Is it Wise to Add Old Data to a New Point of Sale System?

Jul 20, 2015

Should I add the old data to my new POS? This is rather a common question among merchants purchasing new POS systems. Well, adding old data to the new system means that you can easily access such data which ensures continuity. Every merchant loves continuity. On the other hand, adding the old data to a new system also comes with a host of risk and challenges.

So, to determine whether or not it makes sense to add your old data to the new system, you need to first consider if you really need the data in question and the cost of entering the data in the new system.

As we all know, customer data is characterized by its fluidity – an aspect that allows it to change with the ticking of a clock. Every new day, every second, your customers are getting new phones, changing phone numbers, moving homes, buying new cars, and so much more. Moreover, you get new customers all the time. With this in mind, does it even make sense to add old records to a new POS system?

Typically, it takes between six and twelve months to enter old records in a new POS system. That is even before you run the system. In other words, you may be spending between six months and a whole year just preparing to start using the new system. Honestly, a one-year delay is enough to cost the business millions. Because people are always on the move, such delays could be catastrophic. Statistics from national home ownership agencies show that the average American moves every 4.5 years. If you spend 12 months adding old data to the new system, by the time you finish, at least 22.5% of the information would be wrong. If you add to that the number of consumers who will have changed phone numbers, email addresses, etc. within that period, you may be talking about huge discrepancies.

You should also consider your industry and the type of business you run. If you run a high risk business, then maybe you should start by getting a high risk merchant account. Additionally, consider whether you need to track customers and whether the customers are comfortable with being tracked.

In summary, you need to carefully assess the situation when making a decision. While having the old records in your new POS system can be advantageous to some extent, think about the potential drawbacks as well.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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