If you want to accept payments by credit card in your business, there are many ways to go about this. Accepting card payments is a very good idea because customers want to be able to choose the most convenient way to pay, and if you do not accept card payments, you could be losing money.
If you accept card payments with credit card machines in your store, you may also want to consider using a Point of Sale (POS) system. Here is a guide to what these are and how to choose one.
POS System Overview
POS systems are software systems that provide you with much more information than manual systems. They allow you to run reports based on the information you gather, to analyse sales data to adjust purchasing levels, to use the data to inform your buying decisions, and much more.
Sometimes they are quite basic and they act as an electronic cash register. But other systems can be more sophisticated and can even be linked to customer relationship management software.
A POS system will often enable you to use add-on devices like barcode scanners, receipt printers, cash drawers and credit card readers so that you can process your card payments. Overall, it provides an all-in-one cash flow solution.
Choosing Your POS System
There are a number of features to consider when making your decision. You should compare POS systems in the same way that you compare UK merchant accounts or credit card machines to ensure you find the right solution for your business.
First of all, you should look at how easy it is to use. You want a POS system in order to help you simplify the running of your business, not complicate it, so look at a range of options and find one that you think will be suitable for you.
When you compare POS systems, also look at the options available for tracking sales. You will track sales in different ways from other businesses. For example, you might want a system that can put sales on hold or one that deals with rentals.
How does it let you keep track of the pricing? There are often a few ways to do this, including percentage of cost, custom formulas and more.
You will also want a system that has good security measures in place, as well as good reporting features. What options are available? How will it allow you to analyse your sales data?
You may find that a general POS system is not right for you, and instead you may want an industry-specific solution. There are POS systems available for specific industries so you should find out about this.
Another important factor is your budget. POS systems come in a wide range of price options, so compare the options and find one that is within your budget.
Find the Right POS System for Your Business
POS systems can be incredibly useful when running your business, so take a look at some of the products available and to find out if they could be of assistance to you. If you decide to buy one, take your time making a decision and consider all of the above factors to make sure you choose the right option for your business.
Isobel Black has an IT background and also has merchant services experience. She likes to share her ideas and insights with an online audience and often writes for several industry and B2B websites.
