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You’ll need a merchant account to process electronic card payments. Merchant accounts are set up with acquiring banks, like Elavon, that communicate with card networks and customer banks to authorise payments and process transactions.
You’ll need a point-of-sale (POS) system: a combination of hardware and software that works together to allow you to process transactions. There are POS systems to suit every business. The best one for you will depend on your industry and how you serve your customers.
Depending on how you serve your customers, you’ll probably need additional hardware accessories to create a complete POS system. Common accessories include printers, cash drawers, barcode scanners and kitchen printers.
An electronic point-of-sale (EPOS) is a combination of hardware and software that work together to let you take payments, serve your customers and run your business better.
An EPOS system allows you to process and accept payments, just like a traditional till solution. But, while a traditional till solution just processes the sale, an EPOS system records all transactions and uses that data to help you understand your business better, manage more efficiently and offer an improved and personalised customer experience.
An EPOS also integrates with your accounting software, so you can automate many of your daily bookkeeping tasks and get an end-to-end view of money flowing through your business.
A mobile POS system is a lightweight EPOS that allows a business to take payments anywhere they’ve a mobile signal or WiFi. It’s a simple and cost-effective way to quickly get up and running, with no monthly terminal rental fees. It’s ideal for a business that does not anticipate a high volume of transactions and wants to keep costs to a minimum. It’s also an excellent introduction into POS software for merchants who are starting small and don’t want to be overwhelmed with software functionality they don’t yet need. With Elavon Mobile solution, you can easily move up to the next level of POS software as your business grows.
While a mobile POS is a great starter solution, it won’t fit the needs of every business. Businesses that need more customer insights, more in-depth reporting and help with managing staff and streamlining operations should consider a solution that comes with a more robust POS software plan, like talech on Poynt or talech Register.
Choosing the best POS for your business will ultimately depend on two things: how you serve your customers and the scale of your business needs. For example, if you have a physical store, your POS options are different than a business that also sells online or a business that’s mobile.
The right POS system for your business is one that supports how and where you serve your customers. It’s also one with features that support your business needs. A start-up business with small inventory and little staff will not require as much from a POS system as a multi-location business with a large inventory and team.
Your industry will also dictate the unique needs of your business. A café will want different POS features than a clothing shop. A food truck will need leaner POS options than a traditional restaurant and will require mobile card readers.
Just like your POS system must support how and where you serve customers, your card machine will also need to fit how you do business. Do you only serve customers at the till? Or do you like to serve customers around your business, accepting payments at the table, for example? Perhaps you run a mobile business and go to your customers. This will require a mobile payments solution.
Ultimately, your card-machine options will be fixed, portable or mobile. All Elavon card machines will integrate with your POS system, so your transaction data can always be captured and used to provide insights and reports to help you plan ahead and run things more efficiently.
The cost of your payments solution is also a factor that should be considered. Finding the right pricing and fee structure is critical, especially for new businesses that are only getting started. The expense of taking card payments should be supported by the revenue you expect to generate.
New businesses that don’t anticipate a high volume of transactions might choose to start with our Elavon Mobile solution: a pocket-sized card reader and smartphone app. There are no monthly software fees or expensive hardware requirements. Purchase the card reader for a low upfront payment and then pay as you go for transactions each month.
Browse our selection of face-to-face payments solutions to find the best card machine for you.
Take payments wherever you have a mobile network signal using a pocket-sized card reader and a POS app for your smartphone.
From ‘acquiring’ to ‘settlement’, get to know the most common industry terms to better understand your payments.
Click below to contact an Elavon payments expert.
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