POS Terminal Type: Which Is Best for Your Business?

A POS refers to a point of sales system, which is a combination of hardware and software that work in tandem to process payments, whether transactions are done online or in-store. There are several types of POS systems, such as POS Terminal, Restaurant POS system, Mobile POS system, and Cloud POS. A POS system helps process and record payments. Each of them works slightly differently, and they are all suitable under specific circumstances, but the fundamentals are common:

• While shopping online, customers will keep putting items in the basket, and once all items are picked, they will be taken to the checkout page to complete the purchase.
• Now comes the role of a POS system. It will add the total value of items in the basket, and also add taxes and apply discounts, vouchers, and codes, and demonstrate the total amount to be paid by customers.
• A POS system supports all kinds of payment methods, whether customers pay via debit card, credit card, or in cash.
• The POS system then logs the transactions. Date and time are recorded. The customer receives any change if payment is made in cash.

A POS system can also do much more depending on the features it is equipped with. For instance, it can update inventory available in your store, available loyalty points, and provide analysis reports about recent sales.

Do you need a POS system?                

A POS system is a vital tool for your business if you are looking to boost your sales. It helps you support all types of payment methods. Further, it is suitable for all types of businesses, whether you are a sole trader or a high street business, whether you are a restaurant or a bar. The biggest advantage of these systems is that they can simplify the payment method. There are various POS systems that you can choose based on your business needs.

It is vital that you choose a POS system for your business, regardless of its type. Consumer behaviour is constantly changing. According to a report, more than 85% of customers in the UK make payments using their debit cards and credit cards. The convenience that cards offer, and on top of that, peace of mind, is invincible.

According to a recent change in consumer spending habits, investing in a POS system has become extremely crucial. By investing in the right POS system, you would be able to take advantage of more than 80% population who are using cards to make transactions online as well as in person. There is no doubt that you should invest in a POS system regardless of the business.

POS system for small businesses

There are various POS systems you can choose for your business. Here are some of them:

• Square

This provides specific plans depending on the type of your business. Whether you are running a restaurant or a retail store, it will help provide you with industry-specific features. This POS system comes with extensive features that allow you to create websites, email marketing campaigns, and loyalty programmes. Once you invest in Square, you will not have to worry about these things. This also provides free plans. Low-cost options are also available for businesses.

Square is suitable if:

• You want to start a payment system that accepts payments both in cash and through cards.
• You are about to start your own business and are looking for a single low-cost plan.
• You want a platform that can scale up and down as your business does.
• You have small staff. Those with high staff may not find it suitable or those who need to provide onboard training.
• Your focus is on profits. If you want to have deep analysis of cost, this might not prove to be an effective POS system for your business.

Square is a top choice when it comes to choosing a POS system. You can easily set up this system, thanks to the intuitive interface. It is particularly useful for first-time users. This provides services based on small subscription plans.

• Shopify

Shopify could be a great POS system if you are running an online store. It could be easily integrated, especially with a Shopify online store. However, it depends on the plan you choose. The biggest benefit of the Shopify POS system is that it provides strong support options for those who are inexperienced with it. In addition, this provides an extensive app store.

Shopify is suitable if:

• You have a wide range of inventory. This is also applicable for those who have diverse inventory.
• You want to access an app store that provides an extensive range of apps.
• You are running a Shopify ecommerce store or website and want to integrate it with a POS.
• You do not want to provide onboard training to new staff. It is worth bearing in mind that if you want new staff who need training, this POS system is not effective.
• You can use this system only if you want to use it as software. It is not an effective solution if you are looking for a full POS terminal.

The Shopify platform has gained a reputation over time among those who run ecommerce stores. The Shopify POS system can be seamlessly integrated with Shopify ecommerce stores. If you want to sell online products, you can easily do that without any hassle or intensive training required.

Now this POS has some improvements that make its use much better compared to last year. If you are looking for a low-cost POS system, it would be perfect. You will have to pay a subscription fee too. In case you need a loan to pay for subscriptions, you can consider using a pre-approved business loan.

• Clover

Clover is mainly appropriate for businesses that want to expand. Contactless payments can be easily handled by Clover. It offers a great range of apps to help you scale your business up. You can easily support your staff with a wide variety of tools.

This is suitable if:

• Your retail store is medium to high. You can use it for a restaurant as well.
• You are not a new business. Clover is basically aimed at established businesses. You might have to pay extra for terminals.
• Your store is rapidly growing.

However, it is worth noting that Clover is not the best choice at all if you are a small store or you are looking for a low-cost POS system. You should also not use Clover when your inventory is not large and you do not need to pay for advanced management tools.

For some businesses, Clover seems to be the best choice because it offers terminals and accessories. This makes the expansion process smoother and faster. It has an inbuilt fingerprint scanner, which makes it easy for your staff to check in.

The bottom line

Choosing the best POS system could be challenging because they come in all shapes and sizes. Some are useful for a single feature, while others are useful for multiple features. While choosing a POS system for your business, you should carefully look at features such as payment processing, receipt training, inventory management, customer loyalty, easy access, training and support, and third-party integration.