Point of sale (POS) technology is helpful for sellers who want to keep track of sales transactions. To make the most of POS technology, your POS system and credit card reader should have compatible software, hardware, and features. When your POS system and credit card reader are compatible, they will work efficiently to receive and record payments, making the transaction process faster and more pleasant for your customer. Integrating payment processing with POS systems will be a worthwhile investment to improve your business workflow.
How to Integrate Payment Processing with POS Systems
Compatible software and hardware will allow you to increase your profits and efficiency. If you are a business owner, it’s time to capitalize on this integration to improve results. Integrating payment processing systems with POS systems is not difficult.
Choose a POS System
A POS System will be the core of your payment processing plan. POS systems will record financial transactions for your business by recording payment information. It is crucial for a positive customer checkout experience and is necessary for bookkeeping. POS systems will also help you to monitor your inventory and track employee shifts. As a POS system records sales and purchases as they occur, it is necessary for it to recognize your card reader so they can work in tandem. Leading POS system providers include Shopify, Revel, and Square.
Choose a Payment Processing Service
A credit card processing company, or a payment processor, will handle everything needed for credit card processing to work smoothly, including providing card readers. If you use a different company for payment processing, the software and hardware involved might not be compatible with your POS system. Thus, many businesses choose the same provider for maximum compatibility. Having only one point of contact also makes it easier as you only have to deal with one vendor.
You should pick a payment processor that offers frequent software updates and great customer support so your business will stay up to date. Make sure your providers also provide security features to prevent fraud and breaches of data.
Utilizing your credit card reader and POS system in tandem comes with many benefits. When the two are compatible, you’ll be able to take advantage of powerful business features to increase your profits.
Faster Checkout Times
With compatible systems, you’ll experience faster checkout times. The POS system will be able to scan and record item prices with incredible accuracy and register discounts. The information will be passed to your credit card reader instantaneously for immediate payment. The efficiency leads to shorter wait times for your customers, leading to more customer satisfaction.
POS systems will allow you to track potential theft or fraud. You’ll also be able to secure information with employee logins to prevent data leaks.
Accurate Record Keeping
Integrating POS systems with your card reader will reduce hours spent on bookkeeping as it will automatically account for all transactions. These sales record statistics will aid in profit analysis. You’ll be able to have detailed records of cash, check, and mobile payments as well as items purchased so you can measure the profits and performance of your store accurately. Integrating payment processing with your POS system will help your business to run more efficiently.