Small Businesses; An Easy Target for Scammers and Fraud
Overview
Small businesses are the biggest targets for fraud. In a recent article by Payments Journal titled “4 Top POS Technology Pain Points for Small Business, two of the 4 pain points are big security risks for businesses.1. Outdated and Inefficient Systems:
Keeping that old POS system that may be paid for and requires very little annual cost of ownership is an Achilles heel for businesses. The outdated systems are lacking updated security features and in some cases are not even PCI compliant. This provides an easy target for credit card data breach and personal data you may be maintaining on your customers. Investing in not only the technology, but the right technology partner is crucial to the success of small businesses.
2. Limited Payment Options:Expanding payment options for your customers is an easy way to expand reach and update your system. Finding a good technology partner who will do their due diligence and explores in detail the needs of your business is crucial. These expanded payment methods include the must have of digital wallets, QR codes and mobile payments.
3. Security Concerns:Small businesses often struggle with security concerns related to payment transactions. The risk of data breaches and fraud is ever-present, and traditional POS systems may not offer robust security measures. Sync incorporates advanced security features, such as tokenization and encryption, to protect sensitive customer information.
4. Lack of Real-Time Analytics:The absence of real-time analytics is a significant pain point for small businesses looking to make data-driven decisions. Without access to timely sales data, inventory management becomes challenging, and opportunities for growth may be missed. Sync addresses this pain point by providing small businesses with real-time analytics and reporting tools. Business owners can track sales, monitor inventory levels, and gain valuable insights to optimize their operations and drive growth.
Small businesses face numerous challenges when it comes to their POS technology. However, Sync offers game-changing solutions that eliminate these pain points. Please feel free to contact Sync Payments to determine if we are the right technology partner for your small business.
