Theft and fraud can have a major impact on a retail business's bottom line, especially if safeguards are not put in place to protect against them. Retail crime in the U.S—due to shoplifting, employee theft, return fraud and other means—cost the industry nearly $48.9 billion in 2016. There are things you can do to increase store security, especially when it comes to your POS system.
Along with the direct financial threats your business may face, the ever-increasing data security requirements of the payment card industry may open your company up to fines or lawsuits if you are not following prescribed guidelines for processing payments in a safe and secure manner.
Below are some of the ways that an effectively-implemented POS system can improve security in your shop:
Secure servers - Cloud computing makes it possible to create an inexpensive and easy-to-use POS system that offers enterprise-grade security and redundancy. Other benefits include being able to consolidate data from all sales platforms in one place, strong encryption, regularly updated software, antivirus, and proper authentication protocols all help keep customer data safe and secure in the Cloud.
Point-to-point encryption – This means that customer data goes directly to the processor without entering the cloud or being stored on your system in plain text, minimizing chances of hackers intercepting the data.
Mobile device security – Mobile POS tablets and other devices are portable, small and easy to steal. Many businesses are turning to tablets for a mobile POS solution, but the right features are essential for maintaining security. Look for devices with retractable security locks that require multi-step authentication to remove from docking stations or poles, as well as built-in system lockdown in the event of loss or theft.
Video surveillance integration – It's an unfortunate fact that theft in your business is likely to be happening internally, from employees giving away free products to friends and family or voiding transactions to pocket money for themselves. Having an ongoing and synchronized video feed of every transaction that goes through your POS can act as a deterrent to unscrupulous staff, as well as creating red flags for managers or supervisors to inspect more closely.
When combined with real-time inventory monitoring for patterns of shrinkage that may indicate theft, video surveillance can help quickly identify if the threat is internal or external.
Electronic signature capture – If your business deals with a large number of credit card transactions,capturing signatures electronically can be helpful for a number of reasons. It improves transaction times and reduces the amount of paperwork and filing that staff are required to complete. It also provides an easily accessible and searchable audit trail. Being able to easily retrieve signatures provides companies with recourse in the event of customer disputes or chargebacks.
Serial number tracking – While it may be less useful for the average shop, integrated tracking of serial numbers can be helpful for businesses that sell large, high-value items such as car dealerships. POS can help keep track of individual assets in your inventory and their exact locations.
Improve Your Security with POS Today
AURES can help boost your shop security with a full line of POS products and services to help with every part of the process. This includes consulting, staging, installation, and more.