Top 5 Payment Methods That POS Should Support

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.

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. 

cash

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. 

POS payment methods - card payment

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. 

MUST READ:   Creative Ways To Use Second Screen In A POS System

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.

digital wallet

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.

POS payment methods - split tender

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. 

gift cards

Wrapping up

MUST READ:   8 Best Shopify Apps In 2021 For Your E-commerce Store

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!

About the Author

Jacey V.

Jacey V.

Jacey V. is a content marketing intern at ConnectPOS - a leading point of sale provider. Being curious about the growth of ecommerce in recent years, she has closely followed the latest technological developments and how they have facilitated businesses to grow.

LEAVE A REPLY

Try now!