You’re almost ready to launch your business, but what about payments? It is crucial to the success of your business that you have a system in place that will allow customers to easily make payments to your business. Most payment acceptance systems will also help with batching the day’s reports automatically as well as tracking inventory. It is even possible to track your employee’s time all through one streamlined system.
Most companies rely on payment terminals or POS systems to handle these types of tasks. Before choosing which system will work best for your company, you will want to learn the basics of these systems and the benefits that each has to offer. This quick guide will provide you with some basic information to get you started.
Payment Terminals or Merchant Services
A payment terminal is a simple way to accept or decline incoming payments from customers. Today, most payment terminals are able to handle both debit card and credit card transactions as well as mobile payments such as Apple Pay, Samsung Pay, and others. Having a payment terminal is more important now than ever because most customers are using alternative payment methods. Most people simply do not use cash very often.
POS Systems
POS, or point-of-sale systems, often perform the same tasks as a payment terminal as well as much more. A POS system provides a full range of services for business owners to help them run their businesses more smoothly. Some features include:
Inventory tracking
Employee clock in/clock out
Report batching
Report creation
And more
This type of system is intended for companies that move a good deal of inventory on a daily basis, keep a regular employee staff, and need sales data to help with marketing and advertising endeavors.
A smoothly operating POS system can make the difference between a company that succeeds and one that fails from lack of organization.
It is difficult to track all of the different aspects of your business on a daily basis. If you are running different systems to monitor several different tasks, this can also get confusing and overwhelming. A POS system puts all of the information you need into one convenient location so that you always know the state of your inventory, sales, employees, and more.
The best way to find out what type of system your company needs is to speak with an agent specializing in POS systems. Contact us today to learn more!