Credit Card Terminal
Top 5 Reasons a POS System is Better Than a Credit Card Terminal
If you run a small business, then space is most likely a priority for you. You don't want a cluttered shop with stock spilling over and possibly crowding your displays. If you're very space-conscious, you probably want a cash register and credit card reader that you can easily move around. However, it's important not to overlook the benefits of larger point of sale systems, that often integrate separate devices into one.
While credit card terminals offer better mobility, they can't match a traditional POS when it comes to capabilities. Let's take a look at why a POS system is a better choice for your business than just a sole payment card reader:
1. POS systems often provide better reporting
A regular credit card terminal is pretty bare bones. While you can swipe payment cards with it, that's really all you can do. If the software supporting it doesn't support deeper payments reporting, it's not as useful as it could be. POS solutions not only allow you to swipe or read EMV-chip enabled cards, they often integrate with the rest of your business software, allowing you to keep track of valuable data such as purchase histories and inventory numbers. This means you gain better control over your stock levels and you have a better knowledge of which items are selling and how often your customers buy from you, Nerdwallet explained.1
2. Integrated POS is often faster
Nobody likes a long line. Your customers could resent having to wait too long and could decide to spend their money elsewhere. Most credit card terminals cannot process transactions in seconds since they're often plugged into a phone line. However, an integrated POS operates on a much higher speed, enabling a transaction to only take a few seconds so you can keep your lines moving and your customers happy.
3. Greater security
With fraud and identify theft on the rise, consumers are more wary than usual about handing their credit cards over to merchants. Traditional POS systems offer the greatest means of security to customers and safeguard their financial data rigorously compared to mobile payment solutions or the average credit card terminal, Business News Daily noted.2
Mobile-based card readers depend on Wi-Fi, making them potentially easier for hackers to access. Meanwhile, credit card terminals are easily susceptible to card skimmer technology used by scam artists, CSO ;reported.3
Plus, both mobile and card terminals are light enough that thieves can quickly steal them, unlike POS systems that feature a cash drawer, touch screen and scanner. Some mobile credit card readers also aren't required to stand up to the highest level of PCI compliance as POS systems are. Accepting fraudulent payments or having customers' financial information stolen can be a death knell for businesses both big and small.
4. Better customization
Besides tracking your inventory, a POS system also gives you better control over customizing your touch screens. Employees can simply scan the barcode of an item or press a corresponding button on their touch screen to ring up a product. Meanwhile, POS systems automatically subtract the purchased product from the store's available inventory.
5. Everything you need in one system
An all-in-one POS system can offer a lot more than a credit card terminal. Besides accepting payment cards, a POS also powers your cash drawer and your NFC scanner so you can process cash and mobile wallet payments all in one system. Plus, a POS isn't just a glorified cash register. You can use it to keep track of employee work hours, allowing your workers to virtually punch in and out on the POS.
In short, these systems give you better insight into your business, greater security and faster checkouts so your store runs more efficiently and effectively.
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