As a small business owner, you need to accept credit cards if you want to get as many customers as possible. However, it can be difficult to decide what credit card processor or point of sale (POS) system you need. Here are some steps you should take to figure out what system will work best for you.
Set Your Budget
If you run a small business, you probably don’t have loads of extra cash to spend. You should definitely keep your budget in mind when shopping around. However, keep in mind that a good system will pay itself off over time through increased sales, decreased inventory, and lower labor costs. You don’t want to buy something super cheap only to realize it doesn’t have the functions you need. You’ll want to strike the balance and get something that’s affordable but has the right features.
Figure Out Your Needs
Defining the needs of your business is crucial in finding the correct credit card terminal. Make a list of your requirements. Here are some ways to figure out your business needs:
- The size of your operation: If you partake in trade shows or outdoor events, you may want a mobile terminal. If you serve a significant amount of customers every day, you may want multiple terminals.
- Your inventory visibility needs: If you sell sensitive items such as luxury products or alcoholic beverages, you may need a system that provides you with robust transaction histories and inventory audits.
- The number of locations: If you have multiple locations for your business, you’ll probably want software that provides you with enterprise reporting.
Don’t underestimate the importance of choosing the correct card reader. Once you follow these steps and browse the different terminals available, you’ll be able to pick one that suits your business.