#BusinessTipTuesday – Make accepting payment simple
With Black Friday, Small Business Saturday, and Cyber Monday already behind us, holiday shopping season is in full effect! Shoppers are out looking for the perfect gift for loved ones, and in this technology driven society, people that only shop with debit and credit cards tend not to give “cash only” businesses a second glance. If you are a cash only business looking to start accepting card, but you are not sure what point-of-sale (POS) system is best for you, consider these options:
Square: With Square there are many options. You can sign up for free and receive a reader, or there are options that allow for you to purchase a whole register system. Either way this system works with iOS or Android and allows you to accept credit cards anywhere. It is a secure system that does not store data after the swipe. As for pricing, you pay 2.75% per swipe for Visa, Mastercard, Discover, or American Express and then there is a 3.5% plus 15¢ fee per transaction. The product in conjunction with the app allows you to send receipts, adjust for taxes, tipping or discounts, manage inventory, and many other things. With Square there is no monthly or hidden fees and no long-term commitment. Visit https://squareup.com/ to view their site for more information.
Revel: As well as POS capabilities, Revel comes with other features to help simplify business processes, including QuickBooks integration, analytics, payroll management and appointment scheduling. A standard Revel POS terminal includes an iPad, payment device, router, Wi-Fi access point, POS printer and a secure cash drawer. Revel offers POS solutions for diverse businesses, including retailers, restaurants, sports stadiums, and convenience stores. Interested businesses can get a quote from the Revel sales team by going to their website https://revelsystems.com/
ShopKeep: ShopKeep is a POS system designed for retail, restaurant and bar, and franchises. ShopKeep can be used for payment processing, inventory management, staff management, reporting and analytics and more. Shop Keep’s hardware includes iPad enclosures, cash drawers, printers, readers and other hardware to cater to the needs of modern businesses. ShopKeep offers a standard price, enabling businesses to benefit from its complete point of sale system from a low as $2.50 a day. For more information about ShopKeep, visit their website https://www.shopkeep.com/pos-system.
Vend: Vend is the United States’ leading retail POS software, dedicated to making it easy for retailers to sell to customers. Vend allows businesses to choose the best way to accept payments, including debit, credit, and gift cards. Vend offers a range of pricing structures: A Starter package costs $69 per month and is designed for a single outlet with three users. The Advanced payment costs $79 a month and is for a single outlet with unlimited users. The Multi-Outlet structure costs $199 a month and can be used by multiple users. For more information visit Vend’s website https://www.vendhq.com/us/.
The options listed allow customers the ability to pay with card, which is typically the most common way of transaction. According to creditcard.com, in a 2016 survey that asked customers what their preferred type of payment was, and using credit and debit cards for transactions made up for 75% of the responses. With that being said, opting to accept credit and debit may be a smart choice for your small business. If the numbers work in your favor, this is something that your business should consider. Especially during the holiday season, when everyone is out and about shopping, allowing for another type of payment could produce more sales and quicker transactions. After all, the goal is for it to be easy for customers to pay you for your products and services! Here at the SBDC, we want to help your business optimize transactions and produce as many sales as possible. Reach out to us if you have any questions and we will assist you with all your business needs.
By: Danielle Guari and Amy Simpson
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