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POS systems<\/span> <\/div> <\/div><\/div><\/td>Payment terminals<\/span> <\/div> <\/div><\/div><\/td><\/tr> Definition<\/span> <\/div> <\/div><\/div><\/td>A POS system is a combination of software and hardware devices to accept customer payments of all types and simplify business operations. \n\n<\/span> <\/div> <\/div><\/div><\/td>Payment terminals are hardware devices specifically manufactured to accept and process card transactions such as EMV chip cards, credit, and debit cards. <\/span> <\/div> <\/div><\/div><\/td><\/tr> Components<\/span> <\/div> <\/div><\/div><\/td>- POS hardware: Card readers, barcode scanners, receipt printers, cash drawers, connected devices like tablets, laptops, desktops. We can see that POS hardware can include some types of terminal devices.\n\n<\/span><\/span> <\/li>
- POS software, which often includes inventory, purchasing, customer management, reporting, can be installed on multiple devices like laptops, tablets, mobiles. Integrating POS software with payment processors helps retailers process transactions seamlessly and securely.\n\n<\/span><\/span> <\/li><\/ul><\/span> <\/div> <\/div><\/div><\/td>
- Different types of devices, including mobile, countertop, or EMV payment terminals\n\n<\/span><\/span> <\/li><\/ul><\/span> <\/div> <\/div><\/div><\/td><\/tr>
Key functions<\/span> <\/div> <\/div><\/div><\/td>- Payment processing: Support many payment types like credit, debit cards, mobile payments\n\n<\/span><\/span> <\/li>
- Inventory management: Update, transfer, adjust, and forecast inventory, manage purchase order\n\n<\/span><\/span> <\/li>
- Customer management: Provide customer loyalty programs and sync customer data between channels \n\n\n<\/span><\/span> <\/li>
- Order management: Offer omnichannel order fulfillment like click and collect, sync order data, support refunds, returns, and exchanges\n\n<\/span><\/span> <\/li>
- Reporting: Create various types of reports for insights on sales, products, and customers\n\n<\/span><\/span> <\/li><\/ul><\/span> <\/div> <\/div><\/div><\/td>
- Payment processing: Support many payment types like credit, debit cards, mobile payments, EMV cards, unify payment data across channels\n\n<\/span><\/span> <\/li>
- Can support void sales, digital receipts, refunds, and discount codes\n\n<\/span><\/span> <\/li><\/ul><\/span> <\/div> <\/div>
<\/ul><\/span> <\/div> <\/div><\/div><\/td><\/tr> Role in payment process<\/span> <\/div> <\/div><\/div><\/td>- Capture customer card data via payment terminals\n\n<\/span><\/span> <\/li>
- Transfer the card data to the payment processors\n\n<\/span><\/span> <\/li>
- Store payment and sales data for other business tasks like updating inventory or offering customer loyalty programs\n\n<\/span><\/span> <\/li><\/ul><\/span> <\/div> <\/div><\/div><\/td>
- Directly receive payment details from customers when they swipe, tap, dip their cards or mobile wallets or enter their card details at the terminals\n\n<\/span><\/span> <\/li>
- Communicate the card data to the POS and the business\u2019s payment processors\n\n<\/span><\/span> <\/li><\/ul><\/span> <\/div> <\/div><\/div><\/td><\/tr>
Pros<\/span> <\/div> <\/div><\/div><\/td>- Many added functionalities to simplify business management\n\n<\/span><\/span> <\/li>
- Scalability and customizability<\/span><\/span> <\/li>
- High safety and security\n\n<\/span><\/span> <\/li><\/ul><\/span> <\/div> <\/div><\/div><\/td>
- Easy to use\n\n<\/span><\/span> <\/li>
- Money savings\n\n<\/span><\/span> <\/li><\/ul><\/span> <\/div> <\/div><\/div><\/td><\/tr>
Cons<\/span> <\/div> <\/div><\/div><\/td>- Higher prices\n\n<\/span><\/span> <\/li>
- Need some technical expertise to execute integration work\n\n<\/span><\/span> <\/li><\/ul><\/span> <\/div> <\/div><\/div><\/td>
- Lack additional features for complete business control like advanced inventory management, loyalty programs, and detailed reports \n\n<\/span><\/span> <\/li><\/ul><\/span> <\/div> <\/div><\/div><\/td><\/tr>
Cost<\/span> <\/div> <\/div><\/div><\/td>Depend on the available features, business scale, customer support, and pricing plans of POS providers<\/span> <\/div> <\/div><\/div><\/td>Subject to POS terminal types and pricing schemes of manufacturers<\/span> <\/div> <\/div><\/div><\/td><\/tr> Complexity<\/span> <\/div> <\/div><\/div><\/td>- Consist of many components\n\n<\/span><\/span> <\/li>
- Integrate with different POS devices and 3rd-party services\n\n<\/span><\/span> <\/li><\/ul><\/span> <\/div> <\/div><\/div><\/td>
- Straightforward and simple to use\n\n<\/span><\/span> <\/li><\/ul><\/span> <\/div> <\/div><\/div><\/td><\/tr>
Use case<\/span> <\/div> <\/div><\/div><\/td>Businesses with multiple sales channels and locations that need to manage various aspects besides processing sales <\/span> <\/div> <\/div><\/div><\/td>Small businesses with a focus on handling card payments in stores\n\n<\/span> <\/div> <\/div><\/div><\/td><\/tr><\/tbody><\/table><\/div>\n\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”default” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/12″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][\/vc_column][\/vc_row][vc_row type=”full_width_background” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” bg_color=”#ffffff” scene_position=”center” bottom_padding=”50″ bottom_padding_tablet=”0″ bottom_padding_phone=”0″ text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” id=”compare-some-popular-pOs-payment-terminals-and-pos-systems” overlay_strength=”0.5″ gradient_direction=”left_to_right” shape_divider_color=”#ffffff” shape_divider_position=”bottom” shape_divider_height=”15%” bg_image_animation=”none” video_mute=”true” shape_type=”straight_section” gradient_type=”default”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”default” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/12″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][\/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”default” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”5\/6″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_row_inner column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” text_align=”left” row_position=”default” row_position_tablet=”inherit” row_position_phone=”inherit” overflow=”visible” pointer_events=”all”][vc_column_inner column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”default” centered_text=”true” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” overflow=”visible” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text css=”” text_direction=”default”]\nCompare some popular POS payment terminals and POS systems<\/h2>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” text_align=”left” row_position=”default” row_position_tablet=”inherit” row_position_phone=”inherit” overflow=”visible” pointer_events=”all”][vc_column_inner column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”default” centered_text=”true” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” overflow=”visible” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][divider line_type=”Small Line” line_alignment=”center” line_thickness=”3″ divider_color=”extra-color-2″ custom_line_width=”55″][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” text_align=”left” row_position=”default” row_position_tablet=”inherit” row_position_phone=”inherit” overflow=”visible” pointer_events=”all”][vc_column_inner column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”default” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” overflow=”visible” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text css=”” text_direction=”default”]Unlike traditional POS which mainly processes payments, modern POS nowadays has more advanced functions to help merchants better manage their businesses like inventory management<\/a> or customer loyalty programs<\/a>. However, many retailers are unaware of this huge progress and still think that POS is used to take payments only, which sometimes makes it hard for them to distinguish between POS vs terminals when choosing a suitable solution for their businesses.<\/p>\nTo reduce confusion, we compare the key features, pros, cons, and prices of the most popular POS systems vs payment terminals available on the market for your reference, including Stripe Terminal, Square Terminal, Magestore POS<\/a>, and Lightspeed Retail. Let\u2019s take a look!<\/p>\n\n <\/div><\/td> Key features<\/span> <\/div> <\/div><\/div><\/td> | | | | | |
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