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"What needs does a Retail Business require?"
Here are Credit Card Processing
Consulting's definitions of the retail business equipment and processing
needs.
Depending on your size, operation procedures and of course budget, will determine
what type of hardware, software
or any other credit
card processing mediums you should consider. Large stores
should be using POS computer
hardware and software to
operate the payment processing, inventory and other functions
of operation. The budget
however can be a factor and the
type of equipment, POS software and quantity can be
determined accurately
with the proper planning and consulting services.
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RETAIL - Any business swiping 80% or
more of the credit cards through a
magnetic swipe reader, (MSR). Some examples
of retail types are hardware stores, general
merchandise, clothing stores, beauty salons, nail
salons, jewelry stores, tanning salons, medical services and most
of the other businesses listed
in the phone book yellow pages.. However,
other business types such as lodging
or restaurants can swipe 80% of
the cards also but other factor place
them into their own separate type of business. Also if
you are a clothing store but
will not swipe 80% of your credit cards through a
MSR then you are not a retail store in the
credit card processing industry.
What
equipment should I consider?
Size of Store
- If you have a small to medium size store (up to
$20K or $25K in credit card payments) you do not
want the over kill on the payment processing
equipment. Usually a Casio cash register and a
credit card processing terminal would probably be your
best investment. If you are opening a large retail store
then you should consider using a POS Computer System
that will also help keep track of
inventory.
Operation of Store
- Even in a small store ($8K plus in credit
card sales) you may want to consider a POS system if you
want to keep track of inventory, employee time and wages
and other items you may want to consider an
inexpensive POS Computer System. It will pay for
itself over time. The need for a POS computer can be
determined if it is a good financial decision or
not.
Budget - We
all know that in a small store the budget is usually one
of the biggest issues. The budget allotted for POS
equipment can be determined with the proper financial
tools and consulting services. Another factor is whether
you should pay for the equipment out-right or lease the
equipment. If you have the budget then purchasing
equipment is always the best way to go. If you do not
have the budget to pay cash then another option is
leasing the POS system and/or payment processing
equipment. Leasing anything is always more expensive but
when it helps an owner open a store and keep it open,
then it is worth it.
With proper
analysis of the size of your store, how you are going to
operate your store, the budget and several other
factors, we can plan a strategy for you to be successful
and stay open. A POS computer system will cost no less
than $1,900. If you cannot spend this amount of money
then you probably should not be thinking about a
POS payment processing system or lease the
system.
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