With the rise of mobile payments, we can see many POS terminals for mobile payments in our daily life, which are very important for us. During the payment process, we can see that the POS terminal can help us complete mobile payments. Therefore, today, KingTop aims to give an overall understanding of POS terminals.
What is a POS terminal?
Point of Sale (POS) terminals are electronic devices used by enterprises to process payment transactions for credit cards, debit cards, and personal check accounts. POS terminal usually uses a combination of computer, barcode reader, optical scanner, magnetic stripe reader and cash register to process customer's credit information. At checkout, the customer's credit or debit card is swiped through a magnetic stripe reader, and the total purchase amount is usually transferred directly to the seller's account. Some POS terminals can even capture and store customers’ information for future processing by a central computer.
Many large and small retailers use POS terminals to handle their daily transactions. POS terminals are usually used by grocery stores, convenience stores, and department stores. Some non retailers, such as insurance companies, hospitals, and restaurants, also use POS terminals to process electronic payment transactions. In addition, these payment systems are also used by internet retailers to handle e-commerce transactions.
Generally speaking, the owner of an e-commerce website does not need to rent a POS terminal to process customers’ orders. Internet retailers can usually use merchant accounts or online payment providers to accept and process online credit card payments. Most internet merchant account packages have an internet payment gateway, shopping cart, and a virtual POS terminal. Virtual terminals typically also allow retailers to accept credit card orders over the phone.
In the years after the first launch of POS terminals in 1979, customers often still had to queue up for payment at the checkout counter. In 1992, some stores installed self-service checkout terminals in an effort to accelerate customers' checkout and payment processes. Generally speaking, self-service checkout terminals allow customers to purchase goods faster without waiting in line. Most self-service checkout terminals typically have barcode scanners, scales, and credit card readers. Usually, self-service checkout terminals are used by shoppers who purchase a small amount of goods.
How to choose a suitable POS terminal?
How to choose a suitable POS terminal depends on the needs of different merchants. The following are some important factors to take into consideration when choosing a POS terminal:
① Supported payment methods
Different POS terminals support different payment methods. The most commonly used payment methods, such as bank card, Alipay or WeChat payment, can be paid through POS terminals. Therefore, when choosing a POS terminal, it is important to ensure that it supports your payment method. Some POS terminals have payment channels that allow merchants to receive payments through multiple channels, which can bring more flexibility to merchants.
② Transaction speed
Transaction speed is crucial for merchants. Quick checkout can improve customers’ satisfaction and reduce their waiting time. Therefore, when choosing a POS terminal, it is important to pay attention to its transaction speed.
③ Safety
Due to the large number of transactions processed by POS terminals, security is crucial. Merchants must choose a secure POS terminal to ensure that it can protect customers' credit card information and personal identity information from infringement. Merchants can choose POS terminals that comply with EMV standards to ensure transaction security.
④ Easy to use and maintain
When choosing a POS terminal, merchants should choose a POS terminal which is easy to maintain. POS terminals require good technical support to ensure continuous transaction processing. Merchants need to ensure that they can obtain technical support when necessary to ensure the normal use of their devices.
⑤ Cost
The price of POS terminals varies depending on the manufacturer, function, and style. Merchants need to choose a reasonably priced POS terminal to save money and ensure investment returns for the company.
In summary, choosing a suitable POS terminal requires consideration of multiple aspects, such as payment method, transaction speed, security, ease of use, and cost. Merchants can choose POS terminals that meet their needs to improve customer satisfaction and company efficiency.
Which brands of POS terminals are better?
There are many brands of POS terminals on the market today, including both domestic and foreign brands. Here are some of the features of different brands of POS terminals.
① YLZ
YLZ is the leader in mobile payment in China, and its POS terminals support a variety of payment methods such as Alipay and WeChat payment, and YLZ also has smart POS terminals and smart cash register systems to meet the needs of different users.
② Verifone
Verifone is an American company that manufactures POS terminals and their related software and services. Its POS terminals can support EMV chip card processing, which is very important for the security of user information.
③ Ingenico
Ingenico is also a manufacturer of POS terminals that can support a variety of payment methods such as credit cards, debit cards, e-wallets, and more. Its POS terminals can also be used to collect customers’ data and provide data analysis services to enable merchants to better understand customer needs and purchasing behavior.
④ KingTop
KingTop is a leading electronic manufacturer located in Nanshan District, Shenzhen, China. KingTop provide technology solutions which are authorized by MTK and UNISOC 5G license. KingTop owns a portable handled POS terminal with printer - S600, which gains great popularity in both domestic and foreign areas.
Conclusion
Choosing a right POS terminal for your business is an important decision that is closely related to your business and needs. Merchants need to consider many aspects, including payment methods, transaction speed, security, ease of use and cost. Also, merchants can consider different brands of POS terminals to choose the best one for them. No matter which brand you choose, you need to choose a POS terminal that is stable, reliable, easy to use and fast to improve customers’ satisfaction and company’s efficiency.
