3 Types of POS Systems for Small Businesses

  • 1 min read

By Susan Guillory

If you plan on having a retail store, you will need a point-of-sale (POS) system to complete sales, track inventory, accept credit card payments, and manage other aspects of your small business. But deciding on a POS system can feel overwhelming. Some are easier to use than others. Some give you better reporting than others. To help you narrow your search, here are three types of POS systems to consider for your store.

All-In-One POS System

Some POS systems give you robust functionality in one application. Not only can you accept payment from customers but you can also get detailed reporting about your business.

These types of POS systems often run quickly, saving you time both when checking out a customer and when collating your data. Because these systems are so robust, they’re often tailor-made to your specific industry. For example, a restaurant all-in-one POS system will look and react differently than that of a clothing store all-in-one POS system.

The potential downside to these systems is that they can cost a good amount of money each month. If you’re just getting started, you might want to opt for another system that’s better suited for your budget.

 

Cloud-Based POS System

Cloud-based POS systems are basically mobile apps your business can use on any device. This is beneficial to many types of businesses, including restaurants wanting to offer table-side checkout or retailers wanting to offer mobile checkout locations throughout the store.

If you’re using non-traditional hardware, such as tablets or smartphones, to accept payment, you’ll want to get a cloud-based POS system.

EMV Chip Readers

In late 2015, consumers started to have their credit cards switched to include the EMV chip. Store owners were supposed to do the same, yet many retailers have been slow to adopt EMV chip readers at their POS systems.

EMV chip readers don’t matter much for consumers, but they make a big difference for retailers. If there is a fraudulent charge, retailers have better protection when a chip reader is used rather than the traditional swipe-to-pay system. If you’re shopping for a new POS system, getting one with a chip reader is ideal. Soon, it’ll be the only option you have.

Which One is Right for You?

Narrowing the pool of choices to the type of POS system will help you decide which one is right for your needs. If you’re well established and have a healthy revenue stream coming in, an all-in-one might be the best option. If you’re just getting started, you’ll want to steer toward the cloud-based POS systems. And, if you want to stay compliant while minimizing your risk, you might want to limit your search to only include POS systems with EMV chip readers.

Picture of Chaz Michaels

Chaz Michaels

TRENDING AROUND THE WEB

A national health survey found workers whose sleep shifted by more than 2 hours between weekdays and weekends were 50% more likely to rate their own health as poor, even though nothing about their actual diagnosis had changed

A national health survey found workers whose sleep shifted by more than 2 hours between weekdays and weekends were 50% more likely to rate their own health as poor, even though nothing about their actual diagnosis had changed

The Blog Herald
A boundary delivered without an explanation usually isn’t coldness — it’s someone who’s learned that the explanation is exactly what invites the negotiation they were trying to avoid

A boundary delivered without an explanation usually isn’t coldness — it’s someone who’s learned that the explanation is exactly what invites the negotiation they were trying to avoid

Global English Editing
Someone who lets a frazzled stranger go ahead of them in line isn’t necessarily being generous — they’re picking up on small shifts in tone and posture that most people only catch when told to look for them

Someone who lets a frazzled stranger go ahead of them in line isn’t necessarily being generous — they’re picking up on small shifts in tone and posture that most people only catch when told to look for them

Global English Editing
The difference between the words you recognize and the words you actually use — and what that gap says about how you learned them

The difference between the words you recognize and the words you actually use — and what that gap says about how you learned them

Global English Editing
Psychology says older adults who scroll the most in the evening usually aren’t the loneliest people in the house. They’re often the ones who found it, quietly, the safest substitute they have left for calling someone directly.

Psychology says older adults who scroll the most in the evening usually aren’t the loneliest people in the house. They’re often the ones who found it, quietly, the safest substitute they have left for calling someone directly.

The Blog Herald
Keeping the counter clear while cooking is partly a private habit and partly a quiet form of consideration — a way of leaving the kitchen usable for whoever moves through it next, without needing to say so out loud

Keeping the counter clear while cooking is partly a private habit and partly a quiet form of consideration — a way of leaving the kitchen usable for whoever moves through it next, without needing to say so out loud

Global English Editing
Load more

Subscribe to receive our latest articles!

Get updates on the latest posts and more from Small Business Bonfire straight to your inbox.