Point of Sale Device development Company in Gurgaon

Point-Of-Sale (POS) devices and services were largely offered and managed by the banks, but alternative solutions and payment providers are changing the game. Mobile, pocket-size POS devices guarantee a new level of operational and economic efficiency, without the usual binding contracts and cumbersome business requirements.

 POS device for your business:

Major and local cards acceptance- Acceptance of major global card providers and digital wallets such as VISA, Mastercard, American Express, Diners Club, JCB, UPI, Android Pay and Apple Pay, is the first and foremost thing to ask a card reader provider about. In addition, accepting local cards such as Ban contact, iDeal, etc. adds extra convenience to customers if you operate in Europe.

Real-time settlement of funds-Instant settlement is a hot topic in the payment industry, and it makes a world of a difference to small business owners who need to access their funds quickly and cover business expenses. Newer providers offer e-money accounts with their POS solution, and boast that payments are settled in the merchant’s account within seconds. Other providers that use traditional bank accounts still depend on the regular bank settlement time, which can take up to a few days.

Fees and contract terms-If you are running a seasonal business such as bed and breakfast or a beach restaurant, then a pay-as-you-use model is definitely a better option, rather than a standard contract with monthly or yearly fees. Buying a POS device would be the only one-off investment. After that, you will be charged a small transaction fee every time you accept a card payment.

Device connectivity-As new generation POS devices get smaller, more compact and fully mobile, the need for multiple connectivity options increases. Wi-Fi, Bluetooth and SIM are the most common options. Most card reader companies do not provide internet connection with their package and this turns out to be an extra cost for the business owner. Some new players in the payments field are solving this problem via a SIM data card, which comes plugged into every new device and ensures internet connectivity.

Smart functionalities-Should card readers do more than accept card payment Smart functionalities vary across the different providers – from accepting digital tips, pre-authorization and MO/TO payments to sending payment requests. There are all tools that really add value to the service industry such as taxis, restaurants, hotels and travel agencies.

Extra merchant services-When it comes to extra services, merchants are most commonly offered a free merchant account with a payment card. Some more add-ons include risk management tools, automated invoicing or even an app market for Android-based POS devices. There are also sales generation tools such as private label gift cards and mobile top-up services, which make your customers visit your premises again and again.