Square and PayPal are two popular names in payment processing. Both are great for quickly launching startups and accepting a wide variety of payment methods at a low cost. Not surprisingly, these similarities often result in a recurring Square vs PayPal debate over which is best for different business types.    

Below we take a closer look at Square and PayPal, how they work, what sets them apart, and when to choose one over the other.

Square and PayPal are just two of the many POS software providers in the industry. Check out other POS systems options on our list.

For the best value all-in-one POS and payment system, choose Square

For an easy-to-use, versatile online and mobile payment solution, choose PayPal

How are Square and PayPal different?

Square and PayPal are both small business favorites mainly for their ease of set up, free merchant account, and pay-as-you-go plan. That said, the two are popular for different reasons: 

Software type

Square is the go-to provider for all-in-one POS with built-in payment services. PayPal, on the other hand, is well-known as an online and mobile payment services provider. PayPal also has a POS software, but the system is simpler and lacks the versatile features of Square’s POS. Meanwhile, Square also offers online checkout, but the use is limited within Square’s e-commerce platform. 

PayPal’s mobile app doubles as a digital wallet and provides more functionality than Square’s; for example, it allows accepting and storing cryptocurrency and instant access to funds. The contrast between Square and PayPal’s primary software and use also makes the two providers cater slightly to two different types of small businesses. Square is more ideal for a brick-and-mortar setup while PayPal is the better choice for businesses that require mobility and wider online integrations.

Compatibility with sales platforms

Square is easy to set up because all the components are already integrated; even the hardware is configured and ready to use out of the box. The downside to this arrangement is that all the features only work with other Square products, so business growth is limited to Square’s capabilities. Square Payments, for example, is not available if you want to switch to Shopify’s e-commerce platform or Clover’s POS software.   

Meanwhile, PayPal’s advantage is that its payment services are designed to work with most online e-commerce platforms and some POS systems. This way, users can choose and replace e-commerce and POS platforms based on their business needs without giving up their PayPal account.  

Read more: Types of POS systems

Scalability

For large, enterprise-level businesses, Square focuses more on better in-house POS software capabilities combined with volume discounts for sales greater than $250,000/year. PayPal, on the other hand, offers support for wider payment processing functionalities such as global payments, payment optimization and orchestration, and network compliance.

Square vs PayPal: Pricing

When comparing PayPal vs Square fees, it’s important that we first make a clear distinction as to what is covered in their monthly account fees. 

Square’s monthly account fee is for its POS system. The built-in payment services feature is free, so users only have to pay the transaction fees every month. Meanwhile, PayPal’s monthly account fee is for its payment services. The mobile POS app Zettle is free but optional, and there are no available upgrades. 

This distinction, again, highlights the difference between PayPal vs Square target users. It also helps to better compare the two for cost-effectiveness. 

PayPal clearly offers slightly cheaper rates. However, unlike Square, PayPal’s payment processing fees are complex and include additional monthly charges for features, such as $30/month for using its virtual terminal and $25/month when using PayPal checkout with a third-party payment processor. 

Between the two, only Square users can upgrade to a paid industry-specific (retail, restaurant, and appointments) software plan. Only with Square can users get a volume discount, which, again, makes it the better choice for small businesses with steady sales.

Related reading: Best retail POS systems and best restaurant POS systems

Square vs PayPal: Payment services

Square and PayPal are equally outstanding in terms of payment services, so the choice ultimately boils down to which provider matches a user’s business needs better.

When to choose Square

Choose Square if you determine that its POS system, e-commerce platform, and other business management tools meet your business needs. This ensures that you can maximize what Square has to offer and avoid compatibility issues. Because while Square supports independent payment links that can be added to invoices, social media, and instant messaging platforms, its online checkout only works with the Square ecommerce platform. 

You should also choose Square if you need niche POS and payment services. For example, Square is compatible with healthcare services because it signs business associate agreements to ensure Health Insurance Portability and Accountability (HIPAA) compliance. Users planning to sell some form of CBD products can process sales via Square’s CBD program.

When to choose PayPal

Choose PayPal if you want more flexibility with integrations. PayPal offers a more flexible payment gateway than Square because PayPal’s online checkout service can be integrated with most e-commerce platforms and POS systems like Hike and Clover. Users who often process microtransactions, eChecks, cross-border, and cryptocurrency payments will do better with PayPal.

Does Square accept PayPal?

The quick answer is yes. Merchants using Square’s e-commerce platform can add PayPal payment methods without extra cost. PayPal charges its standard fees for Payflow Pro payment gateway, which includes a $25 monthly fee. 

Note that this feature will no longer be available to Square merchants in Canada after October 29, 2024.

Read more: Best credit card processors

Square vs PayPal: Point of sale

Square is clearly miles ahead of PayPal in both POS software and hardware. While both Square and PayPal offer a free POS software plan, Square can be upgraded to a paid plan that offers industry-specific features. It also comes with optional products such as payroll, marketing, and loyalty functionalities. 

Read more: Toast vs Square

Square’s POS hardware is also significantly more extensive than that of PayPal, as it offers both mobile and in-store countertop setup. Each proprietary Square countertop hardware comes with a built-in credit card reader/payment terminal.

When to choose PayPal POS

Choose PayPal if your priority is simple in-person sales and significantly lower transaction rates. The PayPal POS system is mobile-based, which can be downloaded onto a smart device and paired with PayPal’s mobile credit card reader. The POS software itself supports simple inventory management along with employee and customer management, as well as reporting tools. 

PayPal also offers better in-person rates and great discounts for the first mobile credit card reader, making it more ideal than Square for businesses looking for a simple mobile POS setup.

Read more: Best POS hardware

Square vs PayPal: Customer engagement

Building a customer base and keeping them engaged is a key factor for growing businesses. Square and PayPal’s customer engagement capabilities are different. Square has a more rounded set of features that allows users to connect with in-person and online customers, while PayPal excels in keeping online customers engaged. 

Both Square and PayPal offer multiple platforms for selling and accepting payments—on a website, on social media, via instant messaging, online invoicing, and in-person via mobile or in-store. However, only Square offers a fully integrated omnichannel selling feature for small businesses, primarily because it has a more defined in-person POS functionalities to work with its e-commerce platform.

When to choose PayPal

Meanwhile, PayPal’s checkout services can be integrated with a couple of POS systems (Hike and Clover), but PayPal’s POS software, Zettle, does not integrate with online stores that use PayPal checkout. Omnichannel features are available for larger businesses through developer coding and integrations.

Square also offers native loyalty management and rewards programs, while PayPal requires third-party integrations. Either option will require users to pay extra, so users looking for the easiest setup may prefer Square, but those that have a preferred third-party loyalty and rewards platform may opt for PayPal’s integrations. 

Read more: Lightspeed vs Shopify

Square vs PayPal: Risk management

Square and PayPal offer similar industry-standard risk management features. Both are Payment Card Industry (PCI) Level 1-compliant payment platforms equipped with machine-learning fraud protection tools and customizable filters.  

When to choose Square

For businesses on a budget, choose Square. Square Risk Manager is free to use and provides users with an array of customizable fraud monitoring and prevention tools. This includes 3D secure that routes the customer data to the card issuer for identity confirmation and a block list that can be used to flag future payments from suspicious card information, emails, and IP addresses. 

Square also provides a chargeback management platform where users can get notified and respond to customer chargeback claims from the merchant dashboard. 

Read more: Best POS Inventory System

When to choose PayPal

Choose PayPal if your business needs a more scalable solution. PayPal offers two risk management options. The basic fraud protection is free and is designed to stop potentially fraudulent transactions based on a set of fraud filters such as purchase price and item ceiling, shipping and billing mismatch, AVS and CVV fails, and IP address velocity. 

Advanced fraud protection that costs $10/month includes additional filters for international payments, USPS address validation, IP and email service provider validation, account number velocity, geolocation, and chargeback management platform.

Clearly, PayPal provides more custom fraud protection filters that are ideal for midsize to large businesses, particularly those that accept cross-border payments. However, these advanced tools, including chargeback management, cost an additional monthly fee. 

Square vs PayPal: Ease of use

Both Square and PayPal are popular for their ease of use, earning an identical user experience score of 4.69/5 in our evaluation. Both offer easy sign-up (with no merchant account application process required), easy setup (where users can start accepting payments in minutes), and easy-to-use interfaces. 

What makes Square stand out, however, is that most of the features needed to run a business are available within the Square ecosystem, and it offers hardware that can be readily used out of the box. Omnichannel sales are automatic for users intending to sell in-store, online, and on mobile.  

On the other hand, PayPal readily integrates with most online platforms, and its mobile app can accept more alternative payment methods. This makes PayPal a far better option for users selling online and on mobile.

Read more: How to use a POS system

Which is best?

Square and PayPal are both exceptional business platforms that are similar in a lot of ways but also distinct in some features. 

Square’s all-in-one platform makes it easy to launch any business, but the exclusivity of its features can limit the system’s ability to grow and keep up with business requirements as it grows.

PayPal’s versatile payment services platform gives users the flexibility to expand their business online; however, its POS software is basic and can be easily left behind by businesses with a growing demand for better POS functions. 

Related reading: Stripe vs Square and Stripe vs PayPal

Making your choice

When choosing between PayPal vs Square, it’s important to first consider your type of business. If your goal is to create and expand online sales, with or without an e-commerce website, then PayPal will likely be the right choice. However, if you have a brick-and-mortar business that requires a quick and cost-effective POS setup, then Square is the better option.

Frequently Asked Questions (FAQs)

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A point-of-sale (POS) transaction is the process by which a customer pays a business for goods or services, from the initial payment prompt to the final fund transfers. Put simply, POS transactions are business-to-consumer (B2C) payments. 

POS transactions can take place in person through a card reader or POS system or online through a payment gateway. 

Learn more: What Is a POS System?

Types of POS transactions 

There are three different types of POS transactions, each requiring a different setup:

• In-person (card-present transactions): Customers pay using a physical credit card, debit card, or smart device. You’ll need a card reader or POS terminal. 
• Online (card-not-present transactions): Customers pay via your website or online portal. You’ll need a payment gateway. 
• Returns and refunds: These transactions reverse the original in-person or online transaction and typically use the same tech that was used for the initial sale. 

Key elements of a POS transaction

A successful POS transaction depends on both hardware and software components:

POS Hardware

The hardware for in-person POS transactions typically includes:

• Card readers
• Cash registers
• Receipt printers
• Barcode scanners
• Mobile devices (for mPOS) to accept payments on the go

Online transactions don’t typically require hardware. 

POS Software

You’ll need at least a basic point-of-sale system or virtual terminal to enter payments for in-store and in-person sales. 

For online transactions, businesses rely on e-commerce platforms, website builders, and payment gateways. 

You’ll also need:

• A payment processor that can accept multiple payment methods
• The customer’s source of funds used to purchase the products 

How a point of sale transaction works

A POS transaction begins when a customer checks out items they intend to purchase and ends when the sale is finalized. 

Here’s how it works: 

1. Customer selects products/services: The transaction starts when a customer clicks the “buy” button online or presents their items to the cashier for checkout. 
2. Customer enters payment information: For in-store transactions, customers swipe, dip, or tap a card, smartphone, or smartwatch. For online sales, the customer enters payment details using a digital wallet like Apple Pay or by manually entering the information. For online transactions, the payment gateway also encrypts the customer’s payment details for added security.
3. POS system or payment gateway processes the payment: The POS system (if in-store) or payment gateway (if online) communicates with your payment processor to verify and approve the transaction.
4. Transaction completion: Once the payment is approved, the POS system finalizes the sale, updates inventory, and adjusts the sales records.

Related: What is Payment Authorization?

Reconciling POS transactions

Updating records to reflect changes in sales, inventory, and revenue is a key part of any POS transaction. These records are usually housed in a POS, payment processing, accounting, or inventory system. 

Particularly, POS software typically reconcile:

• Inventory: Decreasing on-hand stock counts based on the transaction
• Sales records: Updating register or sales reports to reflect the transactions  
• Expense reports: Logging any cost of goods sold (COGS), taxes, and other fees 

For the easiest and most accurate POS transaction reconciliation, integrate your accounting software with your POS system. 

Accounting best practices for reconciling POS transactions

To further ensure accuracy and efficiency when managing POS transactions, keep the following accounting best practices in mind: 

• Establish a cash handling policy
• Create a regular schedule for reconciling POS records
• Consider the payment method used for the transactions
• Conduct inventory counts

Learn more: How to Use a POS System

Modern POS transaction methods

Just a few years ago, cashiers would simply ask, “Cash or card?” Nowadays, modern POS systems support a range of payment methods designed for customer convenience and security.

• Contactless payments (NFC): Near-field communication (NFC) enables customers to tap their chip-enabled card, phone, or smartwatch to complete the payment. NFC payments are quick and extremely secure.
• Digital wallets: Popular digital wallets like Apple Pay and Google Pay allow customers to make purchases using their smartphones or smartwatches. 
• EMV chip cards: Chip cards offer enhanced security by generating unique transaction codes for each sale.

These options are highly secure (more so than swipe payments) and are popular with today’s consumers. 

Learn more: How to Accept Payments Online

POS transaction challenges & solutions

Businesses have been using POS systems and processing POS transactions for decades, and their benefits have long been established. However, even as technology advances, there are still challenges to using the system.

Compliance 

• Legality: This includes managing POS transactions where certain products are heavily regulated. It also refers to certain payment methods that involve additional compliance requirements such as surcharging. 
• Security: Merchants are expected to maintain Payment Card Industry (PCI) compliance to protect customers’ personal, financial, and sensitive information (such as PIN codes).
• Taxes: Local government expects merchants to file accurate tax returns on their POS transactions on time. 

The solution: Work with a payment processing service that can assist you with PCI compliance. Integrate your account software with your POS to improve record keeping and report-generating automations and minimize human error.

Related: What Is Payment Security?

Accuracy 

• Manual errors: POS transactions are repetitive and susceptible to human error. This can come anywhere from reconciling daily transactions to adjusting sales and inventory.
• Timeliness: The sheer volume of transactions that businesses need to record and manage can take time. Some records may not be updated, especially if you sell on multiple channels or locations.

The solution: Use POS software that maximizes automation for record keeping. You should also use a cloud-based system that can update business records in real time.

Cost

• Upfront investment: Some POS systems can require a significant investment in software, hardware, and payment processing. Physical setups for a POS system can also be costly.
• Ongoing cost: As your business grows, you will need software and hardware upgrades for your POS system, which can stack up and become expensive. This includes additional monthly fees for upgraded software and payment processing, as well as maintenance fees for your hardware.

The solution: Start your business with an all-in-one POS system that offers a free plan. You should be able to find feature-rich, even industry providers developed on a mobile-based platform such as iOS and Android that can cost significantly less. Also, look for providers that offer hardware payment plans or subscriptions that bundle hardware and or payment processing to get the most out of your upfront investment. 

Finally, look for a provider that scales their plans so you have the option to pay only for features you currently need while also having add-ons available that seamlessly integrate with your basic setup as your business grows.

Learn more: POS System Costs

Transaction fees and costs

POS transaction costs can vary based on the type of payment processed. Here’s a quick overview:

• In-person transaction fees: Merchants pay a small fee for each in-person transaction, typically a percentage of the sale, between 2% and 3%. 
• Online transaction fees: Online POS transaction fees are higher than in-person ones and typically range from 2.5% to 4%. 

Learn more: Complete Guide to Credit Card Processing Fees

FAQs

The post What is A POS Transaction? Detailed Guide for Merchants appeared first on TechnologyAdvice.

Over the years, I’ve seen Android POS systems evolve into some of the most adaptable and accessible business tools on the market. Today’s Android POS offers straightforward setup, seamless connectivity, and compatibility with most smart devices, making it appealing to both new entrepreneurs and seasoned business owners.

Here are my recommendations for the best Android POS systems of 2024:

Note that all providers on this list are highly rated on Google Play by real life users and compatible with most Android POS hardware.

Best Android POS systems compared

* Such as barcode scanners, cash registers, receipt printers, weighing scales, customer display, and kitchen display systems that run on an Android operating system.

Did you know? The Android operating system (OS) is built on an open-source platform that developers use to create proprietary business systems. So, there are many POS software that run on Android. For example, the popular restaurant POS software Toast is Android-based, though you can’t download the software for free on Google Play. 

Many POS hardware peripherals are also built using the Android OS and are, by default, compatible with any POS software that runs on an Android device. 

Read more: Types of POS systems

Key features of Android POS systems

The nature of the Android OS provides users with a simpler setup, better connectivity, and easier management than other operating software, which is why the two main features of Android POS systems are flexibility and mobility. That said, it’s also important to consider value-for-money features tailored to different business types. 

So when choosing an Android POS system, be sure to look for the following key features:

Software compatibility

By default, Android POS software should be able to work seamlessly with most Android-based POS hardware. That said, you should still make sure to choose one that’s compatible with the Android operating software version installed on your smartphone or tablet. Because while you may be able to run the current platform on an older Android device, there is a big risk that software updates may not be supported.

Card reader reliability

While Android systems are highly compatible, some providers still experience frequent failed transactions due to faulty hardware. Before choosing a provider, research card reader feedback from real-life users on the Google Play Store and other third-party review sites. 

Seamless payment processing

Like any top-tier POS system, Android POS software offers seamless payment processing, whether as a built-in feature or a third-party integration. Choose a provider that supports most payment methods, including contactless payments from Android-based smart devices.

Offline mode

Customer checkout should not be interrupted in cases of temporary internet downtime. The system can keep a record of transactions that will be processed once connectivity is restored.

Business management features

The system supports key POS features such as inventory, customer management, marketing, and reporting tools. It should also be compatible with third party business platform integrations built on an Android OS to help scale the POS system as the business grows.

Regularly updated software

The POS software is regularly updated with little to no downtime to business operations. Updates are also properly documented and available for feedback on the Google Play platform.

Read more: How much do POS systems cost?

Choosing the best Android POS system

The Android operating system is built on an open-source platform, so it’s no surprise that there are many payment and POS software built on Android. That said, the best Android POS for your business should match your business model and fulfill your specific goals.  

In general, your Android POS should be able to: 

• Run on your Android smartphone or tablet
• Provide a card reader that seamlessly connects with your Android smartphone or tablet
• Offer both a mobile and countertop setup
• Integrate seamlessly with other Android-based POS hardware peripherals
• Easily update with no additional cost and little to zero downtime

With this in mind, I recommend the following:

Square is the all around best value Android-based POS system for small and new businesses. It offers the most feature-rich free plan that includes industry-specific software plus hardware you can build around your Android tablet and card reader. 

Loyverse is a standout for quick service restaurants and food retailers. It provides an impressive set of inventory management tools, plus free loyalty and kitchen display system. Loyverse also supports a full list of Android-based hardware. 

Shopify POS is the best choice for ecommerce retailers. It offers excellent omnichannel management tools and supports full Android-based POS hardware. 

Clover is an excellent alternative for business savvy entrepreneurs who want better control of business costs. The system is available from a number of popular payment service providers with varying rates to choose from. Third party vendors offer Android compatible hardware peripherals to build around your Clover card reader and tablet.

Vagaro is my top recommendation for Android-based appointment and scheduling POS software. The system offers a complete suite of software, hardware, ecommerce, and payment services, plus marketing, payroll, and order fulfillment tools for an easy all-in-one setup.

FAQs

The post The Best Android POS Systems appeared first on TechnologyAdvice.

As businesses use their point-of-sale (POS) system, the software becomes a significant source of business information. Today’s POS software includes analytics features that transform this raw information into insights on consumer behavior, sales trends, inventory management, and even employee performance.

This article covers what POS data is, how it works, and how to generate insights from analytics to stay on top of business goals. 

What is POS data?

Point of sale (POS) data captures transaction details within POS software, including customer information, inventory movement, and employee performance. Additional business management integrations, such as marketing, loyalty, shipping, and payments, can collect additional data, adding to this holistic view. By default, POS software is equipped to generate reports for this data. 

Types of POS data

Key types of data available from POS software include: 

• Sales data: Reveals what items are getting sold or left behind. It tracks sales trends over time, helping you understand seasonal patterns, product popularity, and even the effectiveness of your marketing campaigns.
• Customer data: Includes information about who is buying your products or services. This can range from basic demographics to more detailed purchasing histories. 
• Inventory data: Records available inventory and its movement. It shows what inventory you have, what you need, and what you could do without. 
• Payment data: A record of all payments processed for every transaction. This encompasses different payment methods like cash, credit/debit cards, or digital wallets. 

Related:What is a POS system?

How to analyze point-of-sale data 

Unlike basic reports that only produce a consolidated list of similar data, POS analytics combines different data sets to help paint a bigger picture. 

Turning these analytics into actionable business strategies involves several steps:

1. Defining clear objectives and KPIs: Start with clear goals and key performance indicators to guide your analysis.
2. Gathering and measuring data: Choose relevant reports and filter them by criteria like date ranges. Analyze this data over time to establish benchmarks and identify patterns and trends.
3. Applying context to data: Consider contextual factors like seasonal changes, competitor actions, and market trends to understand the story behind the numbers.
4. Utilizing advanced technologies: Embrace technologies like big data analytics and predictive modeling to enhance the depth and accuracy of your analysis.
5. Creating strategies based on insights: Use the insights from your analysis to inform various business strategies, including inventory management, marketing efforts, and operational improvements.

Challenges in gathering data

Gathering data for POS analysis does not come without difficulties. Below are a number of challenges plus solutions to consider:

Techniques for applying context to data 

POS analytics are only helpful if your business is able to use the data to make strategic business decisions that positively impact the bottom line. 

So, here’s a crash course on the key data points to consider: 

Inventory reporting and analysis: This involves tracking inventory status with detailed reports showing sales-to-stock ratios, weeks-of-supply, in-stock percentages, and more. It helps in making informed decisions regarding inventory management, ensuring that products are well-stocked and aligned with demand.

Multi-retailer data analysis: This type of analysis provides insights into product performance across different geographies and retailers. It answers critical questions about customer preferences and product performance in various locations, which can inform marketing and distribution strategies.

Sales key performance indicators (KPIs): Analyzing sales data and KPIs can give a comprehensive view of store performance, including year-over-year comparisons. This analysis helps identify top and bottom-performing stores and informs decisions on product placement and marketing strategies.

Analysis of returns, exchanges, and refunds: Monitoring these activities can reveal trends in customer preferences and product performance. This analysis can lead to strategic decisions like removing certain products from shelves or adjusting marketing strategies.

Employee KPIs: POS analytics can also be used to track and assess staff productivity, using metrics like transaction speed, average ticket value, and upselling success. This data helps in identifying training needs and rewarding high performers.

ROI analysis: Evaluating the return on investment for various business activities, based on the data gathered by POS systems, can optimize business operations and improve profitability.

Related: How to use a POS system

Benefits of leveraging POS data to grow your business 

POS analytics transforms raw data into actionable insights that can drive smarter business strategies, such as: 

• Data-driven decision making
• Personalized customer experiences
• Streamlined inventory management
• Goal-oriented planning
• Operational efficiency
• Streamlined marketing strategy

Ultimately, POS analytics empowers businesses with data-driven decision-making. Every decision, from product placement to promotions, is based on reliable data. Analyzing POS data helps identify trends and patterns, such as seasonal fluctuations, shifts in the market, or changes in consumer behavior. By spotting these trends, businesses can adapt to take advantage of new opportunities and stay competitive.

POS analytics can also help optimize operational aspects, such as staffing requirements for peak shopping hours, smarter resource allocation, and purchasing decisions. Insights into product demand help minimize waste and ensure popular items are in stock, which also improves the consumer experience.  

Finally, POS analytics reveals customer buying patterns and preferences, allowing businesses to tailor offerings, increase customer loyalty, and boost sales through personalization. POS data can also reveal which marketing efforts are effective, resulting in targeted campaigns that resonate with customers and drive sales. 

Related: How much does a POS system cost?

Integrating POS data with other business systems

POS data can be very limited on its own without any integration with other business systems to create relevant and timely insights. That is why the key to maximizing POS analytics is to integrate your other business systems with your POS software.  

While ideal, it’s not unusual for businesses, particularly SMBs, to encounter challenges in implementing these upgrades. This includes:

• Budget constraints
• Scaling data analysis with organizational growth 

Thankfully, several POS systems come with built-in analytics tools and support a wide variety of integration options for every business type.

Some key business platform integrations include:

Customer relationship management (CRM) software

Without your CRM, your POS data analytics will not have access to your customer profile and sales history which ultimately helps in generating key trends in sales, inventory movement, and even payment preferences.

E-commerce and other sales platforms

If you run a multichannel business, it’s important to integrate all your selling platforms into a single system connected to your POS analytics. Your sales and inventory analytics will be limited without this integration, but with it, you get additional insights into customer behavior and inventory.  

Industry-specific software

Some business types and sizes demand more advanced features, such as vendor management, appointment setting, shipping, and kitchen display systems for restaurants. Integrating this into your POS analytics platform helps create a more tailored analysis of your business’s performance. 

Accounting software

Your business financials are a key resource for POS data in analyzing business health. When integrated, your analytics platform can provide insights such as which activities are contributing heavily to expenses, whether your accounts receivable activities are efficient, and whether there are better ways to accept payments.

Our recommendations: Best accounting software for business

As technology continues to advance, and AI becomes increasingly interwoven in all business processes. So will the capabilities of POS systems. Even today, POS systems are more intelligent, interconnected, and capable of delivering insights that are both predictive and prescriptive. Not only do analytics provide businesses with trends, but also generate actionable recommendations on how to respond to these insights effectively.

Learn more: How to use AI in data analysis

FAQs

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