As a business that sells products or services, you have two primary ways of collecting payments: Point of Sales systems (POS) and traditional payment terminals.
Point of Sales refers to a platform where buyers pay for products at your store. Every time a purchase is made, a POS transaction takes place. Since POS systems enable users to scan and count products digitally, track inventory, and consolidate purchases, they act as a hub where sales, inventory, and customer management merge.
On the other hand, traditional payment systems comprise more traditional tools, such as cheques, letters of credit, and card payments.
There are some considerable differences between the two.
The biggest thing that sets Point Of Sales systems apart from traditional payment terminals is that the former streamlines your business by completing multiple tasks. The fact that POS systems come with different features such as inventory management, automatic discounts, and tracking sales make them very attractive to merchants.
Point of Sales systems can also come in different formats, similar to ordinary terminals. POS systems can be supported by iPads as well as by mobile devices—mobile POS (mPOS) systems.
A big advantage of mPOS is the fact that they are cost-effective. It allows small proprietors to conduct transactions without needing to purchase an electronic register.
Traditional Payment Terminals
Traditional payment terminals are simplistic in that they only have one function: collecting card payments. Although some may have additional features such as applying discount codes and accepting vouchers, this is not the same as the multifarious choices POS systems provide your business with.
Which is Best Suited to You
This is something that heavily depends on the nature of your business. Before you settle on the mode of payment, ask yourself whether you want to focus your efforts on improving your marketing strategy, how many customers you have, and lastly, what kind of experience a customer wants when they shop with you.
A traditional payment terminal is ideal if your needs don’t go beyond accepting card payments. However, we recommend you opt for POS systems if you want to run your business more productively.
At UIC, we customize solutions specific to your business requirements. Work with us to leverage nearly 30 years of experience in developing payment platforms. We offer services to locations in Taiwan as well as the US.
To get in touch with us in Taiwan, call us at +886-2-2268-7075. Dial +510-438-6799 for services in the US. You can always send in your queries online.