Operating a business successfully today is as much about the hardware and software you use to coordinate payments, both inflow, and outflow. Keeping up with consumers’ payment favorites, motivated by uninterruptedly developing technology, is important to fascinating and retaining your customers. Gone are the days when payment processes take long. In the modern world, we are today, payment has been made much easier with different fast and effective payment methods.

Traditional countertop point of sales (POS) systems

If your business is the type that accepts payment using cards from a brick-and-mortar location, there are good chances that you are using some type of countertop point of sale (POS) system. Traditional POS systems are created for single locations and typically include a screen for display, cash drawer, card reader, and maybe a customer-facing touchscreen/PIN pad. Some also come with a barcode scanner accessory, all these depend on the nature of the business. Newer POS systems are combined with an EMV-enabled reader to allow the chip cards that are becoming more usual since the EMV fraud chargeback liability in October 2015.

The key advantage the point of sales system has is the familiarity character associated with all retail, restaurants or any business. The system has gained ground for years. But this countertop POS system is getting used globally over the years and evolving as technology is changing. As it has an advantage, there is also a major disadvantage if this system as they are always immovable as they stay in a particular dedicated place and cannot accept payment in other places.

The bottom line: the traditional countertop point of sale system is very useful for virtually every business and the fact that it has gained ground for years makes it a very good option.

Tablet-based Point of Sales (POS) systems for in-store sales

This is used by those that have iPads. It is more useful in the restaurant industry as the majority of all restaurants are aware of the usefulness of having this point of sales system on their tablet which makes it possible for customers make an order and make payments at their leisure. The system enhances customers experience as they can do it at their pace and minimize the wait staff attending to payments. They are also in a built application for point of sales tablets which will enable sales personnel to move around the floor and attend to the customer anywhere they sit. Also, the sales personnel can answer customer’s questions, check out sales at any checkout area and check inventory in hand with just a simple touch on the tablet screen. The tablet point of sales system will help businesses to grow their sales as the customers’ experience with this will be fabulous.

The bottom line: we all know time is money and money cannot buy time, every business (e.g. the restaurant industry) that wants its customers to make effective use of their time will consider this important.

Smartphone-based point of sales (POS) systems for business on the go

In recent days, technology is becoming increasingly important as smartphones and tablets are used as an office. Today’s tablets and smartphones can be converted to a point of sales by getting a card reader and downloading the application suitable for the task. This payment system accepts debit and credit cards anywhere and transactions can be closed on the phone. It is more efficient in trade fairs, street concert, foods stands and any place that is beyond the four walls of the business. This payment system payments process simple, easy and encouraging.

Stand-alone terminals

The creation of EMV chop cards made it possible for EMV terminals. As a result of the ease of point of sales for standalone retailer’s terminals, the debit and credit card are usually accepted by a lot of businesses. Verifone System or Ingenico S.A are the main two terminals for any payment terminals used by any business for credit card processing. As technology is evolving, these two companies and some others are bringing in smart new terminals which are cherished by major businesses. This smart terminal makes it possible for contactless payments via NFC, card swipe and dip capability, electronic capturing signature, decoding of email and interacts with the other business systems that are in use.

The bottom line: Contactless payment, a card swipe and lots more have been made easier with the stand-alone terminal.

With the above write up, you should be aware of the different types of device that are available for businesses and the benefits of the systems mentioned above. It advisable before deciding on the system to use, you should carry out your findings on the best system suitable for you.

You can ask your friends that have used any of these systems to get the pros and cons you can also ask an expert in your industry for advice. Are you willing to ask an expert? If yes, you are only a step away from getting the necessary information you might need. MerchantScout will answer your question.