When you own a small business, a DIY approach often pays off. But when it comes to taking payments, counting bills and coins by hand is fast being replaced by a simple swipe of plastic. With more and more customers going cashless and expecting easy card payment options from businesses of every size, studying the latest advancements in financial tech and making sure your business stays current may be at the top of your to-do list.
But with a dizzying array of point-of-sale (POS) services and devices available, it can be tough to know which one will benefit your business the most. To help you make the decision that’s right for you, here are five things to keep in mind.
- Assess your budget
As with any purchase you make for your SMB, your first move is likely making sure it doesn’t break the bank. Luckily, there’s a POS solution out there for every business and every budget—from a lemonade stand to a massive Apple Store. Assessing the scale of your operation is imperative if you want to stay in the black.
A basic system for accepting credit cards may suffice if you operate in only one location and don’t need to track inventory. Or if your business is seasonal, it might make sense to use a pay-as-you-use model. In this case, you would only pay a transaction fee when you accept payments rather than forking over monthly or yearly fees, even when your business is dormant.
- Know your customers
The number of payment options in today’s economy can seem like overkill. But when customers get accustomed to using these methods, taking them off the table can leave them frustrated and willing to look elsewhere.
Knowing how your customers want to pay is a must. If lots of customers try to use them, ask your POS provider about the acceptance of cutting-edge payment methods like Apple Pay and Android Pay. Are many of your customers international? They may also use UPI, JCB, iDeal, or Bancontact. Do your research and adapt accordingly, or risk losing countless sales.
- Stay smart
Modern POS systems can be outfitted with any number of special features and Smart functionalities that can help you streamline day-to-day operations. But you don’t need all the bells and whistles—just the ones that will help your business thrive.
If you’re in the restaurant business, you’ll probably need to track inventory in real time and be ready to accept tips. For a home repair business, being able to take mobile payments on different devices and at job sites will be essential. Factor in all the added capabilities that can bring your payment processing to the next level, and if you don’t handle many payments yourself, speak to your staff to tap their on-the-ground expertise.
- Plan for the future
Whatever you decide, it’s important to also keep an eye on the road ahead. If you invest in a POS system only to find it can’t meet your needs six months down the line, you’ll have to reconfigure and start all over again. Balance today’s realistic solution with a healthy dose of optimism to give your business room to grow.
- Take your time
Choosing a POS system is big decision, and it takes time and patience to study and assess all of the distinct aspects of your unique business to find the perfect fit.
If you feel lost, the retail services experts at eMazzanti are here to help guide you in the right direction. Get in touch today, and let’s find the POS system that takes your business to the next level.