Best POS Systems for 2023

Square offers a highly intuitive POS system that is easy to set up and presents a gentle learning curve. Users benefit from its offline functionality, responsive inventory management tool, and detailed, real-time sales reporting features. Square is highly mobile, making it easy for users to do business from virtually anywhere.

Another stand-out feature is Square's comprehensive customer directory which is automatically updated after each sale. Square also offers a plethora of add-ons, such as a loyalty program, customizable gift cards, and email marketing. Optional cash drawer management and HR-related software readily support the daily running of users' businesses.

With Square, there are no setup or monthly fees and no contracts. Instead, Square charges a standard rate per swipe and clients can cancel at any time without incurring penalties. This pricing structure is often suitable for low-volume businesses. High-volume businesses should enquire about discounts to gauge the cost-effectiveness of this product.

If free is what you're looking for, be sure to view our detailed list of the best POS systems that don't cost a penny.

1. POS systems should be fairly easy to operate. Highly mobile businesses should evaluate the ease of transporting their preferred systems before finalizing their choices.
2. Your chosen POS solution should be compatible with your business's existing software. Be sure to check for integrations with pertinent accounting, staffing, and e-commerce platforms, among others.
3. Industry-specific POS systems, such as those designed for restaurants and jewelers, may offer helpful features that are not included in general POS systems.
4. Analytics tools, security measures, and offline functionality are incredibly important features to look for in a POS system.

What is EMV?

EMV stands for Eurocard, Mastercard, and Visa, and it is a fairly new international standard for cards and the machines and systems that read them. Developed in the 1990s to address credit card fraud, EMV cards store data on computer chips as well as on the traditional magnetic stripe. The technology only became available in the U.S. in 2015.

How does EMV work?

When used in a purchase, an EMV card generates a unique code that can only be used once. If the information from a particular purchase is hacked and stolen and used in another transaction, the transaction would be denied.

There are two types of EMV cards: chip-and-signature, and chip-and-PIN. With the first, a receipt needs to be signed for the purchase to be completed, and the second requires PIN-authorization.

Do I need EMV?

There are three reasons why your POS system should be EMV compliant:

1. Swipe-and-sign cards are still popular in the U.S., but that's changing. According to Visa, there was a 219% increase in the use of their chipped cards between October 2015 and March 2019. Consumers are becoming more security conscious and will be choosing this payment option more often.

2. EMV cards address card-present (CP) counterfeit payment fraud. There has been a drop of 76% in CP-related crime over the last four years. EMV is safer and more secure.

3. By updating to EMV you won't be held liable for fraud. The new standard holds the "least equipped" agent liable for losses in the case of fraud. If you process a counterfeit or stolen chipped card with your non-EMV card reader, you are responsible for covering the losses. If your business is EMV-compliant, the issuer of the card is liable.

What is NFC?

Near-field Communication (NFC) technology allows two devices to interact when near enough. More commonly used in access card security, NFC is now being used for "contactless payment".

A customer completes a contactless transaction by tapping or hovering their mobile device above a store's NFC reader.

Do I need NFC?

1. NFC technology offers a higher degree of security. Much like EMV-chipped cards, NFC mobile payments are ever-changing and encrypted.

2. Contactless payment is fast and convenient. To complete a transaction, all a customer has to do is hold up their phone.

3. More and more people are choosing it as a method of payment. According to statista.com, there were about 278 million NFC-enabled mobile devices around the world in 2014, and in 2018 there were 1.9 billion.