Curious about the best point of sale for small businesses? Here's the ultimate guide

Growing your business requires a seamless and secure way to accept payments. This is where merchant platforms with 360-degree payment solutions come in. These platforms offer over 100+ methods, including UPI and credit cards, for a smooth transaction experience for your customers.

The rise of credit cards in India, projected to hit 100 million users soon (according to an RBI study), highlights the importance of a good point of sale (PoS) system for small businesses. Choosing the best point of sale for small businesses, therefore, becomes crucial for growth as more customers utilise credit cards.

Understanding how merchant services work and the products they offer is key to selecting the perfect PoS system for your small business. By doing so, you'll be equipped to handle the growing demand for credit card payments and ensure a smooth experience for your customers.

How does point of sale work?

Merchant services companies provide businesses with the tools and requirements to accept UPI, credit cards and other forms of electronic payment for transactions.

There are several merchant service providers in India. Each provider offers its own tools, services and fees. Depending on your business size and needs, you can choose the best point of sale for small businesses.

PoS products and services to look for as a small business

The next essential part to consider is the different tools available for payment processing. The products and services that merchant service providers offer play an important role in building long-lasting relationships with customers.

Here are some of the essential features you must look for:

1. Contactless payments

Thanks to the advancement in technology, contactless payments have become the standard. You might have seen people making payments by simply tapping their credit/debit cards or smartphones. Look for devices using near-field communication (NFC) or radio-frequency identification (RFID) for a smooth transition

2. Pay on the go with mobile payments

Mobile payments like UPI, Wallet payments and UPI on credit cards are payments made for a product or service through a portable device such as a smartphone. Therefore, it becomes important to choose the best point of sale for small businesses that offer customers the freedom to make payments from different modes

3. E-commerce solutions

From accepting card payments online to setting up your customised web store, e-commerce solutions can bridge the gap when offline payments are not an option

Upgrade your business with the best PoS systems

A point-of-sale system is where customers pay for products or services at your store. Every time a customer makes a purchase, they're completing a point-of-sale transaction.

These are the ten reasons why it can change the way your business operates:

1. Cost-effective
2. Automated and refined customer experiences
3. Real-time view
4. Increased efficiency
5. Extremely easy to use
6. Systematic payments
7. Enhanced business intelligence
8. Instant access
9. You save both time and money
10. Reliable security

Important questions to ask your merchant platform for 360-degree payment solutions

A merchant services provider allows you to confidently accept your customers' preferred form of payment. With the best point of sale for small businesses, you can depend on this payment arriving securely in your bank account.

Here are some questions you may ask:

1. How are your equipment costs structured?
2. Is there any processing cost?
3. Are there any other costs or fees?
4. What kind of contract is required?
5. What kind of reporting and statements does your PoS system offer?
6. Is your PoS System PCI DSS compliant?

Tips to apply for a point-of-sale machine

Today's point of sale (PoS) systems are streamlined and accessible for businesses of all sizes. But how easy is it to actually get one? Here are some tips to ensure a smooth PoS signup for your small business.

1. Do your research: Not all PoS systems are created equal. Identify features important to you (inventory management, customer loyalty programs) and compare options before applying
2. Know your business needs: Are you a mobile food truck or a boutique with multiple registers? Highlighting your specific needs during the application can help the provider recommend the best fit
3. Prepare basic business info: Have your business license, tax ID and bank account details readily available to streamline the application process
4. Check for free trials: Many PoS providers offer free trials. This lets you test the system and ensure it meets your expectations before committing
5. Read the fine print: Understand any contract terms, monthly fees and processing rates before signing up

Merchant account fees every small business must keep in mind

While looking for the best point of sale for small businesses, make sure to take note of the following charges in mind:

1. Setup fee
2. Equipment fee
3. Monthly fee/Service fee
4. Transaction fee
5. Credit card processor fee

Ready to find your perfect PoS match?

Don't let the initial research phase overwhelm you. Remember, the best point of sale for small business should simplify your life, not complicate it. Start by making a list of your essential features and desired functionalities. Then, leverage the resources mentioned above to narrow down your options.

Also, do reach out to potential merchant platforms for 360-degree payment solutions, like Pine Labs. With the best point of sale for small businesses, power your operations and view detailed reports about the state of your business at any time.