Nowadays, SMEs (Small and Medium Enterprises) are thriving, and with the help of various banking services, the future looks even brighter. Consequently, this has reflected immense economic growth. In fact, the Indian government is projecting a 50% contribution of SMEs to the GDP.
Well, one of the banking services that have become popular in the last couple of years is the POS machine facility. While it’s initial price might be concerning to you, it has a plethora of features of which you can reap the benefits. Let us discuss the POS machine prices today and what you all must enquire about before purchasing one.
What’s a POS Machine?
A POS or point-of-sale machine is one of the technological marvels. For SME business owner, it’s a payment collecting device for you. It eases this process by enabling you to accept different payment methods. In addition, its modern version may assist you with other business operations as well.
Understanding the POS Machine Prices
A POS machine comes with different features and has several models, which reflect on its price. Therefore, you must understand POS machine prices well before purchasing one for your SME business. Here’s a breakdown of factors influencing the cost:
- Machine Type: Basic card swipe machines offer core functionalities at an affordable price. On the other hand, feature-rich Android-powered POS systems with touchscreens and additional software integrations will cost you more.
- Transaction Fees: These are levied on each transaction processed through your POS machine. Banks or payment service providers typically determine these fees.
- Rental vs. Purchase: Some providers offer rentals, while others allow you to purchase the machine outright. While rentals might seem pocket-friendly initially, ownership can be more cost-effective in the long run.
Now that you understand POS machines and their prices, let’s examine some important questions you must ask before buying one.
Questions to Ask When Buying a POS Machine
When considering a purchase, you must know everything about the POS machine. This is one great way to justify POS machine prices or do a cost-benefit analysis. As an SME business owner, you can do this by asking a few questions given below:
- What are the Features of the POS Device?
With technological advancements, new models have come, even of traditional POS devices. This includes the Android version, the sound box, and the on-the-go version. A sound box POS device informs you upon receiving the payment, and the Android version has its benefits, like QR generation. The best part is you can accept payment as per the customer’s wish. It can be through a card, digital wallet, UPI transfer, etc.
- What Security Features Does the POS Machine Have?
The rising digital activity has made it essential to ensure security. If you’re buying an Android version of the POS device, it must be equipped with a renowned and reliable encrypted security feature. This is also important because many customers nowadays prefer personal and financial information security.
- Does the POS Device Have Any Installation Charges?
If you’re availing SME banking services from a dedicated financial institution, then you may not worry about the pricing, provided it fits your budget. Installation charges are one of the initial costs that you’ll bear but what you’ll be saving on is the recurring maintenance cost. There will be no hidden costs.
- Is the POS Machine Portable?
When investing in a POS machine, considering its price, you must be wondering if it is portable or not. If you’re paying a good POS machine price, ensure that you get such benefits.
- Is the POS Device User-Friendly?
While trying to balance out the cost-benefit analysis of the POS machine prices and its features, do enquire about its interface. Often, SME businesses opt for a budget-friendly option. However, you must ask whether the device is user-friendly or not. After all, it is going to be difficult for both customers and you to ensure a seamless payment experience.
Two Essential Tips to Get the Best POS Machine Prices
When availing of any banking service, there are a few essential things to consider because it can help you get them at affordable prices. Therefore, here are a few tips to help you get the best price when buying a POS machine:
- Know Your Requirements
You can assess your POS device requirements based on factors like business scale, customer preference for payment methods, etc.
- Choose a Reliable SME Banking Partner
While several POS device providers may exist, collaborating with a reliable SME banking partner might turn out to be in your interest. This is because, besides financial assistance, SME banks also happen to offer POS machines at reasonable prices. What else you’ll get from them is active communication channels for support.
Secure the Best POS Machine Prices
POS machines in their new version can be game-changing tools for your SME business to succeed and grow beyond the imagined heights. In addition to payment mode acceptance variety, they streamline business operations like inventory management, offer data for analysis and formulating marketing strategies, etc. However, to reap all these benefits and find the best POS machine prices, get in touch with a reliable bank like HDFC Bank.
Their merchant solutions have a range of financial products, including SME loans, credit guarantees, loans under government schemes, along different POS machines. You can go to their website to explore their range of POS machines. It has an intuitive interface.
Connect with HDFC Bank for the best POS machine prices today!