If you are searching for the point of sale system for your business, it is important to understand what kind of tools you require to grow and help your business. A small business point of sale system helps you to process every sale safely. It should also have the right software to maintain administrative tasks efficiently. The sales type you are making and the kind of tasks you require assistance mostly depends upon your business type. For example, a coffee shop may have different requirements than the clothing boutique. The POS system designed for a plumber would not work out for the fitness studio.
If you want a POS system for a small business, you have to consider certain factors like usability, PCI compliance, security, and initial and ongoing cost to select the right POS system. In this article, we have explained what you should focus on a point of sale system to make the best decision.
Components of point of sale systems for small business
A POS helps in accepting payments and ringing up sales. It functions as a cash register and consists of three components.
Payments: The point of sale systems manage routing funds to the bank account after every sale.
Software: The main component is the POS software. If you are using a basic one, it permits you to identify items in the library and bring in sales. When you have robust POS solutions, it comes with helpful tools such as inventory management, customer engagement software, sales reporting, and more.
Hardware: It consists of hardware that permits accepting payments. When getting a new POS, you have to ensure that it accepts payments in all forms like mobile payments, credit cards mainly chip cards, and cash payments. If required for your business, the POS system should also scan barcodes, store cash in drawers, and print receipts.
Important factors to note when selecting a point of sale system:
- Rental fees or equipment costs
- Payment processing expenses like charge per transaction, % of the sale
- Initial setup costs like money and time
- POS software features like invoices, inventory management, appointment management, customer loyalty programs, and the ability to collect customer data securely.
- Ability to receive NFC payments such as contactless cards, Android Pay, and Apple Pay.
- POS software fees.
- Ability to receive EMV chip cards.
- Level of mobility.
- Other monthly processing fees like chargeback fees and PCI compliance fees.
Best point of sale systems for retail
Do you have a retail store? Well, you may require a retail point of sale software that provides inventory management as well as connect to a receipt printer and barcode scanner. Merchant Services Broker Solutions offer customized POS for small businesses that perform all these functions and more. Their application also comes with a simple to use email marketing application with sample copies and effective templates. This way, the customers know about special promotions and sales.
Best point of sale systems for restaurants and bars
Restaurants and bars are unique businesses and need several specialized features in their POS software. When you are purchasing a POS system for your small business, you have to see that it comes with a simple to change menu choices and interacts with the bar and kitchen with printed kitchen tickets and item modifiers. Advanced POS systems come with split tickets ability and also maintains open tickets for people who wish to settle later on.
By having the right POS in your bars and restaurants, you can easily track payouts and reconcile cash sales quickly. Restaurant POS system by Merchant Services Broker Solutions has all these features. If needed, you can also integrate with other third-party applications. In simple words, the POS system is simple to install and priced affordably for restaurants and bars.
Most people doubt whether they have to pay a monthly fee for the POS software provider. Some companies charge every month and some on a term or yearly basis. It is always best to get an application from top companies as they do not charge any hidden fees. Some companies do not force to sign up long term commitments or contracts. Before finalizing, you should see how much they charge as PCI compliance fees.
Above all, the company should offer friendly customer services anytime you need it. The customer team should be knowledgeable about their products. When you contact the team, they should be able to assist you on the phone and also provide online support for free of cost. It is recommended to shortlist a company that offers an integrated solution across software, hardware, payments, and customer data. This way, your customer’s information will be safe and you can also be confident. We hope you find these details help you in finding the best POS software provider for your small business.