Picture this: You walk into a nearby deli that you’ve been wanting to try for months. You’ve stared at the menu for an eternity and you’ve finally decided what you want to order. When you reach the counter and hand them your credit card, you hear those two fateful words: “Cash only.” Looks like you won’t be getting a sandwich today.
In this day and age, it’s becoming more and more difficult to run a business without being able to process credit and debit cards. Customers prefer the ease and convenience cards provide over cash. However, many businesses are stuck in the unfortunate position of being locked into specific processors, either because they were bundled with a POS system or they’re trapped in a contract that seems to nickel and dime them at every turn.
From the chunk of change taken from each transaction to monthly charges and maintenance fees, being stuck with a specific POS credit card processing service can make it feel like you’ve lost your freedom as a business owner. After all, you started your business because you like calling the shots, right?
Thankfully, there are ways to take back control and give yourself more choices. It all starts with the right POS system.
Avoiding the Trap of Free POS System Credit Card Processing Services
Free sounds great, doesn’t it? But before you let the excitement grow about potentially acquiring a free POS credit card processing service or even one that promises a vastly reduced rate, there are some things you need to consider. While free service offers are not very common, what is common is for POS solution providers to offer highly discounted hardware and software to get you locked into their payment processing service. Whether it’s a handy mobile card reader (that ends up taking 5% of each transaction) or a discounted chip reader (that ends up requiring a monthly fee to maintain), freebies and discounts are typically a no-go.
A current client of ours approached us after having found themselves struggling after choosing a cheaper POS system that came with an attached credit card processing service. The POS provider gave them the hardware, including a card processor, and inventory management software at a steeply discounted subscription rate.
The surprise came about two months later when the bill included credit card processing fees that were almost double what they had been paying with their former service. The business found itself offering discounts to customers that paid in cash in a last-ditch attempt to offset this drastic cost difference.
When the business owners reached out to us, they were about ready to throw in the towel. We examined their current POS solution and found that the subscription discount on the hardware and software was being overshadowed by the 75% higher rate of credit card processing charges the business was being assessed. On top of that, it was discovered that the equipment they received was not covered under the terms of their support contract, and any requests for service would warrant full time-and-materials charges.
The draw of discounted and free POS equipment, software, and services always seems to end up in the “too good to be true” category. Selecting a POS card payment processing solution goes beyond simply wanting the right tool. You want your payment processing service to be a flexible asset to your business, not another liability.
Say Goodbye to Payment Processing Contracts
The ability to choose what is best for your business is one of the biggest benefits of being a business owner. This not only applies to your business goals. It also applies to the equipment and services on which you rely. Since your POS credit card processing service will most likely be the backbone of your business, choosing the right setup in a cost-effective manner is a critical element towards achieving long-term growth and success.
Remember the client we mentioned? As part of our review of their POS system, we found a way for them to exit their contract without paying massive fines. We worked with them to move to an agile, POS solution with the flexibility to choose their payment processing service. They threw out their POS system, installing instead an innovative, flexible cloud-based POS solution and took advantage of their freedom to select the credit card processing service that best served their needs and transaction volume. In the end, they reduced the costs of card processing by over 40% while gaining a POS system that enables them to grow as far their imagination can take them.
The flexibility your business gains by not being locked into a payment processing contract positions you to meet the changing needs and expectations of your customer base. You can also simplify your management of inventory and transactions. While this may all seem to be quite the challenge, you can easily meet this by engaging a partner to lead you out of the maze of payment processing services and into the light of an innovative, nimble POS solution.
Need Guidance Along the Road to Processing Freedom?
Your freedom as a business owner is important. You should be able to choose the hardware, software, and processors you use without being locked into rigid systems or costly contracts. But with so many choices available on the market, how do you choose the one that’s right for you? That’s where talech comes in.
Selecting the perfect POS system credit card processing service is a crucial element for your success, and talech is here to help. We will sit down with you to understand where your current POS and payment processing solutions are and how we can help to alleviate them. Using this information we design a POS solution that is optimal for your business operations and long-term strategic success. Contact us today or sign up for a demo and to learn more about how talech can be your valued POS and payment processing partner.