Why a cloud-based POS system is best for your business

A cloud-based POS system can allow you to be more productive in your business by offering a variety of features. Running a small business is hard enough, and the last thing you need to worry about is whether or not your POS machine is going to work properly. The ability to track data, separate accounts for payroll and inventory, and even use your iPad as an order pad are just some ways that you can use cloud-based POS systems to streamline your day-to-day tasks.

If you are a small business owner, entrepreneur, or freelance contractor, consider upgrading your point-of-sale (POS) system. Both on-premise and cloud-based POS systems have attractive features and benefits. Let us help you to determine which system is most suitable for your business’s current and future needs. 

What is an on-premise POS?

Also called a traditional or legacy POS, an on-premise payment processing solution stores data on local servers and runs on a closed internal network. You'll need to rely on a technician for installation and maintenance if you purchase this system. You’ll also need a designated area to store the equipment (usually a back room). Furthermore, there are licensing fees and fees per terminal, and you’ll be responsible for keeping the software up to date. While your on-premise POS system can come with features such as data storage, customer management, and accounting --you can usually customize the system to suit your specific needs. What’s important to note is that this system isn’t accessible remotely; you must be on location.

Cloud-based POS

These systems are a different breed. Often called SaaS (software-as-a-service), these systems are web-hosted, meaning data is stored on remote servers. Because they rely on an internet connection, access isn’t restricted to a particular place. Users can access the cloud anytime, anywhere; you can be in your office on a desktop during the day or be at home using an app on your phone in the evening. Due to their remote ability, there’s no physical installation, and system issues can be resolved by calling your provider instead of having an in-person technician. Fees are usually monthly (with software updates included) and can be based on the number of stores or employees. Just like on-premise systems, cloud-based system providers offer an array of software solutions for your business.

Which POS system is better?

The million-dollar question is which POS System is best. However, that answer will depend on what type of business you have and how much you are willing and able to invest. Usually, smaller businesses choose cloud-based systems due to their functionality, flexibility, and cost. They are relatively easy to implement and also to upgrade: no fancy equipment is needed, and start-up costs are much lower as well. If you are a service-oriented business such as a cafe or restaurant, cloud-based POS systems can enhance the customer experience as well as keep your employees happy.  

For larger businesses, opting for an on-premise POS might be a better fit; there’s a bit more independence as it allows businesses to adapt the system to their needs through customization without relying on an internet connection. However, it is significantly more expensive and will need to be upgraded as technology evolves, adding more costs. Therefore, it requires a long-term commitment due to the financial investment. 

But no matter the POS system, security is a major concern. It’s crucial that sensitive information, such as your customer’s data, is always properly protected. Therefore, do your research to select a reputable POS system that complies with data security laws and regulations.

How do I choose the best payment processing for my business?

To help you in making an informed choice on what the best payment processing system is the right fit for your business, consider these questions inspired by the PayAnywhere list: 

• Which one meets your budget? 
• Which one suits your business model? 
• What security features do you require? 
• Which one is most convenient?  
• Which one is easier to use and provides your customers and employees with a great user experience? 

It is important for a business to keep up with the latest technological advancements. Especially when it comes to business software. While many businesses are still using traditional systems, others are already embracing cloud-based POS systems. For assistance in selecting the right POS system for your business, contact Sekure Payment Experts today for more information.