Is POS The Best Way to Receive Payments For Your Business?
Now that you have your running and you have payments to receive or you have received some payments, you are probably thinking of ways to receive payments for your business. While there are several options available to receive payments as a business, you need to review them to choose the best option for you.
Most times when businesses talk about how to receive payments the first thing that comes to mind is POS but is POS really the best way to receive payments for your business? Why it may seem like the best option at first, you should look closely to weigh its pros and cons before making a decision.
While the use of POS has its benefits, you should consider if it actually poses those benefits for your business. For example, businesses that operate online cannot receive money POS as it requires physical interaction between the payer and the payee. You should consider the method of business that you operate and the additional resources like the internet connection needed to operate it.
Also read: 3 Ways Small Businesses Can Accept Online Payment in Nigeria
To make a decision, take a look at some of the cons of POS
- POS systems are more expensive than the old cash register
- POS system can’t be used for payroll, record-keeping, and other normal business operations
- You need a reliable Internet connection and Internet Service Provider to maintain a POS system which means you incur extra costs on the internet. And you will have no access if your Internet connection goes offline.
- Have the risk of getting infected with POS malware.
- There are some security risks as with all forms of payment systems that are accessible by the public.
- Also, there are times when the POS is down and you are unable to receive payment
- The increased transaction failure rate
You can consider a fluid method of payment – bank transfer With Lenco, you get to make transactions in a fluid and efficient manner