Running a small business can be difficult, but it’s also very rewarding. One of the most important aspects of owning a small business is choosing the right tools and technologies to help you succeed. Consequently, we want to touch on selecting the best EFTPOS solution for your small business. EFTPOS is an essential tool for any small business, so it’s important to keep the following in mind to avoid problems.
Service, Not Just a One-Time Purchase
Firstly, remember that an EFTPOS solution is a service, not just a one-time purchase. This means that you’ll need to factor in the cost of the service every month, not just the initial purchase price. While some services charge a monthly fee, others charge an EFTPOS transaction fee. Either way, make sure to compare the various options carefully to find the best value for your business.
While on this note, it’s not just about pricing – you want a company with great customer service that will be there to help you if you have any problems. With this in mind, be sure to read reviews of the various companies before making your decision. What happens if you have a problem? What if you get into the shop in the morning and the whole POS system is down? With the right company, they will do everything they can to get you back up and running as quickly as possible.
POS System Features
Next, you’ll want to take a look at the features each system offers. Some of the things you may want to consider include:
- Accept multiple forms of payment – you should be able to take cash, debit, and credit cards.
- Inventory management – some systems can help you keep track of your inventory levels and even send you alerts when you need to reorder.
- Loyalty programs – if you want to offer loyalty programs to your customers, make sure the system you select can accommodate this.
- Reporting – being able to run reports on things like sales, inventory levels, and customer behaviour can be extremely helpful.
Security
Naturally, you’ll also want to make sure that the system you select is secure. EMV chip cards are now the standard in many countries and you’ll want to make sure your system can accept these. Additionally, potential security features include end-to-end encryption, tokenization, and PCI compliance. With this in mind, you have peace of mind that all data is protected and that you won’t be hit with a compliance fine in the future.
Scalability
You have plans to grow your business, right? So, it only makes sense to select an EFTPOS solution that can grow with you. When considering scalability, think about features like the ability to support multiple users, locations, and currencies. Soon enough, you’ll compare inventory management across different locations or take payments in multiple currencies.
Your Needs
Ultimately, the best EFTPOS solution is the one that meets your specific business needs. If you run a high-volume business, you’ll need an EFTPOS solution that can keep up with the demand. If you have a mobile business, you’ll need an EFTPOS solution that’s portable and rugged. If you have a business with multiple locations, you’ll need an EFTPOS solution that can support multiple terminals.
If inventory management is the key feature for you, look for an EFTPOS solution that offers inventory tracking. EFTPOS systems are more advanced than simple card terminals, so they can offer a variety of features beyond just processing payments. By understanding your needs, you can narrow down the field of EFTPOS options and find the right solution for you.
