Point of Sale and Payment Processing

Card payments are essential to growing a business.

Online and in-person, credit card and debit card transactions outpace other forms of payment year after year. To accept those payments, your business will need to find solutions for payment processing and point of sale (POS). These essential technologies can impact business both in terms of day-to-day processes and long-term scalability.

Here are some thoughts to consider when approaching card payments and POS solutions.

Industry Compatibility

card readers and computers

This may sound obvious, but not every POS will be compatible with your industry. Many POS solutions are developed for specific industries, which may make them less ideal for others. Plus, financial regulations can vary by industry, and processing companies and payment vendors sometimes have restrictions or prohibit certain business types from utilizing their products or services. 

At the very least, your point of sale needs to accept payments. In-person payments might include:

  • Cash
  • Checks
  • Card swipe
  • Chip reader
  • Tap-to-pay 
    …and mobile payments, such as ApplePay® or GooglePay™.

Beyond that, the sky’s the limit – with the understanding that every enhancement comes with costs. Services, menus, hardware, integrations, customization, and other costs vary greatly by service provider.

Software and Hardware Comparisons

Here's a good place to start – research a few POS solutions that were specifically developed for your industry and compare them with other POS types that are industry non-specific. That’ll give you an idea of industry tools that are currently on the market, and you’ll discover which service providers offer additional features or unexpected services like:

  • Digital storefronts
  • HR management
  • Payroll processing
  • Analytics and reporting
  • Inventory management
  • Customer relationship management (CRM)
    …or integrations with your other vendors or service providers.

After that bit of research, you’ll be more prepared to weigh the advanced features, software integrations, and premium services against simpler, less robust solutions – and compare pricing. 


You may find that most POS providers bundle hardware and software together. Whether that’s to keep their products proprietary, branded, or more secure, it often leads to an investment up front and monthly or annual subscription costs. It can also limit your choice of payment processors (more on that later).

For next steps, reflect on the relevant hardware and software that add value compared to those that may be an unnecessary expense. Some features may help your business establish a customer base to build upon today, while others could be convenient enhancements down the road. You can avoid overspending by considering your wants vs. your needs and how they align with your five-year plan. 

Processing, Fees, and Deposits

Card processing requires secure communication between several parties. It starts when the card is recognized by the payment terminal, which sends the transaction information to the card processor, which communicates with the card network (such as Visa®), who then verifies the account balance and consumer identity with the issuer (such as Visions), who approves or denies the payment. Then, the confirmation returns along the same channels back to the merchant.

At this point, the payment is still not completed. The merchant will need to settle their accounts. Usually during end of day “batch” processing, merchants request their approved payments along the same channels, paying interchange fees along the way.

In addition to hardware and setup costs, card processors commonly charge businesses: 

  • Interchange fees – The business is charged per transaction while the payments are processing and the rate is based on the type of payment processed. Often, it’s a flat fee per transaction plus a percentage of the transaction amount 
  • Payment processing fees – The business is charged a monthly service fee or a service fee per transaction
  • Chargeback fees – The processor could charge the business for processing disputes and returns
    …and other fees for monthly statements, minimum requirements, etc. 

After card payments have processed, the funds require additional time to deposit to the business’ account at their financial institution. To have an idea of this potential delay, business owners should ask payment processors how long their deposits may take. 

Some service providers, like Visions, can set you up with next-day deposits – making sure you can access those payments as early as possible!


asian woman business owner in a bakery

Our Merchant Services

Our solutions are flexible and customizable to suit many industries. Depending on your business needs, our team can help you with:

  • Customizable point of sale
  • Digital storefront
  • Payment terminals
  • Payment processing
  • Next-day deposits
  • Local service
  • Free setup assistance
    …and more!

We encourage business owners, as you compare your options for merchant services, to meet with a representative and explore our solutions for both online and in-person POS. Email our team at BusinessServices@visionsfcu.org or click here to learn more and request a free quote.



Visions Federal Credit Union cannot open accounts for local governments or businesses/organizations that deposit public and/or municipal funds.

Business Articles

  • Beginner's Guide to POS and Payment Processing

    To accept online, mobile, and in-person card payments, your business will need to find solutions for payment processing and point of sale (POS). These essential technologies impact businesses both in terms of day-to-day processes and long-term scalability. When approaching POS and processing solutions, consider: Industry Compatibility, Software and Hardware Comparisons, Bundles, Processing Fees, Deposit Time, and more.

    card readers and computers
  • Resources for Business Owners

    Believe it or not - we don’t have all the answers. Sure, we’re an excellent resource for financial knowledge, products, and services, but there’s a lot more to running a business. Here are a few other resources and opportunities, unaffiliated with Visions, that you may want to consider for your small business goals.

    diverse business people having a meeting
  • Shop Around to Avoid Fees

    Are you being charged per transaction? As a business owner, you have enough to worry about. You work hard for your money and shouldn’t be paying any extra or unnecessary costs. Instead, save yourself the expense and the hassle by finding a financial institution that has little to no fees.

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