For more than five years, Jamie Johnson has been guiding business owners on financial matters both big and small. This includes investment advice, insights on business loans and funding options, recommendations on insurance and more. Johnson excels at delivering easy-to-understand direction so entrepreneurs can make the best financial decisions for their businesses and, as a solopreneur herself, she regularly tests business strategies and services.
At Business News Daily, Johnson covers financial services like payroll processing and credit card processing, as well as topics like business liabilities, peer-to-peer lending, accounting standards and more.
Johnson’s expertise can also be found in a variety of finance publications, including InvestorPlace, Credit Karma, Insurify and Rocket Mortgage. She has also demonstrated a deep understanding of other B2B topics — including sales, payroll, marketing and social media — for the likes of the U.S. Chamber of Commerce, U.S. News & World Report, CNN, USA Today and Business Insider.
Experience
Freelance Finance Writer at Jamie Johnson Writes, LLC
September 2016 - Present
Freelance Writer at USA TODAY Blueprint
January 2023 - Present
Freelance Writer at Insurify
November 2022 - Present
Freelance Writer at Business Insider
July 2020 - Present
Freelance Writer at Credit Karma
November 2019 - Present
Freelance Writer at Rocket Mortgage
October 2019 - Present
Freelance Writer at U.S. Chamber of Commerce
April 2019 - Present
Freelance Writer at The Balance
June 2021 - January 2023
Freelance Writer at InvestorPlace
June 2019 - June 2020
Education
The University of Kansas
Field of Study:
Psychology
Jamie's Product and Service Reviews
Our team conducts an independent analysis of products and services that can help manage your business.
Clover's POS system includes well-designed hardware, intuitive software and competitive pricing. Learn why Clover is a good POS option for your business.
Shopify POS has numerous features that are ideal for e-commerce and retail businesses. Learn why Shopify is a great, affordable option for omnichannel businesses.
Self-employment is a dream for many, but its stability challenges often dissuade people from choosing this path. Learn the ins and outs of self-employment.
QuickBooks Payroll is a full-service payroll provider for businesses of any size. Learn why QuickBooks is the best payroll service for fast direct deposit.
This guide compares Square and PayPal, two top credit card processing services, to help small businesses choose the best payment provider for their needs.
Square and Stripe are popular payment processing services for small and growing businesses. Here's how to tell which is the best service for your business.
Toast works equally well for a small restaurant that's just getting started and a large chain looking to service multiple sites. It has also done a great job of pivoting in the midst of the pandemic, earning our best pick for restaurants of all sizes.
We recommend OnPay as the best payroll service for very small businesses. The service handles all payroll tax responsibilities, plus it offers employers unlimited pay runs and multiple ways to pay employees.
Lightspeed's POS system is designed for retail businesses, restaurants and golf courses. Learn whether Lightspeed is the right choice for your business.
ADP offers payroll services for businesses of all sizes. While the size of your business will determine the platform you use, each offers the same core payroll services, including the ability to run payroll online, over the phone or via mobile app.
Rippling is a top HR software vendor with full-service payroll and tax withholding tools. Learn why Rippling is our top payroll provider for ease of use.
Square is the best POS for small businesses thanks to its affordable hardware and software. Learn more about Square’s features and costs and how it works.
Clover is an excellent option for businesses seeking a high-value, intuitive and comprehensive POS system. Its diverse hardware offerings help businesses in many industries process credit card, chip and NFC payments. New businesses will find Clover a scalable platform at a cost-effective price point, giving them a strong footing upon which to start off.
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Businesses can use the platform’s affordably priced software to run reports, manage employees and customers, and offer online ordering. Additionally, Clover’s software integrates with hundreds of third-party apps, allowing you to create a customized solution for your business.
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Why Clover Is Best for Overall Value
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We chose Clover as the best POS system for overall value, thanks to its comprehensive software and hardware options. The platform’s robust features — including reporting tools, POS inventory management, payment processing and customer engagement options — will help you run nearly every aspect of your business. It also facilitates invoicing and online ordering. Additionally, Clover integrates with hundreds of third-party payment processors, vastly increasing its usability.
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Clover’s hardware is well-designed and an excellent choice for restaurants and retail stores. You can purchase individual hardware devices or hardware bundles through Clover or a third-party vendor. Its software is competitively priced, and many businesses will welcome the platform’s flat-rate credit card processing fees. And if you run into any problems, Clover offers 24/7 customer support by phone and has helpful online resources.
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Clover lets businesses customize their systems with the right mix of software, hardware and add-ons. Source: Clover
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Usability
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We found Clover’s software easy to set up and fairly intuitive, which isn’t the case with some competitors we reviewed. We found Clover’s software easy to set up and fairly intuitive, which isn’t the case with some competitors we reviewed. Even businesses setting up a POS system for the first time should have no issues with Clover.
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We were impressed with how customizable the platform is, especially when you take advantage of Clover’s App Market. Through this marketplace, you can download various apps to help run your business, including solutions for managing payroll, tracking inventory, viewing detailed analytics and managing customers.
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We also like that Clover’s virtual terminal lets you accept customer payments without purchasing hardware. This is a good option if you’re just starting a business and need an affordable way to accept credit cards and other customer payment methods. However, if you need hardware to run your establishment, Clover’s options are durable, functional and easy to navigate.
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Additionally, we appreciate that if your internet is temporarily down, you can still accept payments via the platform’s Offline Payments option. Once your internet connection is restored, the system automatically submits offline payments for authorization. This kind of reliability is a huge benefit to businesses.
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Clover’s POS system is even more functional when combined with the Clover App Market. Source: Clover
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Clover Features
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Point of sale
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Clover’s hardware and software allow businesses to accept customer payments anywhere.
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Reporting
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Manage multiple businesses and locations from one easy-to-access dashboard.
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Employee management
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Clover’s software lets you track employee schedules and approve time-off requests.
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Online ordering
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Create a digital menu and offer online ordering.
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Customer management
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Use Clover to store customer information and build loyalty.
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Invoicing
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Service-based businesses can send invoices and track customer payments.
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Point of Sale
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Clover provides the hardware and software businesses need to take orders and accept customer payments. You can use Clover to accept credit and debit cards, EMV chip cards and contactless NFC mobile payments. These features allow even the smallest businesses to give their customers flexibility in how they choose to pay.
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We particularly like that Clover facilitates in-store or online payments — with or without Wi-Fi. You’ll set up your tax rate once and apply it automatically to every payment. You’ll also receive payment fraud protection of up to $100,000, , which could make the difference between survival and closure for very small businesses.
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We like that the software has cloud-based storage, allowing you to access your data from anywhere. We also appreciate that Clover offers accessories like barcode scanners, a cash drawer and a weight scale for added functionality.
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Clover’s hardware gives you all the tools you need to run your business efficiently. Source: Clover
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Reporting
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Clover’s POS reporting functions allow you to track real-time data about your business from one easy-to-access dashboard. We like that the company provides a mobile dashboard where you can review sales, identify top-performing locations, and stay on top of customer refunds.
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Businesses will appreciate that Clover’s reporting software can sync with many of the best accounting software solutions, including QuickBooks. When a POS system integrates with QuickBooks and other top accounting tools, handling your finances becomes easier. And the depth of information you receive will help you make data-driven decisions about your business.
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Clover’s POS sales reports provide insights into sales trends and help you track key metrics. Source: Clover
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Employee Management
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Clover’s employee management software can help you handle your growing team. We like that it allows you to set POS system permission levels for various employees to control access and minimize confusion.
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We also like that Clover can help you create employee schedules, manage employee time-off requests and reward your workers with customizable tip screens. You can also use the software to track employee hours, set up employee benefits, run payroll and identify top performers.
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Online Ordering
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Customers often expect the restaurants they frequent to offer online ordering. Fortunately, Clover lets you create a digital menu that customers can easily scroll through. We like that any menu changes you make will show up automatically on your online ordering page, eliminating confusion and errors.
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Once guests place an online order, they can schedule it for curbside pickup or delivery through a service like Uber Eats or DoorDash. You can accept payments directly through your website or via an online portal Clover will set up for you.
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Clover’s software allows restaurants to accept and manage online orders. Source: Clover
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Customer Management
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We were impressed that Clover is a CRM-enabled POS system that helps you stay in touch with your customers. You can use the platform to do the following:
You can also use the software to send physical or digital gift cards and choose from over 70 premade templates — a unique option we didn’t see from many competitors. Customers can buy gift cards and redeem them directly through their smartphones.
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Customer loyalty programs and promotions are critical for driving repeat business, which is especially important for new businesses and small, local companies. Clover makes extending these offers easy, giving these types of businesses an effective way to compete against bigger brands.
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Clover allows you to create customer profiles for centralized storage of credit card information and customer data. Source: Clover
Clover’s pricing largely depends on your business type. There are six categories, each of which has Starter, Standard and Advanced pricing tiers with varying features (all include POS software). Here’s a brief outline of Clover’s Starter offerings:
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Category
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Starting monthly price
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Payment processing fees
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Top features
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Full-service dining
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$165
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2.3% + 10 cents
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Station Solo POS with cash drawer and receipt printerOrder management
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Online ordering
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Omnichannel menu management
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Employee management
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Reporting
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Quick-serve restaurant
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$105
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2.3% + 10 cents
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8-inch touch-screen POS with receipt printer
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Order management
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Online ordering
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Omnichannel menu management
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Employee management
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Reporting
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Retail shops
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$60
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2.6% + 10 cents
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8-inch touch-screen POS with receipt printer
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Order management
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Online sales
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Customer management
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Employee management
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Professional services
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$14.95
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3.5% + 10 cents
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Invoicing
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Client engagement
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Reporting
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Order management
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Employee management
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Personal services
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$50
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2.6% + 10 cents
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Flex handheld POS device
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Customer engagement
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Reporting
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Order management
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Employee management
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Home and field services
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$14.95
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3.5% + 10 cents
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Invoicing
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Reporting
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Customer engagement
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Order management
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Employee management
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Standard and Advanced plans for each category provide more robust features and hardware and may have slightly different payment processing rates. You can buy additional hardware at any time. For example, a basic Clover Go handheld card reader costs $49, while a Clover Station Duo is $1,799. There are also various add-ons, including payroll integration.
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With so many factors to consider, you’ll likely need to speak to a sales rep to confirm a monthly price.
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The Clover Station Duo features a customer-facing screen, receipt printer and cash drawer. Source: Clover
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Clover Setup
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You’ll begin your setup process by contacting a Clover sales rep to help you identify the right software plan and hardware options for your business. We like that Clover allows you to bundle multiple hardware options or only purchase the devices you need.
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Setting up your new Clover hardware is straightforward and should take only a few minutes. You’ll start by activating your device, which you can do by following the device-specific PDFs the company provides on its website. If you run into any issues setting up your POS system, you can log in to your account and receive personalized support.
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Clover Customer Service
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We were impressed that accessing Clover customer support is as easy as pushing the callback feature on your Clover device and entering your phone number. A Clover business consultant will call you right back. We preferred this system to other vendors that only offer live chats or forums. We also like that Clover support simplifies the process of managing disputes and chargebacks, which is a significant problem many providers have trouble solving.
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Clover’s online help resources can assist with setup, troubleshooting or learning how to use your Clover system. Source: Clover
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Clover Drawbacks
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We identified the following drawbacks to Clover POS:
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Proprietary hardware: The biggest drawback of Clover’s POS is that it requires using Clover-branded hardware and doesn’t work with third-party options. Although Clover’s hardware options are extensive and the equipment is high quality, the fact that it won’t integrate with non-Clover hardware could be a problem for some business owners. If you’re interested in a POS system that’s compatible with third-party hardware, check out our review of Epos Now and our Lightspeed review.
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Complicated pricing: Additionally, Clover’s pricing can be challenging to understand. All its plans are listed on its website, but because costs vary by industry, pricing tier and the add-ons you’ll need, you’ll likely need to speak to a sales rep to arrive at a definitive price. Read our review of TouchBistro if you’d like to learn more about a vendor with a more straightforward pricing structure.
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Methodology
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When researching the best POS systems for overall value, we looked for competitively priced solutions with comprehensive features and numerous customization options. Our process included comparing more than a dozen POS systems, including Toast, Square and Lightspeed.
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After careful evaluation and examining dozens of customer reviews, we found that Clover met our overall value goals. Our research helped us see where Clover shines among competitors and where it could improve.
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Overall Value
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We recommend Clover for …
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Small and midsize businesses.
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E-commerce businesses and restaurants.
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Any business looking for top-notch POS hardware options.
Businesses that want to use more than one payment processing company.
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Businesses that want to use non-Clover hardware.
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Brilliant POS provides affordable, cloud-based point-of-sale (POS) systems to retail stores, restaurants, salons, grocery stores and service-based businesses. The company is a Clover reseller, and it stands out for its inventory management features. New and very small businesses can especially benefit from Brilliant POS’s guided setup process and dedicated account managers.
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The software lets you import unlimited stock keeping units (SKUs) and easily organize your inventory. The company’s detailed analytics will help you make data-driven decisions about your business, customers and employees. Brilliant POS also provides 24/7 customer support, regardless of your monthly payment plan.
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Why Brilliant POS Is Best for Tracking Inventory
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Brilliant POS’ inventory management services are great for businesses of all sizes. New businesses need to closely monitor inventory, whether you run a retail store figuring out which items are its hottest sellers or a restaurant identifying which ingredients it runs through most quickly.
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Brilliant POS specializes in configuring Clover hardware and software to maximize your inventory management capabilities. It enables you to track products at the item level, receive notifications when you’re running low on stock and upload unlimited SKUs. You can also manage your vendor relationships directly within the platform and set and configure your local tax rates. You’ll manage everything through Brilliant POS’ intuitive dashboard.
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Brilliant POS offers the hardware and software you need to run your restaurant, bar or quick-service store. Source: Brilliant POS
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Usability
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Clover’s software is fairly intuitive and easy to use, but it’s also highly customizable. Fortunately, the Brilliant POS customer service team walks you through the entire process. They’ll set up the system for you, answer your questions and even train your team on how to use the software. This is great for new or very small businesses without dedicated IT staff, because they can still take advantage of the flexibility the platform offers without the need for technical expertise.
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Brilliant POS has many positive online reviews, and most customers seem happy with the company; it has a rating of 4.9 out of 5 stars on Trustpilot based on nearly 500 reviews. Many of these positive reviews focus on the easy setup process and helpful employees.
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Brilliant POS Features
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Payment processing
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Brilliant POS offers hardware and software for accepting a variety of customer payments.
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Inventory management
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You can use the software to track inventory and reorder items when they’re running low.
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Reporting and analytics
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The cloud-based software lets you run real-time reports from anywhere.
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Employee management
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The system allows you to build out employee schedules and stay on top of payroll data.
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Customer engagement
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You can create profiles and track your customers’ buying habits and preferences.
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Payment Processing
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Brilliant POS is a Clover reseller that offers hardware and software for accepting customer payments via credit card, debit card, contactless payments and mobile wallets. You can choose from a variety of hardware options, depending on the type of business you run.
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The company is a direct processor on the Clover POS system and doesn’t use a third party. Plus, the payment processing fees tend to be much lower than what other providers charge. However, the exact cost will depend on your business and its monthly transaction volume.
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Inventory Management
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The company’s inventory management features allow you to upload unlimited SKUs. If you run a retail store, Brilliant POS will upload your inventory items for you for an additional charge. We found the inventory management capabilities especially useful for very small businesses that operate on thin margins, allowing them to run as lean as possible and build up cash reserves to support their cash flow.
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You can use the software to track inventory and reorder items when they’re running low. If you run a restaurant, you’ll see which menu items are your top sellers and which are the least popular. You can also create categories, labels and modifier groups to ensure everything stays organized.
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Reporting and Analytics
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The cloud-based reporting and analytics features allow you to run real-time reports from anywhere. You can run basic reports directly from the POS or access more advanced reports from the web dashboard.
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You can create custom reports for your sales data, inventory and employees. For example, you can learn how your sales break down by the hour and which items are your top sellers. You can also monitor your staff’s performance and use your sales data to create more efficient employee schedules.
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Brilliant POS allows you to create custom reports for your sales data, inventory and employees. Source: Brilliant POS
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Employee Management
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The intuitive labor scheduler allows you to build out employee schedules and keep track of when employees clock in and out. You can also monitor how many hours your employees work each week so you’ll be better prepared for payroll. When it’s time to run payroll, you’ll export your time sheet to your accountant or accounting software.
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The intuitive labor scheduler makes it easy to build out staff schedules and track employee hours. Source: Brilliant POS
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Customer Engagement
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The customer relationship management (CRM) functionality allows you to create profiles where you can track information about your customers’ buying habits and preferences. You can use this information to create loyalty and rewards programs for your customers. The software also lets you create new promotions and reengage customers who stopped buying from you.
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A rewards program can encourage customer loyalty. Source: Brilliant POS
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Brilliant POS Costs
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Brilliant POS offers three pricing plans. Source: Brilliant POS
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Here’s how much you can expect to pay for each of Brilliant POS’ pricing tiers:
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Payments: With this plan, your first device is free and you’ll pay $7.95 for additional devices. The Payments plan lets you accept all forms of payment, and you can monitor your sales in real time. You can accept electronic signatures, send digital receipts and set employee permissions. You also get access to a limited selection of apps in the Clover App Market.
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Essentials: The Essentials plan costs $14.95 for the first device and $11.95 for additional devices. In addition to including everything in the Payments plan, the Essentials plan comes with a basic inventory and order management system. You also receive expanded access to the Clover App Market and personalized setup and training.
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Register: The Register plan charges $49.95 for the first device and $19.95 for additional devices. In addition to everything in the first two plans, you receive advanced inventory and order management features. You also get full access to the Clover App Market.
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If you’re looking for restaurant-specific features, you can choose from the Counter and Table Service plans. With the Counter plan, you’ll pay $59.95 for the first device and $19.95 for additional devices.
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The Table Service plan costs $89.95 for the first device and $19.95 for additional devices. Both plans give you access to these features:
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Contactless dining
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Item and order-level discounts
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Clover online menu
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Pickup and delivery orders
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Individual logins and permissions
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Shift management and payroll integrations
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Stock tracking and “sold out” marking by item
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Item modifiers and labels with color-coded categories
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Brilliant POS Setup
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Brilliant POS provides a dedicated account manager to every new customer, and you can reach out to that individual anytime. We recommend new businesses especially find services that provide dedicated account managers, as they can help streamline the process and get you up and running without delay.
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The setup time depends on the business; for example, if you own a food truck, you could be up and running in as little as 30 minutes. In comparison, a full-service restaurant that needs a lot of customization will take more time.
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As a new customer, you also receive free unlimited remote training. The company can access the system remotely and do a guided setup. You can also schedule training sessions for employees.
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Brilliant POS Customer Service
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Brilliant POS’ customer service helps the company stand out from competing POS providers. In addition to offering free onboarding to all new customers, the company provides 24/7 customer support via phone, email and live chat. Around the clock support is something we especially recommend for new businesses and those who are using a POS system for the first time.
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There are many Clover resellers, but most don’t have Brilliant POS employees’ depth of knowledge. The company prides itself on being an expert on the Clover system and understands how to customize it to fit your business’s needs.
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Brilliant POS Drawbacks
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If you like the Clover system and want stellar customer support, Brilliant POS is an excellent option to consider. However, there are a couple of drawbacks. The biggest one is probably the limited app integrations.
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In addition, Brilliant POS may not be the best option for companies with existing POS systems. You must have Clover hardware for the software to work, so you won’t be able to integrate the software with your existing hardware.
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Methodology
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To understand more about how Brilliant POS works and how it stands out from competitors, we attended a demo with the company. During this demo, we saw how the software works and asked questions. We also compared the company to dozens of other POS providers and looked at online reviews to see what kind of experience current customers have had.
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Overall Value
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We recommend Brilliant POS for …
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Restaurants, retail stores, salons, grocery stores and service-based businesses.
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Businesses that are looking for advanced inventory management features.
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Businesses that want detailed analytics about their sales, inventory and staff.
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We don’t recommend Brilliant POS for …
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Companies that are looking for a POS system provider with many app integrations.
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Businesses that want to integrate their existing hardware with a POS system.
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\n"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"31010","_score":2,"_source":{"canonical":"https://vaylees.com/shopify-review","displayModified":"2023-10-27T20:17:22Z","docType":"review","editorsPick":null,"href":"shopify-review","id":"31010","ID":31010,"isSponsored":false,"published":"2023-07-13T17:59:57Z","site":"bnd","stream":"","subtitle":"","title":"Shopify POS Review","author":{"displayName":"Jamie Johnson","email":"jamiejokcmo@gmail.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/04072055/jj_photo-scaled.jpg","type":"Senior Analyst"},"channels":{"primary":{"name":"Find A Solution","slug":"find-a-solution"},"sub":{"name":"Financial Solutions","slug":"financial-solutions"}},"meta":{"robots":"index, follow","description":"Shopify POS has numerous features that are ideal for e-commerce and retail businesses. Learn why Shopify is a great, affordable option for omnichannel businesses."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2018/01/26084823/c0c51cb8846d2adc9be8925140a0c1cd.png","caption":"","alt":""},"content":"\n \n\n\n\n
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Shopify POS is our pick for the best POS system for omnichannel businesses because of its wealth of online and in-store features that help customers shop more conveniently.
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Shopify is a great POS option for many businesses, but its functionality is especially well suited for e-commerce companies and retailers.
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Businesses can use Shopify’s proprietary payment processing service or integrate the software with a third-party payment processor.
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This review is for small business owners who want to learn more about Shopify POS and why we chose it as the best POS system for omnichannel businesses.
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Businesses that sell via multiple channels — such as online, in person and via social media — need point-of-sale (POS) system features that cater to customers and their preferences. Shopify POS fits the bill perfectly. Shopify is best known for its e-commerce platform, but the company’s POS system is an excellent option for businesses that conduct online and in-person transactions through various sales channels. Although any business can enjoy Shopify’s POS system benefits, e-commerce and retail-focused companies will appreciate the platform’s omnichannel features.
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Why Shopify POS Is Best for Omnichannel Businesses
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Shopify is our choice for the best POS system for omnichannel businesses because it includes features that support multiple sales channels and prioritize customer convenience. Businesses can use Shopify’s POS software to discover new ways to sell online and on various social media platforms — a crucial feature as mobile and social shopping grow in popularity. Additionally, business owners can manage all sales channels on one easy-to-use platform.
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Shopify’s POS system also gives customers more options for placing and picking up orders. For example, customers can order online and pick up their items at a local brick-and-mortar store. They can also place an order in the store and have it shipped to their home. If they order an item online and are unhappy with it, they can return it at the nearest store. These convenient options can help you strengthen customer relationships and boost sales.
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Shopify POS is ideally suited to omnichannel businesses because it supports multiple sales channels and customer convenience features. Source: Shopify
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Usability
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Shopify’s ease of use is among the best of the POS systems we reviewed. Getting set up and training your employees on Shopify POS should be quick and straightforward. The software is intuitive and comes with numerous integrations, helping businesses create customized solutions.
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Shopify also offers a mobile app that works on iOS and Android devices. You can use the mobile app to manage sales, customers and inventory from any location — an excellent perk if you have multiple business locations.
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The Shopify POS mobile app for iOS and Android helps you turn your device into a mobile POS system. Source: Shopify
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Shopify Features
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Hardware
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Shopify offers the hardware that retail businesses need to manage their online and in-person sales.
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Software
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Shopify’s POS software lets you manage payments, customers and inventory in one location.
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Omnichannel selling
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Shopify’s omnichannel retail feature gives you more ways to make sales online and let customers shop more conveniently.
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Payment processing
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Shopify offers flat-rate payment processing for online and in-person transactions.
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Inventory management
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Shopify’s real-time inventory management system provides insight into your current inventory levels.
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Hardware
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We were pleased to see that Shopify offers an array of POS hardware options to help small businesses accept customer payments and manage in-person and online sales. Businesses can choose from the following hardware options:
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Retail Kit: The Shopify POS Retail Kit is a countertop point-of-sale system that lets you turn your iPad into a POS system. The tap-and-chip reader is compatible with iOS, Bluetooth and Android devices, and also helps you accept contactless payments such as NFC mobile payments.
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POS Go: POS Go is a mobile POS device. It’s a good option for making sales on the floor, or at trade shows or other events.
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Tap and chip card reader: This versatile card reader accepts tap and chip payments at the counter or on the go. It helps you accept credit cards (Visa, Mastercard, American Express and Discover) and mobile wallet payments (like Apple Pay and Google Pay).
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Accessories: Shopify also sells accessories, including a barcode scanner, receipt printer, cash drawer and label maker.
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Shopify’s Retail Kit helps you accept chip and contactless payments. Source: Shopify
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Software
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We like that Shopify’s POS software lets you track sales, customers, staff and inventory in one easy-to-access location. You can use the Shopify POS mobile app to make sales from anywhere, and we were impressed to see that you can keep your most frequently used workflows on the home screen to speed up the checkout process.
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We like that you can use the software to create curated email lists and send targeted email marketing campaigns. You can also create customer profiles to view each customer’s preferences and lifetime spend.
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Shopify’s POS software helps you track staff, customers and inventory. Source: Shopify
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Omnichannel Selling
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We were impressed by Shopify’s omnichannel retail feature, which gives you more ways to make online sales and provides customers with a more convenient way to shop. This is a unique feature that many competitors don’t offer.
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Customers can order online and pick up their items in the store. They can also purchase items in the store and have them shipped to their home, or browse in a store and place an online order.
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Shopify’s back office unifies your online and in-person sales, helping you easily manage all transactions. We also appreciate that this feature ensures that you never run out of inventory.
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Shopify POS’ omnichannel retail feature lets customers order items online and pick them up in the store. Source: Shopify
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Payment Processing
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We like that Shopify offers flat-rate payment processing for online and in-person transactions. Every transaction is automatically synced, so you won’t have to worry about adding anything manually.
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This information makes it easier to track your cash flow and make financial decisions for your business. You’ll also receive detailed POS sales reports that give you comprehensive data about your business.
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Shopify’s payment processing software gives you detailed insight into your business. Source: Shopify
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Inventory Management
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Shopify’s real-time POS inventory management system is on a par with those of other POS systems we reviewed, giving you insight into current inventory levels. You can also automate inventory management by setting up alerts when inventory levels fall below a certain point.
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These inventory management features help you improve inventory forecasting and avoid selling items you don’t have on hand. It also helps you minimize errors and reduces the time you spend on reconciling inventory items.
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Shopify Costs
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Shopify offers three pricing plans for different business types. We like that businesses have the option to start small and add more features as their revenue grows.
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Basic: The basic plan costs $39 monthly; it’s the best option for individuals and small businesses. It includes basic POS reporting features, up to 1,000 inventory locations, a 77 percent shipping discount, and two staff accounts. You’ll pay 2.9 percent plus 30 cents for online transactions and 2.7 percent for in-person transactions.
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Shopify: The Shopify plan costs $105 monthly; it’s best for small businesses that need more advanced reporting features. You’ll receive professional reports, an 88 percent discount on shipping, and up to five staff accounts. You’ll also pay 2.6 percent plus 30 cents for online transactions and 2.5 percent for in-person transactions.
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Advanced: The advanced plan costs $399 monthly; it’s best for midsize and large companies. You’ll receive custom reports and up to 15 staff accounts. You’ll pay 2.4 percent plus 30 cents for online transactions and 2.4 percent for in-person transactions.
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Shopify Setup
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Shopify makes it easy to set up your POS system. We like that, unlike some competitors, Shopify never charges setup fees for any of its plans. If you already have an e-commerce website, you can use the Store Importer to transfer your products, customers and sales history to Shopify. Shopify’s website also offers various onboarding resources, so you should always be able to find answers to your questions.
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Shopify Customer Service
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Shopify’s customer service options are comparable to many competitors’. The company provides 24/7 customer support via phone, chat or email. You can also use Shopify’s help center to access detailed guides on migrating your online store to Shopify, using the POS app, customizing the checkout experience and more.
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Shopify’s help center has numerous resources on using Shopify POS and migrating to Shopify. Source: Shopify
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Shopify Drawbacks
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While Shopify POS is an excellent option for many businesses, we did identify some drawbacks:
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No free plan: Shopify has affordable pricing but doesn’t offer a free plan. There’s a free trial, but it lasts only three days. That’s pretty minimal, especially compared with what some competitors offer. If you’re looking for a POS system with a generous free tier, check out our review of Square.
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Additional fee for third-party processors: While we like that Shopify allows businesses to use a third-party payment processor, we were disappointed to learn that it charges an additional transaction fee for this service. Extra credit card processing fees are never good news. If you want to evaluate a POS provider that doesn’t charge more for third-party processors (as long as they’re partners), read our review of Lightspeed.
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Methodology
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When researching the best POS systems for omnichannel businesses, we looked for features that accommodate customers’ online and in-person buying needs and that unify online and in-person sales. We attended an hour-long demo with the Shopify team, where we found answers to our questions and received a behind-the-scenes look at Shopify’s features and functionality. During our evaluation process, we compared Shopify to over a dozen competing POS providers in terms of features, usability and affordability. Our process helped us determine where Shopify excels and falls short.
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Overall Value
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We recommend Shopify POS for…
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E-commerce businesses that already use Shopify to make sales.
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Businesses that are looking to offer omnichannel support for customers.
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Businesses that are looking for a way to unify their online and in-person sales.
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We don’t recommend Shopify for…
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Brick-and-mortar businesses without an e-commerce component.
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Restaurant owners, who may be better served by another POS provider.
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\n"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"2475","_score":2,"_source":{"canonical":"https://vaylees.com/11223-self-employment-guide.html","displayModified":"2023-10-20T16:52:52Z","docType":"article","editorsPick":false,"href":"11223-self-employment-guide.html","id":"2475","ID":2475,"isSponsored":false,"published":"2019-01-16T01:02:00Z","site":"bnd","stream":"Don't let challenges stop you from following your self-employment dreams.","subtitle":"Don't let challenges stop you from following your self-employment dreams.","title":"Self-Employment: A Guide to Working for Yourself","author":{"displayName":"Jamie Johnson","email":"jamiejokcmo@gmail.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/04072055/jj_photo-scaled.jpg","type":"Senior Analyst"},"channels":{"primary":{"name":"Start Your Business","slug":"start-your-business"},"sub":{"name":"Entrepreneurs","slug":"entrepreneurs"}},"meta":{"robots":"index, follow","description":"Self-employment is a dream for many, but its stability challenges often dissuade people from choosing this path. Learn the ins and outs of self-employment."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04080457/1554238135.png","caption":"Uber Images / Shutterstock","alt":""},"content":"
Working for yourself is a powerful feeling. You get to pursue what you’re passionate about on your own time. You create your own schedule, choose your projects and determine your workload. For many, it’s the ultimate career goal.
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But self-employment has its challenges. From lack of stability to pricey health insurance packages, there are many cons that dissuade people from following their dreams. Don’t let this happen to you. Here’s everything you need to know about working for yourself.
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Taxes and self-employment
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Since you’re not on any company’s payroll, you’re responsible for handling taxes on your own. As a business owner, you’re responsible for paying a self-employment tax, which is a combination of Social Security and Medicare taxes.
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According to the IRS, the self-employment tax is 15.3%: 12.4% for Social Security and 2.9% for Medicare. In addition to paying your annual tax bill, you need to pay your estimated taxes every quarter.
Handling your taxes can feel overwhelming, but if you track your taxes year-round, you shouldn’t have many issues when filing.
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Business News Daily recommends QuickBooks as the best accounting software for small businesses overall (read our QuickBooks review to learn more) and Zoho Books as the best accounting software for microbusinesses, including sole proprietors, freelancers and consultants (read our Zoho Books review for more information). For more suggestions and software reviews, visit our in-depth reviews of the best accounting software.
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While accounting tools are helpful, you may also opt to work with a certified public accountant (CPA). Hiring a CPA will take the guesswork out of filing your taxes and ensure you don’t make any mistakes.
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It’s also essential to make sure you’re setting aside enough money each month for your taxes. It’s a good idea to save 25 to 30% of your taxable income to pay your quarterly taxes. That may feel like a lot of money, but it’ll help you avoid having a huge tax bill at the end of the year.
Here are some key coverage areas you should be contemplating.
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Retirement savings
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If you had a 401(k) with your previous employer, you could roll those savings into an individual retirement account (IRA) pretty easily. The only drawback is that you won’t have an employer matching your contributions anymore.
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Here are some of the best retirement savings options for self-employed individuals:
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Roth or traditional IRA: A traditional or Roth IRA is a great option for anyone just getting started saving for retirement. However, there are income limits, so you can’t contribute if you earn too much.
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401(k): If you’re self-employed with no employees, you can open a solo 401(k). In 2022, you can contribute up to $61,000 a year, with a $6,500 catch-up contribution for anyone age 50 or older.
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SEP IRA: Many people like SEP IRAs because they’re easier to set up than a 401(k). There’s very little administrative work to complete, and you don’t have to file an annual report with the IRS.
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SIMPLE IRA: If you’re a larger business with up to 100 employees, you might want to consider a SIMPLE IRA. You can contribute income to your own retirement savings and allow your employees the opportunity to contribute.
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Health insurance
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Buying their own health insurance is one of the biggest fears many people have about self-employment. But there are many health insurance plans geared toward self-employed individuals.
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However, it may end up costing you more than an employer-sponsored plan. The best thing you can do is research all the available options and figure out the best fit for you.
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The best place to start is by checking HealthCare.gov and seeing what options are available in the marketplace. The marketplace organizes plans by metal, so you know how expensive your coverage will be.
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For instance, a Platinum plan is more costly but comes with a low deductible. A Bronze plan costs less upfront but has a very high deductible.
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You can also look for plans through a private insurance provider, like UnitedHealthcare or Blue Cross Blue Shield. Or you can join a membership organization that offers a group plan.
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Finding work when you’re self-employed
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When you’re your own employer, you might miss the stability you had when you were on a company’s payroll. However, self-employment isn’t that much riskier than a corporate job because if you work for a large company, you could still be laid off. Once you accept that there’s no true stability, you’ll be more confident in pursuing your passions.
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But you can make it easier on yourself by ensuring you have enough work, a solid plan and income, and a decent amount of savings before leaping into self-employment. Organizing all the details ahead of time will prevent panic and ease feelings of uncertainty.
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The best way to ensure you have a steady stream of work is by building your network. Let your family, friends and former colleagues know what you’re doing. You never know who is willing to send new business your way.
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You should also come up with a sustainable marketing plan. A marketing plan will help you connect with potential customers and clients, and get the word out about your business.
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Achieving work-life balance
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When you work for yourself, it’s easy to take on too many responsibilities and gigs. Without even realizing it, you can end up working more hours than you did at your full-time job.
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Make sure you’re taking weekends off (for the most part) and setting reasonable limits for the hours you work each week.
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Work-life balance is crucial if you want to be self-employed. Take on only the projects that excite you, and don’t accept every offer you’re given. You know what you deserve, and if a client isn’t willing to give you that, find another.
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Additionally, don’t work entirely from home. Your home is supposed to be your haven, and if you spend every second of work in your living room or at your kitchen table, it might soon become a place you associate with stress and labor.
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Instead, drive to a coffee shop or co-working space to get your work done. That way, you’ll also be able to focus better without thinking about all the chores you need to do or the shows you want to watch.
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The most important thing is to find a balance that works for you. Transitioning from a full-time gig to self-employment can be terrifying, but it’s worth it to be able to craft the career and lifestyle you want.
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Pros and cons of self-employment
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Pros
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Cons
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You have greater income potential.
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You may work long hours in the beginning.
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You have a high level of control over your business.
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It may be harder for you to take time off.
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You can choose your clients and the type of work you do.
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You may end up wearing a lot of different hats.
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If you’ve always dreamed of starting your own business, then self-employment may be the right path for you. It gives you an opportunity to do work you enjoy, and your income isn’t limited to a salary.
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If you can develop a product or service that people enjoy and are willing to buy, there’s no limit to how much you can earn. However, it will take time to reach that point, and you may work very long hours initially.
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Most business owners wear a lot of different hats, and it can be hard to take time off and temporarily walk away from your business. But if you’re willing to make the sacrifice, self-employment is an excellent opportunity to challenge yourself and find new opportunities.
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Sammi Caramela contributed to the writing and research in this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"18067","_score":2,"_source":{"canonical":"https://vaylees.com/payroll/intuit-quickbooks-review","displayModified":"2023-09-26T18:06:30Z","docType":"review","editorsPick":null,"href":"payroll/intuit-quickbooks-review","id":"18067","ID":18067,"isSponsored":false,"published":"2022-10-26T20:38:14Z","site":"bnd","stream":null,"subtitle":null,"title":"Intuit QuickBooks Payroll Review","author":{"displayName":"Jamie Johnson","email":"jamiejokcmo@gmail.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/04072055/jj_photo-scaled.jpg","type":"Senior Analyst"},"channels":{"primary":{"name":"Find A Solution","slug":"find-a-solution"},"sub":{"name":"Financial Solutions","slug":"financial-solutions"}},"meta":{"robots":"index, follow","description":"QuickBooks Payroll is a full-service payroll provider for businesses of any size. Learn why QuickBooks is the best payroll service for fast direct deposit."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/08/01035825/quickbooks1_logo.png","caption":"","alt":"Intuit Quickbooks company logo"},"content":"\n \n\n\n\n
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QuickBooks Payroll is a full-service payroll provider that can work with businesses of any size.
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QuickBooks Payroll supports next-day or same-day direct deposit, allowing businesses to conserve cash longer.
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QuickBooks Payroll seamlessly integrates with the top-rated QuickBooks accounting solution and Intuit’s other product offerings.
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This review is for small business owners considering using QuickBooks Payroll as their payroll provider.
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Many businesses already use QuickBooks for accounting — it’s one of the best accounting software solutions available. If you’re already in the QuickBooks ecosystem, QuickBooks Payroll may be an excellent choice for your payroll needs. QuickBooks Payroll is a full-service payroll provider that includes next-day or same-day direct deposit. You can also add HR support to expand the payroll product’s features. QuickBooks Payroll offers various plans so its services can grow with your business. Additionally, over 15 Intuit product offerings seamlessly integrate with the payroll solution.
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Why QuickBooks Payroll Is Best for Same-Day Direct Deposit
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With a client roster of 1.4 million companies, Intuit QuickBooks is well known for providing robust financial tools for businesses of all sizes and being a top provider in multiple business software categories. QuickBooks Payroll is the company’s well-regarded payroll service, boasting comprehensive payroll and HR features. Notably, QuickBooks Payroll offers free direct deposit options — a feature that sets it apart from the competition.
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If you sign up for the company’s Core plan — the least expensive option — you can access free next-day direct deposit. Two higher-tiered plans, Premium and Elite, come with free same-day direct deposit, allowing businesses to conserve cash longer. Most payroll services we reviewed, such as Gusto, only provide two-day direct deposit. As we noted in our in-depth Gusto review, even that option isn’t available on its basic plan.
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QuickBooks Payroll also stands out because it easily integrates with the vendor’s accounting software. Between the two products, businesses can efficiently process payroll, pay their payroll taxes, monitor company finances, track employee attendance, and even receive HR support. These tools can set up your business for financial success.
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QuickBooks Payroll easily integrates with the vendor’s top-rated accounting solution. Source: QuickBooks
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Usability
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QuickBooks Payroll is relatively easy to use — especially if you have experience running payroll or using other QuickBooks programs. Though the software is user-friendly, we appreciate that the company provides online guides for getting started and can assist with setup, depending on your plan.
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When you log in, you’ll see a user dashboard that lets you navigate to the platform’s main features. You can run payroll in three simple steps or set up AutoPay to run payroll without entering new data. The dashboard is fairly intuitive and allows you to access all account features from the main screen. You can also run payroll and review your payroll history directly from the platform’s mobile app. We like that the employee self-service option lets team members easily access their pay stubs and annual payroll forms for taxes.
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QuickBooks Payroll is designed to dovetail with over 15 Intuit product offerings, including POS and time tracking tools as well as the various QuickBooks accounting solutions. This lets you build a suite of related tools to support your business’s needs. However, it’s worth noting that QuickBooks doesn’t integrate with many third-party software platforms.
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QuickBooks Payroll Features
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QuickBooks Payroll’s features are designed to simplify the payroll process, ensure your taxes are paid, and provide health benefits for your employees. Here are the features we found most notable.
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Full-service payroll provider
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Get employees set up in the system and schedule payroll to run automatically.
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Same-day direct deposit
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Employees can receive their direct deposit the same day you run payroll.
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Automatic tax withholding
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QuickBooks will calculate, file and pay your payroll taxes.
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Time tracking
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Use the software to approve timesheets and create invoices.
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Health benefits
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Provide employees with medical, dental and vision insurance.
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HR support
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Access HR resources or talk to an HR specialist.
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Full-Service Payroll Provider
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QuickBooks is a full-service payroll provider. We like that all plan tiers let you set up automatic payroll. This feature allows you to schedule the system to run payroll without any additional manual work. If you need to make changes, you can review the latest payroll before it’s processed.
QuickBooks Payroll includes comprehensive payroll reporting features. Source: QuickBooks
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Same-Day Direct Deposit
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Some businesses struggle with choosing a pay schedule if they have limited funds. We like that QuickBooks makes this easier by offering next-day and same-day direct deposit, depending on your plan. If you have the Core plan, you’ll receive free next-day direct deposit; Premium and Elite packages deliver direct deposits the same day you process payroll. Fast direct deposits let you hold onto cash longer, which helps with cash flow management. QuickBooks Payroll also supports direct deposit alternatives like pay cards.
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QuickBooks Payroll lets you set up direct deposit and pay your team the same day or the following day. Source: QuickBooks
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Automatic Tax Withholding
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Like virtually all payroll vendors, QuickBooks will automatically calculate, file and pay your payroll taxes for you. It will also send you the appropriate year-end tax forms, as well as print and mail W-2 forms to your employees and e-file any 1099s.
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For businesses on the Elite plan, QuickBooks will reimburse your company up to $25,000 if you receive any fines or interest charges due to inaccurate tax filings. While the platform’s Tax Penalty Protection program is a great perk, other payroll providers we reviewed include such accuracy guarantees in all packages and vow to pay any penalties regardless of your plan. See our review of OnPay to learn more about a vendor that provides a tax guarantee for all its clients.
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QuickBooks Payroll provides tax penalty protection on its Elite plan. Source: QuickBooks
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Time Tracking
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The QuickBooks Premium and Elite plans come with time tracking software employees can use to clock in and out. You can track and approve employee time from the QuickBooks Time mobile app as well as quickly edit and share team schedules even if you’re on the go. Read our detailed QuickBooks Time review to learn more about how this solution integrates with QuickBooks Payroll.
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We like that regardless of plan, the platform comes with real-time reporting features that can help you prepare for upcoming payroll costs, monitor paid time off, and review payroll history.
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Employees can clock in and out with QuickBooks Payroll’s time tracking features. Source: QuickBooks
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Health Benefits
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We were pleased to see that QuickBooks Payroll makes managing employee benefits easy on all plans. Employees can view their options for medical, vision and dental insurance and fill out an application within minutes. Once the application is approved, employees can sign up for the plan.
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You can also offer your employees access to 401(k) plans with any of QuickBooks Payroll’s packages. However, the vendor will only handle workers’ compensation administration with the Premium or Elite packages.
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HR Support
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Some payroll vendors, like OnPay, provide HR tools for all clients. Others, like ADP, only include such features in specific plans (read our ADP review to learn about this vendor’s various service tiers).
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QuickBooks falls into the latter camp; its HR support center is only accessible to those on the Premium and Elite plans. If you sign up for those plans, you can take advantage of templates for employee onboarding checklists, employee handbooks and job descriptions. The Elite package also grants companies access to HR advisors who can provide guidance on various aspects of people management.
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QuickBooks Payroll Cost
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We love that QuickBooks provides a 30-day trial so you can evaluate whether or not the software is a good fit for your business. Not all of its rivals give that opportunity. Once the free trial ends, you can choose from one of three payroll plans. We appreciate that QuickBooks provides transparent pricing — some competitors are less open about what their plans cost.
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Here’s a breakdown of QuickBooks Payroll pricing:
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The core tier costs $45 monthly plus $5 per employee. It includes unlimited payroll processing, next-day direct deposit, automatic payroll options, tax payments, health benefits administration, 401(k) plans, reporting and a workforce portal for self-service.
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The Premium plan costs $75 monthly plus $8 per employee. It includes all the Core features plus same-day direct deposit, access to the HR support center, around-the-clock product support, workers’ compensation administration, mobile time tracking, and the promise that a QuickBooks expert will review your setup to ensure everything is implemented correctly.
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The Elite plan costs $125 monthly plus $10 per employee. It includes everything in the Premium package plus Tax Penalty Protection, project tracking, a personal HR advisor, and implementation led by a QuickBooks expert.
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QuickBooks sometimes offers introductory discounts with significant savings. Check with the company to see if any discounts are available.
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QuickBooks also offers plans that let you bundle its payroll and accounting software:
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Payroll Core + QuickBooks Simple Start. This bundle offers basic payroll and accounting tools for $75 per month plus $5 per employee.
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Payroll Core + QuickBooks Essentials. This bundle includes everything in the above plan and a few more accounting features for $100 per month plus $5 per employee.
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Payroll Premium + QuickBooks Plus. This bundle enhances payroll and accounting features for $160 per month plus $8 per employee.
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QuickBooks Payroll Setup
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Getting started with QuickBooks Payroll is surprisingly easy — especially if you already use the vendor’s accounting software. Existing QuickBooks customers can sign into their account and add a payroll package. New customers can sign up online or over the phone. It’s best to speak to a customer service representative if you’re interested in a payroll-only plan but have complex needs.
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The setup process depends on your plan. If you opt for Payroll Core, you’re on your own for implementation. However, we liked the setup wizard and online resources — business owners and their teams shouldn’t have any trouble. If you go with the Premium plan, a QuickBooks expert will review your setup to ensure it’s correct. They’ll even check data you’ve imported from another provider. With the Elite package, an expert will do the entire implementation process for you, including any data transfer, after receiving the necessary information. After that, someone will review the setup to ensure you’re good to go.
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QuickBooks Payroll Customer Service
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Each QuickBooks plan comes with 24/7 customer support via chat. Phone support is available from 6 a.m. to 6 p.m. PT Monday through Friday, and from 9 a.m. to 3 p.m. PT on Saturdays. If you sign up for the Elite plan, you can choose a callback option to limit the time spent waiting on the phone. Notably, Intuit outsources HR support to a third-party company, Mineral. This is worth considering if you plan to add the company’s HR services to an existing payroll account.
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We like the vendor’s online support options:
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Guides and tutorials. The QuickBooks Support online database provides self-guided assistance for all QuickBooks products. It has one-hour webinars, training classes, tutorials, and a collection of guides and videos.
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Blog. The QuickBooks blog includes advice for small businesses on subjects far beyond payroll and accounting. For example, we were impressed to see an entire section on the “tools and resources you need to build a greener, more sustainable business.”
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ProAdvisor. You can also use online resources to access a live bookkeeper or ProAdvisor to assist you with various functions.
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Online customer service reviews left us wary — especially when many competitors boast outstanding customer service testimonials. Finding reviews of QuickBooks Payroll is tricky; the Better Business Bureau has many entries for QuickBooks under slightly different names. It’s impossible to find specific reviews of the payroll software. However, Intuit as a brand has a C+ rating across multiple BBB entries.
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On Trustpilot, there’s also no distinction between payroll and broader accounting and HR services; Intuit scores 1.2 out of 5, with over 90 percent of its reviews awarding the company the lowest possible score. Customer service receives particularly harsh criticism.
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The QuickBooks blog includes detailed articles on all aspects of running a business. Source: QuickBooks
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QuickBooks Payroll Drawbacks
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QuickBooks Payroll has many upsides. However, we found a few drawbacks:
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Crucial features are on higher-tier plans. One of the downsides of using QuickBooks Payroll is that you must sign up for the Elite plan to access most of its best features. Same-day direct deposit is only available on the two higher-tiered plans. And the Tax Penalty Protection and access to HR specialists are only available to Elite users.
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You pay more for out-of-state employees. Another disadvantage is that if you must pay employees in different states, you’ll be charged a $12 monthly fee for each state outside of your home state unless you sign up for the Elite plan.
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Limited third-party integrations. QuickBooks has limited third-party integrations compared to other payroll vendors. For example, you can only use QuickBooks as your accounting software provider with QuickBooks Payroll. Ironically, many providers incorporate QuickBooks compatibility and integrations in their programs. If you need a payroll service with hundreds of possible integrations, check out our review of Rippling.
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Methodology
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When evaluating the best payroll services, we spent dozens of hours researching the top online payroll companies. We examined costs, tax services, ease of use, customer service, integration options, and incentives like free trials and tax guarantees. We also looked for mobile accessibility, payroll report availability and employee self-service features. We read customer reviews and viewed Better Business Bureau ratings and complaints to see how others view the vendor and its products. When searching for the best online payroll service for same-day direct deposit, we looked for vendors with flexible direct deposit options alongside robust payroll and HR features. Our goal is to help businesses choose the right payroll service.
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Bottom Line
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We recommend QuickBooks Payroll for …
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Companies that want to offer next-day or same-day direct deposit.
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Businesses that already use QuickBooks accounting software.
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We don’t recommend QuickBooks payroll for …
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Businesses that want to use third-party accounting software.
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Larger companies with complex payroll and HR needs.
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Neil Cumins contributed to this article.
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Accounting, financial management and financial statements can seem baffling. After all, math doesn’t come naturally to everyone and the savviest minds might get overwhelmed by rows and columns full of numbers. That’s why certain organizations make business accounting easier on all sides by applying accounting standards. Almost all accountants follow these standards, ensuring consistency across companies’ reports and making these documents easier to read ― even for total novices.
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What is an accounting standard?
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Accounting standards boil down to a simple principle: standardizing accounting methods and practices across the United States and other countries. These standards ― updated frequently by their governing bodies ― help accountants, investors and other key stakeholders regulate accounting processes and maintain financial documents.
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What are the two main types of accounting standards?
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Accounting standards vary from country to country. However, most have adopted generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS).
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GAAP
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GAAP is a set of accounting principles issued by the Financial Accounting Standards Board (FASB). In the U.S., publicly traded companies must follow GAAP when compiling their financial statements.
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Compliance with GAAP ensures transparency in financial reporting, making it easier for third parties to compare different companies’ accounting reports and financial statements. However, following GAAP principles does not ensure that financial statements are free of errors or information that could mislead investors.
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IFRS
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The IFRS is set by the International Accounting Standards Board (IASB). Like GAAP, this set of standards was established to bring transparency and consistency to accounting practices.
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IFRS also seeks to establish a common global language for company accounting principles. In 168 countries, IFRS standards are mandated or highly suggested for domestic public companies, foreign companies or both.
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However, IFRS is not used universally, which can be confusing when reviewing international companies. The U.S. Securities and Exchange Commission (SEC) has stated it won’t switch from GAAP to IFRS, but it is reviewing a proposal to allow IFRS to supplement financial filings in the U.S.
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What are the categories of accounting standards?
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Accounting standards are not a one-size-fits-all set of rules. Financial needs and processes vary from business to business, but accountants are bound by standards specific to their work type and location.
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These are the three accounting standards categories relevant to U.S. businesses:
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Private and publicly traded companies: In these companies, accountants use GAAP. The SEC only requires publicly traded and regulated companies to follow GAAP, but private companies also follow these rules for internal management convenience. GAAP principles include revenue recognition, balance sheet item classification and outstanding share measurements.
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Global companies: Some businesses are based in multiple countries and have a global reach. Accountants for these businesses use IFRS. These standards are designed to bring fairness to financial reporting documents for any business that operates globally.
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Government: Anyone who works for state and local government bodies uses the government standards developed by the Governmental Accounting Standards Board (GASB).
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While divergent in some areas of their financial and accounting guidance, the FASB, IASB and GASB have a common goal: to develop updated principles and standards that cover a broad spectrum of accounting tasks, such as assets, equity, revenue, business expenses and liabilities.
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For example, GAAP standardizes accounting related to the measurement of financial activity, disclosure of financial information, summarizing of financial information and recording of financial measurements.
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This generous scope means standardization bodies frequently update, revise and add accounting standards to mirror the business world’s climate and needs. However, given the rapid pace at which these standards are updated and revised, compliance relies on high-quality, ethical accountants, as the new standards will be open to some level of interpretation. Again, it is the accountant’s responsibility to be well-versed in these standards and their updates.
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Why are accounting standards important?
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While accounting itself has a long history, accounting standards originated in the aftermath of the Great Depression. The American Institute of Certified Public Accountants and the New York Stock Exchange originally proposed them in the 1930s.
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This proposal was followed by the Securities Act of 1933 and the Securities Exchange Act of 1934, which created the SEC. From there, accounting standards categories and ruling bodies formed over time to appropriately represent the diversity of accounting professionals in the U.S.
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In general, accountants are responsible for understanding accounting standards. However, banks, investors and government agencies should also understand the differences between accounting standards’ categories to make informed decisions about where their money goes.
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If their accounting information is irrelevant, outdated or inaccurate, these entities cannot properly do their jobs, potentially throwing the financial subset of the business world off-balance.
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The best accounting software for GAAP compliance
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Among our nearly dozen picks for the best accounting software, the following three platforms are especially useful when it comes to GAAP compliance:
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Xero: You can customize your balance sheets and income statements in Xero to appear in GAAP-compliant formats. It’s also easy to compare your budgets to actuals in Xero and customize your profit and loss (P&L) statements. Check out our Xero review to learn more about this accounting platform.
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Oracle NetSuite: This enterprise resource planning (ERP) software includes a rule-driven engine through which your financial reports are always generated in GAAP-compliant formats. You can also create IFRS-compliant reports and reports that adhere to both IFRS and GAAP standards. Learn more via our Oracle NetSuite review.
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Wave Financial: All Wave Financial reports are GAAP-compliant by default, plus all Wave accounting features are entirely free to use. The reports you generate in Wave include balance sheets, P&L statements and sales tax reports. Read our Wave Financial review to learn more about this platform’s exceptionally high-quality features for a free accounting platform.
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How should accounting standards be regulated?
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Now that it is easier for businesses of all kinds to operate on a global scale, crucial questions arise about how to regulate the financial side of international business, if at all. Accounting standards fall into these debates as professionals consider whether or not global accounting standards are truly possible.
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In the U.S., accounting professionals turn to the FASB, the organization that “establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow [GAAP].”
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Recognized by the SEC as the “designated accounting standard-setter for public companies,” these bodies claim a national authority in the U.S. over creating and updating comprehensive accounting standards.
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Should the U.S. switch to IFRS?
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In recent years, as businesses have gone global, there have been calls to shift from national to international accounting standards. This is where the United Kingdom-based IFRS comes back in.
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According to the IFRS website, “more than a third of all financial transactions occur across borders and that number is expected to grow.” IFRS proposes addressing the complexity of international transactions by enhancing transparency, accountability and efficiency in how accounting principles are created and distributed to the international business world.
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IFRS acknowledges this is difficult: “Changing to IFRS Standards does not come without cost and effort. The companies reporting will generally need to change at least some of their systems and practices. Investors and others using financial statements need to analyze how the information they are receiving has changed; and securities regulators and accounting professionals need to change their procedures.”
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Any worthwhile change in the business world takes time and money. Some won’t be ready to make that change, with many justifications for why not. Eleven countries, including the U.S., still have their own accounting standards. However, many others, including all countries in the European Union, have adopted IFRS standards.
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The future of accounting practices
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What does a potential accounting standards shift mean for financial accounting professionals in the U.S.? According to Horngren’s Financial & Managerial Accounting, the impact of converging the U.S. GAAP and the IFRS will be “limited.” Managers and accountants must be aware of significant changes affecting how “internal managerial decisions are reported to shareholders and other external constituencies.”
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The differences between financial statements prepared under GAAP versus the IFRS are not substantial. Most are “technical in nature,” according to Horngren’s Financial & Managerial Accounting and accounting standards’ managing boards and organizations have dedicated resources online and offline for navigating these technicalities.
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The ever-evolving educational sector of the accounting profession relies on bodies like the FASB, IASB and GASB to determine accounting standards accurately and thoroughly. As time passes, the accounting world might see a further convergence of the GAAP and IFRS principles.
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While the potential changes and costs that come with this shift might complicate the accounting and managerial professions for a while, the seamless integration of accounting standards should prove useful as businesses continue to operate internationally.
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In the meantime, the FASB of the U.S. and the independent accounting standards boards of other nations are working to provide accessible accounting resources to businesses of all shapes and sizes in their domestic business spheres.
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Standardizing your accounting
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Although you’re only required to follow GAAP standards if your company is publicly traded, prioritizing compliance is still smart. This way, anyone looking at your company’s reports can easily assess your financial standing. Chances are you’ll eventually need to share your reports externally, for example, when you apply for bank loans for your business. Adhering to accounting standards today makes for an easier understanding of your financials tomorrow ― and long after.
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Max Freedman and Rebecka Green contributed to this article.
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If you’ve been in business for any length of time, you know you need an email list. Email marketing allows you to develop a relationship with your customers and bring in more sales for your company. But building an email list is not enough on its own; you also need a way to manage and optimize your email list. This process is known as email list management. In this article, you’ll learn about some of the best approaches to managing your email list and how high-quality email marketing software can help.
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Editor’s note: Looking for the right email marketing service for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.
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What is email list management?
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Email list management is how you organize your business’s email subscribers. It’s the process of validating email addresses, getting rid of dead ones and otherwise maintaining a healthy list. When you regularly manage your email list, you ensure it’s up to date and accurate, thus allowing you to deliver more value to your email subscribers.
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Why is email list management important?
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A strong email marketing strategy hinges on an active and engaged subscriber base. People sign up for your emails for different reasons, and many will lose interest at some point.
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A certain percentage of people will eventually unsubscribe, while others won’t — they’ll just stop opening your emails altogether. Worse, your emails might go to their spam folders, which hurts your campaigns’ deliverability and, eventually, your sender reputation.
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Email list management needs to be at the core of your email marketing strategy. By maintaining a list of engaged subscribers, you can create content and offers that speak directly to your audience and generate a response.
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Best practices for managing your email list
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You’ve invested a lot of time and money into growing your company’s email list, so you want to manage it well. Here are four best practices for managing your list:
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1. Use the double-opt-in method.
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Before your customers can begin receiving your emails, they have to subscribe. There is some debate over whether you should require them to do a single or double opt-in for this. If you require only a single opt-in, they can begin receiving emails from you as soon as they subscribe. With a double opt-in, they must confirm via email that they signed up for your mailing list.
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It can be tempting to go with a single opt-in because it allows you to grow your email list faster, and you never have to worry about losing the subscribers left in limbo. However, you could end up with a bunch of fake or spam email addresses. A double opt-in ensures you have a list of engaged subscribers, since the people who signed up have shown they really want to be there. [Read related article: How the GDPR Is Affecting Email Marketing]
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2. Set up a welcome sequence.
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What happens when a new email subscriber joins your list? Hopefully, that person goes into your welcome sequence, an automated email series that new subscribers receive right after signing up. It’s an opportunity for them to get to know you and start building a relationship with your business.
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When a new subscriber joins your email list, they are excited and engaged with your business. But if they don’t hear from you for weeks, they’ll quickly lose interest and move on, so a welcome sequence and other drip campaigns help you build trust and engagement with your audience.
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Here are a few tips for creating a welcome sequence:
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Use a conversational tone in your emails.
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Ask a question, and invite your subscribers to respond to the email.
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Share one of your best pieces of content — a really helpful blog post, guide or video.
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Don’t space the emails too far apart; send them every day or every other day, depending on how long the sequence is.
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3. Segment your subscribers.
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Personalizing your emails can increase your open rates to numbers well above those of generic emails sent to all of your subscribers. The best way to deliver targeted emails is to segment your email subscribers so you know who should receive what.
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Segmentation can feel like a huge undertaking, so if you haven’t been doing customer segmentation already, it’s best to start small. Start by segmenting your list based on marketing demographics, like age, gender and income level. Those factors alone can tell you a lot about your subscribers’ interests.
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You can also segment your subscribers based on whether they are already customers. You can segment your current customers even further based on their past purchases or total amount spent.
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4. Remove inactive subscribers from your list.
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The final step in maintaining a healthy email list is to remove unengaged subscribers. It may seem counterintuitive to remove subscribers, but it doesn’t matter how many subscribers you have; what matters is your overall engagement.
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Inactive, or “dead,” subscribers are individuals who haven’t opened a single email from you in the past 90 days. Your email provider should have a way for you to find this information quickly. Once you’ve identified your inactive subscribers, tag them and send them one last email with the opportunity to stay on your list. Here is an example:
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Hi, [name]!
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I noticed it’s been a while since you’ve opened one of my emails. I only want to send emails to people who are getting a ton of value out of them, so I plan to remove everyone on my list who isn’t engaged — and my records show that includes you.
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If you want to be removed, there’s no action needed on your part. But if you’re hoping to stay on my list, just click the link below.
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[insert link]
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This email allows you to reengage some of your inactive subscribers. At the same time, you’re getting rid of the people who don’t want to hear from you anymore.
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Email marketing software that can help manage your list
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A crucial component of successful email marketing campaigns is targeting the right people. To do this, you need to use proper list management strategies and segmentation tools. This combination ensures you are sending emails to those who want to receive your messages while also making sure those who want your emails are getting messages that appeal to them specifically. Here are four of the best email marketing software providers that can help you on both counts.
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monday.com
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monday.com is a project management tool designed to streamline the tasks involved with email marketing list management. You can store large amounts of email contacts in the program so you can easily keep track of all your sales leads.
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Through monday.com’s customizable opt-in forms, you can ensure the software’s innovative features meet the needs of your business and your potential subscribers. The company offers automated email marketing campaigns and detailed analytics that track email open rates, conversion rates and bounce rates, among other tools.
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With lead categorization, you can organize your subscribers based on factors such as location and customer preferences. This can complement your segmentation and personalization approaches.
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Although the monday.com interface is user-friendly, users with little or no project management software experience may face a learning curve. You can check out our detailed monday.com review to learn more about this platform.
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HubSpot
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HubSpot is a leader in marketing software, and its email management solution is one of the best out there. You can use the software to create and track personalized email campaigns.
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The email editor is incredibly comprehensive, with a wide range of templates for various purposes. You can add content blocks, like images and buttons, and edit the design to meet your vision.
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One of HubSpot’s most useful aspects is that it lets you personalize emails based on where your customers are in the client life cycle. You create an email, and HubSpot will adjust details such as the subject line to fit that subscriber’s customer journey.
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The platform also gives you access to extensive analytics about your campaigns. You can track your open rate, unsubscribes and spam reports. HubSpot will show you which subscribers are the most engaged and which links get the most clicks.
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The only real downside to HubSpot is the price; it isn’t the most affordable option for small businesses. You can learn more about this vendor in our review of the HubSpot CRM, which has email marketing capabilities.
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Constant Contact
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With Constant Contact, you can manage your email list, set up a website and monitor your ad campaigns, all in one program. The software is incredibly functional and offers many advanced email marketing features.
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Constant Contact has hundreds of email templates with many editing options. You can customize the fonts and brand colors for each email by entering your website URL, as well as add contact blocks, videos and social sharing options. The software’s drag-and-drop tools make it easy to design each email exactly the way you want it.
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If you switch to Constant Contact from another email service provider, you can automatically import your contacts. You can also use the software to grow your subscriber list, create sign-up forms and access advanced reports.
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The software is relatively intuitive, so it’s a great option even if you don’t consider yourself particularly tech-savvy. However, the vendor doesn’t provide 24/7 customer support, which could be a downside for some users. To learn more about how your business can use this email list management platform, read our full Constant Contact review.
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Mailchimp
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Mailchimp is one of the best email marketing services for novices. The software is easy to use, but it provides plenty of advanced reports that let you take a data-driven approach to email marketing.
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When you sign up, Mailchimp walks you step by step through the process of setting up your first email campaign. You can choose to use an email template or build your own email from scratch. Mailchimp will even spell-check your emails for you when you’re done drafting them.
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Mailchimp stands out for its advanced reporting features. The software gives you insight into the results of each email campaign, showing you which ones had the most significant impact on your bottom line. [See what email marketing metrics you should track.]
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Mailchimp’s functionality and ease of use make it an excellent option for beginners. However, its customer service options are limited on lower-tier plans.
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Making email management simple and profitable
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Managing your email lists is a large part of keeping customers engaged with your business. Several email marketing software platforms can make the process easier and more beneficial, and various factors will determine which is the best service for your business. When you invest in effective email list management practices, you build stronger customer relationships and expand your customer base. That, in turn, can help secure some additional revenue for your business — and fuel your continued growth.
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Shayna Waltower contributed to this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"687","_score":2,"_source":{"canonical":"https://vaylees.com/16288-email-marketing-metrics.html","displayModified":"2024-03-07T19:28:29Z","docType":"article","editorsPick":false,"href":"16288-email-marketing-metrics.html","id":"687","ID":687,"isSponsored":false,"published":"2021-10-08T13:43:00Z","site":"bnd","stream":"Take your email marketing campaigns to the next level by tracking these metrics for success.","subtitle":"Take your email marketing campaigns to the next level by tracking these metrics for success.","title":"7 Email Marketing Metrics You Should Track","author":{"displayName":"Jamie Johnson","email":"jamiejokcmo@gmail.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/04072055/jj_photo-scaled.jpg","type":"Senior Analyst"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Sales & Marketing","slug":"sales-marketing"}},"meta":{"robots":"index, follow","description":"Email marketing is profitable, but only if you track the right metrics. Here are seven email marketing metrics to grow your business."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04072811/computer_dima_sidelnikov_getty.jpg","caption":"dima_sidelnikov / Getty Images","alt":""},"content":"
Email marketing is one of the most effective ways to engage with your audience and turn subscribers into buyers. Just because you run an email marketing campaign doesn’t mean it’s as effective as it could be.
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The only way to know if your campaign is working the way you want is by tracking it. When you track your metrics and key performance indicators (KPIs), you can measure whether you’re hitting your goals and moving your business in the right direction.
\n
Editor’s note: Looking for the right email marketing solution for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.
\n\n\n \n\n\n
7 email marketing metrics and KPIs you should be tracking
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The email marketing metrics you should track depend on your goals. Every campaign is unique, and you may have different priorities for various campaigns.
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However, there are specific email marketing metrics that you should examine for each campaign. Here are the top seven email marketing metrics you should track:
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1. Open rate
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Monitoring your open rate is the first place to start. The open rate is a pretty basic KPI that you should examine. Your open rate tells you what percentage of subscribers actually opens your emails.
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Monitoring your open rate is helpful because a low open rate could indicate a problem with your subject lines. And if you can’t get your recipients to open your emails, your campaign is unlikely to succeed.
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If you are struggling with your open rates, you may want to start experimenting with different subject lines to see which ones resonate the most with your audience. Your email marketing provider will let you A/B test different subject lines to see which ones perform the best.
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Here are a few ideas you can test:
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Using a question vs. a statement
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Adding emojis
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Using different subject line lengths
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Adding a subscriber’s name to the subject line
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Finally, to calculate your open rate and see how you’re performing, divide the number of opened emails by the number sent. You’ll want your open rate to fall somewhere between 15 percent and 25 percent. If your number falls below the average, it’s time to rethink your initial approach.
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2. Bounce rate
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When you’re growing your email list, there’s nothing more frustrating than learning a large percentage of emails you send doesn’t even reach your subscribers. This is known as a bounce rate, another important metric to track.
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There are a few reasons you want to pay attention to your bounce rate. First, a high bounce rate can help you identify if you have a lot of fake email addresses in your system. Many people will give a fake email address so they can access your email opt-in without having to share their information.
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A large number of fake email addresses will significantly affect your bounce rate, and a high bounce rate can negatively impact your company’s reputation. Your account can even potentially get suspended if your kickback rate is too high. It’s essential to know your bounce rate so you can remove fake subscribers.
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Implementing a double opt-in is an excellent way to reduce the number of fake subscribers. With a double opt-in, after a subscriber signs up for your email list, they’ll receive an email to confirm their subscription. If they don’t finish the final step, that person won’t be added to your email list.
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3. Click-through rate
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Your click-through rate reviews how many people clicked on the links in your email, and this metric can give you insight into how many people thoroughly read your messages.
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It’s important to note that click-through rates aren’t typically as high as open rates. Just because someone opened your email doesn’t mean they’ll click on any of the links.
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To increase your click-through rate, make sure you’re sending personalized and relevant content to your recipients. You can do this by segmenting your audience by location, profession, and whether or not they’re a customer.
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You may be targeting the wrong audience if your click-through rate doesn’t seem to improve despite making appropriate changes to your content. Make sure to reach out only to those who would be interested in your product.
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Additionally, you want to ensure you’re aware of your current marketing demographic. As time changes, so do the interests of your past subscribers. Make sure to be up to date with your marketing approach.
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4. Unsubscribe rate
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It’s vital to know how many people unsubscribe from your list. Your unsubscribe rate will break down how many people are no longer interested in receiving emails from you. This information should be available on your dashboard when you log in to your email provider.
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It’s not always a negative indicator if you see your business lost subscribers. Not everyone is a good fit for your business, and when you get rid of unengaged subscribers, you make more room for the right people.
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Every email you send should give your subscribers a clear way to opt out of future emails. Making it easy for people to unsubscribe will help you build trust with your audience.
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5. Conversion rate
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Your conversion rate lets you know how many people clicked on a link in your email and then followed a specific action, like a purchase or signup. But it goes a bit further than determining your click-through rate. After all, just because someone follows a link doesn’t mean they’ll make a purchase.
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When you track your conversion rate, you’ll see firsthand whether the money you’re putting into marketing is paying off. If no one clicks on your links and buys your product or service, the conversion rate will tell you this data.
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The easiest way to measure your conversion rate is to divide the number of purchases by the total amount of emails released. You’ll then multiply that number by 100. For instance, if you have 100 purchases after sending 2,000 emails, your conversion rate is 5 percent.
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If your conversation rate isn’t ideal, the answer could be something as small as changing your subject lines or adjusting your content. But you should also look at more significant factors, like whether your landing page is easily accessible.
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If your patrons are having difficulty signing up, you’ll likely lose them from your email list. They won’t even make it to the point where they have an option to purchase from your company.
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6. Device statistics
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Monitoring your device statistics helps you see how your subscribers are accessing and reading your emails. This matters because different devices display information in various ways. For instance, your emails will look different on a mobile device versus a laptop.
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Increasingly, more consumers are checking their email from their phone rather than a desktop computer. This is especially true if your subscriber demographics are mostly made up of younger people. Consequently, it’s important to ensure your emails are optimized for mobile devices.
\n
It’s also a good idea to use short paragraphs and include plenty of white space in your emails. It’s best to limit the number of photos you use; if you use graphics, make sure they are small and clearly visible. This will ensure your emails can be quickly scanned.
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7. Spam reporting
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It’s necessary to know what inbox is receiving your outgoing messages. It’s problematic if most of your emails end up in a subscriber’s spam folder. Unfortunately, messages that go to spam frequently get reported, which can hurt your deliverability rating over the long run.
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Additionally, you want to make sure nothing is going wrong on your side that is causing your messages to go to spam. If too many emails go to spam, your account can get blocked, and you won’t be able to send any emails. As with your bounce rate, your reputation can be affected if your emails are frequently being reported as spam.
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If you keep receiving a high spam score, it may mean your subscribers aren’t valuing what you’re sending them. As difficult as it may seem, it’s a good time to reevaluate your email marketing campaign.
\n\n\n \n\n\n
Importance of tracking email metrics
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Many factors go into successful email marketing, but tracking your metrics is the only way to know whether or not you’re truly reaping the benefits of email marketing. Tracking these metrics is essential to measuring the success of your campaigns and is a critical part of all the best email marketing strategies available to your business.
\n
Tracking your email marketing helps you better understand how your subscribers are engaging with your content. Without tracking your metrics, you won’t have a clear picture of how your content resonates with your subscribers and whether your efforts are paying off.
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Tracking your metrics also informs your future email marketing campaigns. When you can see what works and what doesn’t, you’ll know what improvements you should make.
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For instance, you may hook your subscribers with your subject lines, but then when they open the email, the content is lacking and not very engaging. You could also be losing a large number of subscribers because your emails are always going to spam.
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Understanding where your issues stem from can help you fix the problem and grow your audience.
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The best email marketing software for metrics reporting
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The most effective email marketing tools on the market will offer detailed reporting and analytics that make tracking metrics easy. These reports can help you leverage data-driven insights to make better choices in future email marketing campaigns so you more effectively reach your target audience, drive more conversions and keep them engaged with your brand. Here are a few of our favorite platforms:
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Mailchimp: If you’re just starting out with email marketing and want a solution that makes it easy to get started, check out Mailchimp. This platform gives you the most important metrics you need without overwhelming you with information.
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Constant Contact: If you need a slightly more advanced platform that still provides a user-friendly experience, check out our Constant Contact review. Constant Contact offers detailed reporting data so you can easily track the success of your campaigns and identify areas for improvement.
\n
Salesforce Marketing Cloud: When you want to put your data to work, Salesforce may be the best choice for you. Seamless integration to Salesforce CRM means you can quickly update customer and lead profiles to inform your sales team about who’s most likely ready to buy. In this way, Salesforce doesn’t just help you track metrics; it helps you act on them. Read our Salesforce Marketing Cloud review to learn more.
\n
\n
Optimize email marketing by tracking metrics
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By making it a priority to track these seven email marketing metrics, you’ll have a better idea of how your campaigns are performing. It will also help you understand your subscribers better and learn the type of content they enjoy receiving. From the subject lines that drive the most engagement to the CTAs that compel readers to click, tracking metrics helps you improve upon your email strategy to drive more interest and conversions from this all-important marketing channel.
\n
Tejas Vemparala contributed to this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"374","_score":2,"_source":{"canonical":"https://vaylees.com/16568-square-vs-paypal-credit-card-processing.html","displayModified":"2024-01-17T15:41:25Z","docType":"article","editorsPick":false,"href":"16568-square-vs-paypal-credit-card-processing.html","id":"374","ID":374,"isSponsored":false,"published":"2022-01-20T21:12:00Z","site":"bnd","stream":"This comparison of Square and PayPal breaks down the pros and cons of each credit card processing provider.","subtitle":"This comparison of Square and PayPal breaks down the pros and cons of each credit card processing provider.","title":"Square vs. PayPal","author":{"displayName":"Jamie Johnson","email":"jamiejokcmo@gmail.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/04072055/jj_photo-scaled.jpg","type":"Senior Analyst"},"channels":{"primary":{"name":"Find A Solution","slug":"find-a-solution"},"sub":{"name":"Financial Solutions","slug":"financial-solutions"}},"meta":{"robots":"index, follow","description":"This guide compares Square and PayPal, two top credit card processing services, to help small businesses choose the best payment provider for their needs."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04072336/office_computer_Poike_getty.jpg","caption":"Poike / Getty Images","alt":"Businessman using laptop computer"},"content":"
If you run an online business, you need a way to accept customer payments. But to accept credit cards, debit cards, and even cryptocurrency transactions, you’ll need a credit card payment processor, an online cart or top POS system, and a merchant account.
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Choosing between different credit card processors can be overwhelming because there are so many great options available. Two of the most popular picks on the market are PayPal and Square.
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Whether you should use PayPal or Square largely depends on what you’re looking for. Square focuses primarily on companies that offer in-person transactions and may also have online stores. PayPal focuses on online transactions and even allows you to accept some forms of crypto payment.
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In this article, we’ll break down the pros and cons of Square and PayPal so you know which credit card processing service you should choose and why.
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Square vs. PayPal
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Not sure where to start your comparison of Square and PayPal? Take a look at this chart for a bird’s-eye view of the providers’ similarities and differences.
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Similarities
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Differences
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Both offer free POS apps.
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PayPal accepts online payments in various currencies.
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Both have flat-rate pricing for individual transactions.
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Square offers employee management tools.
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Both have good integration options with third-party platforms.
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PayPal is quicker to set up.
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Both provide online and in-person POS hardware solutions.
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Square offers website creation tools.
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Square: Who do we recommend it for?
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Square is a payment processing service that provides credit card processing and POS terminals. It is a particularly good option if you run a brick-and-mortar store, thanks to its variety of hardware options.
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However, Square doesn’t offer merchant accounts. You’ll need to either provide your own or sign up with one of Square’s partnered merchant account services.
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Square’s selection of hardware can’t be beat, including its dual-screen register and mobile card reader. All new users receive a free magstripe reader and POS app for mobile devices.
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The company charges the same online transaction rates as PayPal, but Square doesn’t work with certain high-risk merchants – like gambling enterprises – so it’s not the right fit for every business.
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Here are some of Square’s most important features:
Connection with a third-party merchant account, if necessary
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PayPal: Who do we recommend it for?
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PayPal is known as one of the best online payment platforms available. It offers excellent online credit card processing fees with no monthly charges, and it’s a great choice for retailers that need to begin accepting online payments immediately.
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Even though PayPal doesn’t offer as many POS or hardware solutions as Square, you can jump into PayPal and start accepting online payments in just a few minutes using PayPal’s credit card reader. The company also continues to expand its accepted payments to include cryptocurrencies – such as Bitcoin, Litecoin and Ethereum.
\nIf you want your online business to accept as many payments from as many customers as possible, you can’t go wrong with PayPal.
Source: PayPal
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Unfortunately, PayPal charges for certain items that you’d receive for free from Square – like a virtual terminal – and chargeback fees. You’ll also need to keep an eye out for extra paid services, like fraud monitoring and recurring payments.
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Here are PayPal’s most important features:
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Free POS mobile app
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Acceptance of cryptocurrency payments
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Specialty in online retailers
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Quick setup
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No monthly fees
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Product and service criteria comparisons
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Let’s take a closer look at both Square’s and PayPal’s standout features. This will help you understand the pros and cons of each service, and see which is the right fit for your business.
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Criteria
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Winner
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\n
\n
Plans
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PayPal
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Pricing
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Square
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Features
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Square
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Ease of use
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Tie
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Integrations
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Tie
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Support
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Tie
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Employee self-service
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Square
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Additional services
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Square
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Plans
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Square: Square offers four plans, ranging from free to $72 per month. Each plan includes an increasing spread of features, like abandoned cart tools, lower processing rates per purchase and discounted shipping. Square’s most expensive plan, Premium, is appropriate for large stores that process a high volume of transactions.
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\n\nSquare offers four simple monthly plans.\n
Source: Square
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PayPal: PayPal offers two payment processing plans, Standard and Payments Pro. PayPal Standard takes 15 minutes to integrate with your online shopping cart. Unfortunately, it isn’t very customizable and doesn’t include access to a virtual terminal. PayPal Payments Pro is more flexible and gives you access to a virtual terminal. With this plan, you have the option to accept 25 currencies from over 200 countries and take phone payments. However, either you or a colleague needs some coding experience to integrate this version of PayPal with your current site.
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Winner: PayPal comes out on top for this category because you don’t have to pay extra for its monthly plans. Square’s higher tiers come with monthly charges in addition to individual transaction costs.
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Pricing
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Square: Square and PayPal both use flat-rate pricing structures, so you always know how much you’ll pay for completed transactions. Square charges 2.6% plus 10 cents for every in-person transaction. Online transactions run you 2.9% plus 30 cents per transaction. Square also offers free card readers when you sign up for a new account. A register or POS system will cost $10 to $799, and Square doesn’t have any chargeback fees for disputed transactions.
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PayPal: PayPal charges 2.7% plus 30 cents for every in-person transaction. Online transactions are 2.9% plus 30 cents each. PayPal’s hardware prices are pretty comparable to Square’s, though Square is a bit more expensive. However, PayPal charges a number of fees that Square doesn’t – like a $20 chargeback fee and a $30 monthly fee for a virtual terminal.
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Winner: Overall, Square has the best pricing options between the two companies. PayPal’s in-person transaction rate is higher than Square’s, but Square doesn’t have added fees for chargebacks and other services.
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Features
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Square: Square provides an easy online payment service and remote payment flexibility. You can quickly create and send invoices to your customers, and allow your clients to pay via ACH, debit card or credit card. Square even allows you to accept payments over the phone. Should you need to create a website, Square can help you generate one through its website-building tool. Square offers a square-shaped mobile payment device, plus several different solutions for POS registers or terminals.
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PayPal: PayPal provides tons of developer tools that allow you to add payment buttons anywhere on your site. It also comes with invoicing and recurring billing controls. PayPal accounts include free chip and swipe card readers, and a chip and tap device if you want to use contactless payments at your retail location. Unfortunately, PayPal doesn’t offer POS hardware, so you’ll need to use a third-party provider.
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Winner: Square offers better features in terms of hardware, plus extra features like a website builder.
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Ease of use
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Square: Square is one of the easiest payment processing services to use. It’s very simple to install and start using, especially if you need to build a website using its drag-and-drop creator.
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PayPal: PayPal is also user-friendly, especially because it’s designed for online businesses without a ton of bells and whistles. You’ll have more customization options if you choose the Payments Pro plan.
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Winner: It’s a tie between the two companies, as both are very easy to use and don’t have a lot of technical features.
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Integrations
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Square: Square has dozens of online integrations that you can access through the Square App Marketplace. It can integrate with services such as QuickBooks, ZipRecruiter and Xero.
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PayPal: PayPal’s integrations are slightly different because they’re built into various third-party POS terminals and platforms. So PayPal itself may integrate with fewer third-party apps than Square, but those apps – like eBay, QuickBooks and Shopify – integrate with PayPal just as frequently.
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Winner: Both Square and PayPal integrate with some of the most popular third-party business and tax software solutions, so this comparison is a tie.
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Support
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Square: Square has FAQs and troubleshooting content on its website in case you need fast technical support, along with phone support. However, the company’s phone support is not available 24/7, so the live chat may be a better option if you need to reach someone outside of business hours.
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PayPal: PayPal provides phone support; however, like Square’s phone support, it’s not available 24/7. The company also offers live chat. Alongside a FAQs and troubleshooting section on its site, PayPal provides a community forum. So, if all else fails, you can ask other PayPal users how to solve a particular problem.
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Winner: Square and PayPal tie for support, as neither one offers 24/7 customer support and both provide limited phone and live chat channels.
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Employee self-service
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Square: Square provides tons of self-service employee management tools, such as timekeeping tools and unlimited permission sets. However, you need to purchase Square for Retail to access many of these features.
Winner: The winner in the employee self-service category is Square, as PayPal focuses more on single-employee businesses and small online shops. However, you can always integrate your PayPal account with a third-party employee self-service tool if needed.
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Additional services
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Square: Square is PCI compliant, so you don’t have to worry about data breaches. The company offers encrypted transactions, EMV payment hardware, and dedicated fraud monitoring on all your transactions.
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PayPal: Like Square, PayPal monitors your company’s online transactions for fraud. However, it’s not clear whether it also monitors in-store transactions for fraud. Payments Pro transactions place the PCI responsibility on you, since the transactions occur on your site.
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Winner: The winner for the additional services area is Square, because PayPal requires its users to take on the PCI security compliance, whereas Square handles all fraud monitoring for you.
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Square vs. PayPal recap
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At the end of the day, both Square and PayPal are quality payment processing services. Both services have distinct features that may make one of them better for your business needs.
\n\nIf you’re looking for a payment processing service, both Square and PayPal are great options.\n
Source: Ivan Kruk / Shutterstock
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These are some good reasons to opt for Square:
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You want to complement your brick-and-mortar business with online shopping.
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You need good POS software and hardware.
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Employee self-service and management tools are a must for you.
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You require constant fraud monitoring.
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These are some good reasons to choose PayPal:
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You want to offer online shopping only.
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You want to accept various payment options and currency types.
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You need a quick and painless setup process.
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You want a customizable shopping cart.
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FAQs
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How does Square differ from PayPal?
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Square is a retail and online payment processing service. It offers everything your business needs for online and in-person transactions – including payment processing, merchant accounts through third-party providers, and POS hardware. PayPal is different from Square because it focuses on online payment processing and accepting as many currencies as possible.
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Is Square or PayPal more secure?
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Square might be more secure than PayPal because it offers constant fraud monitoring for its users, whereas PayPal leaves some of the PCI compliance responsibility to its users.
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Is Square a safe way to pay?
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Yes, Square is secure and fully compliant with PCI regulations.
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Does Square beat PayPal?
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Square only beats PayPal if you have a retail business. If you have an entirely online business, PayPal might be a better choice because of its streamlined payment tools.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"356","_score":2,"_source":{"canonical":"https://vaylees.com/16575-stripe-vs-square-credit-card-processing.html","displayModified":"2024-08-15T17:30:04Z","docType":"article","editorsPick":false,"href":"16575-stripe-vs-square-credit-card-processing.html","id":"356","ID":356,"isSponsored":false,"published":"2022-02-17T15:17:00Z","site":"bnd","stream":"Stripe and Square are both popular payment processing services, but which is the best choice for your business?","subtitle":"Stripe and Square are both popular payment processing services, but which is the best choice for your business?","title":"Stripe vs. Square: Which Is Better for Your Business?","author":{"displayName":"Jamie Johnson","email":"jamiejokcmo@gmail.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/04072055/jj_photo-scaled.jpg","type":"Senior Analyst"},"channels":{"primary":{"name":"Find A Solution","slug":"find-a-solution"},"sub":{"name":"Retail Solutions","slug":"retail-solutions"}},"meta":{"robots":"index, follow","description":"Square and Stripe are popular payment processing services for small and growing businesses. Here's how to tell which is the best service for your business."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04072331/credit_jacoblund_getty.jpg","caption":"jacoblund / Getty Images","alt":"Credit card machine at a restaurant"},"content":"\n
If you run an online or retail store, you need to choose the best credit card processor to accept payments while keeping costs down. Beyond looking for a provider with the best rates and the appropriate payment methods, you need to find a solution with the right tools to help your business make the sale.
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We’ve compared two of the biggest names in the industry: Stripe and Square. Both offer a single merchant account and allow you to accept payments through online point-of-sale (POS) stations or portals. They each come with unique benefits and have different advantages and downsides. With that in mind, let’s take a closer look at Stripe and Square to see which best fits your business needs.
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Editor’s note: Looking for the right credit card processor for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.
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Stripe vs. Square Compared
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Criteria
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Stripe
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Square
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Plans and pricing
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Stripe offers two plans with no monthly fees.
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Online transaction fees are 2.9% + $0.30.
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In-person fees are 2.7% + $0.05.
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There are separate fees for additional services.
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Square has three plans for online payments, including a free option.
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All plans include features like a website builder and social media tools.
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Online transaction fees are 2.9% + $0.30, except for the Premium plan which charges 2.6% + $0.30.
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In-person fees are 2.6% + $0.10.
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You can also sign up for additional services like Square POS.
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Payments
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You can accept over 100 payment methods.
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Stripe accepts payments from 195 countries in 135 currencies.
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Customers can pay in installments through Klarna.
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Stripe is built to be customizable.
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Square accepts all major credit cards and digital wallets.
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Payments can only be processed in a single currency.
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Customers can pay later through Afterpay.
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Additional services
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You can get invoicing, recurring payments, advanced fraud detection, tax calculation and more.
\n\n
Some features carry an additional fee.
Stripe provides integrated solutions for payroll, marketing and customer loyalty.
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A website builder and social media selling tools come with all plans.
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You also get tools for invoicing, recurring payments and tax calculation.
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Hardware
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You can get a card reader for $59.
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There are two POS devices for $249 or $349.
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For $0.10 per transaction, you can enable Tap to Pay on your mobile device.
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Square provides a free card swipe reader.
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Square sells affordable card readers, handheld and desktop POS devices, and POS kits.
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Tap to Pay is free.
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Ease of use
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Making the most of the platform’s customization options requires coding skills.
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Stripe integrates with nearly 200 business solutions.
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The platform is easy to set up and use.
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Payments work seamlessly with Square’s POS software and other solutions.
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Square integrates with over 300 business solutions.
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Support
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There are three customer service plans.
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All plans get 24/7 phone, chat and email support.
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There’s an online resource center.
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Phone and live chat support is offered Monday to Friday from 6 a.m. to 6 p.m. PT.
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Premium plans provide 24/7 phone assistance.
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There are online articles and a community forum.
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Who do we recommend Stripe for?
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Stripe is a versatile, easy-to-use online payment service that gives your customers a speedy and convenient checkout experience. Its reasonably low rates, broad payment options and variety of mobile- and online-focused tools make it ideal for businesses doing international e-commerce or operating mostly (or exclusively) online. We especially love that Stripe accepts various currencies from all around the world.
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Stripe may also be a better choice if you have an in-house developer who can make the payment processor work for you. Although it requires some coding, Stripe can be customized to match the look of your brand and be integrated into your online or mobile checkout processes. The company provides extensive documentation and tutorials to speed things along.
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These are a few of Stripe’s primary benefits:
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Stripe accepts over 100 payment methods and 135 currencies.
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With developer help, you can customize the payment process.
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You can set up recurring payments and send invoicing for low rates.
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Stripe lets you create a customized checkout process and accept over 100 payment methods. Source: Stripe
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Who do we recommend Square for?
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Square is another big name in POS and payment solutions for businesses, and for a good reason: It’s been a dominant market force since 2009. It’s one of the best choices for small businesses, especially those with a physical presence, thanks to its excellent POS tools and hardware solutions.
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Square is also an appropriate choice for restaurants, retail businesses and service providers looking for an easy way to start selling online. No developer experience is necessary to use Square, and it can help you manage your company and your customer base relatively quickly. Plus, Square offers a number of different services, like payroll and email marketing, that seamlessly integrate into the Square platform.
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However, Square isn’t quite as versatile in terms of accepted currencies. On the plus side, Square is a little cheaper if you need a POS hardware terminal, since you get your first one for free when you sign up.
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These are some of Square’s main benefits:
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Square offers a variety of affordable POS devices, including a free card swipe reader.
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There are a number of different plans with industry-specific features.
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All plans come with a website builder and social media tools to help build your online presence.
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Stripe vs. Square Comparison
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Still not sure which of the two payment processors you should choose? Let’s break down the major features of Stripe and Square to see which software has the advantage.
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Plans and Pricing
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Stripe
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Stripe offers two plans: one with set fees and one with custom pricing.
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Pricing is transparent — and there are no monthly service fees.
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Online transaction fees are 2.9% plus $0.30; in-person rates are 2.7% plus $0.05.
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Stripe offers two main plans for its customers. The Standard plan is a complete payment platform for online business owners who want to accept credit card payments. We love that the pricing is transparent, with no monthly or hidden fees. You’ll only pay extra if you add on some of Stripe’s additional services.
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The Custom plan lets you design a tailor-made package for your business and choose precisely what you want to pay for. This plan could be a better choice for larger businesses with many international customers, as Stripe may offer you better rates.
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Here’s how additional pricing breaks down for the Custom plan:
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Online transactions (Payments): 2.9% plus $0.30
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In-person transactions (Terminal): 2.7% plus $0.05
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Hardware: $59-$349
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International cards: 1.5%
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Manually entered cards: 0.5%
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Currency conversion: 1%
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Tap to Pay: $0.10
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Custom checkout domain: $10/month
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Chargebacks: $15
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Invoicing: 0.4%
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Square
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Square has three plans for online payments, including a free option, with many features.
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Online processing rates start at 2.9% plus $0.30; in-person rates are 2.6% plus $0.10.
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You can also get Square’s other services like POS, invoicing and a virtual terminal.
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Square offers a number of distinct plans geared towards different types of businesses with a ton of industry-specific features. Square Online is the product most similar to Stripe’s services, although you can easily combine it with any of Square’s other products, many of which have free entry-level plans.
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Here’s a breakdown of Square Online’s three plans:
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Plan
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Monthly Cost
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Fees
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Additional Features
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Free
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$0
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Online: 2.9% + $0.30
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In-person: 2.6% + $0.10
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Manual entry: 3.5% + $0.15
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Chargebacks: $0
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Invoices: 3.3% + $0.30
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Website builder, sync with Square POS, social media selling, delivery options, age verification, fraud controls and marketing tools.
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Plus
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$29
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Fees are the same as Free.
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All Free features, plus website themes, custom domains, advanced site customizations, PayPal payments and analytics.
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Premium
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$79
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Online: 2.6% + $0.30
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Other fees are the same as Free.
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All Plus features, and a lower processing rate and premium support.
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We love how easy it is to combine Square Online with other Square products. These are the additional payment processing solutions Square offers:
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Square POS: Sell online and in-person with Square’s POS systems. There’s a free plan that includes POS software and different paid plans with industry-specific features for restaurants, retail and appointments.
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Virtual Terminal: Use your desktop to offer remote billing or phone payments. Starts at $0.
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Invoices: Invoicing comes free with Square Online, but for $20 a month you can get a lower rate of 2.9% plus $0.30.
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Afterpay: With Afterpay you can let your customers pay in installments. The standard rate is 6% plus $0.30.
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Payment links: Send payment links or create a buy now button or QR payment codes. The standard rate is 3.3% plus $0.30.
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Payments
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Stripe
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Stripe is a versatile payment processor, accepting over 100 payment methods.
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You can accept international payments in 135 currencies from 195 countries.
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Stripe lets you customize the payment process.
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Stripe offers a wide range of payment features for small business owners. You can process over 100 payment methods, including all major credit cards, mobile wallets and ACH payments. This makes it easy for businesses to accept niche payments from customers — another reason Stripe is well suited to online purchases. For an additional fee of 5.99% + $0.30, customers can even choose to pay later in installments through Klarna.
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Stripe excels at helping businesses operate internationally, accepting payments from 195 countries in 135 different currencies, including from popular international methods like WeChat Pay. No matter the currency your customer pays in, Stripe will convert it for a flat fee of 1%. We especially like that, no matter where you do business, you can customize your payment screens to match your branding and display local payment methods and currencies.
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Square
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Square accepts all major credit cards and mobile wallets.
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It only accepts payments in one currency.
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Customers can pay later at no cost to you through Afterpay.
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Square can accept credit cards from all U.S. providers and most international card companies. Like Stripe, it accepts mobile wallets, including Google Pay and Samsung Pay. We were disappointed that Square does not accept foreign currencies. You can only accept payments in the currency your account was set up to use. When foreign customers purchase your service, they will most likely have to pay an additional fee for their bank to convert the funds.
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Similar to Stripe, Square offers consumers the option to pay later through Afterpay, an additional service offered by Square’s parent company. Customers can pay in four interest-free installments, but you get the total payment right away.
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Additional Services
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Stripe
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Stripe offers additional services for a fee.
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Its features include recurring payments, invoicing, tax calculation and fraud detection.
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Stripe will screen payments and block any fraudulent transactions. Source: Stripe
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Stripe offers a host of features to enhance how you take payments, most for an additional fee. You can accept recurring payments or send invoices. Stripe also lets you create custom virtual and physical cards. We especially love Stripe’s security features, including advanced fraud protection and identity verification tools.
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The platform can even calculate your taxes, including internationally. On top of that, financial reporting tools are built into Stripe’s plans, along with customer reporting tools if you sign up for Stripe Sigma.
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Square
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Square Online comes with a website builder and social media tools.
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There are tools for invoicing, recurring payments and tax calculation.
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Square also offers solutions for payroll, marketing and customer loyalty.
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Square offers so much more than payment processing, even with its free plan. When you sign up to Square Online, you’ll get access to tools to build a business website, a free domain name for a year, delivery functions and social media selling assistance. Square also has features for sending invoices, calculating taxes, creating gift cards and setting up recurring payments. Analytics and reporting only come with paid plans.
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We especially love that Square offers a ton of other business products that integrate seamlessly with your payment processing dashboard. You can add payroll, email marketing, text message marketing, a customer loyalty program and a customer directory. Some of these features can be accessed for free. Square can even set you up with a business debit card, a savings account or a business loan.
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Hardware
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Stripe
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Stripe offers card readers and POS devices.
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You can enable Tap to Pay on your mobile devices for a fee.
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Compared to Square, Stripe’s hardware options for accepting in-person payments are quite limited. You can get a basic card reader for $59. There are also two touchscreen POS devices that go for either $249 or $349. If you don’t want to purchase a card reader, you can also enable Tap to Pay on your mobile device for $0.10 per transaction. As Stripe doesn’t offer POS software, you’ll have to build an integration into your native checkout solution.
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Square
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Square provides a free card swipe reader.
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There are multiple hardware options from card readers to POS kits.
Square stands out for the variety of hardware devices it offers. When you sign up, Square will send you a free swipe reader that attaches to any mobile device. Beyond that, you can choose from any of these options for accepting payments in person:
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First generation contactless card reader: $49
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Second generation contactless card reader: $59
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Square Stand (iPad POS for chip and contactless payments): $149
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Square Terminal (includes a built-in printer): $299
POS Kits (includes register and printer): $579-$1959
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Square also lets you enable your iOS or Android devices to accept Tap to Pay payments and there are no extra fees. Whether it’s Tap to Pay or a POS device, we love that set up is easy, as Square provides its own POS software.
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Ease of Use
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Stripe
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Stripe isn’t overly complicated, but customization requires a developer.
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Stripe integrates with almost 200 third-party business solutions.
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Stripe is relatively easy to use, though its reliance on some third-party tools makes getting started more of a challenge. One area where Stripe stands out is the developer tools. It offers a branded and custom UI toolkit, which is ideal for business owners who know how to code or have in-house developers. However, small businesses without a tech person might find it challenging to get the most out of all the customization options Stripe offers.
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Stripe is known for how easily it integrates with almost 200 third-party apps and tools like WooCommerce and Squarespace. You can also integrate these tools with Stripe Billing or similar apps.
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Square
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You can get up and running with Square right away.
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It’s easy to integrate payments with Square’s POS system and other services.
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There are over 300 integrations available.
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One of Square’s biggest benefits is how easy the software is to use. You can get it up and running fairly quickly. Whether you need to build a website from scratch or integrate payment processing into your retail storefront, Square makes it painless.
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Also, Square’s POS devices are better than Stripe’s overall and sync with Square’s easy-to-use POS software. Plus, using the same simple dashboard, you can access Square’s other services, like payroll and marketing. Square also integrates with over 300 business solutions, like Quickbooks Online and Wix.
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Support
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Stripe
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Stripe offers three support plans, but pricing isn’t listed.
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All plans get 24/7 live chat, email and phone assistance, plus online resources.
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Stripe offers an excellent range of customer service options through three plans, all including live chat, email, 24/7 phone support, an educational blog, and a detailed knowledge base. Email response times vary based on your plan level, and you’ll have to call to get a pricing quote. In general, we found Stripe offers reliable and timely support.
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Square
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Basic support is available weekdays from 6 a.m to 6 p.m. PT.
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Premium subscribers get 24/7 phone support.
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There’s an online article database and a community forum.
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Square provides all businesses with live customer service via phone and chat Monday through Friday from 6 a.m. to 6 p.m. PT. If you pay for the Premium plan, you get round-the-clock phone support. There’s a searchable online database with useful articles. Square also hosts a seller community with a forum where you can ask other users for help troubleshooting problems.
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Stripe vs. Square Recap
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Choose Stripe if:
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You want a custom solution and have experience with coding or an in-house developer.
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You need to accept multiple payment methods and your business is mostly or entirely online.
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You’re looking for a payment processor that lets you accept payments in multiple currencies.
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Choose Square if:
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You want an easy solution to help your business take payments in person and online.
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You need high-quality POS hardware and software with additional features for building an online presence.
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You’re looking for tools and features designed specifically for your industry.
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\n\n\n\n \n"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"11276","_score":2,"_source":{"canonical":"https://vaylees.com/16056-toast.html","displayModified":"2024-10-03T16:12:46Z","docType":"review","editorsPick":null,"href":"16056-toast.html","id":"11276","ID":11276,"isSponsored":false,"published":"2021-04-01T19:20:00Z","site":"bnd","stream":"","subtitle":"","title":"Toast Review","author":{"displayName":"Jamie Johnson","email":"jamiejokcmo@gmail.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/04072055/jj_photo-scaled.jpg","type":"Senior Analyst"},"channels":{"primary":{"name":"Find A Solution","slug":"find-a-solution"},"sub":{"name":"Financial Solutions","slug":"financial-solutions"}},"meta":{"robots":"index, follow","description":"Toast works equally well for a small restaurant that's just getting started and a large chain looking to service multiple sites. It has also done a great job of pivoting in the midst of the pandemic, earning our best pick for restaurants of all sizes."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/08/01033949/Toast_logo.png","caption":"","alt":"toast company logo"},"content":"\n \n\n\n\n
If you’re looking for a point-of-sale (POS) system with spill-proof hardware options that blend in seamlessly with your restaurant’s decor, Toast is a great choice. It’s an excellent option for restaurants of all sizes that provides a wide range of hardware and software. Thanks to its free plan, it’s a great choice for new or very small restaurants to get started with a platform they can grow into. Additionally, Toast is easy to set up and implement, so you don’t need to have extensive technical skills to get started.
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Why Toast Is Best for Hardware
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We selected Toast as the best POS system for hardware because the vendor’s offerings are durable and will easily blend in at any restaurant. Restaurant owners and managers can choose from various options, including handheld devices, counter displays and self-service POS kiosks.
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We like that Toast’s hardware is spill-proof and can withstand high temperatures so it will hold up well in fast-paced restaurant environments. The displays can be mounted anywhere in the kitchen so employees don’t lose visibility — helping them provide guests with seamless, excellent service.
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Whether you run a food truck, cafe, or sit down restaurant, you’ll be able to get the hardware you need with Toast. You can purchase the devices that best suit your restaurant’s size and type; plus, you can further customize your POS system with accessories like flip stands, wall mounts and printers. We also appreciate that all Toast POS devices let customers make contactless payments, including NFC mobile payments — a convenience for all parties.
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Toast’s software is also incredibly customizable. This allows you to manage the entire restaurant, including the kitchen, and customize and refine menus with numerous modifier options.
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Toast displays can be mounted anywhere in the kitchen so employees don’t lose visibility. Source: Toast
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Usability
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We like that Toast is a highly user-friendly POS system with various hardware and software options that will suit restaurants of all sizes. Its restaurant-grade hardware includes POS terminals, kiosks, handheld devices, guest-facing monitors and kitchen display screens.
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Toast initially launched as a consumer app to help restaurants process mobile payments and integrate with existing POS systems. Today, its comprehensive features allow customers to book online reservations, order takeout, purchase gift cards and much more. These are useful features for very small restaurants that want to extend the same sophisticated services that customers have come to expect from other businesses.
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We appreciate that Toast’s hardware options make managing various aspects of your business easier. For example, the Toast Go mobile handheld POS device can accept contactless, swipe, and dip payments, and boasts a battery that lasts twice as long as iPad POS systems. This device ensures seamless dining experiences and simplifies front-of-the-house operations.
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Toast’s software has everything you need to manage the front and back of the house. Its order management feature notifies servers when a customer’s order is ready, providing a better guest experience. It also breaks down everything on your menu at the ingredient level and ensures you have enough inventory.
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We also like that you can use Toast’s menu management feature to update your menu from any device and manage your menu availability with item countdowns. New restaurants that are still trying to figure out their menu will especially benefit from these features.
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Toast’s hardware devices give restaurant owners and managers all the tools they need to operate their establishments. Source: Toast
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Toast Features
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All-in-one POS system
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Toast’s POS system comes with restaurant-grade hardware, cloud-based software and payment processing features.
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Digital ordering
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Toast offers online ordering, delivery and takeout options.
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Order and pay
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Toast Mobile Order & Pay allows guests to look through the menu on their devices and order right from the table.
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Inventory management
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xtraCHEF, Toast’s inventory management system, lets you break down items at the ingredient level and monitor costs across all recipes.
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All-in-One POS System
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We were impressed that Toast’s all-in-one POS system includes restaurant-grade hardware, cloud-based software and payment processing features. We like that its hardware is designed to support a fast-paced restaurant environment and can fit in with any restaurant theme or decor.
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Because Toast has its own payment processing features, you don’t have to look to outside vendors for credit card processing or other services. For new restaurants, this makes it easy to get everything they need to get up and running without dealing with multiple vendors.
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Toast’s cloud-based software includes the following features:
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Tableside service: Your staff can use handheld devices to take tableside orders, get notified when an order is ready and collect payments.
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Menu management: Toast allows you to manage and update your online menu from anywhere. You can edit an item’s availability, add countdowns for upcoming menu items and include promotions.
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Analytics and reporting: Toast’s POS reports let you monitor sales over time and identify areas for improvement in your restaurant.
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Toast’s comprehensive POS reports include detailed sales summaries and real-time data. Source: Toast
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Digital Ordering
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Digital solutions are one way POS systems are changing and evolving. We love that Toast is at the forefront of restaurant POS technology with a full suite of digital restaurant-specific features, including online ordering, contactless delivery and takeout.
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These services can improve the customer experience, boost your profit margins and increase your restaurant’s revenue.
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Here are some of Toast’s digital ordering features that stood out the most to us:
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Online ordering: With Toast’s online ordering system, you’ll set up a website landing page that customers can access on any device. They can use this page to browse your menu, pre-order meals and purchase gift cards. The tool is fully integrated, so if you make changes to your menu in the POS system, they’ll appear when customers place an order online.
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Toast TakeOut: The Toast TakeOut mobile app allows customers to place an order and select pickup and delivery options. We really like that, unlike most third-party takeout apps, Toast TakeOut is a commission-free service.
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Delivery: Toast partners with DoorDash to provide Toast Delivery Services, so you don’t need your own fleet of drivers. This feature works seamlessly with Toast TakeOut.
The Toast TakeOut app helps restaurants reach new guests and makes ordering easier for regulars. Source: Toast
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Order and Pay
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We were impressed by Toast Mobile Order & Pay, a mobile ordering feature that lets customers browse your menu, place an order and pay for it right from their table. This feature is convenient for guests and offers greater flexibility for servers.
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Waitstaff can focus on upselling customers and providing a higher quality of service instead of dealing with repetitive tasks like processing payments and closing out checks. You can also use Order & Pay to gain valuable customer data.
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Toast’s Mobile Order & Pay feature allows customers to place and pay for orders at their table. Source: Toast
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Inventory Management
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Restaurants tend to have low profit margins. However, POS inventory management functions can help minimize waste and ensure the correct amount of ingredients are on hand. For this reason, xtraCHEF, Toast’s inventory management system, impressed us. It breaks down everything on your menu at the ingredient level and lets you track how different items’ pricing has changed.
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After you place an initial inventory order, Toast will create an order guide based on what’s on hand and your restaurant’s needs. You can set up recurring inventory orders and send them directly to your suppliers.
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xtraChef allows restaurant owners to monitor costs across menu items and recipes. Source: Toast
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Toast Costs
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We were pleased that Toast offers competitive and straightforward pricing while providing an easy-to-use system to run your entire restaurant. The platform has all the features you’d expect from one of the best restaurant POS systems, including taking orders, managing your menu and monitoring your restaurant’s performance.
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Here’s a breakdown of Toast’s pricing plans:
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Starter Kit (free): The Starter Kit is designed for single-location restaurants that only need one or two terminals. This plan is free, though you may have to pay for add-on features. It includes cloud-based POS software, a terminal or handheld kit, table and order management tools, digital menus, and mobile payments. We recommend this plan for new or very small restaurants that want to set up a POS system but aren’t ready to commit a large investment.
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Point of Sale (starts at $69 per month): The Point of Sale plan is designed for restaurants looking to streamline their operations. It comes with many of the same features as the Starter Kit, but you can choose your own hardware and a custom configuration.
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Build Your Own (custom pricing): The Build Your Own plan is best for larger restaurants that want to optimize their operations. It includes everything in the first three packages, as well as gift cards, loyalty programs and email marketing tools. You must contact a Toast sales rep for a custom quote.
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Toast Setup
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We like that setting up your POS system with Toast is straightforward. After signing your contract, a Toast Onboarding Consultant will reach out to schedule a kick-off call. During the 30-minute call, you’ll review the onboarding process and determine a timeline for implementing the POS system. Your Onboarding Consultant will confirm your hardware list, and it typically takes between seven and 14 days to receive your hardware.
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Once your hardware arrives, the Toast team will begin building your menu and configuring your software. We also like that the company will train you and your staff to use the software so you feel comfortable managing it on your own.
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Toast Customer Service
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Toast’s customer service options are on par with many competitors we reviewed. As a Toast customer, you can access 24/7 customer support via phone, email or live chat. We like that service options are available for all customers, regardless of their plan tier. The company also provides training videos, free tools and templates, and troubleshooting support.
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Toast Drawbacks
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Toast is a great choice for restaurants, but the following considerations may affect your decision:
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No third-party payment processing: Toast’s biggest drawback is that you must use its payment processing services and can’t opt for a third-party payment processor. This means businesses must accept whatever fees Toast charges, which might be higher than those of other payment processing services. If you prefer a POS that allows third-party payment processing, check out our review of Epos Now.
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No iOS devices: While Toast’s hardware is excellent, some restaurant owners may prefer an iPad-based POS system. If that’s your preference, read our review of TouchBistro, which operates via iPads.
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Can’t use existing hardware: Toast is compatible with some third-party hardware, but the system is meant to work with Toast’s proprietary devices. Some business owners may want to save costs and use their existing hardware. If this is your preference, read our review of Lightspeed. This vendor has an extensive list of compatible hardware.
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Methodology
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When researching the best POS systems for hardware, we looked at hardware durability, accessories, options, and look and feel. Additionally, we evaluated crucial POS features restaurants need, including digital and mobile ordering and stellar customer service. When evaluating Toast, we compared the platform’s offerings and services to more than a dozen other POS systems. Our research helped us determine where Toast stands out among competitors and where improvements are needed.
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We also attended an hour-long demo with the Toast team, during which we learned how the software works. We were impressed by how simple the POS system is to use and how the company is constantly improving its software to make it more functional for its customers.
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Overall Value
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We recommend Toast for …
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Restaurants of all sizes looking for an all-in-one POS system.
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Restaurants that want long-lasting hardware solutions.
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Restaurants that want to offer online ordering, tableside ordering and delivery.
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We don’t recommend Toast for …
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Restaurants that want to use a third-party payment processor.
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Businesses that aren’t in the restaurant industry.
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\n"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"10886","_score":2,"_source":{"canonical":"https://vaylees.com/7479-best-payroll-service-micro-business.html","displayModified":"2023-10-02T15:32:52Z","docType":"review","editorsPick":null,"href":"7479-best-payroll-service-micro-business.html","id":"10886","ID":10886,"isSponsored":false,"published":"2019-03-08T15:21:00Z","site":"bnd","stream":null,"subtitle":null,"title":"OnPay Payroll Software Review","author":{"displayName":"Jamie Johnson","email":"jamiejokcmo@gmail.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/04072055/jj_photo-scaled.jpg","type":"Senior Analyst"},"channels":{"primary":{"name":"Find A Solution","slug":"find-a-solution"},"sub":{"name":"Financial Solutions","slug":"financial-solutions"}},"meta":{"robots":"index, follow","description":"We recommend OnPay as the best payroll service for very small businesses. The service handles all payroll tax responsibilities, plus it offers employers unlimited pay runs and multiple ways to pay employees."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/08/01033610/onpay-logo.png","caption":"","alt":"Onpay company logo"},"content":"\n \n\n\n
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OnPay is a payroll service designed specifically for small businesses. It’s affordable, intuitive and features numerous self-service features.
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OnPay provides unlimited payroll processing, handles all payroll tax responsibilities and integrates with many popular accounting programs.
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OnPay includes HR services like onboarding tools, new-hire reporting, offer letter templates and access to an HR resource center.
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This review is for small business owners considering using OnPay for their payroll processing needs.
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Small businesses need a straightforward, intuitive payroll solution that can help them manage their finances and employees. OnPay fits the bill perfectly. OnPay evolved from a traditional payroll service, so it brings over 30 years of payroll processing experience to help small businesses handle payroll and HR responsibilities. The vendor allows unlimited payroll runs and combines its extensive payroll tools and HR services with the latest technology to deliver an all-inclusive experience. Its impressive feature set, affordable costs and high-level support make it our choice for the best payroll service for small businesses.
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Editor’s note: Looking for information on payroll systems? Use the questionnaire below, and OnPay will contact you to provide you with the information you need:
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Why OnPay Is Best for Small Businesses
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Affordability and simplicity are crucial factors for small businesses that need payroll assistance. OnPay has a straightforward cost structure and an easy-to-use interface. Most importantly, it can handle all payroll and payroll tax responsibilities for your small business.
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Despite its low costs and intuitive interface, OnPay’s feature set is impressive. We found that it provides unlimited payroll processing and integrates with many of the best accounting software solutions. It also includes paid time off (PTO) management and provides access to HR tools at no extra cost. We appreciate that OnPay guarantees all its tax work will be done on time and correctly.
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Additionally, OnPay’s customer service impressed us; it was among the best we encountered during our extensive evaluations of online payroll services. Customer support is crucial for small business owners, who often handle payroll on their own and could use additional help. For all these reasons and more, we chose OnPay as the best payroll service for small businesses and organizations.
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OnPay’s dashboard is clean and intuitive, showing business owners all the payroll processing information they need. Source: OnPay
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Usability
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We were impressed by how easy OnPay is to use. Here are several elements that add to the system’s usability:
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OnPay’s interface is intuitive. The desktop interface has blue menu tabs down the side, offering easy access to dedicated sections for Payroll, HR, Reports and more. We especially like how the hover windows let you adjust individual employee data or remuneration, and radio buttons and drop-downs are self-explanatory.
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OnPay stays current on laws and regulations. We really like that OnPay’s software keeps up with state-specific taxation and regulatory changes, including multiple taxes for nonresidents and residents.
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Running payroll is straightforward with OnPay. It’s easy to run payroll with OnPay. Add each employee’s hours worked, and check that the proper payroll deductions are withheld. You can also add employee bonuses or commissions. OnPay allows one-time changes to pay rates and deduction amounts. The system instantly calculates the payments and displays the totals for review. If everything is correct, the payroll will run. You can print checks on your own or opt for a paperless payroll run by depositing money directly into your employees’ bank accounts. You can also distribute funds via pay cards.
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Adding employees to OnPay is simple. We like how easy it is to add employees to the system. Enter basic details about the employee, including their name, address, birth date and start date. From there, you’ll add the following information:\n
Employees have self-service tools in OnPay. We really like that employees can onboard themselves by logging in to the system and entering their details, saving business owners time. They can also see pay stubs, amend personal bank account details, update other personal information and create signatures for e-signing documents within OnPay.
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You can set payroll reminders with OnPay. To ensure you remember to run payroll on time, you can set email reminders for up to 10 days before payday, which we found to be extremely helpful.
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OnPay Features
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Some payroll services we reviewed limit specific features to higher-tier plans. In contrast, we appreciate that all of OnPay’s valuable tools are included when you sign up. Below are the functions that stood out to us.
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Full-service payroll
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Quickly pay employees and contractors by check, debit card or direct deposit.
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Payroll tax services
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OnPay manages your payroll taxes and filings.
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Built-in HR team
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The software comes with employee onboarding tools.
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Integrated benefits
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Use the service to manage dental, vision, life and disability insurance.
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Accounting integrations
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OnPay integrates with accounting software like QuickBooks and Xero.
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Customizable reporting features
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Create customizable reports and view and filter them in real time.
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Full-Service Payroll
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We like that OnPay can handle all your company’s payroll and payroll accounting needs, even across more specialized sectors. For example, it can manage payroll for nonprofit organizations and churches, handle 943 filings for agricultural businesses, and deal with gratuities received in hospitality roles. The software supports customizable pay items for bonuses, split roles at different rates, cash and card tips, and more.
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Through our testing, we found that the service allows unlimited payroll processing for W-2 employees and 1099 contract workers. You can run payroll anytime, creating multiple pay schedules for different employee types; contractors can be paid weekly and salaried employees every other week. Vacation calendars and PTO accruals are also standard. Employees can be paid by check, prepaid debit card or direct deposit. For direct deposit, employees are paid two days after each payroll run. You can also print checks for employees using any standard printer.
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We love that OnPay updated its payment processing experience. It’s faster to view and manage pay items at the worker level. You can tab through team member listings to quickly review everyone on your payroll and add additional items, like cash tips or bonuses, with just a few clicks. You can also manage tax overrides, garnishments and other deductions.
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Enter employees’ hours and wages into OnPay, and the system will instantly calculate payments and display the totals. Source: OnPay
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Payroll Tax Services
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We were pleased to see that OnPay can handle all your payroll tax responsibilities. The service calculates your payroll taxes monthly, processes the required payments, and pays local, state and federal tax agencies across all 50 U.S. states. Additionally, the company prepares and files quarterly and annual payroll returns.
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At the end of the year, OnPay generates your payroll forms, including W-2 and 1099 forms; employees can access them via the self-service portal.
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We love that OnPay guarantees its tax services. If the company makes a mistake, it will fix the problem and pay any fines or interest you accrue. This type of guarantee is fairly standard in the industry.
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We really like that the company provides detailed alerts to help businesses catch mistakes before they occur. Proactive alerts are sent to admins and managers if the system encounters potential calculation errors, a missing state tax ID or negative net pay amounts. It can even determine irregularities in pay cycle remuneration and flag them for review. We appreciate that this backup system gives small business owners peace of mind.
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OnPay makes it easy for business owners to update or edit payroll tax information anytime. Source: OnPay
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Built-in HR Team
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OnPay provides HR services like employee onboarding tools (including assignable employee onboarding tasks and e-signing), new-hire reporting, job offer letter templates and access to an HR resource center. While most competitors, including ADP and Gusto, have similar HR capabilities, they usually charge more for these services. We really appreciate that these functions are included with OnPay at no additional cost. For example, in our review of ADP, we explain that the vendor’s employee handbook wizard is available only on its more advanced (and more expensive) plans.
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In contrast, all OnPay clients can access its intuitive handbook builder. Using smart fields, you can add all the documents your employees must access, including the company mission statement, employee time-off policies, paid holidays and performance management procedures. Once you’ve created your handbook, you can send it to all new employees. We found that this feature is an excellent way for small businesses to create efficiencies and ensure all team members understand the organization’s processes.
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OnPay provides job offer letter templates that new hires can sign digitally. Source: OnPay
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Integrated Benefits
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OnPay facilitates benefits administration, including insurance benefits, workers’ compensation plans and 401(k) retirement plans. The vendor is licensed in all 50 states, and you’ll receive support from an in-house team of brokers. We like that the platform can generate quick quotes for various insurance offerings.
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We also noticed that OnPay can help manage other perks, such as PTO, commuter benefits and remote work tools. It can also help with COVID-19 compliance, including tracking COVID-caused sick leave. Compliance checklists and audits are built into the software alongside customizable document templates. You can even view expired personnel documentation. Automated workflows assign and track activities, from employee anniversaries to exit interviews.
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OnPay can help administer a 401(k) plan for your employees and automatically handle contributions via payroll deductions. Source: OnPay
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Accounting Integrations
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OnPay integrates with several accounting applications, including QuickBooks Online and Xero. While this basic capability is on par with rivals, OnPay’s accounting software integration is more robust than what most payroll providers offer. Every time you complete a pay run, the payroll data will update automatically in your accounting software.
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In fact, we’ve noticed that OnPay has significantly improved its pay run experience over the years. The company provides an intuitive and responsive experience, building on its already incredible features. We love that you can now pay your employees in fewer steps and view your payroll with expandable columns and itemized breakdowns. Additionally, through our own testing, we found the smart alerts to be extremely helpful in flagging mistakes or inconsistencies before running payroll.
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Customizable Reporting Features
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OnPay allows businesses to create customizable payroll reports that can be filtered in real time. Custom views can be saved for easy access by finance teams, HR leaders or your accountant. We like that users can add or remove more than 50 data points and arrange columns in any order. You can download reports as PDF files or spreadsheets; they can also be exported via your accounting software integration.
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Run various payroll reports with OnPay, including payroll and earnings summaries. Source: OnPay
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OnPay Pricing
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Here’s a breakdown of OnPay’s pricing and terms:
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Straightforward pricing: OnPay offers straightforward pricing. It charges a monthly base fee of $40 plus $6 per employee per month. Unlike other payroll providers with tiered pricing structures, OnPay’s monthly fees include all services.
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Year-end tax forms: Year-end tax forms may incur additional expenses. OnPay charges $5 plus shipping per employee to print and mail year-end tax forms to your business or $6 plus shipping per employee to mail forms directly to each employee. However, you can print W-2s on your own at no additional cost.
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No long-term contacts or annual fees: There are no long-term contracts with OnPay. You pay month-to-month and can cancel anytime at no charge. There are no annual fees or extra fees for withholding, remitting or filing payroll taxes.
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One-month free trial: We were pleased to see that all new customers receive the first month of service for free. You don’t have to provide credit card information to begin using OnPay. However, you must connect your business bank account to progress in the free trial and use the software.
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We love that OnPay is transparent about its pricing. The company’s website clearly outlines the costs and includes a price calculator that determines your precise monthly fee based on employee numbers. Some payroll services we evaluated require you to call for a price quote, while others give only a price estimate and won’t provide specific pricing until you commit to their service.
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Setup
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OnPay is a cloud-based payroll service accessible online from anywhere; your data and documents are hosted in the cloud. You don’t have to download or maintain software.
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We really like that new customers receive a New Accounts Coordinator to walk them through the onboarding process. This representative ensures your tax IDs are in the system and prior wages have been migrated to OnPay. If you’re transferring data from your old payroll service, OnPay can help. Give OnPay your current payroll information, and one of its staff members will set up your new account and have it ready to use within three business days.
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Your rep can walk you through your first payroll run and help you get used to the software. Not every payroll system has such concierge service. We appreciate that this service ensures that new customers have the support they need to get set up in a compliant fashion and with no added expense.
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Customer Service
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OnPay supplies U.S.-based customer support by phone Monday through Friday between 9 a.m. and 8 p.m. ET; it also provides assistance by email and live chat. Emergency email support is available on weekends. In addition, the company has an extensive online help center with over 200 articles.
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We were very impressed with OnPay’s support. When we called the company to inquire about its services, we were greeted by a company executive instead of a typical customer service representative. They took the time to answer our questions thoroughly and comprehensively. While other companies we spoke with tried to convince us that their service was the best, OnPay focused on its offerings instead of bashing its competitors.
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During subsequent calls with support reps, we received the same high level of friendly and helpful customer service.
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Though OnPay is not accredited by the Better Business Bureau, it has an A rating, which indicates its commitment to quality customer service.
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OnPay’s extensive online help center offers information on payroll, tax resources, compliance and more. Source: OnPay
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Drawbacks
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One drawback we found is that OnPay doesn’t have a mobile app – a potential downside for some businesses. Its website is mobile-friendly, but some organizations want to access their payroll system via a secure app while on the go.
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Another downside is that OnPay charges a fee to mail year-end tax forms to your business or employees. However, you can always print and distribute these forms yourself for free.
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Methodology
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When evaluating the best payroll services, we examined multiple vendors’ payroll processes, integrations, customization options, pricing, usability, setup and other factors. Our goal is to help businesses choose the right payroll service. To determine the best payroll solution for small businesses specifically, we prioritized straightforward pricing, all-inclusive plans and exceptional customer service. During our in-depth review process, we attended a hands-on OnPay demo and consulted with company representatives to better understand the platform and have our questions answered. We also tested the company’s customer service quality and response times.
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Overall Value
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We recommend OnPay for …
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Small businesses looking for a full-service payroll solution with competitive pricing.
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Businesses that want detailed accounting integrations, such as time tracking or 401(k) apps.
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Organizations that need flexible and customizable reporting features.
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We don’t recommend OnPay for …
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Companies that want a payroll provider with a dedicated mobile app.
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Business owners looking for customized pricing plans.
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Neil Cumins contributed to this review.
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Lightspeed is a top-notch point-of-sale (POS) system that serves the retail, restaurant and golf industries. This cloud-based POS system is particularly suited to retail businesses because of its advanced e-commerce tools and features that support inventory, employee and customer management. Additionally, Lightspeed Restaurant is a great option for bars, cafes and full-service restaurants, and over 1,200 golf courses worldwide utilize Lightspeed’s software thanks to its easy-to-use tee sheet.
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Why Lightspeed Is Best for Retail Businesses
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We chose Lightspeed as the best POS system for retail businesses because its hardware and software options give retailers everything they need to streamline operations. We were particularly impressed by Lightspeed’s advanced POS inventory management features, which help owners manage multichannel and multilocation businesses. This system can track your inventory and automatically reorder items that are running low.
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The robust POS system also provides advanced analytics data that creates customized POS reports about your business. You can view custom reports to see how your business is performing and identify new opportunities. You’ll gain advanced insights about your customers and how to serve them better.
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Lightspeed may not be as suitable for new businesses or those on a tight budget, though. It starts at $89 per month, which could be cost-prohibitive for these types of businesses. These businesses may consider our Toast review instead, as the company offers a free plan.
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Lightspeed helps retailers order stock easily and quickly if items are running low. Source: Lightspeed
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Usability
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We appreciate that Lightspeed is designed with retail businesses in mind and that it offers many retail-specific features. The POS system works for companies of all sizes and has an intuitive interface and many customization options. We also like that businesses can use the free mobile app for iOS or Android to access information from anywhere.
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We were impressed with Lightspeed’s third-party integrations, which allow businesses to extend the platform’s functionality. The software integrates with hundreds of popular third-party apps to help you run your business. We were also pleased that the company enhances usability by providing one-on-one onboarding, a dedicated account manager and 24/7 customer support.
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Lightspeed Features
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Inventory management
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Lightspeed makes it easy to track your inventory, create product variations and bundle items.
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Customer management
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You can use Lightspeed to collect data about your customers and create customer profiles.
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Loyalty programs
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The platform lets you create custom loyalty programs for online and offline sales.
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Employee management
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The POS system makes it easier to monitor the number of hours your employees work, as well as run performance reports.
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E-commerce tools
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The e-commerce tools allow you to build an online store and set up online ordering.
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Reporting
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Lightspeed can create dozens of custom reports and track your sales data in real time.
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Integrations
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You can integrate Lightspeed with more than 250 apps.
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Inventory Management
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As POS systems change and evolve beyond processing sales, features such as inventory management help businesses connect various aspects of their ecosystems. Lightspeed’s inventory management features are impressive, giving business owners the tools necessary to run a retail store.
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With Lightspeed, you can track inventory, create product variations and bundle items. You can also create purchase orders, manage vendors and track inventory across multiple locations — an important feature that many competitors don’t offer.
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Retailers can use Lightspeed to track inventory across multiple store locations. Source: Lightspeed
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Customer Management
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We like that Lightspeed is a customer relationship management (CRM)-enabled POS system that lets you create customer profiles, add notes about preferences, and run sales reports based on CRM metrics. The company also offers other helpful POS tools, including the ability to view purchase histories, assign VIP status to specific customers, and offer rewards and promotions.
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Lightspeed makes it easy to set up a customer database, customer profiles and groups. Source: Lightspeed
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Loyalty Programs
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We were impressed that Lightspeed helps retailers integrate customer sales data with loyalty tools to send targeted offers and deals. This feature allows you to do several essential things, including the following:
Send rewards and discounts to VIP customers and on customers’ birthdays
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Use drag-and-drop tools and built-in templates to design email promotions
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These loyalty programs are useful for businesses that are trying to generate repeat customers, such as new businesses or those expanding into new markets.
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Lightspeed makes it easy to set up and automatically manage custom rewards programs. Source: Lightspeed
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Employee Management
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We found Lightspeed’s employee management tools to be on a par with its competitors’. The platform gives retailers flexibility when controlling user access, which is crucial because poor access management can lead to data breaches. You can choose between role-based control and customized permissions for each user.
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With customized permissions, you decide which tasks and data each user or role-based user group should access. The system also has a built-in time clock and reporting tools to see employees’ hours and run performance reports to view their sales, profits and tips.
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E-commerce
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E-commerce is becoming ubiquitous, as many physical stores are either moving online or adding an online element to their business. We appreciate that Lightspeed can help companies do the following:
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Build an online store
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Choose from more than 50 professional themes
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Show off products in high definition
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Choose from several mobile-responsive and customizable templates
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Enable customers to shop 24/7
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Offer online ordering and in-person pickup
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With Lightspeed, you can build a new e-commerce store or connect to an existing one. Source: Lightspeed
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Reporting
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We were impressed that Lightspeed’s retail POS offering supports more than 50 built-in POS reports and tracks everything in real time. Lightspeed includes the following reporting tools:
Inventory reports on costs, margins, transfers and negative inventory
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Employee performance reports on sales, voids and performance
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For an extra fee, you can add Lightspeed Analytics, which gives advanced views of stock, the customer experience and staff performance.
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Lightspeed’s sales and inventory reports include sales year over year, profit year over year, and recent sales. Source: Lightspeed
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Integrations
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Lightspeed offers more than 250 integrations through its app store — more than many competitors we reviewed — allowing you to create a customized solution for your business. You can integrate Lightspeed’s POS system with the best credit card processors, the best accounting software and top marketing platforms.
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There are also apps for e-commerce functions, including chat programs and social media. Lightspeed offers an application programming interface (API) for its retail software, but access to the restaurant API is limited to Lightspeed partners.
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Lightspeed Costs
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We like that Lightspeed’s website is transparent about the pricing for the company’s monthly and annual plans, but we’re disappointed that it doesn’t list pricing for POS hardware. Based on its pricing plans, we recommend Lightspeed for established businesses or startups with considerable funding. New or very small businesses may find them cost-prohibitive, though.
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Here’s a breakdown of Lightspeed’s retail POS plan costs and payment processing fees. (Restaurant and golf POS pricing is also available.)
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POS Plan Costs
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We like that you can pay monthly or sign up for an annual subscription when you choose Lightspeed. Many competitors don’t offer this kind of payment flexibility. Lightspeed’s monthly plan is a good option for businesses that want to try out the software. However, you’ll get the best deal if you sign up for the annual package.
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Note that Lightspeed’s published pricing applies to businesses with one location. If your business has multiple retail locations, you’ll need to contact a sales rep for a custom quote.
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Here’s how Lightspeed’s retail payment plans break down:
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Basic: The Basic plan costs $89 per month when you pay annually. It includes integrated payments, one register, access to supplier catalogs, onboarding and 24/7 chat support. (You can add reporting tools for a fee.)
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Core: The Core plan costs $149 per month when you pay annually and includes everything in the Basic plan. You also receive loyalty programs, advanced reporting features, built-in e-commerce features and a mobile scanner app.
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Plus: The Plus plan costs $239 per month when you pay annually. It includes everything in the first two plans and adds custom reporting, API access, customer workflows and custom user roles. You also receive 24/7 phone support with this plan.
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Add-ons, additional hardware and integrations cost extra.
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Payment Processing Fees
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When you sign up as a Lightspeed customer, you must choose between Lightspeed Retail and Lightspeed Restaurant software. Once you’ve made your selection, you can access Lightspeed Payments, the company’s payment processing service. We like that Lightspeed Payments has flat-rate pricing with no additional fees.
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The fee for accepting credit cards in person is 2.6 percent plus 10 cents per transaction, and the fee for card-not-present transactions is 2.6 percent plus 30 cents per transaction. Customers can also choose from one of Lightspeed’s payment processing partners.
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Lightspeed Setup
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We were pleased that Lightspeed provides customers with one-on-one onboarding and setup assistance. Setting up your POS system is fairly straightforward, and a customer service representative is always available to help.
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After signing up, you’ll book a complimentary onboarding session with a Lightspeed team member. During this hour-long session, you’ll learn how to install the software and use the POS workflows. Once you’ve completed the training, you’ll receive a wrap-up email with links to helpful videos and articles you can reference.
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Lightspeed Customer Service
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We like that in addition to providing one-on-one onboarding, Lightspeed offers 24/7 customer support via phone, email and live chat. You also get a dedicated account manager for advice and expertise. Additionally, the company provides many helpful online resources, including industry-specific tools, guides, videos and a customer forum.
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Lightspeed’s product-specific online help centers provide extensive information. Source: Lightspeed
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Lightspeed Drawbacks
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There’s a lot to appreciate about Lightspeed, but here are two drawbacks to consider:
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No hardware pricing: Lightspeed doesn’t share its hardware pricing, which makes it difficult to gauge the actual cost of the POS system. However, the POS system works with third-party hardware, including devices you may already own. Check out our Clover review if you’re looking for a POS vendor with extensive hardware options and transparent pricing.
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Minimal payment processing options: Lightspeed’s payment processing options are limited. If your current provider doesn’t work with Lightspeed’s POS system, you may have to switch payment processors. If you need a POS system with a wider selection of third-party payment processors, read our Epos Now review.
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Methodology
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When researching the best POS systems for retailers, we examined inventory and customer management tools, loyalty programs, e-commerce options, custom reporting features and more. We compared Lightspeed with over a dozen POS system competitors to evaluate and rate its strengths and weaknesses in various areas. Our research gave us a good sense of where Lightspeed shines and where it could improve.
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Overall Value
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We recommend Lightspeed for …
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Retailers, restaurants and golf courses.
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Businesses that are looking for flexible monthly pricing plans.
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Companies that are seeking advanced inventory management features.
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We don’t recommend Lightspeed for …
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Brand-new businesses.
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Small companies on a tight budget.
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\n"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"471","_score":2,"_source":{"canonical":"https://vaylees.com/16480-peer-to-peer-lending.html","displayModified":"2024-05-01T20:31:01Z","docType":"article","editorsPick":false,"href":"16480-peer-to-peer-lending.html","id":"471","ID":471,"isSponsored":false,"published":"2021-11-15T19:18:00Z","site":"bnd","stream":"P2P lending, where individuals borrow directly from investors, can be a great option for many small businesses.","subtitle":"P2P lending, where individuals borrow directly from investors, can be a great option for many small businesses.","title":"What Is Peer-to-Peer Lending?","author":{"displayName":"Jamie Johnson","email":"jamiejokcmo@gmail.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/04072055/jj_photo-scaled.jpg","type":"Senior Analyst"},"channels":{"primary":{"name":"Start Your Business","slug":"start-your-business"},"sub":{"name":"Startup Funding","slug":"startup-funding"}},"meta":{"robots":"index, follow","description":"P2P lending, where you borrow from individual investors, is a great option for many small businesses. If your credit is good, you can nab low rates."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04072524/Accountant_Drazen_Zigic_Getty.jpg","caption":"Drazen_Zigic / Getty Images","alt":""},"content":"\n
If you’re looking to take out a loan, your first instinct might be to apply for a bank loan. That’s certainly a valid option, but today, borrowers have lending options far beyond what a traditional bank or credit union can offer. For instance, peer-to-peer lending allows investors to work directly with an individual or business looking to take out a loan. Peer-to-peer loans often come with surprisingly low rates and a seamless application process.
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We’ll explain more about peer-to-peer lending so you can decide if it’s the right fit for your business.
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Editor’s note: Looking for a loan for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.
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What is peer-to-peer lending?
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Peer-to-peer lending cuts out the bank or financial institution and allows individual investors to lend money to individuals and businesses. Peer-to-peer lending has become a popular alternative form of lending thanks to its advantages for both the borrower and the investor.
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Peer-to-peer lending is often a good option for borrowers who have bad credit and wouldn’t qualify for a loan through a bank. It allows them to access the financing they need without having to turn to predatory payday lenders.
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Peer-to-peer lending is also a good option for business owners. The process is much faster than it is when you apply through a bank, and you could receive the funds within a week of approval.
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How does peer-to-peer lending work?
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In peer-to-peer lending, an investor lends money in exchange for interest on the loan payments. To get started, they sign up for a peer-to-peer lending platform such as Prosper or LendingClub.
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These marketplaces match investors with borrowers who are looking to take out a loan. Once the borrower applies for a loan, they fill out some basic information just as they would for a traditional loan.
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Most of the financial products offered are personal loans, although the lender can set their own criteria. For instance, some lenders provide loans geared toward debt consolidation. [Read related article: Tools to Help Manage Business Finances]
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After the borrower has filled out the application, the lender checks the borrower’s credit score and decides whether to approve them for the loan. If the borrower is approved, the lender will fund the loan.
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Pros and cons of peer-to-peer lending for businesses
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Peer-to-peer lending allows businesses to obtain financing without applying through a bank. Let’s look at some of the biggest pros and cons of peer-to-peer lending.
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Pros
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Streamlined application process: The most significant advantage of peer-to-peer lending is the easy application process. Businesses have to deal with far less paperwork and will know almost immediately whether their application is approved or denied.
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Low rates: Peer-to-peer lending comes with surprisingly low rates because individual investors don’t have to pay the same overhead as banks do. Of course, you should always do your homework to ensure you’re getting the best deal possible.
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Options for imperfect credit: A higher business credit score is always better when you’re applying for a loan, but with peer-to-peer lending, imperfect credit won’t necessarily disqualify you.
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Fast funding: Once you’re approved for a peer-to-peer loan, you should receive the funds within a week. However, some marketplaces promise financing in as little as three days.
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Cons
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Fees: Although you may receive a low interest rate, peer-to-peer loans often have additional fees. For instance, some lenders charge an origination fee of between 1 percent and 8 percent of the total loan amount. Make sure you read the fine print before you agree to the loan.
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High rates: One of the advantages of peer-to-peer lending sites is that excellent credit isn’t necessary to qualify. But if you have poor credit, you may get stuck with high rates and unfavorable repayment terms.
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Peer-to-peer lending sites for businesses
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Peer-to-peer marketplaces have grown tremendously in recent years, so it can be hard to know where to look first. If you’re interested in taking out a peer-to-peer loan, here are the best options to consider for your small business.
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Funding Circle
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Funding Circle offers small business loans between $25,000 and $500,000, with terms ranging from three months to 10 years. You’ll receive a loan decision within 24 hours, and once you’re approved, you’ll get the funds within three days.
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You will need excellent credit to qualify for a loan through Funding Circle. But initially, the company will do a soft pull on your credit, so there is really no downside to applying.
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LendingClub
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LendingClub offers business loans from $5,000 to $500,000, with repayment terms between one and five years. The company connects businesses to a network of lenders through its partnership with Accion Opportunity Fund.
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When you’re ready to apply, you’ll be assigned to a dedicated client advisor, who will walk you through the application process. LendingClub is a good option for businesses that have a hard time getting approved for a loan from a traditional lender.
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Upstart
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Upstart offers loans between $1,000 and $50,000 to individuals who are looking to start or expand a business. You’ll make monthly loan repayments over a repayment term of three to five years. Upstart doesn’t charge a prepayment penalty, but there is a one-time origination fee.
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Upstart is an excellent option for borrowers who are looking to get a new business idea off the ground. The company prides itself on looking at a borrower’s potential and has tons of positive reviews.
Other types of loans available with peer-to-peer lending
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In addition to personal loans and small business loans, here are some other loan options available with peer-to-peer lending:
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Debt consolidation
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Mortgages
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Student loans
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Auto loans
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Auto refinancing
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Medical expense financing
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Is peer-to-peer lending right for your business?
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If you’re looking to take out a small business loan and hoping to avoid the headache of applying with a traditional lender, peer-to-peer lending is a good alternative. Peer-to-peer lending cuts out the financial intermediary and allows you to borrow money directly from individual investors.
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If you have an excellent credit history, you could qualify for a low interest rate. However, borrowers with poor credit are not disqualified from applying. Once you’re approved for a loan, do your due diligence. Compare offers from several lenders, and make sure the loan is worth what you’ll be paying.
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Tejas Vemparala contributed to this article.
\n"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"1256","_score":2,"_source":{"canonical":"https://vaylees.com/15775-business-liabilities.html","displayModified":"2024-04-11T21:18:40Z","docType":"article","editorsPick":false,"href":"15775-business-liabilities.html","id":"1256","ID":1256,"isSponsored":false,"published":"2020-08-20T13:53:00Z","site":"bnd","stream":"Learn about how business liabilities, assets and expenses impact small businesses and how to keep your company financially healthy.","subtitle":"Learn about how business liabilities, assets and expenses impact small businesses and how to keep your company financially healthy.","title":"Business Liabilities Every Owner Should Know","author":{"displayName":"Jamie Johnson","email":"jamiejokcmo@gmail.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/04072055/jj_photo-scaled.jpg","type":"Senior Analyst"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Finances","slug":"finances"}},"meta":{"robots":"index, follow","description":"This guide identifies common business liabilities that every small business owner should keep track of and understand."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04072500/accounting_Jirapong_Manustrong_Getty.jpg","caption":"Jirapong_Manustrong / Getty Images","alt":"Accountant using a calculator"},"content":"
As a business owner, it’s likely that you already have some liabilities related to your company. Any debt that your business owes or amount it’s expected to pay is a liability. While liabilities are usually fiscal, the term could also refer to any other type of obligation that your business has. Liabilities are used in key ratios that help determine your organization’s financial health.
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Read on to learn the definitions of liabilities, assets and expenses, as well as some common liabilities for small businesses.
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Editor’s note: Looking for the right accounting software solution for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.
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What are small business liabilities and assets?
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In the accounting world, assets, liabilities and equity make up the three major categories of your business balance sheet, which is a financial statement that reveals how your business is doing at the end of an accounting period. To evaluate your business’s financial standing, you have to know its assets – what you own – and liabilities – what you owe. You can find your business’s equity by subtracting liabilities from assets. To make sure your business is on the right track, you should keep an eye on liabilities and assets.
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What are liabilities?
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Liabilities include your business’s current debts, as well as the amounts it will be responsible for in the future. Loans, legal debts and obligations that arise from normal business operations are all liabilities.
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Liabilities can typically be found on the right side of a balance sheet. Most businesses have liabilities, unless they only accept cash payments and also pay with cash. There are three main types of liabilities:
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Current liabilities: Debts that need to be repaid within a year, like credit lines, loans, salaries and accounts payable
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Non-current liabilities: Loans that usually take more than a year to repay, like mortgages or bonds
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Contingent liabilities: These are liabilities that depend on the outcome of a future event, like settlements from a lawsuit
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You should generally monitor current liabilities (also known as short-term liabilities) closely to ensure you have enough liquidity for your outstanding debts.
Current liabilities play a key role in the following ratios, which offer insight into your company’s financial well-being:
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Current ratio: Current assets divided by current liabilities
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Quick ratio: Current assets minus inventory divided by current liabilities
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Cash ratio: Cash and cash equivalents divided by current liabilities
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Noncurrent liabilities, also known as long-term liabilities, take more than a year to repay completely. Your company may take on a long-term liability to acquire immediate capital to purchase an office building or computer equipment, for example, or to invest in new capital projects.
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Understanding long-term liabilities is vital for determining your business’s solvency, or ability to meet long-term financial obligations. Your organization would fall into a solvency crisis if you are unable to pay the long-term liabilities when they are due.
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Contingent liabilities – or potential risks – may or may not affect the company. They depend on the outcome of a specific future event. For example, if a company is facing a lawsuit, it faces a liability if the lawsuit is successful, but not if the lawsuit fails. For accounting purposes, a contingent liability is only recorded if a liability is probable and if the amount can be reasonably estimated.
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The difference between an expense and a liability
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An expense is an operational cost that a company incurs to generate revenue. Unlike liabilities, expenses are directly tied to a firm’s revenue. Expenses and revenue are listed on an income statement, but not on a balance sheet with assets and liabilities.
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Expenses can also be paid immediately with cash, while delaying payment would make the expense a liability.
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Expenses
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Liabilities
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Cost of operating a business
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Obligations and debt the business owes
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Directly helps generate a company’s revenue
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Something the business owes now or in the future
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Listed on a company’s income statement
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Listed on a company’s balance sheet
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How do business liabilities work?
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A simple way to understand business liabilities is to look at how you pay for business expenses: You either use cash from a checking account or borrow money. Every time you borrow money – by taking out a loan or using a credit card – you create a liability. You could settle a liability through cash, products or the exchange of services. However, the most common method is simply by repaying a loan over time.
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To calculate your business’s total liability, add all individual liabilities together. You can also use a basic accounting formula to find out if your books are balanced: liabilities + equity = assets. When your books are balanced, your total liabilities plus your total equity equals the number of total assets. [Read related article: Accounting Ratios and Formulas: The Basics You Need to Know]
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Common business liabilities
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You may encounter many current and noncurrent liabilities as you operate any business. The following are some of the most common types.
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Current liabilities
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Wages payable: This is the total amount of accrued income employees have earned but not yet received. This liability changes often, because many employees are paid weekly, biweekly or monthly.
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Interest payable: If your company uses credit, your outstanding balance may accrue interest to be repaid in the short term.
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Dividends payable: This is the amount you may owe shareholders If your business has issued stock and pays dividends on those stocks.
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Noncurrent liabilities
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Deferred credits: This is revenue collected prior to it being earned and recorded on an income statement. These items may be recorded as current or noncurrent liabilities depending on the transaction.
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Post-employment benefits: These are the benefits your employee or their family may receive if they retire. The benefit is carried as a long-term liability as it accrues.
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Unamortized investment tax credits: This liability represents the net between an asset’s historical cost and the amount that has already been depreciated.
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Warranty liability: This is an estimated amount of time and money that it may take to repair an object, according to the terms of its warranty.
Anything valuable that a company owns is a business asset. Assets are typically found on the left side of a balance sheet. There are two types of assets: current and fixed.
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Current assets: These are assets that your business plans on converting to cash in the immediate future, such as accounts receivable and inventory.
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Fixed assets: These are physical items that your business expects to maintain and use for more than a year. Fixed assets, such as tools, vehicles and computer equipment, are resources that bring value to your company.
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Examples of assets
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Cash: Cash is the most basic business asset, as it can be spent at a moment’s notice. Cash assets can range from a few dollars to billions.
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Securities: Securities are types of assets that can be quickly and easily liquidated to increase cash on demand, such as equity. Securities can also include stocks, bonds and nonpublic assets that are similar in function.
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Inventory: Your inventory is your cache of physical goods on shelves or in warehouses that you intend to sell. Companies typically liquidate inventory in their normal operations by selling it to customers or to similar businesses.
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Physical property: This refers to lots, land and buildings that your business may own, such as an office, a storefront or undeveloped land. Property is most commonly liquidated through direct sale or an equity loan. The latter enables a business to get cash for its property without relinquishing ownership.
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Equipment: Pieces of equipment that hold significant value after purchase are considered business assets. This can include motor vehicles, high-performance multifunction copiers, computer servers, and anything else the business uses and could potentially sell for substantial cash.
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Intellectual property: Also called IP, this is a type of intangible asset related to original ideas or creations, like a patent. The value of IP can be difficult to determine, but through licensing contracts, IP can generate revenue that you can use to calculate a fixed value for the IP as a whole.
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Brand: Technically, a brand refers to the name of a product or service. Major brands may also have unique visual or written identities that distinguish them from others, which sometimes provide a certain level of trust with consumers. In that sense, a brand is another type of intangible asset that can be difficult to value precisely since its value is usually tied to its recognizability and reputation. Mercedes is a good example of a brand that is easily recognized and associated with high quality.
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The best accounting software to help track assets and liabilities
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The best accounting software can help you track your business’s assets, expenses and liabilities. The information you track will help you manage your cash flow and evaluate the financial health of your company.
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The right accounting software depends on the size of your business and your invoicing needs. Here are some of our best picks:
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Wave Financial: Wave is a great option for solopreneurs, freelancers and small businesses. It’s free accounting software that links to your bank account so you can easily track new business expenses. However, its integrations are more limited than some of its competitors’ selections. Our review of Wave Financial offers a more in-depth look at its strengths and shortcomings.
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QuickBooks: QuickBooks is an affordable option for businesses of all sizes. It comes with a variety of features, like invoicing, tracking expenses and managing payroll. The company also offers dozens of articles and video tutorials to make the software easier to navigate. Read more in our full QuickBooks review. [Read related article: Which Version of QuickBooks Should You Use?]
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FreshBooks: FreshBooks is ideal for anyone who needs to regularly send and accept payments via invoices. The invoice generator makes it easy to create professional invoices quickly, and you can set up automated payment reminders for clients. To learn more about why it works well for invoice management, read our review of FreshBooks.
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Xero: Xero is a viable option for your growing company. The software integrates with over 700 apps, and you’ll have access to 24-hour customer support. You can also use the software to create financial reports like profit and loss statements. Read our review of Xero to discover more.
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Managing business liabilities
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Almost all businesses operate with some liabilities – before you can make money, you often have to borrow some money. However, if your debt builds more quickly than you anticipated, you should take some steps to protect your business. You may be able to renegotiate your terms with your lender in order to reduce your payments, for example. Consider the assets that you may be able to liquidate quickly without hurting your operations.
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If you need some help, you might want to bring in an accounting or business advisor to help you get back on track. Understanding the role liabilities play in your business’s overall financial health is central to its stability and growth.
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Cailin Potami and Kiely Kuligowski contributed to this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"10221","_score":2,"_source":{"canonical":"https://vaylees.com/16058-adp-review.html","displayModified":"2023-10-26T19:30:29Z","docType":"review","editorsPick":null,"href":"16058-adp-review.html","id":"10221","ID":10221,"isSponsored":false,"published":"2021-03-30T20:14:00Z","site":"bnd","stream":null,"subtitle":null,"title":"ADP Payroll Software Review","author":{"displayName":"Jamie Johnson","email":"jamiejokcmo@gmail.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/04072055/jj_photo-scaled.jpg","type":"Senior Analyst"},"channels":{"primary":{"name":"Find A Solution","slug":"find-a-solution"},"sub":{"name":"Financial Solutions","slug":"financial-solutions"}},"meta":{"robots":"index, follow","description":"ADP offers payroll services for businesses of all sizes. While the size of your business will determine the platform you use, each offers the same core payroll services, including the ability to run payroll online, over the phone or via mobile app."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/08/01032933/adp_logo.jpg","caption":"","alt":"ADP company logo"},"content":"\n \n\n\n
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ADP is one of the largest payroll service providers and has been around for more than 70 years.
To get pricing information, you must contact ADP for a custom quote.
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This review is for business owners who are thinking about using ADP as their payroll provider.
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With over 70 years of experience and more than a million corporate clients, ADP is one of the world’s leading payroll service providers. The company expanded from its initial HR focus to include payroll services as well. Now, it combines these two related services in a suite of software packages that can grow as client businesses expand. ADP’s proprietary RUN payroll software is an especially good option for growing businesses, since additional services can be added on as needed. Small businesses receive automated payroll processing and tax filing services, while larger companies are able to call on HR support and benefits management tools.
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Editor’s note: Looking for information on payroll systems? Use the questionnaire below, and our vendor partners will provide you with the information you need:
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Why ADP Is Best for Growing Businesses
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While our review of Paychex explains why we named them the best online payroll service for businesses of any size, competitor ADP similarly stands out because it can meet the needs of small, medium and large businesses. Specifically, we found ADP’s payroll platform capable of growing and expanding in tandem with your company.
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Your dashboard can be tailored to your role and a built-in search bar makes finding any tool in ADP a breeze. Source: ADP
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We outline the specific characteristics of the four payroll plans below, in the ADP Online Payroll Plans section. In summary, the Essential plan is designed for startups and offers basic payroll functionalities. As a company’s workforce expands, it could upgrade to the Enhanced plan, introducing additional features including preemployment background checks and paper check mailing. If the owner needs HR assistance, the company can switch to the Complete package, which provides both payroll and HR tools. The flagship HR Pro package gives companies even more HR support.
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Any business can sign up for these higher-tier plans from the outset, but we welcome the fact that your chosen ADP platform can scale over time as needed. It’s also significant that ADP has a presence in 20 countries worldwide, making it a good fit for multinational companies. ADP also claims to offer payroll and outsourcing in more than 140 overseas markets.
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Usability
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ADP’s RUN software is easy to use to process payroll, but the platform’s additional services are just as straightforward. As your business grows, you’ll appreciate having a single system that is capable of handling virtually all of your HR needs.
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ADP offers a neatly organized and customizable dashboard that offers an overview of all your most important data and must-do tasks. Source: ADP
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ADP’s online payroll service, which uses spreadsheet-style forms, is simple to learn. Because it’s a cloud-hosted system, it doesn’t require any software downloads. You can access it online or through the mobile app. In our demo trial of ADP, we found the interface colorful and easy to use, with intuitive top and sidebar menus.
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A key benefit we really liked is the platform’s “Run & Done” feature, which allows you to automate the payroll process when you know employees are working the same hours each week. You can also set up reminders to process payroll or receive alerts about any security-related changes to your account. ADP’s employee app lets your staff view pay stubs, manage direct deposit, change 401(k) contributions and download tax forms.
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ADP Features
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All of ADP’s plans for RUN come with basic payroll processing. As your business grows and you upgrade to higher tiers, you can access other features that help you manage the people side of your company.
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Payroll processing
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Pay employees via direct deposit, paper checks or prepaid debit cards.
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Payroll taxes
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ADP takes care of your local, state and federal tax filings.
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Accounting integrations
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Export payroll data into QuickBooks, Xero, Wave or a CSV file.
Higher-tiered plans come with additional HR tools.
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Time and attendance
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ADP’s time and attendance system automatically syncs with your payroll service.
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Payroll Processing
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You can process payroll online through RUN, via the mobile app or over the phone. Import or manually key in employee work hours each pay period to calculate paychecks based on wages or salary. ADP also manages tax deductions, health insurance premiums and retirement contributions to ensure paychecks are accurate every pay period.
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See at a glance what you’ll owe employees in a certain pay period, offering transparency into one of your biggest expenses as a business owner. Source: ADP
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You can pay employees via direct deposit, prepaid debit card or paper checks delivered to your office. The ADP team can even sign the direct deposit stubs and paper checks before stuffing them into envelopes for you. [Read related article: Should You Use Paycards or Direct Deposit?]
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Payroll Taxes
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ADP calculates your payroll taxes and forms, then submits your payments to local, state and federal agencies. The vendor’s staff members are available to answer tax questions, and if the company makes a mistake, they’ll pay any fines or penalties you incur. With all of the plans except Essential, ADP will also manage your state unemployment insurance.
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ADP creates and distributes W-2 and 1099 forms to your employees and files these forms with the IRS on your behalf. Employees can access these forms through the employee self-service app.
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Accounting Integrations
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You can export payroll data from ADP into QuickBooks, Xero, Wave or a CSV file to upload into your other business software. This makes it easier to collaborate with your accountant and manage your finances. [Both QuickBooks and Xero are among our recommendations for the best accounting software.]
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New-Hire Reporting
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For all plans, ADP facilitates state-mandated new-hire reporting by filling out and filing all the necessary paperwork on your behalf. ADP has also developed payroll and HR reports that you can view and customize — these can be valuable for businesses that want to use analytics to inform business decisions.
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HR Services
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Every ADP package includes some HR features; namely, employee self-service, digital new-hire paperwork and even employee shopping discounts. But if you sign up for one of the higher-tiered plans, you’ll receive additional HR tools. These include ZipRecruiter online job postings to help you fill open roles and conduct pre-employment background checks, which comes in handy if you’d rather not contract separately with one of the top background check companies.
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For businesses on the Complete or HR Pro levels, ADP also offers an employee handbook wizard to help you create your own toolkits for onboarding and offboarding, and a robust library of HR forms and documents. If HR assistance is a high priority, also check out our review of Gusto, which we named the best payroll service for added HR services, including benefits management.
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Time and Attendance
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ADP’s add-on time and attendance system automatically syncs with your payroll service. Employees can clock in and out with time clocks, web browsers, phones and mobile apps. The platform shows when employees are nearing overtime, notes unplanned absences, and highlights timecard exceptions for managers. It records meal breaks and transfer time between locations, and it supports biometric login options as well.
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Like the best time and attendance software, this module tracks paid-time-off (PTO) accruals and allows employees to request vacation and sick days. ADP provides performance and productivity tools to monitor progress on specific projects and track the time each employee spends on each project during their workday.
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ADP Cost
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For the purposes of this review, we looked at RUN’s features and pricing for businesses with fewer than 50 employees. However, because ADP is able to scale its platform as your business grows, there are also plans for companies with over 1,000 employees. Those packages are tied to ADP Workforce Now, which has more tools for hiring employees and performance management, among other functions.
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ADP Online Payroll Plans
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The plans for RUN vary in pricing and features, but all four include payroll processing. Here’s how they break down beyond that.
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Essential: With this plan, you can pay employees by debit pay card, direct deposit or paper checks delivered to your office. The package includes new-hire reporting, standard payroll reports and general ledger integrations with popular accounting software. Employees get access to a self-service portal.
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Enhanced: This plan adds state unemployment insurance management and the option to have ADP sign and stuff paper checks for you. With this package, you can also run pre-employment background checks and post job openings through ZipRecruiter.
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Complete: The third tier of ADP package introduces HR services, like an employee handbook wizard and applicant tracking. You also receive access to HR training, toolkits, forms and documents. ADP’s HR help desk provides support on demand.
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HR Pro: The most comprehensive of ADP’s four package tiers expands on the Complete plan with enhanced HR help desk support, additional help creating an employee handbook, and legal assistance and training for you and your employees.
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ADP Online Payroll Pricing
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ADP typically only provides prices for its payroll services via custom quotes. The vendor determines its costs for each business based on the following factors:
When we requested a quote for the Enhanced plan for a business with 25 employees paid biweekly, ADP gave us a price estimate of $115 per payroll, plus $2.11 per employee. If we wanted to run payroll weekly instead of every other week, the price would double. This makes ADP a relatively expensive proposition. Its rival Gusto, in comparison, allows business owners to process payroll as often as they want with no additional cost.
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ADP charges a one-time setup fee of $200. However, the representative we spoke with said they would be able to waive that fee and offer us the first three months of service at no charge. Companies signing up for small business payroll processing can also qualify for three months’ free service.
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ADP Setup
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Once you’re ready to move forward with ADP as your payroll provider, contact customer support to get started. Unlike other payroll providers, you can’t get up and running with ADP in just a few days. It can take four weeks or longer to implement the system as you provide the required documentation and schedule the setup across multiple departments. While a few weeks becomes insignificant across a long enough timeline, it’s a delay worth considering if your payroll requirements are time critical.
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ADP will assign you a dedicated customer support team to walk you through the entire process. This team will work with you to get you set up in the system and ensure you understand how to use the software. Plus, ADP provides detailed articles on its website that explain how to facilitate payroll. The company also regularly hosts online webinars and in-person events for further training.
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ADP Customer Service
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Reach out to the ADP customer support team by phone or through an online help form 24/7. You can also contact the local service center in your area for more assistance.
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To test ADP’s customer service, we contacted the company by phone and email posing as a business owner interested in payroll services. The ADP representative walked us through the software and answered our questions thoroughly. The rep focused on learning which service plan would be best for us instead of pushing the highest-priced plan, something we appreciated. We received an easy-to-understand price quote in writing that showed the comparative price structure across the vendor’s service plans. Each time we reached out for customer support, we received prompt responses with clear answers to our questions.
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ADP’s website also offers several valuable self-help resources. It provides support for both administrators and employees, including detailed answers to a wide range of questions. Online resources include separate collections of guides aimed at small businesses and midsize/enterprise firms, plus calculators, tax guides and downloadable forms. ADP hosts several monthly webinars which it then makes available on-demand in a digital catalog that’s searchable by role, certification, business size and topic. The blog section of the website is comprehensive and covers a spectrum of topics, although many of these are incidental to payroll or HR.
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ADP Drawbacks
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The biggest drawback we found in our review of ADP is that it charges per payroll. This makes the solution pricey for small businesses that run weekly payroll cycles or frequent off-cycle payrolls for commissions and bonuses. Most online payroll services charge a flat fee that allows unlimited payroll runs each month. See our review of OnPay for an affordable alternative with an unlimited payroll structure.
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If budget isn’t a concern, the implementation process may be. As noted above, ADP setup can take more than a month. This could be a limitation for businesses with an immediate need for a payroll service. Fortunately, the software is user-friendly once implemented.
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ADP is an accredited member of the Better Business Bureau with an A+ rating. However, more than 900 complaints have been filed against the company in the last three years. It holds a 1.06 out of 5 BBB customer rating, while its current Trustpilot rating is 1.5 out of 5 based on 2,215 reviews.
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Methodology
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To find the best payroll services on the market, we conducted extensive research comparing dozens of payroll providers. As part of our examination of ADP and other products, we looked into each solution’s payroll processing, implementation, customer support, pricing, integrations and other aspects. By evaluating ADP in relation to its rivals, we were able to see where its RUN service stands out and where it falls short. We also contacted the company directly to get a sense of the type of customer service it provides.
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When determining the best payroll service for growing businesses, we paid particular attention to the plan options and whether each package offered builds in ways that could meet the needs of scaling companies. We found ADP well-suited for businesses’ evolving needs.
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Overall Value
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We recommend ADP for …
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Startups or small businesses that want a scalable payroll solution.
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Companies that need additional HR services, like hiring and onboarding tools.
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Businesses that want self-service options for employees.
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We don’t recommend ADP for …
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Companies looking for the most affordable payroll provider.
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Businesses that need to get up and running with a payroll provider immediately.
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Neil Cumins contributed to this article.
\n"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"18088","_score":2,"_source":{"canonical":"https://vaylees.com/payroll/rippling-review","displayModified":"2024-10-01T16:12:31Z","docType":"review","editorsPick":null,"href":"payroll/rippling-review","id":"18088","ID":18088,"isSponsored":false,"published":"2022-10-26T20:52:05Z","site":"bnd","stream":"","subtitle":"","title":"Rippling Payroll Review","author":{"displayName":"Jamie Johnson","email":"jamiejokcmo@gmail.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/04072055/jj_photo-scaled.jpg","type":"Senior Analyst"},"channels":null,"meta":{"robots":"index, follow","description":"Rippling is a top HR software vendor with full-service payroll and tax withholding tools. Learn why Rippling is our top payroll provider for ease of use."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/08/01033756/rippling2_logo.png","caption":"","alt":"Rippling company logo"},"content":"\n \n\n\n\n
Small businesses appreciate intuitive software tools that require little training and work well out of the box. Rippling is an excellent solution with an easily navigable platform. Rippling is well known as one of the best HR software vendors. However, it also provides full-service payroll and tax withholding tools within its suite of HR and employment software. You can use Rippling for unlimited pay runs and pay employees via direct deposit or paper check. Its intuitive interface and customizable workflows make it our choice for the best payroll solution for ease of use.
Rippling has all the payroll features businesses need and wraps them up in one of the easiest-to-use interfaces we’ve seen. The system’s user-friendly interface doesn’t require much training for new users. Business owners can run payroll in as little as 90 seconds, and the software integrates with over 500 third-party apps to make workflows smoother. When you log into the dashboard, all the key metrics you need to stay on top of business operations are clearly labeled and easy to find.
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Rippling’s Spend Management system is another fantastic automation feature. It integrates employee expense tracking, bill paying and company credit cards with payroll. This integration makes it easy to reimburse employees using the same system you use for regular paychecks. There’s no need to manually reconcile expenses with your payroll software. For these reasons and more, Rippling is our choice for the best payroll service for businesses that prioritize ease of use.
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Rippling says businesses can run payroll in as little as 90 seconds. Source: Rippling
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Usability
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We were impressed by Rippling’s easy-to-navigate and user-friendly software. Managers and employees can learn the platform quickly with minimal training.
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The interface is straightforward; everything you need is on the home page dashboard. When you log into the system, you’ll immediately see crucial information like total hours worked. Hundreds of built-in payroll workflow templates can be customized to suit the specific needs of businesses of any size.
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We love that you can use Rippling to automate as many HR processes as you want. The software makes employee onboarding effortless, and the self-service app lets team members log in and view their benefits and expenses or update personal information. We also liked Rippling’s Spend Management system, which helps you reimburse employees quickly.
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It’s easy to integrate numerous third-party platforms with Rippling to create custom solutions that work for your organization. GitHub, Dropbox, Adobe, Shutterstock, 1Password and HotJar are just a few of the over 500 third-party apps you can choose from.
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Rippling Features
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Rippling has virtually all the features businesses need in their payroll software without making the system overly complicated or challenging. Here are some of the features we found notable.
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Full-service payroll provider
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Use Rippling to run payroll in just 90 seconds.
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Automatic tax withholding
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Rippling automatically calculates, files and pays your payroll taxes.
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Expense management
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Set permissions for reimbursable expenses, which are then synced and paid through payroll.
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Time and attendance
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Use the software to easily track and approve employee time and attendance.
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Benefits management
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Manage all of your employees’ insurance benefits in one platform.
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PEO services
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High-growth companies can use Rippling as their professional employer organization (PEO).
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Third-party integrations
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Rippling integrates with hundreds of popular third-party apps.
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Full-Service Payroll Provider
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We like that businesses can use Rippling as their global payroll provider to pay employees and contractors within minutes, whether they live in the United States or abroad. You can execute unlimited monthly pay runs and pay team members via direct deposit or paper checks. If you have employees outside the U.S., you can set up an international wire transfer in their local currencies. Rippling also plans to introduce bill-paying software to pay, track and manage global invoices and expenses — a valuable feature for freelancers and remote subcontractors.
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Rippling lets you easily pay your team in the U.S. and abroad. Source: Rippling
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Automatic Tax Withholding
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Like many vendors in the space, Rippling automatically calculates, files and pays your local, state and federal taxes. At the end of the year, the company automatically generates and distributes payroll forms, including 1099s and W-2 forms, to your employees and contractors. If the vendor makes a mistake on your payroll taxes, it will pay any penalties incurred. The software can also file international taxes — a great perk for companies with offshore workers.
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Expense Management
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Rippling’s unique Spend Management tool impressed us. It syncs employee spending with payroll, automating domestic and foreign expenses. Your staff can forward digital email receipts and view expenses in the same app. Being able to identify and flag duplicate expenses (or disparities between receipts and claimed costs) saves you from tedious expense account manual reconciliation.
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We also like that you can set permissions and view and approve employee spending in one place, improving your business’s internal controls. This unique expense management system significantly automates and streamlines your company’s reimbursements, giving Rippling a further edge over competitors when it comes to ease of use.
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Rippling’s Spend Management tool is integrated into its payroll system, so you can manage and report on all spending in a central location. Source: Rippling
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Time and Attendance
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We like that businesses can add time-and-attendance features to their Rippling payroll package. Rippling supplies some of the best time and attendance software on today’s market, which employees can use to clock in and out via computer, kiosk or the Rippling mobile app. The platform includes geolocation restrictions and selfie clock-ins to prevent buddy punching.
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This system lets you monitor and approve employee hours; once approved, the time data will sync automatically for payroll processing. The system also uses built-in compliance checks based on the federal, state and local labor laws where your employees work.
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Rippling automatically tracks employees’ hours from clock-in to paycheck. Source: Rippling
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Benefits Management
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Like many competitors we reviewed, Rippling can manage employee benefits, including health insurance, 401(k) retirement plans, health savings accounts (HSAs) and commuter benefits. However, Rippling’s interface again stands out for ease of use.
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As you onboard new team members, the system’s benefits process triggers automatically across over 4,000 registered benefits providers. The vendor works with popular insurance carriers like Blue Cross Blue Shield and Aetna and ensures compliance with the Affordable Care Act.
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Rippling helps businesses manage employee benefits and automates new hire enrollment, deductions and more. Source: Rippling
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PEO Services
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We were pleased to note that larger companies can opt to use Rippling as their professional employer organization (PEO). This means Rippling will handle your HR, payroll, benefits and IT needs. We also like that if you reach a point where you no longer need the PEO services, it’s easy to remove them from your account and transition back to Rippling’s traditional offerings.
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Third-Party Integrations
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We were impressed that Rippling integrates with hundreds of popular third-party apps, including QuickBooks, Xero, Slack and Zendesk. This scope of integration helps businesses create customized solutions. Additionally, it means you can share data among all your business software solutions. The system automatically syncs all integrated apps. And if you can’t find a specific app in Rippling’s App Shop, you can ask the company to add it.
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Rippling’s App Shop features over 500 third-party integrations. Source: Rippling
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Rippling Cost
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We were a little disappointed that Rippling isn’t as transparent about its pricing as some of the other payroll providers we evaluated. On its website, the vendor promotes that its pricing starts at $8 per user per month. However, there’s no way to tell what your actual base rate will be without contacting the company for a custom quote. Your total costs depend on how many employees and contractors you have, how many states you must run payroll in, and how many add-on features you choose.
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You have many options when signing up with Rippling. You can sign up for its payroll services only or add its time and attendance and benefits administration tools as well. You could also decide on its Rippling Unity workforce platform, which combines all the data housed in its HR, IT and finance clouds into one system. Rippling also has an HR information system — an all-in-one software solution encompassing all the vendors’ features.
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The wealth of options can become confusing, and there’s no upfront pricing to help you decide what you want. If you’d prefer to work with a vendor with transparent pricing and a streamlined product, read our review of OnPay. This vendor has one comprehensive plan and clear pricing.
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Rippling Setup
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We appreciate how easy Rippling makes its setup process. New customers are assigned a representative who will walk you through the setup process. They’ll answer all your questions and help you feel confident using the software and running payroll.
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We like that the company also provides a setup wizard and detailed how-to guides to help you get started. If you’re switching from another provider, Rippling’s team can import your data and will even analyze it to ensure no tax payments were missed during the transition. If you encounter any problems later in the implementation process, contact customer support via email or in-app chat.
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For companies that need more than payroll services, Rippling combines all employee data into a unified record that includes assigned hardware, corporate finance cards, benefits and insurance policies. The platform is arguably most effective when used in this manner instead of just for payroll processing. The same automated workflows can be extended across HR, IT, finance and other departments, with a combined analytics system that offers PTO and SOC report runs as well as rapid onboarding and offboarding.
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Rippling can even automatically send departing employees boxes for returning hardware, and the company offers warehouse space for the temporary storage of unassigned devices.
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Rippling Customer Service
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Rippling’s customer service is on par with many competitors we reviewed. The vendor offers chat and email support and an online help center. However, the company doesn’t typically provide phone support, which could be a dealbreaker for some business owners. (There is an option to transition a live chat to a phone call.) Still, online reviews are positive, with many users saying Rippling addresses customer complaints within 48 hours.
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A particularly innovative feature on the vendor’s website is its Real-Time Support Status, which shows customers how long it will take, on average, to get assistance. These metrics are continuously updated — a striking commitment to transparency in customer service.
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It’s worth noting that Rippling isn’t accredited by the Better Business Bureau and has an F rating. However, the company has only received a few customer reviews in the past five years. More positively, it has a 4.9 out of 5 rating on Trustpilot, which compares favorably to rival platforms like ADP and Gusto.
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Rippling’s Real-Time Support Status indicates how long it will take customers to receive assistance via live chat, email, or a live chat converted to a call. Source: Rippling
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Rippling Drawbacks
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One of Rippling’s downsides is its lack of pricing transparency. Rippling’s website states that pricing starts at $8 per user per month, but it doesn’t provide additional details about the base fee. This makes it impossible to get a real sense of how much you’ll spend on the service without contacting customer support.
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Also, unlike some competitors, Rippling doesn’t offer a free trial. It isn’t the cheapest payroll software on the market, and the service can become expensive very quickly if you have many employees.
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Methodology
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When evaluating the best payroll services, we examined dozens of vendors’ payroll offerings. We looked at payroll processing, costs, implementation, usability, customer service and other factors. We also checked customer reviews and researched Better Business Bureau ratings. To determine the best payroll solution for ease of use specifically, we focused on the setup process, automation capabilities, required training, integrations and the overall payroll process. Our goal is to help businesses choose the right payroll service.
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Bottom Line
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We recommend Rippling for …
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Companies looking for intuitive and seamless payroll and HR software.
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Business owners that often reimburse employees for expenses incurred while on the job.
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Businesses that want payroll software with many third-party integrations.
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Companies that need additional features to help them manage a remote, global workforce.
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We don’t recommend Rippling for …
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Companies seeking the least expensive payroll provider.
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Business owners who want transparent pricing.
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Businesses that prefer immediate phone support.
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Neil Cumins contributed to this article.
\n"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"30980","_score":2,"_source":{"canonical":"https://vaylees.com/square-review","displayModified":"2024-10-03T16:16:09Z","docType":"review","editorsPick":null,"href":"square-review","id":"30980","ID":30980,"isSponsored":false,"published":"2023-07-13T16:34:21Z","site":"bnd","stream":"","subtitle":"","title":"Square POS Review and Pricing","author":{"displayName":"Jamie Johnson","email":"jamiejokcmo@gmail.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/04072055/jj_photo-scaled.jpg","type":"Senior Analyst"},"channels":{"primary":{"name":"Find A Solution","slug":"find-a-solution"},"sub":{"name":"Financial Solutions","slug":"financial-solutions"}},"meta":{"robots":"index, follow","description":"Square is the best POS for small businesses thanks to its affordable hardware and software. Learn more about Square’s features and costs and how it works."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/08/01035559/square_logo.png","caption":"","alt":"Square company logo"},"content":"\n \n\n\n\n
If you’re looking for an affordable and intuitive point-of-sale (POS) system, Square is an excellent option that’s popular among retailers, restaurants and service providers. It provides an excellent starting point for new businesses and those setting up a POS system for the first time at a price that fits any budget.
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Why Square Is Best for Small Businesses
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Companies of all sizes can use Square, but it’s best for small businesses thanks to its free plan. The free plan is surprisingly comprehensive, and its payment processing fees are straightforward and easy to understand. With Square, new and very small businesses can get the sophistication of advanced POS systems at a cost-effective price point.
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Square also offers a variety of affordable hardware options and accessories. The Square Register has a display for you and one for your customers, and it comes with a two-year warranty. You can also accept contactless mobile payments without needing any additional hardware. This allows new businesses to start accepting payments without a large upfront investment.
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Square is an excellent POS system for small businesses and startups. Source: Square
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Usability
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Square is easy to set up, and you’ll need very little training to begin using the software. The interface is highly intuitive, and you and your team should be able to manage the setup on your own. If you do run into problems, you can reach out to customer service via chat or in-app support. This is especially useful for new businesses or mom and pop operations that need to get something effective up and running quickly without difficulty and at an affordable cost.
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Square also provides an extensive list of online resources, including how-to articles, guided tutorials and a community forum. Square’s Seller Community forum is quite active, so you should always be able to find answers to your questions.
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Square’s software also integrates with dozens of third-party apps, so you can create a customized solution for your business. For example, Square integrates with popular software like Wix, WooCommerce and QuickBooks Online.
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Square Features
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Payment processing
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Square’s POS system allows you to accept payments online, in person and over the phone.
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Hardware
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Square offers a register, stand, terminal and two different card readers.
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Square for Retail
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Square provides features that allow you to sell products online and in person.
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Square for Restaurants
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You can use Square to manage your menu and run your restaurant.
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Appointment booking
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Your customers can easily schedule appointments with you through Square’s appointment-booking feature.
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Payment Processing
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Square allows you to accept online, in-person and remote payments. If you largely need to accept in-person customer payments, the Square reader makes it easy to accept chip, mobile and contactless payments. Customers can also pay online using a secure Square link or after you send them an invoice. You can also accept keyed-in transactions or keep a customer’s card on file.
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We also like that Square comes with detailed POS reporting and analytics features. You can track payments and monitor your company’s sales with Square’s custom POS sales reports. You can also monitor customer preferences and learn why customers return to make repeat sales.
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You can also create a customer loyalty program and a digital gift card program to drive repeat visits. We found this especially useful for new businesses trying to make a name for themselves and local, independent businesses that rely on a loyal customer base in order to compete with bigger companies.
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Use Square’s POS features to track customer preferences and build loyalty programs. Source: Square
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Hardware
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We appreciate that Square provides several hardware options so businesses can choose the best setup for their needs. Here’s an overview of Square’s hardware:
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Square Register: The fully integrated Square Register comes with a dedicated customer display. It includes protection from eligible charge-backs and a two-year limited warranty.
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Square Stand: The Square Stand turns your iPad into a POS system. It comes with a customer-driven checkout and a built-in card reader.
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Square Terminal: The Square Terminal is an all-in-one credit card machine that lets you accept payments and print receipts. Customers can use the terminal to tap, swipe or dip their cards.
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Square Reader: The Square Reader lets you accept chip cards and contactless payments.
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Square Reader for Magstripe: You can plug this reader into your phone to accept magstripe payments.
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Square provides all the hardware options you need to run your business. Source: Square
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Square for Retail
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Square’s retail features make it easy for businesses to sell products online or at a brick-and-mortar location. You can use the software to accept payments, manage inventory and streamline operations. We also like that you can use Square to set up a free e-commerce account or integrate an existing online store.
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Square for Retail includes inventory management features that help small businesses streamline operations. Source: Square
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Square for Restaurants
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Square is best known for serving retailers, but the company also offers a restaurant POS solution. You can use the software to manage front- and back-of-house operations, handle your menu, keep the line moving, and offer free delivery or pickup on all orders. And Square’s mobile POS features let you accept tableside payments, which helps you turn over tables at a faster pace.
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Square for Restaurants includes menu-management features. Source: Square
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Appointment Booking
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Square also offers an appointment-scheduling feature, which is rare for a POS provider. You can manage your availability from the app and let customers book appointments or classes with you online. This feature makes Square an excellent option for service providers.
Square offers three software plans: Free, Plus and Premium.
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Free: Square’s free plan impressed us, allowing businesses to accept payments online, in person or over the phone. Not many competing POS solutions offer such a full-featured free plan, Not many competing POS solutions offer such a full-featured free plan, which is beneficial to sole proprietors, new businesses and very small operations on a tight budget.
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Plus: The Plus plan costs $29 per month and comes with advanced features for restaurants, retailers and service-based businesses.
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Premium: The Premium plan costs $79 per month and is designed for companies with more comprehensive needs.
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You must also pay the following payment processing fees:
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In Person: 2.6% + $0.10 per transaction
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Online: 2.9% + $0.30 per transaction
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Manual: 3.5% + $0.15 per transaction
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Invoices: 3.3% + $0.30 per transaction
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Square Setup
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Square makes setting up your POS system seamless, and it’s a great choice for businesses that want to start accepting payments immediately. Here’s how to get your Square system set up:
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Download the Square app to your mobile device.
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Once you create your account, Square will ship you a free card reader.
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After entering your banking information, Square will make two small deposits to your account.
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Once the deposits appear, log in to your Square account to verify your information and the deposit amounts.
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Once you receive your card reader, plug it into your mobile device and begin accepting payments from anywhere.
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Square Customer Service
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Compared to some of the other POS providers we reviewed, we found that Square falls a bit short on customer service. Square has a spotty customer service record, with some complaints online. Many customers report that the company is difficult to get a hold of and say they had challenges resolving certain issues. And the free plan doesn’t come with 24/7 phone support.
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Square Drawbacks
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Square is an excellent POS provider, but there are a few drawbacks to consider. The biggest drawback is that Square’s customer support isn’t as highly rated as what many of its competitors provide. And if you choose the free plan, you won’t receive 24/7 phone support. And Square probably isn’t the best choice for companies with complex payment processing needs.
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Methodology
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When researching the best POS systems for small businesses, we looked for affordable pricing, comprehensive features and overall ease of use. We also compared Square to over a dozen POS system competitors. Our in-depth research helped us determine where Square stands out among its competitors and where it needs some improvement.
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Overall Value
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We recommend Square for …
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Businesses that don’t want to sign up for a long-term contract.
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Businesses that use iOS or Android devices.
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Any business looking to avoid chargeback fees.
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We don’t recommend Square for …
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Businesses that need a POS system with advanced functionality and industry-specific features.
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Anyone who wants to run the POS system on a Windows desktop or tablet.
Wix is known for its intuitive website builder, but the company also offers point-of-sale (POS) software. The company offers the hardware and software needed to accept customer payments from anywhere. It’s an excellent option for Wix website customers who need to accept in-person payments too, such as small businesses looking to bring their e-commerce store to a local event.
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The software is intuitive and easy to use and comes with built-in e-commerce features. It’s easy to learn, so sole proprietors and small teams without technical know-how can make it work for them without much hassle. Wix customers will also receive flat-rate payment processing fees and all payments are processed through Square.
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Why Wix Is Best for Multichannel Businesses
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Wix POS is best for multichannel businesses — companies that have an e-commerce and brick-and-mortar element to their business. This includes small retail shops that are selling online and e-commerce businesses that visit trade shows and local events, such as handmade stores branching out from online sales.
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With Wix, you can create one product catalog for all your sales and customers will have the option to purchase online or in your store. The software syncs your inventory across all your channels automatically, making inventory management easier.
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Customers can also pick from flexible delivery options. For example, a customer can place an order on your website and choose to either have it delivered or they can pick it up at your store. Customers could also place an order at your store and have it delivered to their home.
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Wix POS allows you to accept payments and keep track of your inventory. Source: Wix
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Usability
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One of the things we like about Wix is how easy the software is to use, especially if you’re already a Wix customer. The interface is intuitive, and most customers find the menus and dashboard easy to navigate. The POS software is similar to its website builder in that it’s mostly plug-and-play, so it doesn’t require any complex configurations. This means businesses without technical expertise can get Wix POS up and running without trouble or spending a lot on outside support.
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The hardware is also fairly simple to use and it integrates seamlessly with the POS software. Wix also provides a seamless checkout process with an automated sales tax calculation, flexible pricing, discounts and customized receipts.
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Wix Features
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Payment processing
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Accept payments online and in person.
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Hardware
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Wix hardware options let you accept payments in-store or on the go.
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Inventory Management
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Track up to 50,000 products and manage your inventory in real time.
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Analytics and reporting
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Receive insights into your sales, customers and employees.
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Payment Processing
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Wix Payments makes it easy to accept online and in-person payments. The company has a flat-rate charge of 2.6% on all payments, which is much more affordable than what other POS providers charge. We like that Wix doesn’t charge any additional fees for refunds or chargebacks, which is rare among POS providers.
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Wix also provides an integrated dashboard where you can review your sales for the day. You’ll see your total sales volume and how these transactions break down between online and in-person transactions.
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You can use Wix to accept online and in-person payments. Source: Wix
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Hardware
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Wix offers the hardware needed to accept customer payment in-store or on the go. The terminal is an excellent option for traditional brick-and-mortar stores, and the secure card reader ensures customer payment information is kept safe. The customer-facing display also provides a smoother checkout experience for your guests.
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The hardware is also portable, allowing you to accept transactions on the go. For side hustles, sole proprietorships and local, independent businesses that attend local events or trade shows to supplement their business, the mobile credit card reader is a compact, useful tool.
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You can accept credit card, debit card, chip and contactless payments. Source: Wix
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Inventory Management
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You can use Wix POS to manage the inventory for your e-commerce and brick-and-mortar businesses. The software can track up to 50,000 products, and you can create up to 10,000 variations of each product. You can arrange different products by style, category or sale and manage them directly from the POS system.
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You can also track inventory levels in real time based on sales you make or refund requests that you receive throughout the day. You can adjust your inventory levels by adding stock keeping units manually or with your barcode scanner.
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These tools are great for new businesses trying to better understand which items they need to stock up on frequently and which they don’t. Proper inventory management is key to reducing waste and maintaining healthy cash flow.
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Analytics and Reporting
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You can use the software to monitor your business’s performance and receive custom reports, such as those that monitor your company’s sales performance and see how sales are trending over time. The information you receive will help you make data-driven decisions about your business.
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You’ll also receive data about your customers, which you can use to create targeted marketing campaigns and promotions. You can also monitor your team’s performance and assign custom roles and permissions.
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Wix Costs
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We like that Wix is transparent about its pricing, and that it includes plans suitable for businesses running a tight budget. Here are the software plans customers can choose from:
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Core plan: The Core plan costs $29 per month and offers the basic functionality needed to accept payments online and in person. However, the software won’t calculate the sales tax for you, and you’ll only receive basic marketing, analytics and e-commerce tools.
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Business plan: The Business plan costs $36 per month and, in addition to accepting payments, the software will calculate the sales tax on up to 100 transactions per month. You’ll also receive up to 100GB of storage and standard marketing, analytics and e-commerce tools.
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Business Elite plan: The Business Elite plan costs $159 per month and comes with unlimited storage. The software also automates the sales tax on up to 500 transactions per month. With this plan, you’ll receive the most advanced marketing, analytics and e-commerce tools.
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Wix also offers a Light plan for $17 per month, but that plan does not include the ability to accept payments or engage in e-commerce transactions. Businesses in need of POS system functionality will need to choose from one of the three plans listed above.
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If you’re looking to order hardware, there are two basic packages you can choose from:
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The Complete Retail POS Package: This package costs $1,295 and comes with a terminal, card reader, receipt printer, cash drawer and barcode scanner.
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Your Retail Essentials: This package costs $995 and comes with a terminal, card reader and its dock.
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The Complete Retail POS Package comes with a terminal, card reader, receipt printer, cash drawer and barcode scanner. Source: Wix
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Wix Setup
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The setup process with Wix is fairly simple, and you’ll start by creating a Wix Payments account. From there, you can purchase the software and hardware best suited to your business needs, and the company will ship your POS kit to you.
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According to Wix, you should be able to simply unbox your POS system and plug it in. From there, you’re ready to begin accepting in-person payments. Wix doesn’t appear to offer onboarding options to new customers.
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Wix Customer Service
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While Wix does offer customer support over the phone. When we submitted a support ticket, we were disappointed to learn that the company doesn’t offer email support or live chat options. The company doesn’t offer separate customer support for its POS system, so phone support can be limited.
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The company did receive 4.6 out of 5 stars on Trustpilot, and there are currently over 17,000 reviews. However, many of these reviews are for the company’s website-building services. Overall, most customers seem to find the company’s customer service helpful, but there are complaints that it can be hard to reach someone.
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Wix provides a Help Center with tutorials and detailed articles on relevant topics. So, you may be able to find the answer you need on your own.
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Wix Drawbacks
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If you’re a current Wix website customer, the POS software may be a good fit for your business. However, there are some drawbacks new customers will want to consider first. The software is only available to businesses in the U.S. and Canada, so it’s not an option for everyone.
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The company doesn’t provide any onboarding for new customers, and its customer support is lacking compared to what other POS providers offer. So, the service may not be a good fit for larger retail companies with more complex needs.
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Methodology
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We compared Wix to dozens of other POS providers to see where the company stands out and where it could improve its offerings. We also looked at customer reviews on sites like Trustpilot and the Better Business Bureau to see what the customer experience is like.
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Overall Value
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We recommend Wix for…
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Current Wix website customers who need a way to accept in-person sales.
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E-commerce businesses that want to accept in-person sales.
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Small retail companies that need basic payment processing software.
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We do not recommend Wix for…
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Any business types other than retail or e-commerce.
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Business owners outside of the U.S. or Canada.
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Market intelligence refers to your understanding of the space in which your business operates and your ability to gather new information continuously. It includes a variety of activities, such as building customer profiles, conducting competitive analysis, examining trends affecting the market and the ongoing strategic adjustments all businesses must make. Market intelligence, then, is an important part of running a successful business. This guide will introduce the concept and explain how you can leverage market intelligence to prepare your company for a prosperous future.
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What is market intelligence?
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At its core, market intelligence uses multiple sources of information to create a broad picture of your company’s existing market. It assesses your company’s customers, problems, competition and opportunities for creating new products and services.
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You can collect market intelligence by referencing sales logs, customer data, surveys and reviewing social media metrics.
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Saul Dobney, CEO of research consultancy group Dobney.com, says it is easy for small companies to get started with a commonsense approach.
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“It can be as simple as visiting your competitors’ websites or stores, finding published information about the number and type of potential customers, [and] keeping up to date with developments in your area from magazines, journals or business associations,” Dobney said. “It also includes checking for customer comments and feedback online that will help the business improve its offer or service.”
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Market intelligence vs. business intelligence
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Market intelligence is often confused with business intelligence but they aren’t the same thing. Business intelligence refers to data specifically about a company, while market intelligence looks at the overall trends.
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In general, business intelligence is information about internal company performance. This includes how many products were shipped and the total number of sales in a month.
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In contrast, market intelligence focuses on external information, including customer demographics, geographic information and what consumers buy. It also looks at the competition to see where your business stacks up relative to the rest of the marketplace. All of this can help form an analysis of business intelligence.
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Market intelligence also considers what is happening with your company’s competition, which business intelligence ignores altogether.
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How do companies use market intelligence?
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Successful market intelligence answers concrete questions about current and potential customers and competitors and helps your company determine its internal goals. Here are some questions that market intelligence can address:
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Where should my company devote more resources?
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Which markets should I try to enter next?
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What are the buying patterns of our best customers?
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What products could be cross-marketed to existing customers?
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Into what demographic segments can my company push new and existing products?
Market intelligence helps businesses analyze the overall environment in which they are operating. This helps your business spot potential risks and identify new opportunities for growth. Most companies do this by looking at these four criteria.
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Types of market intelligence
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You may encounter a variety of types of market intelligence. The following are among the most common types of market intelligence to consider.
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Competitor intelligence
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Competitor intelligence involves gathering and analyzing information about your competitors. Analyzing your competitors’ strengths and weaknesses can help you gain valuable information about your own company and why customers don’t always choose your product or service.
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For example, a competitive analysis report is a regular tool in most marketing operations, assessing the level of service a product provides. A competitive analysis report could include everything from pricing and product features, all the way down to target audiences and key demographics. Once compiled, all of this information can be used to create a formidable product that caters to the customer while avoiding problems other businesses have faced.
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Product intelligence
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Product intelligence involves analyzing the quality of your product or service. If you sell a physical product, it involves looking at the manufacturing process and whether you’re building the product as efficiently as possible. The information you gather will help you improve the value of your product.
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Gathering this type of intel is fairly straightforward as it requires you to look at other products on the market and assess their strengths and weaknesses. That assessment covers everything from the product itself and its packaging, how it’s displayed in stores and production processes and costs.
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Market understanding
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Market understanding is your sense of the different markets where you’re selling your product or service. This type of research helps you get a feel for how well you’re performing in those markets and whether there are additional markets to which you could expand.
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Gathering the intelligence to gain a solid grasp of the market is a combination of competitive analysis and product intelligence, along with identifying top performers in the space. With an understanding of what’s selling on the market, you can start gathering your end-user intelligence to figure out why customers prefer those top performers.
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Customer understanding
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Customer understanding involves learning more about your current customers and why they buy from you. It can also help you understand any challenges you face with those customers to improve satisfaction and customer retention rates. The information you gather can also help you succeed in future marketing campaigns.
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It’s common for a marketing department to put together customer personas that offer details like demographics, interests, problems they face and the solutions a business can provide to them. Those customer insights can often help an entire operation, from those in product development to the quality assurance engineers.
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How to collect market intelligence
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While there is no set plan for how companies should gather market intelligence, many do so by performing various forms of high-level analysis. Let’s look at four different strategies you can use to collect marketing intelligence.
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1. Your current customers
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According to Ajith Sankaran, senior vice president at Course5 Intelligence, companies often forget that customers are a potential source of data.
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“Small businesses can set up processes to maintain customer lists and some kind of customer feedback program to collect customer intelligence in an effective and largely inexpensive manner,” Sankaran said.
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Your sales team is also uniquely positioned to help with market intelligence. Since sales reps speak to prospects and customers regularly, they can provide additional insights into industry trends. Customer relationship management (CRM) is often the best place for a company to share this information on customers in one place.
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2. Surveys
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If you want to obtain your own market research data, consider sending customers online surveys or polls. Sankaran noted that this can be a useful approach, especially if you maintain your customer lists effectively.
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You can use tools like SurveyMonkey or Typeform to get started. Another good option is to include a survey link on the customer’s receipt.
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3. Website analytics
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Dobney recommended using information to which you already have easy access: your e-commerce analytics.
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“You can look at the customer journey through the website,” he said. “How many people arrive and where from? What is their next step after arriving? How many get through to the basket? How many check out? Looking for patterns and then testing different content, taglines, signposts and offers uses market intelligence to improve the offer.”
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4. An in-house specialist
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If your company is large enough, you may be able to hire a market intelligence analyst. As a specialist, the analyst can develop a more nuanced picture of the market.
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They’ll do this by communicating with manufacturers, distributors and clients involved in the creation and distribution of your company’s products. This type of dialogue ― along with hard data and marketing research ― comprises the majority of the market intelligence.
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Once this information is processed, you can use it to determine profitable opportunities in the market.
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How to manage market intelligence
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Market intelligence can give you greater insight into your industry and help you identify new expansion opportunities. However, it’s only useful if the information you receive is accurate.
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Unfortunately, staying on top of market intelligence can quickly become time-consuming for small business owners. That’s why there are many online tools available to help you gather, analyze and store your market intelligence.
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Popular software options for companies in need of a business intelligence system include Pentaho and Sisense. Alternatively, cloud services, such as Oracle and Birst, can help you share business intelligence among units easily.
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While an individual can handle much of the work of market research for a small company as your company grows you may need to devote more time to analyzing data. As the amount of information increases, it may become necessary to use statistical tools and more complex technologies to handle and manipulate the data, Dobney added.
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If you are not prepared to learn a software package or hire an in-house analyst, a third-party specialist may be able to help you make the most of your market intelligence. That way, you can understand your current market environment and make the most of the opportunities available to your business.
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Knowing the lay of the land is key to success
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Conducting market intelligence to gather information about your space, your customers, your competitors and how your business can grow serves to guide your plans for both the short- and long-term. Without a clear understanding of the market in which your business operates, you can’t expect to survive for very long. However, the more intelligence you gather and the more it informs your overall business plan, the better off you’ll be. Building market intelligence into your operations and remaining flexible to pivot as needed are key elements of building a successful company that can stand the test of time. Does your business have the market intelligence it needs?
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Eduardo Vasconcellos and Tejas Vemparala contributed to this article. Source interviews were conducted for a previous version of this article.
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