Square is a great solution for new business owners. Not only do they provide free hardware that works with your phone or tablet, but setup is simple. Most users can sign up in the morning and start swiping credit and debit cards by lunch. If you’re starting a business and need a quick solution, Square will be right there.But for many businesses, Square isn’t a permanent solution.
Square is a great solution for new business owners. Not only do they provide free hardware that works with your phone or tablet, but setup is simple. Most users can sign up in the morning and start swiping credit and debit cards by lunch. If you’re starting a business and need a quick solution, Square will be right there.But for many businesses, Square isn’t a permanent solution. While their convenience and speed is unmatched, those benefits come at a cost. Depending on what hardware you select, Square will charge anywhere from 2.5% to 3.5% per transaction. Now, this might not seem like a lot, especially if you run a small-ticket business like a coffee shop or food truck, but those percentages really add up over time. In fact, payment processing is the second-highest expense business owners have, only behind labor. While other POS systems may not be as easy to implement as Square, potential cost benefits may make the shift worth the hassle.Unfortunately, searching out a new solution can be a daunting task. There are hundreds of POS systems out there, each one connecting to dozens of processors. To Square’s credit, other processors don’t exactly make it easy to switch. Business owners will need to do their homework to find a solution that suits their business.Here are a few factors to take into account when looking for a new payment processing solution:
There’s no such thing as a one-size-fits-all payment processing solution.Your business model requires a unique payment processing solution--and depending on its complexities, it may require a combination of systems and integrations. Whether you run a physical or online store, or both, you’re going to need a system that can be flexible and help where your business needs it to help.Many industries have specialized point-of-sale systems.Delivery restaurants utilize specialized point-of-sale systems that are different from the systems used at eat-in restaurants. Vendors at stadiums and venues have another. Clothing stores, electronics retailers, and your local convenience store probably all use different POS systems. There are many options out there, but you can often narrow down the list by searching out the systems that are designed for your specific industry.If you own multiple businesses, you’ll probably need multiple systems.While this point comes as a result of the first two, it has to be said. Say you own a pizzeria, a bowling alley, and a minor league baseball team. You won’t be able to use the same POS for all of them, and as a result, you may not be able to use the same processor either. Even the largest, most robust processing companies out there are designed to work with a limited number of integrations. So, the more diverse your business portfolio, the more complex your payment solution will have to be (not to mention your search will be more complicated, too).There is a better way.If you’re feeling overwhelmed by the possibilities and considerations that go into finding a new payments solution, you’re not alone. We felt that way too, and that’s why we set out to change the way business owners find their POS and payment processing setup.At SwipeSum, we’ll curate a list of payments providers that fit your business, then we’ll pit them against each other in a fight to the death. Well, not really, but we will make them bid for your business so you can get the lowest possible rate. Once we get that super low rate, we’ll help you find the right POS system to go with it.By the way, we do this totally free of charge. It’s super easy to get started, it’s free, and we work with businesses of any size.
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