How to choose a POS system
Learn what to look for in a point-of-sale system and discover how the right features can streamline your operations, improve customer experience and support your business growth. Presented by Chase Payment Solutions®.
Quick insights
- There is a range of POS systems to choose from, including versatile and industry-specific systems.
- Some POS systems can help streamline inventory management, provide in-depth sales analytics and improve the customer experience.
- Selecting a merchant services provider that offers quick onboarding and reliable support can help keep your operations running smoothly.
The POS system your business uses can impact your bottom line. Not all POS systems are alike and choosing a system that complements your business’s operations could potentially help drive efficiency, track sales and improve customer satisfaction. Beyond the system itself, the merchant services provider can also impact how reliably your business can process payments. It may be a good idea to consider your business’s needs and goals as you explore your options.
Let’s explore how to choose a POS system, including some capabilities you may want to consider and what to look for in a merchant services provider.
What is a POS system?
A POS system is a combination of hardware and software that businesses use to process sales transactions, including credit and debit card payments. Hardware may include a computer or tablet, barcode scanner, receipt printer, cash drawer and payment terminal. POS systems are common in retail stores, restaurants and other service-based businesses.
Beyond processing transactions, these systems can help with inventory management, sales reporting, customer management and more.
General-purpose vs. industry-specific POS systems
There are a variety of POS systems on the market. Some are tailored to specific industries, while others are designed for broader use across different business types.
Here’s how versatile and industry-specific POS systems compare:
General-purpose POS systems
General-purpose POS systems are designed to work across various industries and business types. They usually offer a broad set of features suitable for retail, service and hospitality businesses.
These all-in-one systems can typically integrate with many business-management tools, scale with changing business models and tend to be easy to set up and train employees to use. Versatile POS systems may be a good option for those just starting out. The checkout setup is typically straightforward and quick. As businesses expand or become more complex, they may require an upgrade to an industry-specific system.
Industry-specific POS systems
Industry-specific POS systems are built to meet the unique needs of a particular industry. These systems typically include specialized features and workflows that address the specific requirements and challenges of that industry.
Some examples include:
- Restaurants and cafes: POS systems for restaurants, coffee shops and bakeries often help with tracking orders—whether in-person, phone or online (takeout)—mapping tables, updating menus, tracking stock levels, integrating with kitchen display systems, splitting bills and marketing to guests.
- Retail: Retail POS systems, used by grocery stores, clothing boutiques and electronics shops, may assist with tracking stock levels, automating reordering, tracking purchase history and other customer information, managing promotions and sales, integrating omnichannel sales and managing loyalty programs.
- Service providers: Businesses like salons, spas, autobody shops, repair services and professional offices (such as accounting firms or law practices) may benefit from service-business POS systems that help with booking appointments, generating invoices, storing client information, accepting payments on the go and managing customer loyalty or marketing programs.
- Healthcare: Healthcare POS systems can support caregivers and their patients in clinics, dental offices and veterinary practices by storing patient information, tracking medical history, managing appointments, tracking medical supplies and handling billing and insurance claims.
These systems can streamline industry-specific tasks and workflows, integrate with specialized tools and help businesses comply with industry regulations.
While they might offer powerful capabilities, they may be more complex to set up, harder to adapt if your business diversifies and have higher upfront costs.
Must-have POS system features to look for
Some core system features are necessary to meet the expectations of today’s customers. As you evaluate your options, you may want to prioritize the following features:
- Cloud-based access: Modern POS systems often include cloud-based access, allowing you to manage sales, inventory and reporting from any location with an internet connection. This feature enables real-time data updates, supports adding new locations or devices with minimal setup and provides automatic software updates and secure data backups.
- Multi-device and mobile/tablet support: Many POS systems allow sales to be processed on a variety of devices, including terminals, tablets and smartphones. This flexibility enables “line busting” at checkout, serving customers anywhere in your store or even processing payments at the customer’s location—helping you deliver faster, more convenient service. Some solutions let you process payments directly from a point-of-sale app, offering even greater mobility for your business.
- Product catalog and inventory management: Automate inventory tracking to prevent stockouts or overstocking and streamline adding, updating or removing products while providing data on best-selling products and inventory turnover.
- Multi-employee capability: Assign roles and permissions to employees, helping to ensure only authorized staff have access to sensitive functions. Plus, monitor individual employee sales and activities.
- Sales dashboard and reporting: Access dashboards and reports to learn sales trends, peak hours and best-selling products, potentially simplifying recordkeeping and helping to drive informed decision-making.
- Sales and dispute management: Efficiently handle returns, refunds and disputes. Access detailed transaction histories to help with resolving issues.
Additional POS system features that might be useful
Depending on your business’s needs and goals, some additional features could make a difference in your operational efficiency.
Here are some more features you may want to consider:
- Customer insights and analytics: Analyze customer purchase history and preferences, identify loyal customers’ buying patterns and spot trends and opportunities for upselling or cross-selling.
- E-commerce integration: Sync online and in-store sales to simplify order processing, fulfillment and reporting across all channels.
- Marketing tools and loyalty programs: Automate e-mail campaigns, promotions and discounts and reward repeat customers, potentially driving customer engagement and repeat business.
- Employee management: Track sales performance, schedules and commissions to help improve productivity and accountability. Some POS systems also offer payroll features or integrate with payroll providers.
- Accounting software integration: Automatically sync sales and expenses with accounting software and receive real-time financial data. This integration may reduce errors and simplify recordkeeping.
Choosing the right merchant services provider
Beyond considering the POS system and its features, it can be helpful to think about what you need from a merchant services provider. The right provider should not only meet your business’s current needs, but also support its long-term growth.
You may want to consider providers who can offer the following:
- Quick onboarding: Fast setup means you can start processing sales and managing inventory without delays.
- Transparent pricing: Look for providers that offer clear, upfront pricing with no hidden fees, so you can easily understand your costs.
- Speed of funding: Consider how quickly you’ll receive funds from your sales, as faster access to your money can help with cash flow and business operations.
- Security and fraud protection: Providers can give guidance on how to maintain Payment Card Industry Data Security Standards (PCI DSS). Additionally, they can help protect businesses from data breaches, payment fraud and unauthorized access.
- Reliability and uptime: Choose a provider that allows you to process sales without interruptions or downtime.
- 24/7 support: Immediate help outside of business hours may help reduce the risk of lost sales or frustrated customers.
- Ongoing product support: Some providers also offer support for updating product setup as your business grows, helping you adapt to changing needs.
Choosing a POS provider with these qualities can help protect your business, keep your operations running smoothly and support growth.
Grow your business with a POS system
Choosing the right POS system is more than just checking off features—it’s about finding a solution that fits your business today and positions you for future success. Whether you need a general-purpose or industry-specific system, the right choice can drive efficiency, simplify operations and help your business grow.
Chase offers POS systems for all the ways you sell. To sign up for Chase Payment Solutions, reach out to a Payments Advisor at 1-877-843-5690 or connect with us here.
Choosing POS system FAQs
What is the best way to choose a POS system for my business?
Start by listing your specific business needs, such as inventory management or accounting software integration. Then, research systems that match these needs, paying close attention to system features—such as cloud-based access, multi-device support and reporting tools—as these can directly impact your daily operations. Request demos, read reviews and consult with other business owners to see how different systems perform in practice.
You may benefit from providers that offer quick onboarding, reliable uptime and ongoing support, as this can help ensure the POS system can grow and adapt with your business.
What POS system features are essential for small businesses?
Essential features depend on your business’s needs. Beyond secure payment processing, many small business owners prioritize features such as inventory management, sales tracking and reporting, cloud-based access and multi-device or mobile support.
Additionally, you may want to consider capabilities like customer insights, e-commerce integration, marketing tools and employee management. These features can support business growth, potentially helping small businesses to compete and thrive.
How do I evaluate merchant service providers with my POS system?
To evaluate merchant services providers, you may want to consider if the level of support is adequate for your needs. You may have technical issues or questions that arise outside of normal business hours or you might need help with product setup. Fast onboarding can help you start processing transactions quickly. Additionally, providers who offer security and fraud protection can help safeguard both you and your customers.
How do I evaluate the security and compliance of a POS system?
You may want to consider POS systems that offer data encryption, are certified as PCI DSS compliant and have user access controls. Data backup and recovery features may help protect against data loss in the event of a system failure.
The provider’s reputation and whether they offer regular software updates and security patches might also be relevant. Keep in mind that your business’s overall IT infrastructure may impact the POS system’s security.
Get started
Discover how the right POS system can help you manage and grow your business. Visit Chase Payment Solutions® to learn more about your options or to connect with a Payments Advisor.
