The right point-of-sale (POS) system is an important decision for your business. After all, a POS system is the hub of your business—and finding one that aligns best with your company is key.

Because of connections between many large payment processors and point of sale system providers, switching your merchant services provider can sometimes be an investment—both in time and money. Licensing fees, service contracts, and various other costs are an unfortunate but necessary hurdle for some businesses. However, switching POS systems can often reduce your expenditures. Not only POS systems, but sometimes it’s possible to onboard with a new service provider without changing hardware, while the savings over just a few months usually cover the cost of your POS switch. 

You’re a small business owner, so let’s assume you like accepting payments and getting paid. This article provides a brief overview of your traditional terminals and POS systems, outlines the pros and cons of each, and helps you decide which might be best suited to grow your business.

Unfortunately, merchants can fall victim to any number of scams when shopping for payment processing services. One of the most common—as well as financially damaging—is leasing a credit card terminal for credit card processing.