Costs, Benefits and Features of Taxi POS Systems

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Read This Buying Guide Before You Purchase a Taxi POS System

It seems that technology impacts every area of life today, and the transportation industry is no exception. Your potential passengers expect to have the ability to make electronic payments for just about every service, even their transportation.

This goes beyond credit and debit cards. More and more, people use EMV (the new chip technology on credit and debit cards), NFC (technology that allows people to make payments using their phones), and mobile wallets to make payments. Without a point of sale (POS) system, you may be losing money.

You can find wireless POS systems to fulfill any need, from a single user setup to those linked to thousands of other users. Whatever you need, there's a system for you.

How does a Taxi POS System Work?

Wireless POS systems use the same technology smartphones and tablets rely on, such as Bluetooth. Your wireless system may house its own built-in credit card swipe, or it might pair with a wireless credit card terminal.

The system includes either a touch screen or a handwriting recognition device for your passengers to sign electronically. Once you enter the client's payment details, the information transmits to your base device to complete the sale.

What are the Benefits of a Taxi POS System?

Large metropolitan areas, such as New York and Washington, D.C., recognized the numerous benefits of mobile POS and have already made this change. In fact, it's become a popular feature for taxi services in many areas of the country, especially popular tourist destinations, since so many travelers prefer to travel with limited stores of cash.

One of the most obvious benefits is broadening your customer base to include people who don't carry cash, or who prefer to pay electronically. However, it's important to note that, at the same time you increase your revenues, you also increase driver safety. The more customers utilize electronic payment options, the less cash drivers have on-hand.

Drivers who already adopted the technology noticed another pleasant side effect: increased tips. This is a natural side effect since the average person carries limited amounts of cash.

What to Look for in a POS System

Features and capabilities in point of sale platforms vary widely, of course, but the average POS system has a few common components:

• POS computer
• POS software
• Mobile device
• Customer display screen
• Keyboard
• Monitor
• Printer

In addition to the above components, you want to make sure that the system you choose is flexible and user-friendly.

Flexibility allows you easily make changes as your needs grow and evolve, such as adding users or upgrading software. Ease of use requires an intuitive interface so that the system is simple for both drivers and passengers to use, with a quick, painless training period.

When researching systems, ask vendors to demonstrate the platform. You want the opportunity to take it for a test drive before buying; it's the only way to determine whether the system is user-friendly and intuitive. Also, don't forget to ask vendors about upgrades and support for your system.

How Much Does a Taxi POS System Cost?

Pricing for POS systems depends on the complexity of the platform and how many users or terminals you require. You can find a wireless POS bundle for around $4,000, which includes the tablet with built-in credit card swipe, touch screen POS system, customer display, two printers, and software. A system with two wireless terminals adds around $2,500 to the total.

You can also purchase components of a wireless POS system separately, which may be preferable if you already have the hardware for a standard, stationary system. A wireless terminal, essentially a tablet with a touch screen and built-in credit card reader, is available from your current merchant account for around $200. You can purchase the wireless credit card terminal on its own for between $300 and $1,000.

Even if you already have point of sale hardware, you need the appropriate software license for each mobile terminal. This cost starts at around $1,000 and extends to $2,500 per user, depending on the number of users and the software you use.

The Bottom Line

Improvements in technology help open up potential revenue streams for taxi operators by making accepting credit cards and other electronic payments a viable option. Though making the change represents an investment on your part, it makes your service more valuable to your passengers, and improves driver safety at the same time. Research vendors and try before you buy to ensure you land on the mobile POS system that truly fulfills your needs.

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