Ready to up credit card processing within your business? Curious about the best POS system available? Uncertain about how to procure a custom POS system? Get the answers you need, all in one place, from FLO Business Solutions.
What Is a Custom POS System?
A custom POS system is exactly what it sounds like—a custom point of sale system. That’s the short answer, at least.
The longer one? While you’ll find several types of basic POS system frameworks on the market, you may need something tailored to your individual goals and requirements. That’s where a custom system comes in. With careful adjustments and alterations, you have a custom POS system designed to serve your business on a more specific level. It goes beyond the most straightforward POS system for retail, taking into account things like loyalty programs and inventory tracking.
Customized management systems allow you to better accommodate complicated pricing structures. You can also better incorporate this type of retail POS system into other processes. Think your CRM tools, for example. Rather than having to manage these functions separately, you can have them operate side by side. This cuts down on inefficiencies, sometimes enabling you to execute multiple tasks at once. You’re saving time, while at the same time creating a workflow that’s much more sustainable for the long term.
At the end of the day, incorporating a custom POS system into your business can be a great way of saving not only time, but money. It’s also often easier for your employees to handle. This type of system is meant to work for you, specifically—there’s less of a learning curve. Add trainability to the list of qualities you can appreciate about a customized system!
Can I Build a POS System?
Technically speaking, you could build your own custom POS system. Whether or not you want to do it is another question altogether. Every business owner must make their own decisions regarding a POS system. This includes the amount of time, effort, and resources you’re going to funnel into customizing a system without assistance.
Keep in mind that while building your own POS system allows you to customize it personally, that also opens you up to a host of mistakes. If you’re not an expert, you can’t expect yourself to know exactly what to do. You might spend money that isn’t necessary, make mistakes that cause more problems down the road, or run into similar issues. With that being said, it’s often more cost-effective—and time-efficient—to work with POS solutions experts who can help you create the perfect system.
How Much Does It Cost to Create Your Own POS System?
It’s difficult to say exactly how much it might cost to build your own custom POS system. A lot of the cost will depend on your specific needs, as well as the complexity of the project. Generally speaking, building out your own POS system can cost around $40,000 to $50,000. However, it’s not unusual for the price to climb up to $90,000. It can also be less.
However, you should keep in mind that you’re not only paying for the system itself, but for customizations and the price of labor (if you employ any individuals for assistance). If you only want to track sales without features like loyalty program and inventory management, it may cost less. But remember what we said earlier—a more customized system tends to integrate more easily with other processes. This means, in the long term, it may be cheaper to simply have a more customized system installed with the assistance of a company like FLO.
What Are the Three Types of POS?
There are three main types of “modern” POS systems. They include:
- Tablet-based. As the name suggests, this option allows you to conduct sales using a tablet, typically an iPad or an Android. The convenience here is that the tablet is relatively easy to use and portable. They’re particularly popular in specific settings like restaurants. A POS tablet system for restaurant environments allow the user to conduct business tableside. If you’d prefer it to be more stationary, a POS tablet system stand allows you to work without holding the tablet.
- Mobile POS. A mobile POS encompasses POS software you can operate with mobile devices—including smartphones. This means you can conduct business anywhere, with customizations as needed. The software may be similar to that which you might find on the app store, creating a user-friendly experience.
- Cloud-based. To put it simply, a cloud-based POS system is dependent on an internet connection. This means you can work through several types of devices—a major benefit for growing businesses.
POS FAQs
Still have some questions about a custom POS system? Luckily, we have more answers!
What are “Level 2” and “Level 3” payment processing methods?
Level 2 and Level 3 payment processing methods address business to business transactions with extra data in payment messages. Through this extra data, you’ll increase the payment’s security, as well as its general reliability.
What is the difference between Level 2 and Level 3 payment processing?
Level 3 processing requires all of the data needed for Level 1 and 2 payments, plus additional info regarding freight amount, commodity codes, and the product itself. Furthermore, it requires the most effort, as well as specialized software. However, this results in the lowest interchange rates of any level.
What are the benefits of Level 2 and Level 3 payment processing?
Both levels offer enhanced security, faster account settlements, fewer chargebacks, and lower processing costs.
Now that you know a bit more about POS systems—and your customization options—take the next step by asking the experts. Call FLO at 803-887-7356 or contact us here and get the advice you need.
Imagine offering your customers more flexibility with pricing, boosting your sales, and optimizing your inventory. Best of all, it’s achieved with a single system update. Sounds amazing, right? Luckily, that’s exactly what dual pricing can do for your business.
Our unique POS system at FLO Business Solutions is one-of-a-kind and helps you to process your transactions with ease. So, want to see it work for yourself? Then, call us at 803-887-7356 or complete this form for a free demo.
Notably, dual pricing is gaining traction in the retail and small business sectors as a strategic pricing model. Why? Because it is reshaping the way businesses interact with their customers. This blog shares what dual pricing is, how it works within POS systems, and how it benefits retail operations. By the end of this article, you’ll understand its true potential for your business.
What Is Dual Pricing?
First, dual pricing is the practice of setting two different prices for the same product or service. These prices are based on predetermined criteria, such as the payment method. For instance, a business may charge one price for cash payments. Likewise, they use another for credit card payments to offset transaction fees. This strategy is useful for retailers and small business owners wanting to cover rising operational costs while maintaining customer satisfaction.
While traditionally implemented manually, modern POS systems have revolutionized dual pricing by automating the process. Thus, it is easier to manage and customize.
Three Benefits of Dual Pricing
Below, check out three benefits dual pricing brings to your business.
- Offset Transaction Fees. By charging a different price for credit card payments, you will recover costs associated with processing fees.
- Improve Price Transparency. Give customers the option to choose their preferred payment method, knowing exactly how it impacts the price they pay.
- Competitive Edge. Your transparent pricing policy will set you apart from competitors, appealing to cost-conscious shoppers.
How Dual Pricing Works in POS Systems
Modern POS technology makes integrating dual pricing quick and seamless. Here’s a high-level look at how it works.
- Define Your Pricing Strategy. First, decide which products or services will have dual prices. Then, set the criteria for each price point (e.g., payment method, quantity purchased).
- Customize Your POS System. Most POS systems allow you to set up and automate dual pricing rules. You will input two prices for each item and link them to specific triggers, like cash vs. card payments.
- Automate Notifications and Receipts. Your POS system will automatically display and apply the appropriate price at checkout. Then, it is reflected on the customer’s receipt, ensuring transparency.
How Does Payment Processing Work for Business-to-Business (B2B) Transactions?
At FLO Business, there are two B2B payment processing options we recommend. Those are Level 2 and Level 3. We recommend those as they have enhancements for each transaction that include additional data in a payment message. This data is a way to create more secure and reliable payments.
Key Differences Between Level 2 and Level 3 Payment Processing
There are three key differences in these types of payment processing.
- More data is required for each transaction.
- Merchants must put in more effort to collect the additional data and need special software and hardware for Level 3.
- There are lower interchange rates.
Four Major Benefits of Level 2 and Level 3 Processing
When you read those differences, you might be wondering what is in it for your business. Here are four major benefits of these payment processing options.
- Increased security
- Fewer chargeback
- Faster account settlements
- Lower processing costs
Frequently Asked Questions We Hear on This Topic
Do you still have more questions? Never fear! That is why we’ve put together this helpful FAQ section. Our experienced team is also standing by on the phones to answer any questions. Simply call us at 803-887-7356.
What are Some Best Practices for Dual Pricing?
- Be Transparent. Clearly inform customers about your dual pricing policy in-store and online. You’ll want to share any credit card fees up front.
- Train Your Team. Ensure your staff can explain the benefits of dual pricing to customers professionally and confidently. You’ll want your team to share information with customers like benefits of making cash payments.
- Monitor Customer Feedback. Use feedback to assess how your pricing model is being received and make adjustments if necessary.
How Should My Business Handle Dual Pricing Signage?
As mentioned above, clearly sharing your policies is best for dual pricing. One way to do that is by having appropriate digital signage throughout your business sharing these policies. Luckily, at FLO Business Solutions we have a great promotion geared towards digital signage! Click here to learn more about this promotion.
Will I Be Able to See How Dual Pricing Works in Your POS System Before Purchasing?
Yes! We are proud to share our system with you before you even spend a penny. We offer free demos of our system for you to see it first-hand. Click here to schedule your demo!
Plan for a Successful Future with FLO Business Solutions
Dual pricing isn’t just a clever pricing strategy—it’s a glimpse into the future of retail. Whether you’re a retailer or small business owner, dual pricing is the answer to achieving your goals. It’s a way to boost sales as well as cut costs.
FLO Business Solutions is here to help you secure a successful future! Call us today at 803-887-7356 to schedule a demo.
Don’t forget to find us on Facebook and Instagram for lots of great POS content.
Be sure to check out our digital signage promotion as well! Click here to learn more and save money!
Point-of-sale (POS) kiosks are no longer just a trend. In fact, they’ve become essential tools for businesses in the hospitality and retail sectors. Designed for efficiency and convenience, a POS kiosk bridges the gap between technology and customer service. They help small businesses and restaurants create better experiences for both patrons and employees.
Are you ready to transform your business? Our expert team at FLO Business Solutions will help you do that with our state-of-the-art POS options. Call us at 803-887-7356 or click here to schedule a demo to see it first-hand.
This blog explores all aspects of a point-of-sales kiosk. From their benefits to what to consider when choosing one, we’ve got all the information covered for you. By the end, you’ll see why POS kiosks are game-changers for today’s businesses.
The Evolution of POS Systems in the Hospitality & Retail Sectors
Credit card processing has come a long way from the days of a bulky POS cash register. Hospitality businesses and retailers used to rely on traditional POS setups. These often required manual input and offered limited features. With shifts in customer expectations and advances in technology, businesses began upgrading to digital and mobile POS software.
Enter the POS kiosk—a self-service solution that streamlined processes and improved customer experiences. Initially this system was limited to large retailers and fast-food restaurants. However, advancements in technology made these kiosks more accessible to small businesses.
The evolution of the point-of-sale kiosk reflects the increasing demand for automation in today’s digital world. They’re no longer a luxury—they’ve become a necessity for businesses wanting to stay competitive in an evolving market.
Five Advantages of Implementing a POS Kiosk
Why should restaurants and small businesses invest in POS kiosks? The benefits aren’t just about saving time—they impact everything from customer satisfaction to revenue generation. Below are some key advantages:
- Streamlined Operations
POS kiosks handle customer orders, payment processing, and invoices efficiently, reducing wait times for customers. With automated check-out processes, businesses ensure smoother workflows and fewer human errors.
- Improved Customer Experience
Today’s customers value speed and convenience. By allowing them to place orders or complete purchases themselves, it eliminates long lines or delays caused by staff shortages. Customizable interfaces also offer personalized experiences, such as upselling tailored recommendations.
- Cost Savings
By automating routine tasks, businesses will save on staffing costs. While kiosks require an initial investment, their long-term financial benefits typically outweigh the expense.
- Data and Insights
POS kiosks record every transaction, providing a wealth of information about customer preferences, peak hours, and sales trends. Analyzing this data helps businesses make informed decisions about inventory, promotions, and staffing.
- Contactless Interaction
The rise of contactless solutions has positioned POS kiosks as a safe alternative during health-conscious times. For example, a touch screen supports digital payments and minimizes physical interactions.
Seven Factors to Consider When Choosing a Point-of-Sale Kiosk
Investing in a POS kiosk is a strategic decision. After all, choosing the right one for your business makes all the difference. Here are seven factors to keep in mind:
- Ease of Use
Look for kiosks with user-friendly interfaces for both customers and employees. Intuitive navigation and clear instructions make the kiosk accessible to all.
- Customization Options
Every business is unique. Your kiosk should allow you to tailor workflows, branding, and display options to fit your needs and aesthetic.
- Integration with Existing Systems
Ensure the POS kiosk integrates seamlessly with your current point-of-sale system, CRM, and inventory management software. This creates a unified ecosystem for better efficiency.
- Hardware and Durability
Consider the physical setup, size, and durability of the kiosk. For high-traffic areas, prioritize robust devices with secure mounts.
- Scalability
As your business grows, your kiosk system should accommodate new locations, features, or services. Choose a vendor offering flexible solutions and ongoing support.
- Cost
While budget is always a consideration, prioritize value over cheap options. A reliable POS kiosk provides ROI through increased efficiency, customer satisfaction, and data insights.
- Security and Compliance
Ensure your kiosk is equipped with essential cybersecurity features to protect customer purchases and sensitive data. Compliance with payment processing standards (like PCI-DSS) is a must.
If you’re feeling unsure, consult with our trustworthy and experienced tech team. We will help you determine the perfect POS terminal and system for your business needs. Not only will we find a system that takes credit cards, but has an abundance of other features.
Frequently Asked Questions About POS Systems & Kiosks
Do you have more questions on POS systems and kiosk options? Or, do you have questions about FLO Business Solutions? Be sure to keep reading our FAQ section below. You can also call us at 803-887-7356 to talk directly with our knowledgeable team.
What Are Some Future Trends in Mobile POS Software?
The technology behind POS kiosks isn’t standing still. Here are some trends expected to define the future:
- AI and Machine Learning
- Voice-Activated Commands
- Custom Apps
- Sustainability
- AR/VR Integration
These trends reveal that implementing POS kiosks now isn’t just about staying competitive. In fact, it’s about preparing for an exciting, tech-driven future.
Does FLO Business Solutions have the Best POS Systems?
We offer state-of-the-art hardware in our POS systems. As our name suggests we are all about providing business solutions. We know being a business owner is tough. That’s why we do everything possible to provide solutions to help businesses thrive.
Furthermore, it’s not just about a POS system retail businesses and restaurants love. But, it’s about providing unbeatable customer service and helping you every step of the way.
Can I Try Out Your System Before Making a Commitment?
Yes. We completely understand this is a big investment. That is why we offer no-obligation demos. We will not only talk you through all the features of our system, but let you see it first-hand! Click here to schedule your demo today.
Take Your POS System to the Next Level!
Elevate your business by exploring a POS kiosk that is tailored to your needs. Choose technology that respects your brand, empowers your staff, and delights your customers. It’s time to unlock the full potential of POS kiosks. Call FLO Business Solutions today at 803-887-7356 to discuss your unique POS needs.
Follow us on Facebook and Instagram for tips and information on POS systems.
Be sure to check out our digital signage promotion as well! Click here to learn more and save money!
Interested in B2B payment processing methods? FLO Business Solutions is here to cover your options. Learn the ropes below!
What is “B2B” compared to “B2C”?
If you’ve heard of B2B, you’ve probably come across B2C as well. The question is: What sets them apart?
Answer:
B2C: “B2C” refers to business to consumer. This is the type of business that sells directly to individual consumers. Think small businesses on Etsy, for example, or big businesses that sell large quantities of product to large quantities of customers. While each approach has its pros and cons, when it comes to payment processing, conventional wisdom is that B2C is easier than B2B. At least on the business’s end.
B2B: “B2B” refers to business to business. Rather than selling to individuals, you’re selling to your fellow businesses. Often, this means selling larger orders. While this can be high reward, it also adds a bit of complication on the payment processing end. When selling business to business, you’re often trying to maintain longer-term relationships. You want repeat orders, and a part of that involves ensuring that payments are processing accurately and on time. Trust is key. As such, it’s crucial that you master B2B payment solutions.
What makes B2B payments different from B2C payments?
A few factors set B2B payments apart from B2C payments. Much like B2B is fundamentally different from B2C on a broader level, B2B payment processing has different needs.
Keep in mind that B2B marketplace payments tend to require more time. The amount of money involved can be a lot higher than it is with regards to individual consumers. This means the approval and settlement of the payment can take longer—days or even weeks. In short, you’re generally going to require more complex payment software for B2B than you would for B2C.
What is the B2B payment processing method?
There isn’t one type of business to business payment method. Rather, the marketplace offers a few different options to business owners. In fact, some B2B sellers prefer to offer their clients multiple options. Not only does this expand your potential client base—it can also help ensure repeat business. Of course, this means you’ll want to work with a vendor that can match your needs as well.
Some of your B2B payment options include:
- Virtual business to business credit card processing
- ACH payment processing
- Digital wallets
- Electronic checks (eChecks)
- Wire transfers
- Commercial credit cards
- Paper checks
Needless to say, some of these options are more common than others. You don’t see quite as many B2B sellers accepting paper checks these days! But nonetheless, your operation is your operation, and it’s important to familiarize yourself with the pros and cons of multiple solutions.
How do B2B payment processing solutions work?
Commercial credit cards. One of the most popular B2B payment solutions, commercial credit cards, remain quite common. Although they come with processing fees, buyers fall back on them often, in part due to their familiarity and reliability. As a seller, however, you may run into a few drawbacks. Each credit card transaction costs the seller, which naturally adds up over time. Still, it’s difficult to decline credit card payments, simply because of their prevalence.
Want to accept business payments while cutting down on credit card fees? You have options. New technologies help reduce manual processes, creating a more automated system that increases cash flow. Rather than focusing on credit card payments, you and your team can focus on more high-level endeavors.
ACH (Automated Clearing House). Another common B2B payment processing method, ACH, allows you to process payments electronically. It’s quick, convenient, and affordable. Essentially, ACH connects businesses across the United States. It transfers funds from business to business, even when those businesses use different banks. It’s possible to utilize ACH transfers internationally, but intermediary verification can slow the process down.
Wire transfers. Although not as popular domestically, wire transfers do remain more common than ACH when it comes to international payments. We usually manage wire transfers through RTP, CHIPS, or Fedwire. The great thing about this method is that as soon as the money hits the target account, it’s available. However, its lack of security presents concerns for B2B sellers and buyers.
Frequently Asked Questions
Still have some questions about B2B payment processing? Luckily, we have some more answers!
How do virtual credit cards differ from commercial credit cards?
Functionally speaking, virtual credit cards don’t differ too much from their physical counterparts. You can place limits on how often they’re used and by who, and they tend to be very secure. They may come with similar expenses associated with physical B2B card processing. But similarly to physical cards, we can potentially cut these expenses with more recent technology.
What’s the difference between eChecks and paper checks?
Aside from the obvious differences—one is electronic, while the other is paper—eChecks tend to be faster. Plus, they’re less expensive to manage than paper checks. They offer all the conveniences of any digital payment methods, with fewer drawbacks than paper checks.
All that being said—B2B sellers use paper checks surprisingly often, more so than the average individual consumer. Why? We’re not quite sure. It could be simple habit, or a sense of comfort that comes with a physical payment. However, digital methods are easier, often less expensive, and generally more secure. As you process large payments and scale up your ecommerce business—while working with clients who may not be physically close to—you’ll have more options with digital methods.
What are the benefits of Level 2 and Level 3 processing?
Since there is more information about a transaction and thus additional transparency and security, Level 2 and Level 3 processing have a few additional benefits. These include:
- Lower interchange fees
- Easier tracking and verification
- More data collection points
- Better compliance
Which method is right for me?
That depends greatly on your business and your goals! Fortunately, FLO Business Solutions is here to help you find the perfect solution. Get in touch with us here or call (803)-887-7356. Let’s find the perfect B2B payment platform for you.