The comprehensive guide to choosing a POS system
What kind of payment experience truly impresses customers and encourages repeat visits? In the vast landscape of payment tools, selecting the most suitable one to ensure a smooth payment experience has become a core concern for every merchant.
This article will reveal the best solutions for accepting diverse payment methods, helping merchants effortlessly integrate card and mobile payments to create a more convenient experience for customers while improving the business efficiency.
What types of payment methods are necessary to accept?
While payment methods necessary to accept vary widely depending on the country where your business is located. There are some payment methods that are more commonly used in some countries and never used in others.
However, there are some must-have payment methods in your store every merchant is required to accept wherever the business is located.
Card payment
It refers to a transaction made via bank card, usually a credit or debit card.
During a purchase, the user inserts or swipes the card in the POS machine (the card reader), and for large transactions, may need to enter a PIN or provide a signature. The payment amount is automatically deducted from the bank account linked to the card.
Cards you must accept in your business wherever it is: Visa, Masetercard.
If your business is located in France, you may want to add CB to that. And if your business is located in the US, Amex becomes also an ideal option.
Discover our latest card reader model to accept all needed payment methods for your business.
Mobile payment
As a merchant, you may have already noticed that more and more customers are holding their phone in their hands now to pay, instead of the plastic card. Customers can now simply link their bank card to their Google wallet or Apple wallet and it’s ready for payment. They do not need to worry about forgetting their physical card at home, they can do everything on their phone!
Whether it is a bank card, a meal voucher card or even transportation cards, now every type of card can be linked to Android or IOS mobile wallets. Thus, preparing your business to collect mobile payments is the norm.
In 2023, mobile payments accounted for a significant portion of in-store transactions globally. In the U.S., approximately 33% of adults used mobile wallets for in-store payments.
Mobile payment methods you must accept in your store: Apple Pay, Google Pay, Alipay, WeChat Pay.
Users can complete transactions through various mobile payment apps like Apple Pay, Google Pay, WeChat Pay, and Alipay, without the need for cash or physical cards.
Mobile payments utilize technologies like Near Field Communication (NFC), QR code scanning, and are often linked to a bank card or payment account.
Steps to take card and mobile payments
For different customer groups, there are varied payment preferences, and both card and mobile payments have their advantages and disadvantages. Therefore, merchants who accept diverse payment options can never miss a sale.
By following these four steps, merchants can effectively accept both credit card and mobile payments, including setting up a POS system, choosing the right payment provider, opening a merchant account, and integrating a variety of payment methods.
Step 1: Select a POS system
The first step in accepting card and mobile payments is to decide on a POS system.
First of all you need to know what a POS system means.
A POS system is a combination of hardware and software used by businesses to accept payments and process transactions. It is the technology that enables customers to pay for goods or services, whether in a physical store or online.
You need to decide first if you would like to accept in-person or online payments. And then set the criteria you want for your POS system because it is crucial to choose a POS system that suits your business.
Usability: One of the main criteria of setting up a POS system is its ease of use. Simple interfaces and intuitive operations will allow your employees to easily get used to it and quickly learn it, reducing training time and customer waiting time.
Easy integration: the best POS system is the one that can seamlessly be integrated in your business.
Scalability: choose a POS system that can expand as the business grows, ensuring support for multi-shop or location management, and compatibility with both online and offline sales channels to meet the long-term development needs of the business.
At Silkpay, our solutions are customized to our merchants’ needs. Whether you need an in-store, online payment solution or both, our solutions can be customized for your business.
Step 2: Choose the right payment gateway
When selecting a payment gateway, consider transaction smoothness and security while balancing cost and compatibility. Here are some key points to consider:
Pricing: choose a gateway with a clear price, paying attention to fees, contract terms, and any additional charges.
Multiple payment methods support: ensure it can support various payment methods, including card and mobile payments, to meet diverse customer preferences.
Transaction speed and stability: prioritize gateways that can handle transactions swiftly and reliably, especially during peak hours, to ensure smooth payment experiences.
Security: the payment gateway should meet the latest security standards and have robust risk control and data protection measures in place to ensure transaction security.
Settlement period: pay attention to the account’s settlement period to ensure funds are received on time, facilitating financial management.
Account management: Having access to a backoffice and a dedicated account manager is crucial for effectively managing your payment operations. The backoffice offers you full control over transaction tracking, reporting, performance analysis, and making refunds or creating payment links. Your account manager provides personalized support to address your specific needs and challenges. Together, they ensure that your business receives the attention and tools necessary to optimize payment processing and resolve issues quickly.
Customer service: Customer service is a crucial factor when choosing a payment gateway, as prompt and reliable support ensures any issues or technical difficulties are quickly resolved, minimizing downtime and maintaining a smooth payment experience for both merchants and customers.
At Silkpay, we offer omnichannel, secure, and cost-effective payment solutions tailored to your business needs. With transparent pricing and no hidden fees, we ensure a seamless payment experience for both you and your customers.
Our platform supports a variety of payment methods and delivers quick, reliable transactions, backed by robust security, as well as a top notch customer service your business deserves.
Step 3: Open a merchant account
A merchant account is a key step to start collecting payments. It determines whether merchants can start accepting payments and which payment methods they can accept. We offer an automatic onboarding, you only need to follow the steps in the video to complete the registration.
Choose if you are a company, an individual, a sole trader or an association to start the process.
Enter the basic information about your company.
Choose the payment methods you want to integrate (Visa, Mastercard, American Express, Alipay, WeChat Pay, UnionPay, IDEAL etc.)
Choose if you would like to integrate payments online or in-store or both.
Select whether you will purchase or rent our POS machine.
Provide the additional information and the required documents and submit.
Once your application is completed and submitted, our team will take charge of your account opening and contact you for the next steps.
Start your registration process now!
How to start accepting in-person payments?
PAX A920Pro POS machine offers the optimal solution
To save time on consideration and selection, merchants can choose our PAX A920Pro POS machine. It offers superior performance and is easy to operate. Its main advantages are as follows:
Accept all payment methods needed for in-person payments
With Silkpay’s integration, you can take various payment methods, including credit cards (Visa, Mastercard, Amex, UnionPay), mobile payments (Apple Pay, Google Pay), QR code payments (Alipay, WeChat Pay) and more.
In addition, customers can choose to pay by swiping cards, inserting cards, contactless payments, and even scanning QR codes. These diverse options help merchants cater to customers’ payment preferences, enhancing convenience and satisfaction.
Flexible rental or purchase options
Silkpay provides flexible POS machine rental and purchase options with transparent rates and no hidden fees. Merchants can manage costs with ease, making it also suitable for small to medium businesses or seasonal merchants.
User friendly experience and no configuration required
The POS machine features a high-definition color touchscreen, with a responsive touch interface and a simple, user-friendly layout. To ensure a seamless experience, the Silkpay team pre-configures the device, enabling merchants to use it right out of the box without any training.
Multiple connectivity options
The POS terminal supports both Wi-Fi and 4G connectivity, meeting diverse usage requirements. Whether used indoors or outdoors, it offers stable payment support, ensuring merchants can meet customer payment needs anytime, anywhere.
Top notch customer service
Silkpay provides comprehensive support to ensure the smooth operation of your POS machine. Our team not only assists with device setup but also offers detailed guides, tutorials and even training to your staff if necessary consultation and troubleshooting to address any issues merchants may encounter. We strive to minimize operational difficulties for merchants, allowing them to focus more on business growth without worrying about potential issues.
Silkpay provides payment solutions for merchants in Europe and the Americas, consistently dedicated to facilitating efficient payments and supporting the growth of their businesses.
Conclusion
In response to diverse payment needs, merchants who choose and integrate suitable payment tools can not only enhance the customer payment experience but also significantly drive business growth.
By supporting both card and mobile payments with a stable POS system and efficient payment gateway, merchants can cater to various consumer preferences and enable safer, faster transactions.
With its superior performance, PAX A920Pro has become the merchant's best choice for improving the payment experience!
About the author: Silkpay
Based in Paris, Silkpay provides omnichannel and secure payment solutions to help physical stores and e-commerce in Europe and the America accept more than 30 of the world's most popular payment methods: Visa, Mastercard, CB, UnionPay, Alipay+, WeChat Pay as well as Asia-Pacific’s major e-wallets.
Silkpay is a winner of the LVMH Innovation Award. The company was also selected as a finalist for the "Money 20/20" Best Startup and in the "MPE Berlin” Startup Awards. Silkpay also won the "Best Fintech" awards from Capgemini and BPCE.
Silkpay helps merchants deliver the smoothest payment experience to their customers. We are a talented and international team driven by a single goal: to improve the customer experience and make payments simple and secure.
Sources
https://www.tuza.co.uk/blog-posts/accept-credit-card-restaurant