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Could A POS Breakdown Like Starbucks Happen To Your Pawn Shop?

For some lucky Starbucks aficionados, last Friday (April 24th) was like Christmas. Around 7:30 pm EST, the Point-of-Sale system that about 7,000 stores nationwide use for their cash registers had a system meltdown – leading many stores to offer their… Read More

For some lucky Starbucks aficionados, last Friday (April 24th) was like Christmas. Around 7:30 pm EST, the Point-of-Sale system that about 7,000 stores nationwide use for their cash registers had a system meltdown – leading many stores to offer their customers free drinks until systems were back up and running.

How can such a large company, with so many locations nationwide, be subjected to such an epic system failure that ended up costing them at least a few million dollars? According to their official statement, Starbucks said the outage was caused by a failure in its daily computer system refresh and apologized for any inconvenience or confusion as a result – but I’m sure the recipients of free drinks weren’t complaining!

Gone are the days of manual cash registers – major retailers (and even mom-and-pop shops) are migrating to point-of-sale systems to take their business to the next level. By using a POS software, businesses are able to collect massive amounts of data which allows them to more effectively gauge their operations and customer base.

Point of Sale

For a company like Starbucks, they can use their POS for more than just processing credit card payments – as many Starbucks consumers would be able to tell you. Starbucks is infamous for their loyalty programs and smart phone payment methods, all of which can be used within their POS. They can then take the massive amounts of data they collect and mine it in order to better market and understand their customers.

For instance, by using a POS they can determine which drinks are selling the most, the optimal selling time, and the demographics of the consumers purchasing those drinks. With that information in hand, they can cater their advertising and marketing efforts around that data in order to achieve maximum results and conversion.

“Data is the holy grail of retail,” said Craig Bahner, former chief marketing officer for Wendy’s. “We always thought of the POS system as a tool to be able to get to know your customer.”

Besides marketing efforts, data can also be used by managers to obtain an accurate sales forecast and to measure their store performance. All this information at the tip of management’s fingers gives them the tools and resources they need in order to take their business to the next level.

In the Pawn Industry, a Point-of-Sale system is just as crucial as it is for large retailers – if not more. With so many different facets between transactions, loans, layaways, eCommerce, and compliancy (to name just a few), it is very important for Pawnbrokers to remain organized and have easy access to data to ensure their processes remain efficient.

However, the likelihood you would have a major system meltdown like Starbucks did – and consequently, losing a significant amount of revenue – is slim to none (especially if you use Bravo which has experienced 0% downtime). Now don’t get me wrong, POS systems may temporarily shut down but this is usually due to a lack of internet connectivity or other minor issues which can be fixed quickly and have nothing to do with the software itself.

If you come prepared with a strong internet connection, backup Hotspot, and reliable hardware, a POS software can revolutionize your business and streamline all your processes, which will ultimately allow you to generate more revenue. We all want more time and money back – Bravo can give that to you and your Pawn Shop with the tools and efficiencies found in our software.

Give us a call and see if Bravo would be a good fit for your store.