What is the Point of Scale and How to Choose the Best POS System for your Small Business?

2020-09-18 11:19:15

A POS or Point of Scale system automates buying and selling by an electronic cash register. It uses artificial intelligence including a scanner, printer, calculator, card reader, and other related hardware.

In short, it is a system that captures sales while streamlining other administrative tasks. With the correct POS system, it can insert easy, efficient, and cost-effective results. Otherwise, your business operations may encounter complexities.

How does POS work?

Make Sales: The software takes commands to filter the items in its inventory library and makes the sale.

For Analysis: The advanced POS systems can also give reports about sales, customer engagement, inventory management, and account maintenance.

Make Payment: It ensures secure routing of funds to the integrated bank account after each sale.

How to choose the best POS system for your business?

There is a wide variety of POS systems. There are varied combinations of exclusive and ordinary features. The fusion of peripherals, terminal, and POS software translates into a greater understanding of what and who you are selling.

Hence, you should research thoroughly and have a crystal clear image of your business goals before choosing a POS system. Apart from that, you should also consider the below factors while choosing a POS system for iPad or desktop:

1. Installation

Consider the installation time and cost of set up. The equipment that you require needs IT pros to guide you on the operation of the system and what all features exist. The installation may take a day. However, the comprehensibility of their functions and efficiency needs a certain time.

2. Routing Cost

The routing payment cost includes the computation of the percent of sales per sale bank charges. Accordingly, the payment processes. For instance, a person purchases a commodity worth $10. The swiping machine will route the transaction to the customer’s bank. The bank will credit the sale’s amount in the merchant’s bank account. Besides, it deducts the requisite routing payment cost, which can be 1% or more.

3. Peripheral cost/ Rental fee

Peripherals are the hardware, like printer, card reader, scanner, etc. It configures a transaction. The entrepreneur can buy them. Alternatively, he can also rent a POS system. Accordingly, the fee structure will vary.

4. Maintenance

A robust POS system has a composition of related software. It can be software to support countertop POS, retail POS, and mobile POS systems. Each system has different maintenance and upgrading charges.

5. PCI DSS Compliance

If your company accepts credit card payments, you must look into the PCI compliance. It prioritises security through payment processing, connecting systems, and managing data.

6. Level Of Mobility

This determines the flexibility of peripherals to move easily.

7. EMV Chip cards

Installing EMV will get you off the possibility of credit card fraud. It authenticates chip-card transactions.

8. NFC Payment Ability

The different modes of payment include Apple Pay, Android Pay, and Contactless Card. The contactless mobile payments need interaction with the peripherals. This is where Near Field Communication (NFC) technology comes into play. It lets the devices interact with each other.

9. Remote access

The POS software should be accessible from everywhere. Cloud-computing allows over-looking and analysis from the remote area.

10. 24x7 support

The support team should be available all the time.

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