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5 questions to ask before choosing a point-of-sale solution for your small business

When it comes to choosing the right point-of-sale (POS) solution for your business, there are several factors to consider. Between researching capabilities, features and models, comparing prices, reading customer reviews and selecting a payments processor, choosing the right POS solution can be a daunting challenge for small business owners. But it doesn’t have to be.

These five questions, presented by Bank of America Merchant Services, can help you determine what type of POS system and device is best for your business.

How do your customers want to pay?

Between mobile wallets, credit and debit cards, cash and yes, even the occasional check, customers today have more ways to pay than ever before. Because shoppers expect the businesses they frequent to accept the payment type they want to use, you’ll want to choose a POS system that can accommodate a variety of payment types.

What are your business management needs?

Many of today’s POS solutions include sophisticated software, robust applications and do much more than simply accept and process payments. To best determine what kind of solution will best help your business, you need to consider what components your business would benefit from. For example, do you need a solution that can track employee time cards and schedules? Do you need help with inventory management? Are you looking to implement a loyalty program? Every business is different – a food truck, which might need to simply process payments, will have vastly different needs than an upscale restaurant chain that may benefit from a cloud-based POS system that can “talk” to each location, allowing management in a centralized manner.

Is the system easy to use?

When choosing a POS system, make sure it’s easy to set up and intuitive to use – for you, your employees and your customers. From the moment you turn it on, your POS system should be simple to operate and uncomplicated to use. Everything from managing employees to pulling sales reports to inventory management should be straightforward and seamless, allowing you to get back to what’s really important: focusing on your customers.

Is the device you’re selecting secure?

Today, customers are more concerned than ever about the security of their credit card data, and they want to know their transactions are safe from cybercriminals. They’re not alone.

Small business owners must be vigilant about protecting customer data – and for good reason. A recent survey conducted by Bank of America Merchant Services showed 31 percent of small business owners who experienced a customer data breach in the last two years spent more than $50,000 to resolve the issue. This cost includes fees paid to forensic investigators who determine the source of the breach, as well as legal counsel and public relations advisers to help repair reputational damage. Few small businesses are in a position to recover from a financial hit of that size.

What kind of support is available for my POS system?

It’s no surprise that most small businesses don’t just operate during standard Monday-through-Friday, 9 a.m. to 5 p.m. work hours. This means support must be available when you need it. Before selecting a POS solution, look at the customer service provided and research what other small business owners are saying about their providers’ support.

When searching for a new POS system, we hope you will consider Bank of America Merchant Services. With our wide-range of POS options – including the all-new Clover station, robust security software applications, and 24/7 support, we can help you run your business more efficiently. Plus, if you have a Bank of America small business account, you may qualify for reduced fees and receive a monthly cash reward when you qualify and enroll in Bank of America® Business Advantage Relationship Rewards. Visit bankofamerica.com/relationshiprewards to learn more.

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