Point of sale software is the basic need for any business. It
enables to accept payments from customers securely for the items they buy. Due
to the cost of the software which is out of reach for a start up or budget
challenged business.
But there are many options available for businesses such as
leasing the equipment and cost included into your monthly fee. It is important
to research and find the best one that fits your business environment before
making a final decision. We have listed some different epos options for your small business.
Purchase
Many businesses shy from purchasing epos system due to its
price. However this option could save your money of your businesses
relationship with a credit card processing company over the life time of your
business. It may require signing an agreement with the provider for a long term
contract or paying a termination fee with leased equipment. Some companies
allow you to purchase equipment that doesn’t work as well as you’d hoped..
Businesses that can gather the up-front money to purchase epos system hardware may be better off
in the long run and can skip a higher monthly payment. Businesses who have
their own POS terminals can take them to another provider depending on whether
or not your equipment is compatible with its software. If you lease the
terminal you will be forced to either purchase new equipment or find another
provider who can offer affordable rates with a lease.
Lease
Businesses choose to lease due to affordability which is one of
the top reasons. For a start up business, it is easy to pay small monthly fee
rather than a large up-front payment. The extra money can be put into growing
your business. You can also see a tax advantage in leasing as you can claim
your amount spent each year rather than amortizing it over multiple years, as
will be required in a purchased system.
Benefit of leasing equipment is that you’ll be automatically get
the technology updates. Many existing lease found that the upgrade was provided
for free as a part of their lease agreement.
Tablet Based
In recent years businesses have found affordable to purchase
equipment up front. POS setups are available that can work with a smartphone or
tablet, allowing businesses to accept payments in their stores on the go.
Having the right accessories businesses can set up an in store POS that
operates similarly to a traditional POS system. Some businesses save additional
money by using their existing tablets to connect to a payment processor’s
software.
The main advantage is to have portability and instead of having
cash stationed at a specific spot in a store. POS can be moved to different
areas in the store as demand fluctuates. Multi location businesses can share
equipment between storefronts and dismantle them to take advantage of remote
selling opportunities. Employees can accept card payments throughout the store
thus reducing queue lines and also accepting payments at conferences and other events
with the help of card readers.
