As a small business owner, if you use a point of sale (POS) system, you’ll want it to integrate seamlessly with your accounting software. QuickBooks, one of the most popular accounting software programs, is used by over two million people worldwide.
QuickBooks offers several time-saving benefits to business owners, including the categorization of monthly transactions. Additionally, small business owners who use QuickBooks get paid faster than those who don’t. Finally, over eighty percent of QuickBooks users say they’re confident about their company’s financial data — important in today’s climate of heightened credit card fraud.
If you use QuickBooks as your accounting software and you accept credit cards, you should consider integrating your POS system with your accounting software. By doing so, you’ll save yourself time and money while gaining a more accurate picture of your business’ financials.
So, how do POS systems integrate with QuickBooks?
Why should I integrate with QuickBooks?
Many small business owners run their financial date through QuickBooks, including vendor payments, business income, and payroll. Further, QuickBooks is capable of generating several different reports, including profit loss statements.
Whether you're looking to implement your first POS system, or you just need an upgrade, you first need to determine whether your POS system is capable of integrating with your accounting software. By combining your POS system with QuickBooks, you’re providing a more accurate picture of your financials, while significantly reducing your time spent on administrative tasks. Furthermore, your technology and software will be able to adapt with you as your business grows. Finally, you’ll be reducing the human error common to doing financials by hand or in a more basic software platform. Essentially, by using a POS system that’s compatible with QuickBooks, you’re saving both time and money.
The different types of integration.
POS systems can combine with accounting software in one of two ways. Indirect integration permits POS systems to export financial data from an Excel spreadsheet into your accounting software. Although this allows you to sync your data, you have to perform the data transfer yourself, which can lead to frustration.
The second way to link your POS system to your accounting software is called direct integration. This approach to integration allows your POS system and QuickBooks to share data in real time, making the process much more efficient and far less susceptible to errors.
POS systems that integrate with QuickBooks.
As consumers, you have many options when upgrading or implementing your POS system. Below, you’ll learn about four of them.
Paypal
Paypal, an all-in-one merchant service, is a popular service, primarily for online businesses. By using PayPal as an option for payments, you can increase your sales, since customers don’t have to enter credit card or shipping information. Instead, payments run through your customers’ secure PayPal accounts, making shopping easier. With PayPal, not only can you receive online payments, but you can also send electronic invoices.
PayPal has some reporting features. For example, you can track sales, but the customer service and inventory tools are somewhat simplistic. If you choose to add other features, like processing phone orders, your POS system costs will increase.
North American Bancard
Founded in 1992, North American Bancard (NAB) offers affordable POS systems and credit card processing platforms for your business, featuring low rates, enhanced security, and around-the-clock customer support. Our POS solutions seamlessly integrate with QuickBooks and allow for in-store, mobile, and online processing. All with risk-free, month-to-month service agreements with no cancellation fees. Plus, award-winning, U.S.-based customer care — available day or night.
Square
Square, another all-in-one merchant services provider, is another popular point of sale system that integrates with QuickBooks Online. With Square, you can process mobile credit card payments, send invoices, and accept payments through a virtual terminal.
This service is geared towards small to medium-sized businesses that don’t have a high sales volume. You can access processing equipment that plugs into your smartphone or sits countertop at your register. It’s affordable and user-friendly. However, with Square, you will have limited customer support.
Fattmerchant
Fattmerchant distinguishes itself as a POS system provider by offering businesses monthly subscription fees. Although Fattmerchant’s monthly fees can be high, this provider has low per-sale processing charges. For the monthly fees, they’re due no matter what your sales volume is for a particular month. Thus, this may not be your first go-to if you’re a start-up.
Like the other options listed here, Fattmerchant does automatically integrate with QuickBooks Online.
Which POS System is right for my business?
Small business owners should understand their options when it comes to credit card processing. Review what the merchant account provider offers, along with any equipment costs, monthly fees, and transaction fees, to see if a vendor is the right fit for your business. Also, be sure to examine how their services and equipment integrate with QuickBooks. After all, you don’t want to run into connection issues after you’ve already set up (and paid for) a new POS system.
The benefits of implementing a POS system should be a must-have for your company. At North American Bancard, we offer a wide range of POS solutions and low processing fees, with risk-free month-to-month service agreements. We help make it easy to provide your customers with the frictionless transactions they’ve come to expect. Further, we integrate our systems with QuickBooks, allowing you to save both time and money while gaining valuable insight into your business.
Whether you’re looking for a wireless credit card terminal or a mobile card reader, we have the technology you need to accept payments wherever your customers take you. We’ll help you customize your payment processing to your specific business. To set up a consultation, contact us here or give us a call at 877.840.1952.
