Payment processing is one of the most important tasks for any business. In present days, this task is often done with a POS system to ensure the systematicity and accuracy of transactions. Without a doubt, a POS system that accepts a variety of payment methods can make the checkout smoother. In this blog, we will discuss the top 5 payment methods that your POS should support.
Overview
Cash
Cash is the most obvious payment type that every store will accept. There are various benefits of accepting cash payments such as the clarity and timeliness of transactions. Moreover, with cash, both buyers and sellers don’t have to pay for overhead costs. For these reasons, this payment method is highly suitable for small businesses with little profit margin. This is because they cannot afford other fees, namely from credit cards.
On the other hand, cash payments can also come with several drawbacks. They can lead to higher risks of theft and inaccuracy in money count. Needless to say, thanks to their convenience and popularity, any POS should still accept cash, in addition to the following advanced options.
Credit/ Debit card
Research has shown that 77% of consumers prefer card payments. Credit and debit cards are the two most popular forms. Indeed, paying with cards ensures greater accuracy and a faster checkout process. This is because card payments are processed with bank accounts, so there is no need for changes in case of odd price numbers.
Moreover, cashless payment also allows customers to pay for high-value transactions, making it easier for businesses to boost sales. This is why besides cash, credit/ debit cards should also be one of the most important payment methods for your POS.
Digital wallets
As the shopping experience is moving to online places, digital wallets have become more widely used by retail customers. This is a form of contactless payment, where payments are transferred electronically via online banking or other third-party companies.
In present days, many eCommerce websites integrate built-in or third-party digital wallets to facilitate a smoother checkout process. At Shopee, one of the top eCommerce sites in Asia, customers can benefit a lot from using Shopee Pay, such as receiving special discounts. This example shows the great preference for digital wallets from eCommerce companies and the welcoming attitude from customers.
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Moreover, this payment method for POS can also be used in a brick-and-mortar store. This method is highly recommended especially after the COVID-19 pandemic when social distancing limitations are still in place.
Split tenders
Many times, customers may want to share the bills, which usually happens in cafes and restaurants. Instead of conducting multiple transactions, store owners can easily choose split tenders to receive more than one payment. A POS that supports split tenders can make this process happen after several clicks. Split tender functions can accept payments from different people and different payment methods as well, such as one with cash and the other with a credit card.
Store credits and gift cards
Reward points system is also a well-loved payment type among customers. These points can often be gained from past purchases as a part of loyalty programs. This type of reward can encourage customers to spend more as they often require little or even no fee from customers to purchase an item. Therefore, payments with store credits or gift cards like this should be supported by any POS system. Although it can be not as popular as the previously mentioned methods, it plays an important part in enhancing the customer loyalty program of your store.
Wrapping up
Above are the most important payment methods that your POS should support. Please remember that this list is not exhaustive. There are also many more payment types that you can include in the POS system, which depends on your needs. Lastly, if you are looking for a POS that supports various types of payment methods, ConnectPOS can be a good option. Contact us or start a 14-day free trial if you are interested!