There are numerous point of sale systems available to merchants, but not all solutions are ideal for your particular business. The best systems may appear to be the ones with a ton of bells and whistles, but what if they don’t fully meet your merchant needs for the type of business you operate? Here is how to choose the best POS systems for your business.

What is a point-of-sale system?

POS systems vary and are designed for small and large businesses. The system allows you to ring up sales and accept payments with a hardware and software solution combination. You are able to process transactions with cash, mobile payments, and credit cards. You can scan items, manage transactions, generate reports, and print receipts with most available solutions.

Consider the POS fees

These solutions come with fees. A software solution could charge you a monthly fee for access to the service. The fees are usually based on the volume of transactions. There may be a fee required for each transaction. A PCI-compliance fee could also be a part of the pricing. You can have a one-time setup and installation fee as well to consider. It’s best to create a budget, and then evaluate solutions so that you know what it will cost on a monthly basis. There also may be multiple pieces of equipment you will have to pay for when getting started.

Understand the hardware requirements

The hardware needed could require additional equipment or work on the existing equipment you already have. You want to be certain of the different types of equipment you will need for the store and how many terminals will be required. There may even be additional equipment needed for each system in use.

Security parameters

If any of your data falls into the hands of a criminal, you run the risk of facing liability challenges. Data breaches are a very serious concern for any merchant. You want to protect your company data from unauthorized access at all costs, so you need to make sure that your system is PCI compliant.

Reporting requirements

You want to make sure that you have access to the reporting you need. There should be reporting features available to you if you want to be able to review historic information for your company. The ability to pull and review reporting remotely is essential for any POS system if you need access outside of the brick and mortar location.

Contracts and leases

If you are new to POS systems, you may not want to be tied down to a contract long-term. You want to make sure that you have a flexible agreement in place to make sure that you don’t commit long-term to a service or any pricing agreement that makes you uncomfortable. You want to avoid potential cancellation fees that come with breaking the contract or ending the service as well.

The systems may come with additional features like enhanced reporting and inventory management. Finding the most effective solution for your business means evaluating the equipment, pricing, features, and contract options available to you.