In an era of one-point payments, checkout technologies are constantly evolving to facilitate on-the-go transactions and a fast-paced checkout process.
As we embrace modern checkout technologies, enhancing payment security is paramount. From biometric automation to AI-driven fraud detection, today’s first-class EPOS checkouts promise a streamlined experience and a number of fortified security features that protect a business from evolving cyber threats.
The question is, just how much of an impact will modern point-of-sale systems have on payment security across the globe? Let’s find out.
What Does A Modern Point of Sale System Look Like?
A point-of-sale system is an advanced piece of software that facilitates sales while also collecting and storing data about your conversions and your consumers.
(Image Source: Unsplash)
With the ability to calculate profits and predict marketing moves, an electronic point-of-sale system, also known as EPOS, aims to streamline the checkout process and automate repetitive tasks such as manual billing and inventory management.
Here are just a few features you should see when investing in an EPOS checkout system:
- Automated Inventory Management: An EPOS will automatically keep track of your inventory and update you on your current stock levels.
- End-To-End Encryption: All modern-day checkout systems are end-to-end encrypted in order to protect payment data from any potential breaches or acts of fraud.
- Improved Forecasting: An EPOS stores all customer sale data to improve financial and campaign forecasting.
- Better Customer Service: EPOS systems automate all stages of a customer order. This reduces human error and speeds up the checkout process for improved customer service.
In a fast-paced consumer landscape, it’s no surprise that more industries than ever are introducing an EPOS system to their checkouts. From hospitality to healthcare, POS systems like EPOS Now are found in more than 64,000 business locations worldwide.
Will PayTech Bolster Payment Security In 2024?
Now that we’re familiar with some of the features offered by a modern point-of-sale system, let’s explore what this could mean for payment security in the future.
We’ve compiled five reasons why electronic checkout software will enhance secure transactions in 2024.
Encrypted Transactions
With digital payments on the rise, security has become a top concern for businesses across the globe.
Thanks to the advanced security features found within a modern POS system, companies can ensure that all payment data is encrypted end-to-end. This reduces the risk of fraud and protects customer data from any upcoming cyber breaches.
Using an EPOS, payments are encrypted on and offline, fortifying the checkout process for all eventualities.
User Permissions
Companies can assign user permissions when using a modern POS device. This means that stores can only grant full access to the POS system to designated staff members.
This prevents fraudulent activities, hides sensitive consumer data and limits any human errors from unapproved employees.
For example, if a new employee wants to add a discount to an order, a modern POS will show them a permission pop-up that can be dealt with by one of the system’s primary users.
Regular System Updates
Modern POS systems are configured to run regular security updates automatically. These updates include new forms of encryption, speed tests, and data management tools.
It’s easy to forget that older payment devices are unable to update themselves. This opens up a window for cyber security breaches if the payment system doesn’t have an updated security certificate.
The Cloud
Most EPOS systems are also connected directly to the cloud. This ensures that data is instantly backed up and ensures that it can’t be lost if the manual checkout goes down.
Better still, you can easily control a cloud-based POS system from a smartphone device.
This means that even if you’re not in the physical range of your checkout, you can still pull up consumer data, make adjustments, and run security reposts on the go.
Antivirus Software
Modern-day PayTech also allows a user to install antivirus software to prevent any unwarranted attacks.
Antivirus software can help prevent malware from attacking your payment system. It can also detect hazardous activity and alert the user to any action that needs to be taken when under threat.
As modern payment systems facilitate antivirus installment, malware attacks will be significantly reduced for those using electronic POS systems.
A Secure Future
With the digital payment market expected to exceed more than $14.78 trillion by 2027, Both in-store and online retailers are expected to invest in some form of PayTech in the coming years.
As businesses embrace a modern checkout landscape, we will see greater use of the cloud and more encrypted transactions than ever before.
While cyber threats still continue to evolve, investing in a powerful EPOS system takes the checkout process one step closer to a more secure future.
