How to Choose the Right POS System for Your Business
February 22, 2019
If your company needs to set up or upgrade its point-of-sale (POS) system, there are five key factors to consider when comparing different POS systems. By doing so, you’ll be able to select a system that will not only allow your business to accept payments, but also help your company optimize productivity and profitability.
1. Your specific needs as a merchant
The first and most important factor you should consider when looking at different POS systems is your specific merchant needs. For instance, if your company is a sole proprietorship that doesn’t operate out of a centralized location and most of your transactions are card-based, you need a POS system that is lightweight, easy to set up and designed for mobility.
Conversely, if your company operates out of one or more physical locations and does much of its business in cash, you’ll need a point-of-sale system that comes with a cash drawer, barcode scanner and receipt printer.
Moreover, if your company is a B2B firm, you’ll want point-of-sale software and machines that allow you to store lots of customer information and payment data for all of your regular clients.
Understanding your needs before you start shopping will make the selection process more efficient by helping you disqualify POS systems that aren’t the right fit.
2. The usability of the system
Another important factor in the POS selection process is the usability of the system. Having to navigate through a litany of menus to process different transaction types will slow your transaction times to a crawl and increase the risk of cart abandonment. Along similar lines, you’ll want a system that is simple and intuitive enough that new employees can be trained to use it in one brief session.
You may be tempted by the bargain-basement pricing of antiquated or needlessly complicated hardware and software, but remember: Putting your money into an unusable POS system is a bad investment.
3. Never having to turn away business
Whether you’re working out of your home or opening your hundredth store, it’s important to position your business to serve as many consumers as possible. That means using a POS system that accepts a wide variety of payment types.
Ideally, your point-of-sale service provider will supply you with a state-of-the-art POS terminal that includes a payment cash drawer, a card reader, a virtual or physical PIN pad, a check reader, mobile payment acceptance features and the ability to process transactions offline.
That way, you and your staff will never find yourselves in the position of having to turn away business because a customer can’t complete a transaction with their preferred payment type or due to connectivity issues.
4. Integration and insights
In addition to having versatile equipment, it’s also important to equip your business with quality point-of-sale software that can be integrated with other sales channels, such as your online store and over-the-phone transactions.
When all your sales data flows through one fully integrated system, you’ll gain key insights into your business. For instance, if you have access to reports about when your various locations are at their busiest, you’ll be able to optimize scheduling. Moreover, you can learn how much of your revenue comes from new versus repeat customers, which will help you tailor your promotional efforts for maximum impact and ROI.
In today’s digitized marketplace, you don’t need to work with a slew of different companies to manage revenue coming in from a variety of different channels. That’s why we highly recommend partnering with a fully integrated omnichannel payments solution.
5. Partner with a secure service provider
Lastly, it’s crucial that you choose a point-of-sale service provider that prioritizes security and compliance. If you work with a processor whose services aren’t in accordance with Payment Card Industry (PCI) standards, your business could potentially be liable for hundreds of thousands of dollars in noncompliance fines.
That same goes for businesses that use POS equipment that is not compliant with the EMV liability shift that occurred in 2015. If your system isn’t set up to process credit and debit cards with embedded EMV chips, your company may be hit with noncompliance fees from your payment processor. Even worse, if your company is hit by a counterfeiter at POS and your company only uses old magnetic stripe readers, you will be held liable for the fraudulent transaction.
It’s important that your company’s POS system service provider utilizes cutting-edge encryption technologies like tokenization to protect both your company and your customers from hackers.
Merchants interested in acquiring a POS system that best serves their interests, while also being secure and reliable, should partner with JetPay. We have the equipment, software and digital infrastructure to handle all of your payment needs, regardless of your company’s size or industry. Contact us today to learn how we can help your business grow and thrive.
Sign up for more from the blog.
Get weekly updates and summaries.