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Learn how payever Point of Sale delivers a cost-efficient alternative to traditional POS systems

Traditional point-of-sale (POS) terminal systems for processing electronic payment transactions consist of software and hardware designed for a brick-and-mortar shop setting. They typically feature a computer or tablet, a barcode scanner, a cash register, and a printer.

In addition to processing payments, the conventional POS terminal systems also track inventory, generate sales reports, and provide features such as employee management and customer relationship management (CRM). Those capabilities help POS terminals claim $100.24 billion of market size in 2024 and are expected to achieve $151.97 billion by 2029, reflecting a compound annual growth rate (CAGR) of 8.68% from 2024 to 2009, according to Mordor Intelligence’s report.

The drawbacks of traditional POS systems

However, traditional POS terminals pose several notable pain points following the evolving changes in customer and business needs. One of them is the frustrating checkout experiences in a store with an understaffing issue, leading to long wait times and lines, customer frustration, and potential sales loss.


Another notable issue relates to payment options. While traditional POS terminals can process conventional cards and other electronic payment methods, they may lack the capacity to accept newer or alternative options, like PayPal, QR codes, or Buy Now Pay Later (BNPL) methods, due to software and, potentially, hardware limitations that require upgrades.


Furthermore, traditional POS terminal systems require a hefty initial investment and high maintenance costs. According to PYMNTS, the cost can range from $3,000 to upward of $10,000 annually, depending on various factors such as industry, business size, revenue, and hardware requirements. 


Thus, fixed POS systems are often unaffordable to small and medium businesses. Even so, PYMNTS reported that large merchants also suffer as they spend $200 million every year on POS-related maintenance, emphasizing that the cost disadvantages of traditional POS systems impact businesses in general, regardless of their size.

Breaking free from traditional POS systems

Despite the role of traditional POS systems in supporting the increasing demand for quick and smooth payment experiences, it goes without saying that the drawbacks related to potential loss, high costs, and limited payment options may impede business growth. Those issues push a solution on how businesses conduct transactions, regardless of their size, known as software Point of Sale or SoftPOS solutions.


With SoftPOS technology, merchants can accept contactless payments via a tablet or smartphone, eliminating the need to invest in expensive hardware often associated with traditional POS terminals.


However, SoftPOS is not the only alternative to traditional POS systems accessible to businesses of all sizes and industries. In fact, POS software can be grouped into different categories, such as cloud-based POS systems.


According to Grand View Research’s report, this type of POS system has started gaining popularity due to advancements in technology, especially in the software for mobile POS systems. This solution offers a fitting alternative to price-conscious users, including small businesses. Hence, cloud-based POS is expected to continue growing in the future.

payever Point of Sale, a versatile alternative accessible across various devices

payever, a payments-first company, offers a cloud-based POS solution under payever Point of Sale. This solution is accessible to businesses as long as they are already within our ecosystem.


payever Point of Sale provides a comprehensive platform for managing online and in-person transactions. We built payever’s solutions, including Point of Sale, as a cloud-based app, allowing you to access it regardless of the device—PC, laptop, tablet, or smartphone.

1.   

Building a customer-focused experience with minimum cost and training time.

payever Point of Sale enables staff to accept payments from customers directly anywhere in the store, eliminating the risk of loss from long wait times. By removing the bottleneck, staff can focus on delivering a shopping experience that fosters customer satisfaction and loyalty while optimizing staff deployment.


In addition, this solution presents cost advantages as it requires minimum upfront investment and maintenance costs. The training time needed for staff to learn its use is also minimal, allowing a fast store-wide implementation.

2.   

Seamless integration with diverse payments.

While traditional POS terminals struggle to adopt newer, alternative payment options, payever Point of Sale can do so seamlessly. In fact, this solution offers diverse payment methods and security features, including encryption, fraud prevention, and tokenization, to ensure confidence in the integrity and safety of transactions.

How to set up payever Point of Sale

Implementing payever Point of Sale is quick and straightforward. All you need is a payever account to log into our dashboard.

Configure the payment terminals and devices from Settings.

Seamlessly access a variety of payment methods integrated within payever’s ecosystem directly from the payever Point of Sale page. Simply click Connect > Add.

Click Payments on the left sidebar to access all payment methods. Under the POS payment option you want to offer to your customers, click Install.

Additionally, go to the Communications page and find QR, Device Payments, and Twilio plugins. These tools will help you establish a smoother checkout flow, even if your business lacks online presence. Similar to when you activate payment methods, click Install under each tool to utilize them.

To access plugins that help with inventory management, click Products and install any tool you need. This connection allows you to automatically sync inventory data across all sales channels and stores, preventing inaccuracies that may lead to understocking or overstocking.

Conclusion

The flexibility of accessing payever Point of Sale from any device allows you to utilize and optimize this solution regardless of your business size and industry. Therefore, this solution is beneficial even for mobile vendors whose operations are not tethered to a fixed location.

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