Businesses need to stay ahead of the curve to stay profitable in Canada’s highly competitive economy. Throughout the year a successful business needs to analyze potential areas for improvement and make investments in technology that can lead to a higher rate of return. Credit Card and Debit card payments are becoming the main form of payments for many businesses, and as a result Point of Sale Systems (POS systems) including credit card terminals, are becoming many businesses most essential piece of equipment. Since each business has its own set of needs which can change over time, POS systems need to be versatile. Even slight increases, or decreases in sales because of a certain POS system can significantly affect a business’s total revenue and viability. Therefore, when researching a new POS system, it is important to consider several factors in order to choose the right POS system for your Business.
- Price: Pricing can vary drastically based on the POS system and credit card terminals that you choose. Business owners that are new to accepting credit cards may be tempted to use credit card processors that have an easy sign-up process only to find out once they sign up they have a high processing rate or hidden fees. Furthermore, a business’s credit card processor should be available to explain to them the different POS systems and terminals they offer, their relative costs and benefits of leasing, leasing to own or purchasing the machines.
- Data Protection: With cyber-attacks and data breaches increasing in frequency, it is vital that your customers’ credit card information is protected. The cost incurred by Home Depot and Target as a result of major data breaches are more than $544 million with more costs expected to accrue in the future (source). These costly breaches prove that your POS system needs to be free of security holes that hackers can access able in order to steal your business’s data, company emails, bank accounts and your customer’s sensitive information.
- Efficiently: Advanced POS systems that can integrate with inventory management, sales analytics, reports and other aspects involved in running a business can have long-term returns by saving business owners time and save them money by decreasing costly errors. As the business’s owner, only you with the help of expert merchant account providers, can determine if the features that a certain POS system possesses will increase efficiency and productivity for your specific business.
- POS system & Terminal Service Provider: In today’s technological and fast moving world, people can forget the importance of working with a company that works to be a partner with you and your business. You need a credit card processing company that has decades of experience, provides exceptional customer care 24/7 and is concerned with helping you grow your business.
Finding the right POS system means balancing these factors to the best of your ability and potentially choosing a system based on your priorities. However, when working with a credit card processor, you should never have to compromise on customer service, and you should always feel that your credit card processor will work with you to help you meet your financial, security and growth needs.