The best point-of-sale (POS) systems, also known as credit card POS machine, perform more than just transaction processing. These systems can also help to improve your daily workflow by combining tools like employee scheduling, customer loyalty programs, and inventory tracking into a single user-friendly platform. However, selecting the right system can be difficult. As a result, we examined leading providers across multiple metrics to compile this list of the best POS systems for small businesses in 2023.
In this article, we’ll look at some of the best options for small businesses in the UK, how POS machines operate, and the reasons to invest in a POS machine for your small business.
What Is a Point of Sale (POS) Machine?
A point of sale (POS) machine, similar to a cash register, is used to receive payments. The machine includes payment processing, allowing you to call customers and accept payments, including credit card and debit card payments. While cash registers were the first type of point-of-sale machine, they have subsequently expanded to encompass cloud-based POS machines and mobile POS machines.
How Do Credit Card POS Machines Operate?
Most POS machines use a similar set of software and hardware components. A frontend point-of-sale machine software that handles and records payments is included with a POS provider. The POS Machine’s backend will contain transaction data as well as detailed information such as transaction fees, inventory levels, and other critical services in retail operations.
The hardware is the physical equipment that accepts payments (for example, a card reader) and transfers them to the software for processing. After the payment is processed, the funds are put into the appropriate accounts.
Additional features of the credit card POS machines may include payroll, personnel administration, and customer tools such as loyalty programs. POS machines also provide financial and accounting data, such as specialized dashboards, for better business performance supervision.
What Should You Look for in a POS Machine?
There are several common elements to consider while looking for the best POS machine for your small business, regardless of industry. To mention a few, the hardware that will support the software, the forms of payment accepted, the inventory management solution, connectivity to your web store, and even integration with other machines you use. There is no one-size-fits-all solution for selecting the best credit card POS machine.
Best Overall Point Of Sales Machines
With all of these considerations in mind, here are some of the best POS machines for small businesses available today.
#1. Clover
Clover is a well-known name in POS machines, and it provides a variety of such hardware, including countertop and mobile POS machines. The provider also provides a variety of plans as well as a free trial. There is also a Clover App Market with numerous connectors.
#2. Hike
Hike transforms your tablet, smartphone, or computer into a POS machine instead of using its hardware. Hike is another alternative that combines online, in-store and on-the-go sales. It is also compatible with Amazon Marketplace sales. This POS machine comes with inventory management, reporting, and gift cards. You can leverage the machine’s built-in multi-store flexibility as your business grows.
#3. Light speed
Lightspeed POS is scalable and EMV card compliant. It is also PCI-compliant and has inventory management tools. This machine is notable for its membership and loyalty tools.
#4. PayPal Zettle
Zettle by PayPal is a product from one of the most well-known names in online payment processing. There is no free trial, but there are no monthly payments either. The pay-per-transaction pricing model is advantageous to small enterprises. It can also collect payments through PayPal and Venom QR codes.
#5. Podium
Podium transforms your smartphone or tablet into a mobile POS machine, allowing you to collect payments anywhere. It also provides novel payment methods that are difficult to locate on other machines, such as text-to-pay. Furthermore, Podium distinguishes itself by integrating with other Podium tools. When a customer calls your team, their previous purchases will be shown on the machine, providing context for the dialogue.
#6. Square
Square is yet another prominent participant in portable POS machines, offering a variety of hardware. You can use a card reader attached to your smartphone or tablet, a mobile POS machine, or a countertop type. It incorporates both customer loyalty and marketing elements. Just keep in mind that you might not be eligible for a free trial.
#7. Shopify
Shopify is best known as an e-commerce platform, but it also provides a point-of-sale machine. It converts your mobile smartphone into a POS Machine and, predictably, combines with other Shopify services. This makes it especially appealing to businesses that have both a physical and online presence.
#8. Toast
While toast is a popular choice among eateries, other sorts of small companies should look elsewhere. It offers a full offline mode, payroll capabilities, and tools to help you increase table turnover.
#9. Vend
Vend features an easy-to-use interface and does not limit your product options. Inventory management and analytics are also included. However, the cost can quickly mount, particularly if you want more than one register and full software, which necessitates subscribing to Vend’s most expensive plan.
#10. Brilliant POS
Brilliant POS is one of the best small business POS machines. Brilliant is a complete point-of-sale Machine that comprises a POS terminal, receipt printer, and barcode scanners. It can be employed in a variety of venues, including physical commerce, hospitality, restaurants, and other establishments.
#11. SumUp
SumUp is a full-service payment solution with low processing fees. SumUp allows retail stores to process payments in-store more quickly, and it may be utilized in many locations. It’s one of the greatest point-of-sale alternatives for small businesses because it includes POS Machine data for further consumer intelligence.
#12. eHopper
A retail store can benefit from the eHopper POS machine for small enterprises on a budget. You have a payment option with eHopper that leverages reputable payment processors and more. eHopper offers customer relationship management, loyalty management, and a mobile POS solution.
#13. Revel
Revel is a cloud-based POS software and hardware solution with inventory management features that is used by prominent enterprises. Revel is an iPad-based POS solution that provides restaurant operators with extensive capabilities and connectors. Inventory management capabilities, third-party management for delivery partners, real-time ordering tracking, and other kitchen management tools are among Revel’s primary features.
#14. TouchBistro
TouchBistro is well-known in the restaurant business for its robust and user-friendly POS solution. Touchbistro allows restaurants to improve operational efficiency by turning tables faster, ordering more accurately, and providing a better overall customer experience. TouchBistro also provides extra data and insights to help enhance operations and obtain greater financial control.
#15. Livepos
Livepos should be on your radar if you need robust inventory management features as well as payment processing. It provides inventory and employee management tools that may be used across numerous locations to make retail business operations more efficient and simple. It also has robust data connectors and dashboards for more insight into customer data and accounting.
Why Should You Invest in a Credit Card POS Machine?
A contemporary and advanced credit card POS machine can help organisations execute operations more quickly and efficiently. The following are some of the advantages of adopting POS software:
#1. Cost Savings
A small investment in a point-of-sale system can significantly increase your profits. According to a recent Intuit study, a store generating £267 per year can save £26,840 per year by investing in a new small business POS system. No matter how much money your company makes each year, saving 10% can have a significant impact on the bottom line. If we consider 10% of shoe stores, then using a shoe store POS system will have a significant impact.
#2. Better Customer Experiences
We’ve all been disappointed by having to wait in a long line just to buy something. As a result, we might leave the store. Customers can choose between stores with lightning-fast checkouts and stores that take forever to ring them up. The majority of shoppers will select the first option. As a result, creating loyal customers becomes more difficult when checkout lines move like molasses.
A smart small business POS system improves the customer experience significantly. Most importantly, it aids in transaction speed. Following that, it guarantees that clients are always charged the correct prices.
#3. Improved Inventory Control
Retailers must strike a delicate balance between having enough products on hand and having too many. Without the proper tools, this is a difficult issue to manage, and it can cost retailers a lot of money. Pos System is ideal for better inventory management, whether you own a clothing store or a furniture store.
A smart POS system for small businesses is much more than a technologically enhanced cash register. Leading point-of-sale systems provide a comprehensive view of your inventory. You can manage your inventory effectively. Instead of going through time-consuming inventory-counting exercises every quarter, save your time and energy for other high-value tasks.
#4. Improved Business Intelligence with Robust Reporting Capabilities
The more data you have, the better your business decisions will be. You can generate data reports in a variety of ways. For instance, period, promotion, shops, and so on. The following reports can be obtained from a small business POS system:
- Which products are selling the most quickly?
- When your shop is busiest
- Which marketing campaigns are the most successful?
- How many employees are performing at their peak?
What Does a POS Machine Cost?
When considering investing in a POS machine, it’s critical to understand the potential costs. Some of these costs include
#1. Software Costs
The monthly cost of POS software normally ranges between £26 and £265. The cost of software is frequently determined by its complexity and breadth of features.
#2. Hardware Costs
The physical components of the POS Machine might cost anything from £0 to £1767. Terminals, card readers, cash drawers, receipt printers, and barcode scanners are examples of such products. The cost is determined by the quality and quantity of hardware required.
#3. Installation Fees
Some service providers may provide free installation, while others may charge up to £617. This cost is frequently determined by the machine’s complexity and the need for special connectors.
#4. Payment Processing Fees
The majority of POS vendors will charge a transaction fee. Typically, this runs from 1.5% to 3.5% per credit card transaction.
#5. Add-Ons and Integrations
The price of extra features or integrations with other software (such as accounting for inventory management machines) can vary greatly. These add-ons can provide useful functionality, but it’s vital to consider whether the expense is justified.
What is The Lifespan of POS?
The average lifespan of a POS system is five years. However, the exact duration of service will depend on the quality of hardware/software and the frequency of use.
Which Credit Card POS Offers the Most Affordable Fees?
Stripe’s POS Machine is free to use, with no monthly or hidden costs. You’ll only pay 2.9% + 30 cents for each transaction, or 2.7% plus 5 cents for in-person transactions. The company also offers an API, which allows you to develop your unique solution on top of Stripe.
How Can I Set Up a Point-of-Sale Machine For My Small Business?
The following are the processes of installing a POS Machine
- Connect the software and the hardware. Your POS software will usually come with its hardware, or you can combine it with your existing equipment
- Please upload your stuff
- Enter the users and permissions
- Set up payment options
- Integrate with accounting and other company applications
What Are The Risks of POS?
One of the main security risks of using a mobile POS system is the possibility of a data breach, where hackers access and steal sensitive information from your device, network, or cloud storage.
What to Do When POS Crashes?
Simply rebooting the system is an excellent way to resolve the problem. Rebooting the entire system, like any other computer, clears out most issues and restarts the system from scratch. Unfortunately, this takes some time, so remain calm and ask your customers to be patient, and you will have it up and running as soon as possible.
Conclusion
The best POS systems offer more to business owners than just a way to accept payments. Businesses can sell products and services anywhere, at any time, thanks to POS trends like mobile-first technology. Because of advancements in artificial intelligence (AI) in POS software, POS systems can now tell businesses exactly what they need to order and in what quantities, rather than just how much product they have on hand.
The best POS software combines analytics and ease of use at a price point that small businesses can afford. Square POS is completely free to use, and its core features are so powerful on their own that you may not even need the optional add-ons to complete the POS system. Even if you decide to upgrade, you will most likely pay less than for other POS systems. Sign up for a free account today.
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