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Retail

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How To

How to Start a Retail Business in 13 Steps

September 15, 2022. 14 MIN READ Written By: Meaghan Brophy
  • Showing packages being transported.

    How to Import From China in 6 Steps: The Ultimate Guide

  • Woman taking a picture in a store.

    10 Retail Marketing Strategies to Drive Sales in 2023

  • Forklift truck and pallets with cardboard boxes in storehouse office building interior

    How to Find a Wholesaler for Your Retail Business

Meet our Experts

Meaghan Brophy

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Katie-Jay Simmons

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Brigitte Hodge

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Anna Lynn Dizon

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Agatha Aviso

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Mary King

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  • Merchandising
  • Starting an Online Store
  • Inventory Management
  • Order Fulfillment
An organized retail store.
How To

Planning Your Retail Store Layout in 8 Easy Steps

May 05, 2022. 9 MIN READ Written By: Meaghan Brophy
Jewelries on display.

12 Visual Merchandising Techniques to Improve Your Store

Showing Let's Dunk This Oreo display.

What Is Cross Merchandising? Definition & Strategies

Showing a well lighted retail store.

How To Select & Design Retail Lighting in 6 Steps

Concept of online business.
How To

How to Start an Online Store in 8 Steps: A Beginner’s Guide

September 14, 2022. 10 MIN READ Written By: Meaghan Brophy
A shopping cart logo and a login screen on a mobile phone with a wallet and card beside it.

6 Best Ecommerce Platforms for Small Businesses in 2023

Woman paying using credit card.

How to Write a Product Description That Sells [+ Worksheet With Template & Examples]

How to Take Quality Product Photos at Home in 7 Easy Steps

Man using tablet pc against shelves with boxes in warehouse.
How To

Retail Inventory Management: Definition & 5 Best Practices

September 05, 2022. 6 MIN READ Written By: Meaghan Brophy
Barcode scanner scanning a barcode.

SKU Numbers Explained: Ultimate Guide for Small Businesses

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7 Best POS Inventory Systems in 2023

Barcodes of products.

How to Make a Barcode in 3 Steps + Free Barcode Generator

Delivery man handing over package to the buyer.
How To

What Is Order Fulfillment?

December 10, 2021. 5 MIN READ Written By: Katie-Jay Simmons
A woman signing and receiving package.

10 Best Order Fulfillment Companies for Small Businesses

Click and Collect

How to Set Up Click and Collect in 5 Steps

Packing Supplies & Shipping Supplies - an overview of the top choices for different shipments

How to Choose Cost-Effective Retail Packaging Materials

Buyer's Guide Customer paying using credit card.
Buyer's Guide

11 Best Point-of-Sale (POS) Systems & Software for 2023

December 16, 2022. 12 MIN READ Written By: Brigitte Hodge
Buyer's Guide Hand with credit card swipe through terminal for sale in supermarket.
Buyer's Guide

Best Merchant Services for Small Businesses & Fee Calculator

November 09, 2022. 14 MIN READ Written By: Anna Lynn Dizon
Retail

POS System vs Cash Register: Why Most Businesses Need a POS

December 15, 2022. 6 MIN READ Written By: Mary King
Retail Showing pos system vs cash register.

Meet our Experts

Meaghan Brophy

More about Author

Katie-Jay Simmons

More about Author

Brigitte Hodge

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Anna Lynn Dizon

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Agatha Aviso

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Mary King

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LATEST ARTICLES

Vend vs Square logo.

January 27, 2023

Vend by Lightspeed vs Square for Retail: Which Retail POS Is Right for You in 2023?

Square and Vend by Lightspeed (Lightspeed Retail POS X Series) offer user-friendly point-of-sale (POS) systems that help retailers manage in-store and online operations. Both can process sales, manage customers and inventory, and generate reports. Vend, however, offers features that are better for managing larger, more complex inventories, and it works with more payment processors. Meanwhile, Square for Retail is a free POS system with lots of preintegrated tools and simpler features. Both POS solutions landed themselves on our list of the best retail POS systems, which took over a dozen POS solutions and narrowed them down to just our four top picks, based on pricing, register features, management tools, and ease of use. In this article, we will compare how Vend by Lightspeed and Square compare in these areas to help you understand their differences and choose the best POS system for your business. Overall, we recommend Vend by Lightspeed and Square for Retail in different scenarios: : Best for managing large product assortments, complex inventories, and large databases of customer information : Best for smaller business and mobile vendors needing an easy and reliable way to accept payments, manage customers, and view basic reports Vend vs Square Compared *Prices reflect rates for customers who keep Lightspeed Payments. Users who opt for a third-party payment processor will pay rates between $99 and $229. Pricing Square is by far the most affordable POS option, with an entirely free online store platform and POS system for any one location. Anyone can sign up for a free Square account in minutes and start selling through an online store and mobile device with Square POS’s mobile app. Square POS also has premium plans with more advanced features that start at $60 per month and add-on products, such as payroll and loyalty, that you can tack on to your POS plan for a monthly fee. Whereas Square has a free plan for a single location, Vend has a basic plan (Lean) that costs $69 per month for one location and one register. It also has a Pro package at $159 per month for one location/register (but has additional features) and an enterprise pricing option where you work with a sales rep to create a custom plan and monthly price. Register Features Register features refer to all the actions that you can perform in running and managing your sales. Both Vend by Lightspeed and Square for Retail scored very well in this area, offering a host of features and tools for managing all kinds of sales with ease. While both POS options bring a lot to the table, Vend by Lightspeed just slightly outscored Square for Retail because many of Square for Retail’s register features are only included in the Plus plan. Additionally, Vend offered more customization options for its checkout interface and receipts. Management Tools As with their register features, Vend by Lightspeed and Square for Retail scored well for their management tools. Both offer a wide range of reports, though Vend includes a custom report option. They also both have good staff management tools and omnichannel management but Vend by Lightspeed requires third-party integrations for these tools. While Vend by Lightspeed does have inventory management tools that are better suited for larger, more complex inventories, Square for Retail slightly outscored Vend by Lightspeed overall in the management tools category. With Square for Retail, you don't have to use third-party integrations for social media integrations, BOPIS management, or team management, as you do with Vend. Additionally, Square includes a vendor directory, unlike Vend. Ease of Use *Based on average scores across several outlets For the ease of use score, Vend by Lightspeed landed slightly higher than Square for Retail with a perfect 5 out of 5. Vend earned top marks for its 24/7 customer service, intuitive interface, easy installation, and its availability on iOS and Android devices. Meanwhile, Square for Retail primarily lost points for its limited customer support hours, although it does have an active 24/7 online community where you can submit questions and get help from real Square users. However, Square users and our experts love Square for its intuitive interface, great mobile apps for Android and iOS, and general popularity. Expert Score The final thing that we looked at when comparing Vend to Lightspeed was an expert score, where we took our knowledge of other products on the market as well as our firsthand use of Square for Retail and Vend by Lightspeed’s POS systems. Square for Retail outscored Vend by Lightspeed in this category with a 4.69 out of 5. Square brings tremendous value to the table, with its fully equipped free plan and inexpensive paid options. Additionally, the Square for Retail interface is incredibly intuitive and a popular solution among small retailers. Vend, on the other hand, does not bring quite as much value to the table and there are fewer pre-integrated features, so you will have some additional setup labor. With that said, Vend still earned a 4.38 out of 5 because it brings good value to its users, has an intuitive interface, and provides lots of features. How We Evaluated Vend by Lightspeed vs Square for Retail To evaluate Square for Retail and Vend by Lightspeed, we looked at five main categories: pricing, register features, management tools, and ease of use. Click through the tabs below for an in-depth look at our criteria: Bottom Line Unless budget is your primary concern, you will probably be satisfied with either Square for Retail or Vend by Lightspeed. Vend is the more powerful system and good for busy, multilocation businesses and high-volume businesses that prefer to use a separate payment processor. Meanwhile, Square for Retail is better for smaller businesses that want an affordable system that will grow with them. You May Also Like… Implement click and collect or curbside pickup for your store See which POS is best for vape shops Learn more about POS systems and what to look for Our review of Square POS

WRITTEN BY: Brigitte Hodge

Payanywhere vs Square

January 27, 2023

Payanywhere vs Square: Which Payments Solution Is Best?

When comparing Payanywhere vs Square, they may appear interchangeable because they both offer a free card reader and an app with point-of-sale (POS) tools. Plus, the credit card processing fees are similar: Payanywhere charges 2.69% per transaction; Square, 2.6% plus 10 cents per transaction. However, Square gets better reviews, offers better software, and generally provides a better value than Payanywhere, although small sellers with average sales below $20 will pay less in transaction fees by choosing Payanywhere. : Affordable option for small sellers consistently processing under $5,000 monthly with an average transaction value lower than $20. : Best for most small businesses, individuals, seasonal or occasional sellers, and those wanting free online and in-store POS systems. Payanywhere vs Square Quick Comparison *We include both Square and Payanywhere in our evaluation of best merchant services where Square took the top spot. Payanywhere did well but did not make our final list. Why Square Is Best for Most Businesses Square tops our list of the best merchant services, best mobile credit card processors, and best POS systems for small businesses. It offers the best all-purpose payment and software solution for individuals, new businesses, and small businesses. In addition, it has advanced paid plans and tools for midsize businesses, from banking services to payroll, and offers custom solutions for large businesses, including reduced rates for high-volume sales. Thus, it can grow with you. It is free and effortless to use and requires no application or commitment. See our guide to Square to learn more about its different product offerings to see if it’s right for your business. See why Square tops so many of our evaluations: Best merchant services Best mobile credit card processing Best POS systems Best mobile POS Best for Affordability: Square *ACH payments available only through Square Invoices. The processing fees are similar, but if you need more hardware than a simple card reader, Square is by far the cheaper option. Its terminals are well-regarded by users and come with the software free. Payanywhere charges a subscription fee for software on its devices and has a $3.99 per month inactivity fee (after 12 months) if you stop using the app without canceling your subscription. When Payanywhere Might Be More Affordable Payanywhere’s 2.69% processing fee seems higher than Square’s 2.6% plus a 10-cent transaction fee. For most businesses, it is. However, for sellers with average sales below $20, such as cafes selling cups of coffee, Square’s fee per transaction would be higher than Payanywhere’s additional 0.09% charge per transaction. So, for merchants with low price points, Payanywhere could be more economical. Best for Payment Processing: Square Our scores for Payanywhere and Square in other articles make Square a clear winner. Both Square and Payanywhere offer flat-rate and transparent pricing for new and small merchants. Once your business starts to grow, Payanywhere will switch you over to a traditional merchant account that uses a tiered pricing model. Generally, we don’t recommend tiered pricing models for small businesses because they can be unpredictable. Learn more about Payanywhere’s pricing and plan options. Meanwhile, Square does not offer tiered pricing. However, it offers custom discount rates for businesses processing over $250,000 annually. If your business does process this much, it’s likely neither Square nor Payanywhere is your best option. See our list of the best merchant services for small businesses to find the right payment solution for you. Best for POS App: Square Square is the clear winner when it comes to sales features and functionality. While Payanywhere provides the basics for in-person and online transactions, Square offers many more online sales and customer management features. Square is a recognized leader in sales for both in-store and online. Its free POS system is powerful enough for busy retailers and restaurants but simple enough for the hobbyist who only sells a few items at the farmers market. In 2019, it opened its services to cannabidiol (CBD) businesses. It offers more features than Payanywhere for customer support, and the paid plans have even greater functionality. To see all of Square’s app features, read our Square POS review. When to Use Payanywhere One handy feature Payanywhere offers that Square does not is mobile barcode scanning. Scan the barcode with your phone, and it can pull up the product. This barcode scanner can save you money on equipment and make it easier for employees on the floor to look up items for a customer. Otherwise, Payanywhere is good when it comes to brick-and-mortar or mobile sales—but not on the level of Square. It does not offer a loyalty program, and most extra functions like marketing will require third-party integrations. Further, its online offerings are weak, consisting of only payment links and a virtual terminal. Best for Ease of Use: Square Setting up and using Payanywhere and Square are equally easy, but when you get to the reliability of each payment processor, you can break that tie and give the win to Square. Just comparing how intuitive each app is designed, Square pulls ahead. Square Is a Household Name for a Reason Square became a household name because it brought payment processing to the small sellers without access to a merchant account—and it made it ridiculously easy to accept credit card payments. The app has easy-to-learn menus and categories, and the language used makes sense. The user experience (UX) is an essential part of an intuitive interface, and Square gets it right with its POS app. You can create new items for your inventory, apply a discount to sales, and set up sales tax without having any prior experience. Square gets points for designing an app that’s not only user-friendly but also stable. I’ve never had it freeze or crash and payments always go through. Payanywhere Is Easy to Set Up But Can Be Unreliable Getting started with Payanywhere is easy enough. If you choose the Pay As You Go plan, you’ll choose the reader you want and fill out a form with your contact information; then you can sign in and start setting up your profile and inventory. The Payanywhere app is easy to use, and it includes a Test Drive feature, which allows you to try it out before you commit. As it applies to apps and payment processing software, intuition is such a subjective thing. But when comparing Payanywhere to Square, it doesn’t quite hit the intuitive mark. You can switch between a typical terminal view and retail view, and it isn’t immediately obvious where to go to find inventory (Payanywhere labeled this setting “Themes”). Despite how easy Payanywhere makes it to start accepting credit cards for payment, it has some issues. The app often freezes, won’t load photos, and crashes—and you have to kill the app, then restart it to use it again. These are the sorts of glitches you don’t need when you’re trying to accept someone’s credit card, and you could quickly lose a customer’s trust. Best Hardware: Square Square and Payanywhere boast similar hardware offerings, with mobile card readers for the phone, a handheld mobile terminal, and a standalone terminal. Hardware prices are also somewhat similar but Payanywhere’s software for its smart terminals are an add-on cost. When to Choose Payanywhere Since our last update, Payanywhere removed its 2-in-1 mobile card reader which they offer for free for new merchants. Its 3-in-1 card reader is still available for $59.95 and is ideal for business owners who prefer a more handy, single device to carry around when accepting payments on the go. Payanywhere also offers a more ergonomic terminal that is easier to carry than the Square Terminal. Bottom Line In the battle of Payanywhere vs Square, you could go either way because the two payment processors are so similar and competitive. The free basic POS apps from both companies are easy to use and close to equal in their offerings. Square, however, offers more in terms of functionality, stability, and ease of use. It is an excellent payment processor and free POS system for any individual or small business owner. It includes support for ecommerce sellers and mobile and storefront sellers. You can get started accepting payment as soon as you create an account with Square. Sign up for free today.

WRITTEN BY: Karina Fabian

Amazon Pay logo

January 27, 2023

Amazon Pay Review: Is It Right for Your Business?

Amazon Pay is a highly secure online payment processing platform. With an Amazon Pay checkout, shoppers can pay for orders using the information stored in their Amazon account. Businesses pay flat-rate transaction fees with no startup or monthly fees. Amazon Pay has features specifically designed for online, mobile, and voice (Alexa devices) payments. Other tools include analytics reporting, recurring payments, pre-orders, and fraud prevention. In our review, Amazon Pay earned an overall score of 3.53 out of 5. Although it is an easy and effective ecommerce payment option, it didn’t make our list of the best online payment processors because of its limited payment types and slow deposit times. In our Amazon Pay review, we found it to be a worthy addition for businesses that focus on online sales. It integrates easily with ecommerce providers like Shopify and BigCommerce and is good for accepting and managing international payments. Amazon Pay is a quick and convenient payment option for Amazon shoppers, which number 300 million. Since Amazon Pay uses the Amazon payment details of your customers, it results in faster checkouts and, thus, reduced cart abandonment rates. It also provides advanced fraud protection. Amazon Pay is extremely easy to use and allows customers to purchase from your website using their Alexa devices. It also offers discounted rates for qualified nonprofit organizations. This can be a great way to accept donations without losing too much capital to processing fees. However, due to high demand, this program is currently available by invitation only. Despite its ease of use, it’s best as a supplemental payment option and not as your sole merchant account. Merchants who would like to use it will still need to go through the Amazon Seller identification verification, which could take several weeks and then only shoppers that have Amazon accounts can check out using Amazon Pay. Amazon Pay doesn’t offer tools for in-person transactions so if you have a physical store, look at our list of the best retail credit card processors for other options. If you need a comprehensive merchant account provider, check our guide on the best merchant services for small businesses. Also, Amazon Pay does not support high-risk businesses and is quick to hold or freeze funds. If you have a high-risk business, you’ll need to apply for a specialized high-risk merchant account. Amazon Pay Deciding Factors Top Amazon Pay Alternatives Amazon Pay charges a flat-rate processing fee plus a standard authorization fee of 30 cents per transaction. The processing fee depends on whether you are accepting cross-border or local payments. It has discounted rates for qualified nonprofits. Additionally, the provider offers a pay-as-you-go subscription and does not charge any monthly or cancellation fees. However, it does not offer volume discounts or custom rates, so these transaction fees are pricey for high-volume businesses. Another drawback is its mandatory tiered reserves, where a portion of your processing funds will be set aside and held by Amazon. Fees Amazon Pay does not impose a chargeback fee if you want to contest a chargeback over goods that are covered in Amazon’s Payment Protection Policy. Otherwise, requesting to challenge a claim will cost you $20, which is about the industry average ($15–$25). Reserve Policy It is important to know that all Amazon Pay merchant accounts are subject to reserve requirements. This is done to minimize the risk brought about by transaction disputes and claims. Generally, reserves can be frustrating for businesses because they eat into your cash flow, especially if you are not expecting them. The required reserve amount is tiered based on a percentage of payments processed over a period or the value of all unresolved transaction disputes for the same period. *Order Defect Rate: percentage of orders that have received negative feedback While low-risk merchants typically won’t have reserves when working with a traditional merchant account, reserves are common for high-risk businesses and businesses working with aggregate or online processors such as Amazon and PayPal. New Amazon Pay merchants will need to wait 14 days before receiving the funds from initial transactions. After this initial hold, deposits will take three to five business days for funds to reach your bank account. Hardware Amazon Pay doesn’t have any hardware. Because it’s purely for online commerce, there’s no need for hardware to administer in-person transactions—like card readers and cash drawers. You can use Amazon Pay via desktop, mobile, and browser. Technical Requirements Setup & Application Signing up for a merchant account with Amazon Pay starts with completing an online form on the website. To set up an account, local businesses will need a US-based phone number, credit card issued by a US-based bank, checking account with a US-based bank, and a business taxpayer ID, EIN, or personal Social Security number. A couple of things you need to note, however, is that it can take 20 to 30 days for merchant application approval, and all accounts are subjected to the tiered reserve. Be sure to read the policy in Amazon Pay’s Merchant FAQs and ask all your questions. Once you have your business account, the dashboard is relatively easy to get used to, and you can use it to set up notifications, check high-level analytics, and manage integrations. You can also store and update customer payment information. Contract & Merchant Agreement Terms Customer agreement and policies are available on Amazon’s help center. You’ll find both general merchant terms of service and specific policies on the use of the different Amazon products. The customer agreement, in particular, is the general terms and conditions for any Amazon user (both buyer and seller), so make sure to read the document thoroughly before signing up for an account. The sections relevant to your merchant account are: General terms: Covers stipulations on establishing your account, which may include undergoing a credit investigation, establishing a reserve, receiving payments and chargebacks, Amazon fees and taxes, contract terms and termination, and confidentiality Seller accounts: Details the terms and conditions for creating and maintaining a merchant account, accepting payments, depositing funds, and chargeback protection Marketplace Web service (MWS): Now referred to as Selling Partner API (SP-API); for sellers who want MWS, terms and conditions cover the use and access to APIs and tools specific for this service Credit Card Association agreement: Highlights the terms associated with accepting payments through card networks (Visa, MasterCard, AMEX, etc.) on Amazon Pay Amazon Pay supports most of the common payment methods, like credit/debit cards and mobile wallets. You can also accept international payments and set up pre-orders and recurring payments. There are also Amazon store cards that may be used by selected merchants. However, Amazon Pay is surprisingly incompatible with Amazon gift cards and does not offer any tools for in-person transactions. Although Amazon Pay gets relatively low scores for its lack of diversity in accepted payment types, we gave extra points for its ability to accept voice payments via Alexa devices—there is no other payment processor that offers this feature. Amazon Pay’s strengths are in its easy ecommerce integration and extensive developer resources. Most ecommerce platforms allow users to add Amazon Pay to their websites by simply adding their Amazon Pay account information and turning the feature on. It is simple to set up and use, making it a no-fuss platform for merchants with limited technical resources. It is also backed by the same security and fraud protection technology on Amazon.com, making it a safe and secure online payment service. We gave Amazon Pay perfect scores for its ease of use, user reviews, and integrations. It lost points for pricing because of its lack of discounts for high-volume merchants. At zero monthly fees, Amazon Pay is an easy addition for small businesses that accept online payments. It is easy to integrate with most ecommerce platforms where you simply need to turn the feature on and enter your Amazon Pay merchant account details. For more customized websites, there are extensive developer resources and built-in code generators that make it easy to use with minimal coding. Aside from its ease of use and developer support, another notable feature of Amazon Pay is its integration with Alexa that lets users pay with voice commands. It will be a huge step forward if Amazon Pay also offers tools for in-person transactions in the future. What Users Say in Amazon Pay Reviews Overall, Amazon Pay users are happy with the platform. Reviewers enjoy the simplicity of the program and the convenience for both merchants and customers. However, some reviews noted that fund transfers can be delayed for new clients and accounts can be suspended with little to no warning. Capterra: Amazon Pay got 4.6 out of 5 stars from around 55 reviews on Capterra. While most of the users particularly liked its ease of use and customer service, some wish they could use it for more than receiving online payments. G2: On G2, around 510 reviews gave Amazon Pay 4.5 out of 5 stars. Users mostly comment on the security of the transactions and really like the cashback options. However, there are some complaints about fees. FinancesOnline: While there are only 17 reviews on FinancesOnline, Amazon Pay received a 98% user satisfaction rating. Reviewers comment on the secure and convenient checkout, but one user notes the limit should be higher than $10,000. Trustpilot: Reviewers were mostly negative on Trustpilot, and Amazon Pay earned 1.3 out of 5 stars based on 110+ reviews. Merchants are disappointed with account suspensions that come with no explanation and the withholding of funds. However, one shopper reviewing Amazon Pay praised the cashback perks. Reviews of Amazon Pay are a mix of merchants and shoppers. However, when reading through the reviews, we noticed the following trends from merchants: Methodology: How We Reviewed Amazon Pay We test each online payment processor ourselves to ensure an extensive review of the products. We then compare pricing methods and identify providers that offer zero monthly fees, pay-as-you-go terms, and low transaction rates. Finally, we evaluate each according to a range of payment processing features, scalability, and ease of use. The result is our list of the best online payment processors. However, we adjust the criteria when looking at specific use cases, such as for different business types and merchant categories. This is why every online payment processor has multiple scores across our site depending on the use case you are looking for. Click through the tabs below for our overall online payment processor evaluation criteria: Amazon Pay Frequently Asked Questions (FAQs) Bottom Line Amazon Pay is a quick and easy solution if you need an easy, foolproof, and trusted way to set up online payments. However, if you’re looking for something long term and can provide many business tools, you may want to opt for something more flexible.

WRITTEN BY: Andrea Herrera

Shopify vs Square.

January 26, 2023

Shopify vs Square: Pricing, Features & What’s Best in 2023

Between Shopify vs Square, Shopify has better ecommerce features, while Square offers a better mobile POS. Both are included in our top picks for multichannel POS systems.

WRITTEN BY: Agatha Aviso

Lightspeed_retail

January 26, 2023

2023 Lightspeed POS Review for Retailers

is a cloud-based point-of-sale (POS) system provider that offers systems specific to retail, restaurants, and golf businesses. In this Lightspeed review, we will focus on the retail POS system solution. In our evaluation of the best POS systems, Lightspeed came in third overall with a score of 4.47 out of 5. Lightspeed comes equipped with an in-house ecommerce platform solution, integrated payments, great register features, and advanced reporting and management tools. However, what makes Lightspeed’s POS stand out is its granular inventory controls and best-in-class analytics platform. In our review of , we found Lightspeed’s standout feature is its robust and granular inventory management tools. It makes it easy to manage large quantities of merchandise and stay on top of your incoming and outgoing goods, making Lightspeed suitable for medium to large businesses that manage large or complex inventories. Lightspeed Retail POS does an excellent job of providing inventory reports that not only provide you with great data but also offer key takeaways, suggestions, graphics, tips, and instructions on how to interpret the data. There is also the ability to make custom reports to analyze specific product sectors. In addition to being a top POS software company, Lightspeed offers a comprehensive ecommerce platform that rivals standalone ecommerce solutions like Shopify and BigCommerce. It even comes included in Lightspeed Retail POS’s higher-tier plans. Additionally, all Lightspeed POS systems include Lightspeed payments for your payment processing needs, but you can integrate your system with a third-party processor for a higher monthly rate. Lightspeed is a cloud-based POS system, so it can run on any internet-enabled device. It has a companion iPad app and mobile card reader for ringing up products on the sales floor or processing orders curbside. We still don’t consider it a great option for mobile sellers, however, as it does not have a mobile terminal device, other than the iPad app option. Consider for a POS provider that is suited better for mobile sales. While Lightspeed Retail POS is a great platform for retailers with larger inventories and budgets, the POS system also tends to have more tools (and fees) than are necessary for smaller operations. Lightspeed Retail POS has three plans with monthly fees that vary based on features, payment processor, and payment cadence. It earned points because each of its plans offers unlimited products and transactions, along with built-in payments. Not only that, but the higher plans also offer additional features to support you as you grow, such as an ecommerce store, advanced reporting, and accounting tools. Lightspeed Retail POS lost points, however, for not offering a free plan, as we see with , the generally high price point of its plans, and the limited features in the base plan. It does offer a 14-day free trial, though. The prices below are for one register—additional registers are $29 each per month. Every plan also comes with a free payment terminal. Enterprise-level and high-volume customers can negotiate custom packages.  Lightspeed earned a 3.75 out of 5 in our evaluation of its checkout screen, mainly losing points for its lack of interface customization options, such as you find with Square or Vend POS systems. Lightspeed does, however, feature an easy-to-use checkout process with both mobile app and desktop checkout options. The system prompts you through each transaction, making it nearly impossible for you or your staff to make errors. There is also a convenient spot on every transaction to leave notes and add customer information. In addition to a feature-rich checkout, Lightspeed has tons of backend tools to help you better understand and manage your business, earning it an impressive 4.75 out of 5 in our scoring. Not only that, but Lightspeed also includes a preintegrated ecommerce website platform, , in its Standard and Advanced plans and a fully integrated loyalty program for Advanced subscribers. Where Lightspeed stands out in the management category and the POS market overall is in its inventory management tools, making it ideal for businesses with large or complex inventories. 24/7 support One-on-one guided onboarding and setup Bulk product upload and data editing Additional free training Compatible with any computer or iPad Library of guides and videos Busy interface Dedicated account manager Branded POS dashboard Lightspeed earned a perfect score for its customer support and ease of use. Unique to Lightspeed, every POS subscriber gets a dedicated account manager to help you learn how to use the system and answer any questions you may have. It also earned points for its pre-integrated payments and ecommerce store—making setup easy and allowing you to start taking sales as soon as you sign up. While Lightspeed does have a lot to offer, it is feature-rich, and all those tools create a much busier interface than some of the other POS systems available to small businesses. It can take some time to learn the ins and outs of Lightspeed and configure everything to your liking, and it also has fewer dashboard customization options than software like Square or Shopify. Lightspeed earned a 4.5 out of 5 in our expert score category. We love it for the incredible amount of control that it allows you to take over your inventory and performance metrics. The ecommerce platform is also strong, the online support is great, and the overall bank of features is rich. However, all these features come at a cost, and Lightspeed is at the top end for POS subscription fees. The user interface can also be a bit challenging to get the hang of, mainly because it has to accommodate so many options and information. What Users Say in Lightspeed POS Reviews Users agree with our assessment of Lightspeed Retail being a top POS choice for inventory management. At the time of publication, it earned the following scores on popular user review sites: G2: 4.0 out of 5 based on about 280 reviews Capterra: 4.2 out of 5 based on more than 900 reviews When reading through Lightspeed POS reviews, we noticed some of these trends: How We Evaluated Lightspeed Retail In our Lightspeed review and all of our POS reviews, we start by looking for affordability and basic POS functions like check and order management, the ability to process multiple forms of payment, and inventory tracking. We test every POS ourselves, including Lightspeed, to determine ease of use, quality of features, any standout functionality, and limitations. Finally, we consider user reviews, the feedback we’ve received from talking to business owners, and our personal experience using the software. Lightspeed POS FAQs Click through the questions below to get answers to some of your most-asked questions about Lightspeed. Bottom Line Lightspeed Retail offers incredibly robust inventory management ideal for almost any independent retailer. Plus, its user-friendly analytics platform provides insights to keep your business profitable, and its top-of-the-line ecommerce tools help your shop compete with the chain stores in your neighborhood. Although Lightspeed is pricier than other options and has a more cluttered interface due to all the features, it offers a great overall value for retailers, especially if you are serious about growing your business. Begin its 14-day trial today―with no credit card required.

WRITTEN BY: Brigitte Hodge

Payment Details shown on the laptop screen.

January 26, 2023

8 Best Virtual Terminals for Small Businesses in 2023

A virtual terminal lets store owners manually key in credit card numbers when they receive phone, invoice, or mail orders. The best virtual terminals also let you send invoices and create recurring payments, making them good for billing. Secure virtual terminals are available from almost any payment processor and require no special equipment. Merchant account transaction fees are higher than in-person transactions, though—it’s usually 3.5% plus 10 cents to 15 cents per transaction. The best virtual terminals are: : Best overall : Best for retailers : Best for B2B sales : Best for freelancers, occasional sellers, and cross-border sales : Best for businesses that want to choose their merchant service : Cheapest option for established high-volume businesses : Best for high-risk businesses : Best for medical businesses, educational services, and nonprofits Best Virtual Terminals Compared Square Payments: Best Overall Virtual Terminal for Small Business is the built-in payment processor for Square POS that’s great for small businesses, from startups to shops with a physical location and an online store—even restaurants and salons. The virtual terminal also comes free with every Square POS account that supports almost all payment methods (B2B payments processing requires third-party integration). With 4.41 out of 5 in our review, Square topped our scores for feature set, checking off our full list of tools for handling one-time and recurring bills, managing customers and invoices, and taking payments. It’s easy to use on both web and mobile, although the limited customer support hours and limited ability to accept Level 2 and 3 payments brought down its overall score. Helcim: Best for Retail is on our list of best merchant services and leading retail credit card services. You will find other providers in our list that offer interchange-plus pricing; however, Helcim’s structure is a little different, with automatic volume discounts and no monthly fees. As such, it's a better choice for growing retailers with high-volume (but lower-ticket) sales because merchants do not need to apply for better rates as their transaction volume increases. Earning 4.23 out of 5 on our evaluation, Helcim lost points for not catering to high-risk businesses (check PaymentCloud for that) and lack of 24/7 support. Nonetheless, Helcim earned high scores in all categories. The virtual terminal handles phone sales, invoices, and recurring payments. Like Payment Depot, Helcim also has a chargeback reimbursement program. Chase Payment Solutions: Best Virtual Terminal for B2B Sales We recommend for businesses that do B2B sales and those that need the support of an established bank, including checking, credit cards, and even loans. The system supports Level 2 and 3 data processing through its proprietary virtual terminal platform, Orbital. Chase climbs to the third spot on our list, also improving its overall score for this update, 4.04 out of 5, after points were adjusted to reflect B2B payments and the required checking account, which can cost anywhere from $0 to $15 per month. It lost points for the chargeback fee of $25 to $100 (where Square, for example, waives it). That said, Chase offers excellent features and is one of our top picks for the best small business checking accounts. It also works with some high-risk businesses(while Helcim does not). PayPal: Best Virtual Terminal for Solopreneurs & Occasional Sellers is by far the most recognized payment processor in the world with easy integrations that let you put a payment button just about anywhere. Its virtual terminals can process most types of payment methods, including cross-border transactions. The system is popular for solopreneurs, occasional sellers, and hobbyists who have low sales volume and would not mind the flat-rate payment processing fees. For this update, we gave PayPal’s virtual terminal a score of 3.89 out of 5 with an advantage in international scope and its many integrations with other popular small business software. However, it’s a simpler tool, lacking inventory and POS like Square, although you will get these free with a regular PayPal Zettle account. The use of its virtual terminal will also cost you $30 a month. That said PayPal is undeniably a trusted name in the payments industry and makes our lists for mobile credit card processing and merchant services. Clover: Best Virtual Terminal for Choosing Your Own Merchant Service is a highly popular POS system because it’s offered by so many merchant services. As such, you can shop around for the payment processor that works best for your business. Its system comes with a free virtual terminal which you can subscribe to without the hardware at $14.95 a month. It provides you with Clover software, dashboard, and end-to-end encryption of all payments you accept over the phone, in person, or through an invoice. For this update, Clover’s overall score slightly improved to 3.88 out of 5. It’s a feature-rich system and, with the right merchant service, extremely affordable. Clover lost points for requiring a monthly fee to access the virtual terminal feature, and for not monitoring its resellers, so you get a mix of great and terrible. However, the virtual terminal integrates with the POS system, handles invoices and recurring payments, and is generally easy to use. You will also find Clover on our list of the best mobile payment processors. Payment Depot by Stax: Cheapest Option for High-volume Sales If you do high-volume sales, then a payment processor with interchange-plus pricing can save you hundreds to thousands of dollars, even when considering a monthly fee. is one of our top picks for the cheapest credit card processing companies, and that includes virtual terminals. While it does not work for high-risk businesses or businesses outside the US, it is worth considering for any business with high-ticket sales. It offers a choice of free third-party virtual terminals and makes our list for the strength of the payment processing. Payment Depot earned 3.81 out of 5 in our evaluation. The virtual terminals generally don’t include inventory—check Square for that. Like most on this list, it loses points for not supporting high-risk businesses. It lost the most points for its steep monthly fee. However, chargeback protection is included in its membership price, and it fares well for ease of use, integrations, and reputation. We’ve also liked Payment Depot for general merchant services and restaurant payment processing. PaymentCloud: Best Virtual Terminal for High-risk Businesses While it can serve traditional merchants, specializes in working with high-risk businesses such as Mail Order Telephone Order (MOTO) that can highly benefit from a virtual terminal solution. It has relationships with over 10 banks that can handle high-risk customers and transaction rates are naturally steeper. But what’s unique with PaymentCloud is that it can adapt its fee structure (interchange-plus, flat rate, tiered) based on the merchant’s preference. PaymentCloud earned an overall score of 3.78 out of 5, standing out for its ability to support all types of merchants and flexible fee structure. On the other hand, it lost points primarily because it charges fees for a number of its services including payment gateway integration and customization, monthly subscription, and chargebacks. Payline Data: Best Virtual Terminal for Medical, Nonprofit & Educational Services services a wide range of businesses but has a particular focus on the medical industry, with HIPAA-compliant tools, ACH transfer, and special pricing. It also has special considerations for nonprofit and educational services. Payline Data merchants get access to its virtual terminal application with a one-time $10 fee and works as well as most and can handle invoices and recurring payments. All things considered, Payline Data earned an overall score of 3.68 out of 5, and though slightly lower from the previous update, earns much of its score on the strength of Payline as a payment processor. Payline Data stands out for its compatible features for nonprofit, medical, and educational institutions, while also offering interchange-plus pricing, which makes it a better deal than most for high-volume businesses. Calculate Your Estimated Virtual Terminal Fees Find out how much you would pay in monthly merchant payment processing fees with our recommended providers. Guide: This calculator assumes that you are using a virtual terminal on your laptop/desktop computer with a card reader to accept payments. Please indicate below your estimated monthly sales volume for card-present transactions (payments using a card reader) and card-not-present transactions (payments accepted online and over the phone). How We Evaluated Virtual Terminals We’ve looked at dozens of payment processors that offered virtual terminals and narrowed them down. All of our picks also include invoicing and recurring payment tools. From there, we took a close look at the pricing, toolset, and ease of use to come up with a list that offers the best value for the price while being easy for most managers and employees to work day by day. We found to be the best virtual terminal for small merchants with simple, competitive pricing and excellent sales and inventory features. Its fees are higher than interchange-plus companies like Helcim, but it offers free tools that can grow with your business. Click through the tabs below for our full evaluation criteria: Best Virtual Terminal Frequently Asked Questions (FAQs) Why use a virtual terminal? A virtual terminal removes the need for specialized hardware. It is accessible through a web-based platform (computer or mobile device) so merchants can accept payments over the phone, from information sent via email, and even in person. The platform is, by default, PCI-compliant, so you can also safely store card information to set up recurring payments. Virtual terminals are very flexible as they can be integrated to your shopping cart, website, and even CRM (depending on your provider). It can accept all forms of payment methods from card payments, to ACH, e-checks, and invoices. Do I need a virtual terminal? If you often accept payments online, over the phone, or via email, and prefer not to invest in additional hardware, then a virtual terminal may be your best option. Learn about the other options for accepting payments online. How do I choose the best virtual terminal for my business? Most of the providers in our list offer free virtual terminals. They vary in fees and available payment options. To get the best virtual terminal for your business, consider your sales volume and your preferred payment methods. Providers with flat rate fees like will be more cost-effective to occasional sellers or to businesses with less than $10,000 in monthly sales. Merchants that process large volumes of sales per month will save more with providers offering interchange plus rates like . How much do virtual terminals cost? Some processors will charge a monthly fee for virtual terminal software. However, the best merchant accounts offer virtual terminals for free, so you just pay a processing fee with each transaction. Note if you are keying in payments instead of using a card reader, the fees will be higher. Cost consideration for virtual terminals: Virtual terminal monthly fee: $0–$40 Merchant account monthly fee: $0–$199 Transaction fees: Rate type: Flat rate or interchange plus Transaction type: Keyed-in or swipe/dip/tap rate Chargeback fees: $0–$100 Bottom Line Virtual terminals are a great addition to any business, allowing you to take orders over the phone or by email. Most payment processors offer these for free or with a small monthly fee. The best handle multiple payment types, including cryptocurrency and ACH transfers, and have some form of fraud or chargeback protection that goes beyond PCI compliance. Overall for small businesses, we find Square offers the best virtual terminal in the industry. It provides reasonable rates, has a free POS system, and is super easy to use. Plus, its wide range of products, including payroll processing, makes it a solid choice for growing businesses. Best yet—it’s free to use! You only pay a by-transaction rate. Sign up for Square today.

WRITTEN BY: Anna Lynn Dizon

Showing an organized clothing store.

January 26, 2023

Retail Statistics for 2023: Trends, Consumer Outlook & Technology

In 2023, global retail sales are projected to grow 4.5%, exceeding $30.3 trillion by the year’s end. Amid this growth, the retail world is changing in terms of shopping habits, consumer preferences, the place of small businesses, and more. Whether you’re a well-established operation or just starting a business, understanding these changes is vital for your success. In this article, we will look at some of the biggest retail statistics and trends for 2023 to help your business get ahead. Bottom Line Retail is a fluid and ever-changing industry that evolves with our culture and can change in an instant. Over the past couple of years, especially, retail has seen new trends and shopping behaviors emerge in the wake of the COVID-19 pandemic and rapid acceleration in retail technologies. Using the retailer statistics above, you will be more prepared to combat the changing retail market and allow your business to adapt and thrive as the industry evolves.

WRITTEN BY: Brigitte Hodge

Customer and cashier making a transaction.

January 25, 2023

10 POS Trends & Technologies Shaping the Future of Retail

A POS—or point-of-sale—system is an invaluable business tool that has replaced the traditional cash register with constantly evolving, tech-driven solutions. These platforms do more than ring up sales. Many can track inventory across multiple sales channels, handle employee schedules and clock-ins, and collect data for business intelligence and personalized service. Below, we look at nine POS trends and how they impact small businesses everywhere. 1. Untethered POS Systems In the traditional retail environment, transactions happen at one location: the checkout counter. But with modern POS systems, you’re no longer tethered to the counter—or even your store. Associates armed with handheld devices can meander about the store, interact with customers, look up items, and complete sales on the spot. Mobile POS (mPOS) systems let you take orders at trade shows, curbside, or off-site locations and sync with your main store. mPOS transactions alone were forecasted to hit $2.88 trillion by the end of 2022. But it doesn’t stop there. With the advent of social distancing and isolation, mPOS and online sales allows customers to order for delivery, or order and pick up in-store—everything from restaurant meals to luxury items and even cars. Some 52% of retailers said additional customer delivery and pickup options were a top priority for 2021, and that trend is expected to continue in 2022 as customers grow accustomed to the convenience. There are expected to be 85.6 million mPOS users in the US by 2025. And, the average mobile transaction value is expected to increase from just over $7,000 in 2020 to $11,755 in 2025, signaling the continued—and increasing—prevalence of untethered shopping. 2. Seamless Omnichannel Experiences Omnichannel experiences mean merging in-person, mobile, ecommerce, and social sales, with a holistic view of the customer relationship on any channel at any time. It isn’t a new trend by any means, but POS technologies continue to empower retailers to create a more seamless customer experience across all touchpoints. Specifically, different types of POS systems can help retailers build: Non-linear paths to purchase: Today’s shoppers don’t use a linear path to purchase. For example, someone might initially learn about your products on Instagram, browse your storefront, and finally purchase through your website. The buying journey is increasingly complex, even for traditional brick-and-mortar businesses. Ecommerce as an extension of brick-and-mortar stores: Online holiday sales in 2021 hit nearly $205 billion, a rise of 8.6% from 2020, with 58% of consumers (87% of GenZ consumers) saying that social media will influence their buying decisions. Click-and-collect strategies: Customers can shop online and come to the store to finish the transaction, taking advantage of buy online, pick up in-store (BOPIS), or curbside pickup. BOPIS is also on the rise and has grown from just over $35 billion in US sales in 2019 to an estimated $83 billion in 2021; BOPIS sales are expected to further expand to $141 billion in 2024. In the wake of COVID-19, 46% of retail executives plan to invest more in omnichannel retailing as compared to their pre-pandemic sales strategy. Luckily, POS technology makes it possible for small businesses to accommodate these complex buying behaviors, letting them compete with the bigger budgets of larger companies. and , for example, allow shoppers to start a basket online and complete their order in-store—and vice versa. 3. Alternative Payment Methods We continue to move away from being a cash-based society with credit cards accounting for 38% of point-of-sale payments and debit cards making up 29%. In fact, cash now accounts for just 12% of POS transactions. While credit and debit cards remain popular, usage is expected to decrease gradually as consumers access ever-expanding payment options: Mobile/contactless payments: Digital/mobile wallets are becoming increasingly popular. While they accounted for only 6% of POS transactions in 2019, that number is expected to climb to 15.5% by 2023. These payment options include Google Wallet, Apple Pay, PayPal, Venmo, CashApp, and other apps and services. Amazon Pay: While launched in 2007, Amazon Pay has grown in popularity, with 5 million merchants and the Amazon Pay for Business app. In 2022, it intends to extend services to 1 million offline merchants through a local merchants program. Buy Now Pay Later (BNPL): Credit cards compete with BNPL services like Klarna, Clearpay, and Laybuy, which lets consumers purchase and pay in installments, often with no interest. As reported by Euronews, Juniper Research predicts that by 2026, BNPL services will quadruple to $995 billion. Installment payments: Even without BNPL services, you can use a POS with installment payment options. This is particularly ideal for consumers who don’t have traditional credit options, so offering these payment plans can improve conversions, average order size, and retention rate. Saved payments: For returning customers, you can use your POS to securely store their payment information for a more seamless checkout experience—encouraging repeat purchases and increasing customer satisfaction. Bill splitting: Especially handy in the restaurant environment, bill splitting gives customers the option to pay for a single ticket with multiple payment methods. Gift cards: Gift cards are expected to have a compound annual growth rate (CAGR) of 16.2% from 2020 to 2027. They’re not limited to physical cards, either. Shopify POS, for example, has an omnichannel gift card experience—cards purchased online can be used for in-store purchases and vice versa. Loyalty and rewards programs: Customer loyalty programs encourage repeat purchases and increase customer lifetime value by offering incentives for customer retention. Learn more in our section below on integrated customer loyalty programs. Cryptocurrency: Major financial organizations like PayPal, Visa, and Mastercard have started accepting cryptocurrency, which can be a viable form of payment if you’re willing to accept it. Related: Best Crypto Payment Gateways for Small Businesses When you accommodate additional payment methods with a flexible, tech-forward POS, you can accommodate more customers—and encourage more sales in turn. 4. Personalized In-store Shopping Experiences Nearly three-quarters of consumers expect brands to be able to understand their needs. Personalization was a top priority for only 41% of retailers in 2020 and 2021, taking a back seat to fulfillment solutions and mobility due to COVID-19, but as more customers have returned to stores, personalization is a higher priority again, and even more so in 2023. The POS industry is addressing these challenges head-on, as it makes personalization easier and more accessible to small businesses at scale. In fact, Reportlinker.com predicts the global personalization software market to grow from $620.57 million in 2020 to over $1.7 billion by the end of 2025. Having a POS that provides personalized shopping experiences is important because: Shoppers expect it: Consumers not only benefit from—but have come to expect—personalized experiences. They know the technology is out there, and they know their data is as well. Now shoppers are demanding they benefit from this information-sharing. Customers are willing to share data: To get the personalized recommendations they want, many customers are willing to share their data in exchange for a number of benefits. Of those surveyed, 39% find monetary compensation most valuable, and 20% would share their personal data for promotion incentives and discounts based on their interests. Perceived value is slightly lower for convenience and speed (16%), more responsive customer service and support (14%), and new services and products (11%). Overall, according to a Merkle study, only 23% of consumers resist sharing data. Buyer satisfaction depends on it: According to a McKinley report, 71% of consumers expect companies to deliver personalized interactions and 76% get frustrated when this doesn’t happen. You can increase your prices: Better experiences mean you can charge higher prices, which ultimately increases profit margins. In fact, consumers are willing to pay more for an improved shopping experience. POS software captures valuable information with every transaction, so you can build customer profiles that help you learn more about your clientele. Over time, you can personalize automated campaigns through your POS, enabling your associates to access customer profiles at checkout or on an mPOS. 5. Rise of POS Data Analytics Most consumers are willing to save purchase history, preferences, and personal details if it means the checkout experience is easier and they get relevant offers. But POS data is valuable for more than just getting to know your customers and their communication preferences. The metrics from your POS can also reveal information about your business’ staff, products, store layout, foot traffic, and returns rate, as well as other metrics. POS systems track which inventory is selling and which items are less popular with your customers. Likewise, POS data provides insight into seasonal trends and makes it possible to increase margins based on pricing data. This makes it easier for businesses to optimize retail data analytics and drive sales. Many payment processors have add-ons or integrations that also provide data for making better business decisions: Payment processors: The best payment processing services include reports on your credit card sales, helping you track trends like declined transactions, returns, and more. Customer surveys: Many POS systems let you add a link to a receipt for customer feedback, sometimes with a reward of a free drink or a discount. (Need help designing a customer satisfaction survey? We have templates to get you started.) Time tracking and scheduling: This is especially useful for restaurants, but good for any shift-driven business. When your time-tracking software integrates with your POS system (or is included, like with ), you can see labor vs profits or sales volume to generate the most efficient schedules. Payroll software: Your payroll software can give you insight into your labor costs with insights like which employees make the most sales or generate the biggest tips, or do job costing to help you determine the best use of resources. , for example, offers payroll services that seamlessly integrate with its POS software. Foot counters: As people continue to return to the stores in 2022, integrating foot counters like into your POS can help you track how many customers you have or when your peak hours are, and give you a basis for understanding conversion rates. 6. Move to Cloud-based Software Many of the advantages of POS technologies, such as personalized shopping and omnichannel experiences, rely heavily on the different parts of the system sharing data. This is most commonly done through the cloud—servers run by the POS company and accessed through the internet. Most POS companies ensure the servers are secure, kept up to date, and have private sections apportioned to individual businesses. This makes it easier and more convenient for businesses, especially small businesses that cannot afford their own server. It also makes it easy to update POS software. It’s no surprise, then, that cloud-based systems are a continuing POS trend. Moving to the cloud is a priority for retailers, with 22% of current retail POS systems already in the cloud and 29% of retailers planning to move to cloud-based systems by 2024. In fact, the cloud POS market size is expected to grow to $6 billion by 2025. 7. Upgraded POS Hardware POS industry trends are also seeing developments in business-friendly hardware like tablets and smartphones, barcode scanners, receipt printers, and cash drawers. Retailers are moving away from the traditional cash register and toward more mobile, flexible, and advanced registers. In fact, hardware upgrades are the top POS priority for 30% of businesses. In addition to self-service kiosks and upgraded POS systems in general, other POS hardware trends you can anticipate are: Swipe transactions decline: With the normalization of chip readers and rise of touchless payments, swipe transactions are going away. In August 2021, Mastercard announced it is doing away with the magnetic stripe on its cards. Other credit cards are likely to follow. Bluetooth: Modern POS industry trends incorporate Bluetooth technology. This allows businesses to connect mobile card readers and other peripherals without hogging Wi-Fi bandwidth and increasing internet expenses. Still, the industry faces some challenges with respect to upgrading POS hardware. Newer, more powerful tools may increase network demand, be stolen, or require additional training for sales associates and other employees. Increasing self-checkouts: With the labor shortage and rising minimum wages, stores continue to add self-checkout stations. This trend is expected to continue in 2022 and beyond. Electronic shelf labels: Another labor-saving feature is electronic shelves, which are expected to have a CAGR of 21% between 2021 and 2026. Electronic shelf labels display the product price on the shelf and are automatically updated when the price is changed on a central server. Pickup lockers: With BOPIS mainstreaming, having secure lockers to store items where customers can pick them up themselves will add to customer satisfaction while cutting down on labor. 8. Upgraded In-store Technology Overall The POS systems themselves aren’t the only areas getting tech upgrades. Retailers need to look at other infrastructure to ensure they can power and support the POS technology they plan to use. More than half of retailers plan to replace their POS software within three years (30% within one year). And that three-year number jumps to nearly 60% for POS hardware (22% within one year). When it comes to mPOS, half of merchants that already have mPOS plan to replace it within three years. As businesses look to keep their POS systems up-to-date, it’s even more important to ensure all other tech is upgraded accordingly. Although an offline mode is one of the top features retailers look for when choosing a new POS, it’s still important to consider internet and bandwidth. Retailers that don’t have strong internet already may need to invest in setting up WiFi networks for their stores so employees can use cloud-based and/or mobile POS technologies. Field Nation also predicts “there will … be a sustained increase in the installation of low voltage data and voice cables.” 9. Savings-oriented Subscription Offers Product subscription programs let customers enroll in recurring shipments—often at a savings. The pandemic led to an explosion of subscriptions, with 99% of consumers surveyed saying they subscribed to at least one service in 2020, and 52% saying they kept the subscription after the trial period. There are three types of subscriptions: Access: These are generally digital in nature: videos, e-books, audio books, images, and the like. Replenishment: Common subscription services include razors, meal kits, clothing, cleaning supplies, and other commonly used household products. These comprise 32% of all subscription box sales. Curation: These boxes have items picked by the seller. Examples include HelloFresh, DateBox Club, or KiwiCo. In this vertical, food and meal boxes were the highest in price, followed by clothing and fashion. Curation subscriptions have historically been the most popular, which harkens back to personalization, as these boxes are created based on consumer preference. Choosing a POS system that lets your customers subscribe to products or services makes it easy for them to keep their favorite products in stock or get new items while effortlessly maintaining brand loyalty. It also provides new market opportunities, as you can design customized boxes based on your products. 10. Putting Checkout in the Hands of Customers Self-service kiosks have made their way to restaurants and retailers of all sizes. As the labor shortage of 2021 continued into 2022, restaurants started self-service kiosks to compensate. And business demand for field services to help with self-checkout tech and tools grew 42% in 2021, with forecasts to grow even more beyond 2022. Self-checkout isn’t just for grocery stores anymore. Retailers of all kinds and sizes can implement the POS technology trend into their business. Some POS systems offer for mobile self-checkout, often with the use of QR codes and a companion mobile app. As an added bonus—self-service kiosks may result in people ordering more. Bottom Line Point-of-sale systems have come a long way since they were first introduced a few decades ago. Now, they’re more than just a way to take payments and make sales—modern POS trends have added features and capabilities that turn each system into a virtual command center for your entire business. With increased mobility, data analysis, and security, POS technologies are becoming an integral part of every retail business. If your business could benefit from the increased flexibility and insight current POS technology provides, read our guide on the best POS systems for small businesses to find a solution to match your business needs. You May Also Like … Online shopping statistics retailers should know in 2021 Current payment industry trends and how they impact retailers POS statistics covering technology, implementation and industry-specific trends

WRITTEN BY: Meaghan Brophy

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