Hometown Payment Solutions partners with many of the leading point of sale (POS) providers to bring you the best solutions for your business. Choosing the right POS systems can help your business run smoothly and save you money.
Our experts will work with you to determine the tasks your business needs to operate smoothly, and then we can help you select the system that is the best fit at an affordable cost. A small craft store will need a much different point of sale system than a multi-location convenience store chain, and a local gym will need different than an HVAC repair company. We can help with these and many other situations.
What is a POS?
A Point of Sale System is typically a machine located on site at your business that allows you to ring up sales and process payments — cash, credit/debit card, and other electronic forms.
Many people refer their Point of Sale system as the cash register for their business. While it is true that most POS systems include a cash drawer, modern systems do much more than just handle money. Think of your POS as the center of your store’s operation, providing inventory management, reports, price look-ups, and more.
Usually, a POS system has three separate parts, each with a variety of styles and options available:
- Hardware. This is the physical equipment that is located in your business. Hardware typically includes a credit card reader, cash drawer and other needed equipment.
- Software. This is the behind-the-scenes program that makes the POS run. The software controls the look and function of the screen. Each type of software operates slightly differently and varies with features and options.
- Payments. A primary purpose of a POS system is to process and track payments from your customers. This function includes processing credit card payments, keeping track of those payments, refunding sales when necessary, and routing the money to the appropriate bank account. While you can process credit cards without a POS, having one helps keep inventory, sales data, and other important business activity in one easily accessible location.
What To Consider When Choosing A POS
Initial Setup and Costs. How much of a time and money investment will be required for a system?
Time Commitment. If you are renting or leasing a system? How long are you committing to the lease?
Credit Card Processing. What are the fees associated with this POS? Can I use my current processor or must I switch?
Monthly Costs for Equipment. In addition to the credit card processing fees, are there any other monthly fees associated with this POS?
Software Fees. Are there any fees associated with keeping the software updated?
Server-Based or Cloud-Based. Server-based software is housed in your business while cloud-based software is typically accessed via an internet connect. Both solutions have advantages and disadvantages. Ask our specialist for more information to help you chose the solution that is best for your business.
Important Features To Consider
Ease of Use. An important consideration for a successful POS is the usability. Choose a system that is easy to use and best fits your business’s procedures.
Ability to accept EMV chip cards. To reduce your financial liability, merchants should utilize a system that processes credit cards with an EMV chip.
Accept NFC Payments. Businesses who process payments using Apple Pay, Android Pay, Google Pay and other contactless payments can increase security and reduce checkout times for customers.
Inventory Management. What features do you need to properly manage your business inventory? Such features as notifications when inventory gets low, sales data and patterns, and multi-location inventory management can help you manage your business more efficiently.
PCI Compliance. Today, more than ever, merchants must protect themselves and their clients. PCI Compliance addresses how you process payments, how the systems are connected and how customers’ data is managed. Make sure you are choosing a POS that will make these requirements easier.
Mobile Options. Do you need the ability to accept payment when away from your physical location?
Additional Features. Do you need the ability to send electronic invoices? Offer a Customer Loyalty Program? Manage multiple locations for inventory? Set up appointments? Be sure to consider these additional features when selecting a POS for your business.
Solutions For Your Industry
Industry-specific solutions provide your business with the tools you need to operate smoothly and grow your business. When it comes to a POS, one size does not fit all! An appointment-based business needs a much different system than a retail store. A restaurant needs ordering systems with open tickets and other features, while a coffee shop may want a customer rewards program.
Our specialists can work with you to identify your needs and find an affordable solution to help your business grow.