Gone are the days when managing a small business was only about knowing your products and services, getting money from customers in cash and making bank deposits. Trends have changed rapidly with the introduction of business and accounting management systems. With cloud computing, RFID technology and smartphones, even small businesses and self-employed entrepreneurs can master the art of point of sales easily. If you have never used a POS system, you might be wondering what this means and why it is an important business software? You must understand the systems before you start looking among the best for your business.
Definition
A POS system is a software used by businesses to handle payment processes, inventory management, customer management, general accounting and staff payroll. A mobile POS (mPOS) performs the same services as POS hardware, only that it is wireless and is installed in smartphones or tablets. You can have a POS system that combines a POS hardware and a mPOS.
Choosing an Ideal mPOS
Different mobile POS systems have varying functionalities. As a business operator, you need to choose a mobile POS that works for you and your business. If your business deals with a lot of inventory, you need a mobile POS that can handle bulk transactions involved. In general, you need to search for the best systems in line with your business’s needs. Once you download a mobile POS, the service provider sends you an audio jack and card reader plugin to process customers’ debit and credit cards. This method is a cheap way of handling money transactions especially if your annual turnover is less than £10,000.
Getting the Costs Right
Mobile POS prices depend on the level of services you wish to use them for entirely. With a low price that starts from £29, you can get a good mobile POS for basic payment transactions. Downloading these apps is free, but the price is different if you need a physical device as well. Some businesses need other services such as customer information management to track royalties and payroll management. Such advanced features might cost you a few more Euros, though the efficiency benefit is worth every bit of it. Just make sure you have sampled a few before choosing an ideal mobile POS for your business.
Top 10 MPOS
With many people becoming more aware of mobile POS systems, developers have also taken advantage of customers’ demand. This has led to the release of several versions of this software, making it a bit challenging for a small business owner to decide which one is best for their business. Here are 10 of the most popular and recommend mobile POS systems.
IZettle
IZettle offers free primary services, though it is recommended to get the premium version for a monthly fee of £20. You can handle transactions worth £5,000 at a go and up to £500,000 in a day. It is compatible with Visa, Amex, Diners, JCB and MasterCard. Other advantages include after-hours support and additional reporting.
Square
Founded in 2009 by Jack Dorsey, the chip and pin service was launched in the UK in 2017. It accepts Visa, Amex and MasterCard and has a next day business fund settlement period. Its transaction limit is at £25,000 in every service and has an upfront cost of £29, VAT included.
Worldpay
With Worldpay reader businesses can accept payments in the form of credit and debit cards, mobile and contactless. You only need to download the Worldpay app to your phone and connect it to a pocket-fit card reader through mobile data or WiFi. It is entirely wireless, giving your business flexible payment methods.
SumUp
Launched in 2012, SumUp serves over ten countries in Europe with shareholders such as Groupon and BBVA Ventures. It later took on Payleven in 2016 and has since risen to make transactions worth 1 billion euros and above. SumUp has no transaction limits and its compatible with MasterCard, Amex and Visa. Upfront costs are only £19 inclusive of the VAT.
PayPal Here
PayPal Here serves IOS, Android and Windows devices. It is a mobile application and credit card reader that helps businesses to process credit card payments. Some of the services offered by a PayPal Here system include PIN processing for debit cards, digital receipts, automatic invoicing and barcode scanning.
Epos Now
Eposnow is an award-winning payment system that has served over 30,000 businesses with a 9/10 online rating. It is easy to use and staff members only need a 15-minute training session. You can incorporate online ordering, accounting and CRM systems using your epos nowdevice.
LightSpeed
With headquarters based in Canada, Lightspeed is an e-commerce provider that targets small and medium businesses. Most users are in either retail or restaurant industries. Their services are cloud-based and also offers sales processing and data analytics services for small businesses. You can choose a pricing option from their three business categories.
Payzone
Payzone work in collaboration with epos now to offer system packages that are designed specifically for a client’s business. You will not need any upfront payments or extra charges when updating your system’s software. It is easy to set up and training can be done remotely for your staff members. Replacements are done within 24 hours of a business day.
Casio Epos
Tailored specifically for the hospitality industry, Casio epos offers payment solutions for businesses hence, making work efficient. It is Android-based and uses cloud suite software. Using it is easy and you will not have to worry about power usage as its consumption is quite low.
Shopify POS
Shopify has one of the easiest to use interface, and you do not need a lot or even any training to handle it. You can choose from its three-piece payment classes, depending on the size of your business. It is compatible with iPads and iPhones.
Conclusion
Mobile POS and Epos systems are the go-to solution providers for all business payment challenges. With the above list, you now have an overview of the best in the market, so you can now decide on which one best suits your needs.
