Are you an entrepreneur or individual looking to achieve business growth?
This article is for you. Believe me, your 3 mins reading will help you in streamline your day to day business transactions. With the massive transition to transactions, people are no longer interested in standing in the ques just because of a cashier is calculating the bill and generating the invoice manually. Today, technology is making life much easier and faster. Business owners have much better option named “POS” ! rather billing manually.
If your business is not having such service, this affects the client flow.
Therefore, the installation of a terminal for payment by bank cards has become a routine procedure for many entrepreneurs. Details on the types of POS terminals, their benefits you can find in this article.
What’s a POS terminal?
POS terminal or ‘point of sale’. It is a compact terminal of an autonomous type. The device of which allows it to successfully operate both from the network and from the built-in battery.
What are the types of POS payment terminals?
POS-terminals have the same operating principle. Depending on the speed of payments, reliability and cost, they are divided into several types.
- Cash POS-terminal. It is connected to the cash register. The terminal reads the card data, the cash register adds the payment amount to these data, draws it up, and the payment is sent to the bank.
- Banking POS-terminal. It does not connect to the cash register – it is a fully autonomous device with a thermal printer, Wi-Fi adapter and battery. The amount of payment must be entered directly on the terminal’s keyboard. The payment is sent directly to the bank via a wireless connection.
- Mobile mini-terminal. The smallest type of POS terminals that suppose to be connected to the smartphone. The application launched on the smartphone requests all necessary data and sends a payment to the bank center.
For each POS devices have their own rules for installation, connection, maintenance.
Benefits of POS terminals
- Happy clients – Let your customers go cashless. All they need to do just put their card into machine and make a transaction.
- Convenient work – Choose the right POS for your business and always stay mobile. Accept the money transactions no matter where you or clients are.
- Easy invoicing – There is no need to fulfill the bill manually. Just scan the barcode or enter the necessary information on transaction. You are ready to go.
- Track the ROI – No more spending hours on counting cash. All the profit will be counted automatically.
- Easy management – Anyone can operate the machine. It’s quite easy and doesn’t take much time to get used to.
- No more shortfalls – The problem of shortfalls won’t disturb you anymore. Get an easy return of the money from your acquiring bank.
How much profit one POS terminal can bring?
So, gradually, we approached the answer to one of the most interesting questions. What can be your profit of using the POS terminal? Usually the entrepreneurs point out that their profit shares have risen for 20-30 per cent. Not bad, huh?
There is also possible to quote your own commission, the size of which totally depends on your decision. For example, it can be levied as a percentage of the payment made.
How long does it take to get the ROI?
Now let’s talk about when you can get to the net profit. Knowing how much the equipment costs, as well as the other costs, you can roughly calculate when the payment machines will work in a plus. For example, 3 terminals can pay off in 4 months of work. Nevertheless, if the usage of the machine won’t be frequent, it might take approximately one year.
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