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What is a POS fee and how does it impact your business?

What is a POS fee? Its amount and the services included depend on the POS provider. Read more here!

POS systems are an essential part of retail and many other businesses today. Contactless devices, tablets or cash registers that enable customers to pay with credit cards, mobile phones, contactless devices or even crypto are part of modern consumerism. If you already use a POS system, you probably remember that questions like ‘what is a POS fee’ and ‘what does a POS fee cover’ were very important for you before you made your selection. If, however, you are just starting your retail business, then doing research before making a decision is vital because POS fees can vary quite a lot. So, what is a POS fee and how to select the right POS provider to your optimum benefit? Let’s take a look. 

What is a POS fee? 

Not so long ago, POS hardware was a very expensive part of the retail business; multiple payment devices like a cash register, a cash drawer, a card reader and similar could be quite costly. The payment methods evolve faster and faster; credit cards and digital payments are practically a must. The good news is, however, that the big number of the payment methods required at your point of sale has made POS systems simpler, more practical and cheaper. There are even free or nearly free POS systems available. So, what is a POS fee? The POS fee can be included into the rental fee of your POS hardware. Sometimes, POS services can be quite costly, with even minor changes or support charged extra. Every business, especially small ones, must be very rational with their money and shouldn’t waste it on something that will only generate more costs in the long run. So before deciding on a POS system, ask yourself: what is a POS fee versus all your other costs? What is a POS fee offered to you by individual POS providers? Do not forget to check the fine print. 

What is a POS fee and how can it differ between various providers? 

The answer to the question ‘what is a POS fee’ depends on the POS provider and the various payment options that you wish to offer to your customers. If you offer the option of paying by card, you must pay a transaction fee for each transaction, especially if you use a third-party payment processor. Sometimes, a chargeback occurs and you must pay a fee for that. The scheduled fee is determined in the contract between you and your POS provider. If you don’t have enough funds on your account, the transaction will be declined and a decline fee can be charged to you by your bank. If you use several POS terminals or your payment system requires multiple staff accounts, you may be charged extra for using more than one POS account. Advanced reporting and loyalty program features are usually not free either. And if you do business in different countries, you may be charged a foreign POS fee or charged extra for transactions made in a foreign currency. So, what is a POS fee? As you can see, the answer is not always the same. Depending on your business, it can be connected with a variety of costs. 

What is a POS fee on average? 

But what is a POS fee for an average small business owner? Sadly, there is no single answer. Some providers require you to purchase the hardware and have lower operating fees, others charge more for advanced services and programs, operating and maintenance. A big factor is also whether you use an on-premise solution or a cloud-based POS; usually, the latter costs less.It needs to be pointed out, however, that some of the most convenient providers operate on a monthly subscription basis. Elly POS offers some of the lowest fees for your POS device on the market. Read more about it here

What is a POS fee that is optimal for your business? 

If you are in retail or similar, POS systems can really help you improve and grow your business. By choosing the right provider, you can get an excellent level of service and support, which can enhance your sales. There are various POS systems tailored specially to restaurant owners, retailer stores, delivery services … The Elly POS terminal offers your customers payments with cards, cryptocurrencies and digital payments. It has no hidden fees; you know exactly what you pay for and how much. Anyway, you should do your homework, research POS providers as much as you can and see what they offer for a certain price. After all, what is a POS fee compared to the benefits that a good-quality POS system can offer?

What is a POS fee for the Elly POS terminal? 

Elly POS is a new POS system that accepts different payment methods such as cards (Visa, Mastercard, Maestro, Diners Club, International UnionPay, JCB), cryptocurrencies (through GoCrypto) and digital payments (mBills, VALÚ) on just one device. It also lets you accept other global digital payment solutions such as Google Pay or Apple Pay; new top global payment methods are constantly added to the list. You can view all your payments in one place, filter them and export the data for your accounting.c. Elly POS offers a user-friendly system that requires no training; you can easily expand your customer base by offering crypto payments to your customers. There is no crypto knowledge necessary because you simply follow the instructions on the screen, and receive the settlement either in crypto or exchanged into your local currency – whatever you prefer.  Elly POS comes without any additional costs to start or keep it running and has some of the lowest fees. And what is a POS fee for Elly POS? Find out here