In a recent forecast by Marketing Insights Reports (MIR), the global POS mobile card reader market was estimated to grow at a CAGR of 44.85% over the period 2018-2022. One of the main drivers of this growth is lower costs of mobile card reader devices compared to conventional card machines. The increased incorporation of artificial intelligence will also heavily influence market trends.
What is a POS?
A point-of-sale (POS) system is a device that allows your business to accept payments and offer multiple payment options. The three basic components of a POS system are hardware, software and payments. POS hardware allows your business to accept payments, including cash, credit cards (especially chip cards) and mobile payments. Depending on your business type, you POS system should also be able to scan bar codes, store cash in cash drawers and print receipts. The POS software allows you to easily find items in your library and ring up sales. The POS system also handles routing funds to your bank account following each sale.
When does your business need a POS system?
If your goal is to accept debit and credit card payments and streamline the process of tracking sales, investing in a POS system is a wise decision for your small business. Using a POS system not only makes your business appear more legitimate, it also provides you with more data – data that is essential to making informed decisions.
Factors to consider when choosing a POS system
- Initial setup cost
- Payment processing costs
- Any additional monthly processing fees (PCI-compliance fee, chargeback fees, etc.)
- Equipment costs/rental fees
- POS software fees
- Ability to accept EMV chip cards and NFC payments (Apply Pay, Android Pay, etc.)
Where to find an industry leading POS system
Finding the perfect solution can be hard if you are a small business – even harder if your business is considered “risky” by some providers. If you are searching for more information on POS systems, credit card processing or options like PayPal card machine, consider the many reviews available via Best Payment Providers. Quickly find the information and helpful tips you need to secure merchant services that are good fit for your business.
Author Bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of the industry has helped thousands of business owners save money and time.