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Why You Should Have One Provider for Your POS and Payment Processing

As businesses become increasingly reliant on digital transactions, having an efficient and secure point-of-sale (POS) system and payment processing solution is crucial for success. One way to simplify the process of accurately processing transactions is to have one provider for both the POS system and payment processing. By doing so, merchants can avoid the complexity and potential errors that can arise from using multiple systems or providers. They can streamline their processes and reduce the amount of time and effort needed to manage their transactions and payments. In addition, it can improve security and reduce the risk of fraudulent transactions. Still, business owners may not realize just how advantageous it can be to work with one company for both of these services.

Small Business POS System and Payment Processing

Before diving into the benefits of integrating a POS system and payment processing, let’s talk about these tech tools and their role in your small business.

1. POS System

There are many types of POS systems that differ in terms of the hardware and software they use, but the goal of a POS system remains the same. A POS system is a modern solution for facilitating sales transactions. With a modern POS system, rather than punching numbers into a traditional cash register, cashiers can interact with a device that is more akin to a computer or touch-screen tablet.

While there are POS systems that only offer a terminal screen and a cash register drawer, NRS POS systems offer much more than just a screen. We offer equipment, such as a barcode scanner and receipt printer, to help merchants improve their business operations and increase efficiency.

Additionally, NRS POS systems provide features such as inventory management, employee scheduling, and sales reporting, which can help merchants make informed decisions and streamline their business processes. These features can ultimately lead to increased profits and customer satisfaction. The all-in-one POS system already includes all the components merchants need to facilitate the sale, which makes all-in-one systems the most convenient and effective option.

2. Integrated Payment Processing

A POS system is an invaluable part of any modern business, but most merchants also need another important tool: a credit card processor. There are many reasons why small businesses should accept credit cards. Only a small percentage of Americans today prefer to pay with cash. Credit and debit cards have become far more popular, with the average American owning just over three credit cards. So, how can you equip your business to take card payments? For starters, a credit card reader is required so that customers can insert, swipe, or tap their cards. This piece of hardware is typically acquired or provided with a signup for credit card processing that facilitates electronic payment transactions.

The Role of the Merchant Service Provider

A company that facilitates credit card payments is known as a merchant service provider (MSP) or a payment processor provider. An MSP allows your business to accept credit card payments by acting as a go-between for your business and the other players involved in credit card transactions, including customers, issuing banks, and credit card associations. Banks and credit card associations require certain fees whenever someone uses a credit card, and your MSP handles distributing these fees. In exchange for their services, an MSP will also deduct a certain amount from the sale, known as the discount rate.

Benefits of Having One Provider for Your POS and Credit Card Processing

Many merchants purchase a POS system from one company and find another to provide payment processing services. If you rely on separate providers for your POS system and credit card processing, you’ll experience issues that can complicate checkout and managing your sales. That is why having one provider for your POS system and credit card processing is important to streamline your operations, reduce human error, and have many other benefits. Let’s take a look at five advantages to finding one provider for both your POS and your payment processing:

1. Streamlined Checkout Experience

When your POS system and credit card reader is integrated, you can streamline your checkout process, reduce errors, and improve customer satisfaction. Checkout on a point-of-sale system with an integrated credit card reader speeds up transactions and shortens the line. Additionally, it can provide your customers with a more secure payment process, giving them peace of mind when making purchases.

But how does having an integrated POS and payment processor streamline checkout? When your credit card reader functions independently from your POS, you have to manually transfer the total sale cost on your POS over to your card reader before your customer can swipe, insert, or tap their card. Once the payment goes through, you must input this information on your POS to complete the transaction. You can eliminate these manual steps when your POS and credit card reader automatically communicate with each other.

2. No Room for Human Error

By integrating the POS and card reader, the transaction data is automatically recorded in the accounting system. This helps to eliminate the need for manual data entry, which can be time-consuming and prone to errors. When the data is recorded accurately, it provides a clear picture of the business’s financial situation, allowing accountants to reconcile the books more efficiently.

Accountants charge for their work, and the process of reconciling a business’s finances can be tricky when there are two separate devices involved. However, when the POS and card reader communicate together, the process becomes more streamlined, reducing the time and effort required for reconciliation. This can help merchants make more informed decisions about inventory management, pricing, marketing, and other aspects of the business.

3. Detailed Records

Another benefit of using an integrated card reader and POS system from the same provider is that it seamlessly keeps detailed records of transactions on both systems.

Business owners can easily track sales, inventory, and customer data without the need for manual data entry or the risk of data discrepancies between different systems. This can save time and improve accuracy in financial reporting.
Whereas when your credit card reader is disconnected from your POS, going back to investigate a certain charge can be especially challenging. Your POS should hold sales records, but they won’t be synced up with credit card payments made in your store. Therefore, more steps will be involved to find all the information associated with a sales transaction and potentially issue a refund.

4. Easier Customer Support

If merchants run into a problem with their POS or their credit card processor, this is where customer support can help. However, when merchants have two different companies for each system, they will likely be on the phone with both of them dealing with two separate problems, which can be more challenging than it needs to be. That is why having the same provider can be more efficient and resolve any issues since they understand all the aspects of the system.

When choosing a credit card processing provider to supply you with your POS system and payment processing, select a company you can count on for excellent customer support. Whether figuring out how to use the system for the first time or running into questions or problems, you want a company that cares about your user experience and will address your needs quickly.

5. Financial Perks

You can also enjoy some financial perks when your payment processing provider and your POS provider are one and the same. The same principle of bundling goods or services that can save you money in other areas, such as insurance policies or your phone and internet services, applies here, as well. These financial perks could include lower fees or a lower upfront cost for equipment. For example, when you commit to using NRS Pay as your credit card processing provider, we’ll give you a free card reader to use in your store, and with NRS Pay, your POS monthly fees will be lower. This card reader is equipped to accept various payment methods, including all major credit cards, debit cards, and mobile payments through Apple or Android, EBT, and eWIC. If you’re using the NRS POS, NRS Pay integrates with it at no additional charge. Some companies charge a third-party integration fee to connect the card payment terminal with the POS.

The card reader also works with chip EMV cards, which are known to be more secure payment methods than traditional credit cards. Fit Small Business points out that fees are often simpler and more affordable when you work with an all-in-one POS and payment processing provider. Suppose you choose to partner with a merchant service provider who is independent of your POS provider. In that case, you may be expected to pay an account fee, fraud prevention fees, and more, in addition to processing and transaction fees. Saving money should be a chief concern for your small business to maximize your profits—especially if you’re going to offset credit card processing costs. Ask any POS providers you’re considering purchasing from what benefits they offer if you also use their company as your payment processor.

POS and Payment Processing From NRS

National Retail Solutions is a trusted partner for many small businesses that want the best modern technology at an affordable price. Our POS is a cutting-edge, all-in-one system that makes checkout a breeze and helps you manage your sales and inventory.

We offer NRS Pay credit card processing for independent, small brick-and-mortar stores and midsize and larger businesses. While other payment processing providers may come with overly complicated or inflated fees, NRS Pay keeps it simple. You can choose from a flat rate that stands out as one of the cheapest at just 2.49% plus 10¢ and a $10/mo. account fee, or Cash Discount, a plan that passes along fees to the customers so you pay zero transaction fees. Cash Discount is FREE for a business processing over $18K/mo. Otherwise, it’s just $49.95/mo.. Remember that you can also get a free EMV card reader when you sign up for payment processing with either NRS Pay plan, which means huge savings for your business.

In addition to keeping fees low and equipping you with the necessary hardware, we know that small businesses need continuous access to their revenue, so we work quickly to get your funds deposited into your account within 24 hours. With POS and payment processing from NRS Pay, you can dramatically upgrade your business’s capabilities at the checkout counter and make it easier to manage your sales. To get started, request a free quote today.