Is there such a thing as a Free Lunch? Or a Free POS as far as that goes
Well you probably can't really get a free lunch but you can get a free POS system, no really!
Years ago the model was very different from today. It used to be that you got your POS system from a POS dealer and you paid for it, you got your credit card services from your bank and maybe you tied the two together. POS dealers didn't care about offering credit card services and banks didn't care about offering POS. Well things are vastly different today because the companies selling credit card services figured out they could attract more customers by offering a POS system with their merchant services (credit card processing). The first I recall on the market was the Clover. It was a real disrupter the bank selling POS (Clover) and you had to use the banks processing service. the bank really didn't know the POS business nor really care about it but because new small businesses go to banks to open checking accounts the banks pounced on the unsuspecting store owner with an offer of POS too.
POS Dealers now offer credit card processing and banks now offer POS.
So fast forward a decade and now all the credit card companies offer POS systems, however most are pretty bad, cloud based with limited features. As a POS dealer I could easily outsell most of the bank offered systems on everything but price. Well what happened next has changed the POS and Credit Card landscape forever going forward. Because the banks and credit card companies had so much money they started buying the big highly featured POS system companies that merchants used to spend 10K to 30K a system for. Nearly all the top systems are now owned by a bank/merchant processing company. Worst yet is they lock the system down to using their credit card services only. Then companies came into business offering new innovative POS system only with processing like Toast, and Shift4. In my humble opinion anyone that buys a system that is locked down to a specific processor is setting themselves up for a rude awakening, do you really think the processor doesn't know they can charge you more because you can't leave and you have five years worth of customer data you want to keep! But long story short the two industries have merged for the most part, we all over POS and we all over credit card services.
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