up the turnaround time. They are a crucial part of restaurants and the benefits that businesses can reap from them are endless. Read on to find out more.

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

1. Streamline Ordering Process and Management

Traditionally, orders are taken at a counter and sent into the kitchen for preparation. Whatever changes made to it will go through the same process too. While this is going on, there may even be orders coming in from various delivery platforms. This influx can become difficult to manage when sets of active and cancelled orders are received all together. 

The Importance of Online Ordering Systems in Restaurants

A solution to this problem is switching over to online management systems, where every order, whether it is from an in-store customer or a delivery app, can be collated in one place for organisation and better visibility. Whenever an order is placed, it is immediately sent to the kitchen so that the staff can start cooking instantly. This helps streamline day-to-day operations to make processes more efficient. An effective management system reduces the risk of making mistakes as well. 

2. Manage Sales Reports Effectively

Handling your restaurant’s finances is crucial as it enables you to easily figure out if it is making money. Another great benefit of online ordering systems is that it automatically calculates your revenue at the end of the day, week, and month, to give you precise information about your sales. The amount across all platforms—delivery and in-store sales—are consolidated in one device to provide clear reports without you having to look into cash registers, different applications, and manually tally your earnings.

3. Track Ordering Trends

An online QR ordering system organises all order information and allows you to track data such as who your regular patrons are, what is your most popular item, and more. It can even offer feedback forms to gather opinions about your food and service. These insights give you an idea of how to improve your menu offerings and operations to build up a loyal customer base.

4. Convenient and Cost-Effective

QR ordering systems are extremely convenient and cost-effective in many ways.

Firstly, customers are given the freedom to take their time to browse through your e-menu before deciding on what to have. They also get to order comfortably in their seats instead of waiting in a queue.

Secondly, it eliminates the need for physical menus, and even allows you to make instant updates to your e-menu.

Convenient and Cost-Effective POS systems

Thirdly, instead of investing in multiple POS systems and self-service kiosks in your restaurant, a single system can generate multiple QR codes for each table and manage all your orders for you. This cuts down costs and the number of employees needed on shift.

Online ordering systems are excellent at streamlining food and beverage operations and can help your processes run more smoothly. Interested in adopting a QR ordering system? Suntoyo Technology is an IT industry service provider offering a variety of softwares to support business operations. Find out more about our solutions here

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 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.

What Features To Look Out For When Purchasing a Self-Ordering Kiosk

Home > Blog > What Features To Look Out For When Purchasing a Self-Ordering Kiosk

By now, you are probably familiar with a self-ordering kiosk. After all, this machine is one of the first things you see when you step into any fast-food chain. So what has prompted the adoption of this restaurant automation technology? It is all about providing customers with the best possible service.

A self-ordering kiosk allows customers to easily and independently place their orders without waiting in long queues, which speeds up the ordering process. This benefits both the food establishment and the customer. The customer spends less time getting their food, resulting in a more positive experience. Meanwhile, the restaurant eliminates long queues from forming, putting off potential customers from entering the establishment.

It sounds like a win-win scenario, right? No wonder these machines are becoming more popular in Singapore. As an owner of an F&B business, if you are looking to get in on the action, we say go for it! But don’t be hasty. Let us help you make an informed purchase by sharing the crucial features you should have in your self-ordering kiosks.

Learn More: Why Self-Ordering Kiosks Are The Future For Restaurants

Feature #1: Seamless touchscreen display

Seamless touchscreen display self-ordering kiosks Singapore

Thanks to the prevalence of smartphones and tablets, many customers have no problem navigating a self-ordering kiosk. However, an unintuitive touchscreen display can lead to a frustrating experience for any customer. Imagine clicking on a particular item or wanting to navigate to another page only for the machine to remain unresponsive to your touch.

After a couple of failed attempts, a customer will likely leave in frustration, costing you potential sales, or worse, a bad review. Therefore, it is imperative that your self-ordering kiosks offer customers a seamless navigating experience, allowing them to order with ease. We recommend getting a machine with a capacitive touchscreen feature. This display screen is similar to our smartphones and offers seamless and accurate navigation capabilities. 

Feature #2: Intuitive kiosk interface

When your customers are placing their orders, they want to see everything on offer. Therefore, the photos and contents of each food item should be clearly displayed. Your customers must also be able to navigate your e-menu easily. A larger screen helps in this regard and allows you to display clear instructions on how to use the machine, thereby improving customer experience.

An intuitive kiosk interface also helps with upselling, as you can easily display cross-selling prompts and menu modifiers front and centre to boost average check size. However, your kiosks’ customer dashboard should encompass more than an easy-to-view e-menu. The main goal is to shorten the customer’s journey from ordering to payment.

Feature #3: Have various payment options available

Have various payment options available self-ordering kiosks Singapore

Customers are increasingly looking for convenience nowadays. This includes having the choice of selecting their desired payment options. So your self-ordering kiosks must be equipped with card readers to handle magstripe, EMV, and NFC (Near Field Communication) cards. Bonus points if the system supports mobile payment applications like PayNow and PayLar!.

However, you should keep in mind that some customers, particularly the elderly, may prefer cash payments. So it is a good idea to ensure your self-ordering kiosks have a cash input option. You can also have a cashier on standby to accommodate any customer who wants to pay with cash.

Feature #4: Integrate with your existing POS system seamlessly

Your POS system is the centralised hub of your entire restaurant operations, linking front-end operations to back-end operations (food preparation). As such, you would want to ensure your self-ordering kiosks can be easily integrated with your current POS system to ensure your restaurant continues operating without a hitch.  

Seamless integration of these two solutions enables your restaurant to run more efficiently while lowering manpower costs. Your customers also get to enjoy smooth and fast service, leaving a positive, lasting impression on them. Good service can often be the difference between a one-off and a repeat customer.

Now that you have a clear idea of what to look for in your self-ordering kiosks, it is time to begin your search in earnest. However, if you still have several lingering questions, our team will be glad to assist you in identifying your ideal kiosk. Do not hesitate to contact us today to learn how we can help you!

How To Boost Customer Experience With Your POS System

Home > Blog > How To Boost Customer Experience With Your POS System

Have you heard of the Pareto principle? If this theory holds true, it means that 80% of your business revenue is generated by 20% of your customers. So how can you entice this 20% to patronise your business frequently? By providing them with the best retail experience, of course! After all, positive customer experiences are closely linked with strong brand loyalty.

That sounds great! But you are probably wondering how you can achieve this goal. Would you believe it if we told you that a retail POS system plays a significant role in this endeavour? It is true. Let us share how you can use your POS system to improve your customer’s shopping experience, thereby cultivating brand loyalty.

1. Remembering your customers and their preferences

Woman waving to a man

A study conducted by Accenture discovered that 56% of customers are willing to make a purchase if a staff recognises them. So can you remember the faces of every customer who patronises your business? Unless you have a photographic memory, the answer is: probably not. But what if you can let your POS system do the heavy lifting for you?

A robust POS software is more than capable of accumulating all kinds of customer information, provided your customers let you. Consumers are often wary of providing personal information as they do not wish to be bombarded with advertisements. Therefore, you need to be creative to get them to part with their personal data. For example, you can entice them with a loyalty programme, allowing them to get special discounts when they sign up as a member. A POS system can make this possible and easy to implement.

However, there is a lot more you can do with your customers’ details. If you are also operating an e-store, you can consider enhancing the online shopping experience for members by providing them with product recommendations based on their past transaction history. The possibilities are endless, and all of this is possible with your retail POS system.

2. Identifying your valuable customers

Woman holding a magnifying glass

It makes business sense to keep your biggest spenders happy. After all, a happy consumer translates to a loyal customer. A POS system with built-in customer relationship management (CRM) features can help you identify these VIP customers, allowing you to show your gratitude towards them.

The most obvious way to reward their patronage is to offer them attractive combos, value-added product bundles, and discounted packages to let them know you treasure them. However, there are other ways you can approach this. Why not provide them with a personalised experience? Mailing them a gift voucher and a card during their birthday month not only shows you care but also encourages them to spend further at your store.

Customers enjoy being treated like royalty, and these initiatives help embellish their experiences, thus improving their loyalties. These incentives also give them strong reasons to continue patronising your business. After all, if they can only get the best deals from your store, there is no reason to frequent a competitor.

3. Provide a seamless shopping experience

Women looking at dresses

It is all well and good to remember your regular customers’ preferences and reward their loyalty with special discounts. But to get the ball rolling, you will first need to provide them with a positive shopping experience to encourage them to complete a transaction. Suppose customers are struggling to find their desired products. In that case, you are not getting their business, much less their personal information, which allows you to convert them into members.

A retail POS system can help in several ways. Firstly, if your customers cannot locate an item they need, they will most likely leave frustrated. Your POS system can streamline the inventory management process, providing you with regular updates to let you know when you are running low on your products. This way, you ensure that there is always sufficient stock to meet consumer demands.

Secondly, you can reduce customer waiting time by utilising your POS system to the fullest. For example, you can integrate RFID technology into your POS software to speed up the billing process. Subsequently, this saves your employees the time and hassle of scanning each product individually, thus shortening the checkout times for your customers. This can make a world of difference, as nothing repels customers away like long queues and waiting times.

Are you ready to provide your customers with the best shopping experience? In that case, you will require the best POS system to help you implement the above-mentioned strategies efficiently. 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 POS system.

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