Every retailer uses a point of sale system to complete customer purchases. While traditional POS has been used for a long time now, cloud-based POS is being used more and more often.
There are many advantages to using the cloud for a retailer’s merchant services and sales. Credit card processing is just one of the many things that are sped up by using the cloud. By accessing the necessary information from the Internet, POS hardware doesn’t have as difficult of a job to do. A credit card machine can process transactions much quicker in the cloud than outside of it. Since efficient payment processing is always important this is a huge advantage.
Another benefit to using the cloud is that it is cheaper for retailers than traditional POS is. With the ability to instantly access sales information, vendors charge retailers less when they have a cloud-based POS.
Startups are finding that this type of POS is their best choice. However, one downside to this is that it has not yet been determined if in the long run, start-up costs are higher or lower when a cloud-based POS, as opposed to a traditional one is used.
While a traditional POS system costs an average of at least $3,000 per year, cloud-based POS costs closer to $600 per year. And while a traditional POS has to be paid for all in one shot, cloud-based POS is a monthly charge that lets retailers spread the cost out.
One of the biggest industries where cloud-based POS is being used is in restaurants. Since 2014 over half of all restaurants in the United States have adopted it. Integrated systems are making payment processing easier than it ever has been before, which is particularly helpful for restaurants that accept online orders. Being able to rely on a credit card machine to take orders over the phone is also a huge help within the industry.
In every industry merchant services are an important aspect of the business. Cloud-based POS allows these services to perform at their peak. When it comes to credit card processing, it is important that retailers be able to work as efficiently as possible.
For many compelling reasons, cloud-based POS systems are becoming the new norm among new and already established retailers.