Point of Sale
As a business owner, you don't only have to think about the types of payments to accept — you also have to figure out how you'll accept them. There are a two primary ways for small businesses to accept payments. The traditional method is a full-fledged point-of-sale (POS) system, complete with a touch screen, barcode scanner, cash register, credit card terminal and receipt printer.
In recent years, however, mobile payments — processing payments using a mobile app and credit card reader attached to a smartphone or tablet; digital wallets that process payments online like PayPal and Square Wallet; and mobile wallets that store credit card information in mobile phones — have proved a worthy contender.
Like any other technology, each method has its pros and cons. For one, small businesses are more familiar with traditional POS systems. These have been around for decades and are the most universally accepted way to process cash, check and credit card payments. Nonetheless, they lack the convenience that mobile payments have to offer. Mobile payments enable businesses to accept credit card payments anytime, anywhere, while also giving customers even more ways to pay using their preferred methods. But because mobile payments are relatively new, some businesses have been slow to adopt mobile checkout systems.
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