Tips for Choosing the Best POS Terminal for Your Business

Over the last couple of decades, businesses have embraced technology like never before with POS (point-of-sale) systems emerging as an effective solution for medium to large scale business with regard to managing their inventory and sales. 

 

How can POS Systems help my business? 

For starters, POS Systems help with streamlining operations. With useful insights such as customer data, consolidated sales reports and efficient inventory management, POS systems allow more efficient processes saving your business time and money, while reducing the risk of human error. 

With a myriad of options available in the market, choosing the right POS system and terminal that’s suitable for your business can be a challenge. Here are a few tips to consider when choosing the best POS terminal for your business:

 

POS System Types

A good POS system can not only track inventory and customer information, but also manage employee details such as shift schedules, sales reports and clock-in and clock-out times. 

User-friendliness is ideal in any system as it means that your staff (or in some cases the customer) would find it easy to use. This means that implementing an easy-to-use POS system will not cause significant disruption to your business operations. However, don’t forget about maintenance too, since functioning POS systems have to be regularly updated and maintained.

Cloud POS Systems

A popular option, cloud POS terminals are widely favoured by retailers. This is because the business doesn’t have to install an on-site server to support this type of POS terminal. In general, cloud POS terminals are secure and the data is managed on the cloud server with regular security updates handled by their POS service provider.

 

On-site POS Systems

On-site or on-premise POS systems enable businesses to have better control over their own data. This type of POS terminal is installed on a local server, which can be expensive but allows better control and customisation. However, maintenance can be costly for this type of set up. 

 

Legacy POS Systems

Unsure if a cloud-based or on-site POS system is more suitable for your business? Why not go for a Legacy POS System? Also known as a hybrid POS system, legacy POS systems allow you to get the best of both worlds by combining new and old technologies. 

 

What are POS Terminals?

What are POS terminals? POS terminals are the hardware systems designed to handle payment where these terminals are installed with software to process various payment options.

 

Understanding the Types of POS Terminals

Picking a suitable POS system is the first step. The POS terminal plays an important part as well since POS terminals consist of the physical hardware that your staff and/or customers interact with.

Not all POS terminals are the same, hence you’ll have to choose the type or combination that’s suitable for your business.

 

Fixed POS Terminals

More commonly adopted by the F&B industry and medium or large-sized retailers, fixed POS terminals are favoured due to its suitability with high transaction volumes and quick payment processing. Common fixed POS terminal variations include PC box terminals and all-in-one terminals. 

For larger businesses that handle large transaction volumes or require detailed reporting, consider fixed POS terminals. 

 

Mobile POS Terminals 

For brands that don’t process their transactions at a fixed location and require a functioning POS system that can support this requirement should consider mobile POS terminals. Businesses that utilise mobile POS terminals include airlines, restaurants, brands that regularly host sales events or pop-up retailers. 

Naturally, mobile terminals would still have to be supported by physical checkout areas or terminals. For example, providing the customer with options for paper or plastic bags for them to carry their products. For businesses that accept cash, physical cash drawers are also required. The upside to a mobile POS terminal is that it allows your staff to go to your customers, rather than be restricted within the sphere of the checkout aisle or area. 

 

Self-service POS Terminals

Grocery stores and fast food chains on the other hand, tend to prefer self-service POS terminals. More recently, some beauty brands have also started to adopt self-service POS terminals. These self-serve POS terminals are suitable for such environments due to the fact that they are designed for low-touch and high volume transactions. Essentially, customers are able to select the items that they intend to purchase and checkout with ease. 

 

POS Terminal Hardware

When it comes to the hardware, key components such as the LCD, enclosure, keypads, and card reader should all be tested prior to implementation. A POS terminal should be able to handle different payment methods such as cash, contactless payment and credit cards. Another consideration would be if your POS system is able to handle multiple payment gateways such as VISA, Mastercard and American Express.

 

POS Terminal Security

Customers wouldn’t favour businesses that often come under cyberattacks. While non-cloud based POS systems may have reduced cybersecurity risks, physical cybersecurity is important for any business with POS terminals. To protect valuable business and customer data, your POS terminal system has to be compliant with data security standards. 

Consider if the following security measures are implemented together with your POS terminal: minimising connections to external networks, PCI compliance, end-to-end encryption and antivirus software. 

 

Customise your POS Setup for Maximum Performance

POS terminals play an important role in aiding the 21st century business. It is vital for decision makers to consider all options and the pros and cons of each set up.

Need help with finding the right POS system? Consult our software experts today.