Standalone terminals 

Standalone terminals are common in retail, supporting swipe, chip and pin, contactless, and digital wallet payments. Traditional standalone terminals typically need to be plugged into a power source and connected to a phone line or the internet. They feature a card reader and a keypad for entering the transaction amount. 

The traditional terminals are simple and reliable but are often limited to only processing transactions without integrating with other systems, such as cloud-based software. 

However, modern standalone terminals are evolving to include integrations with inventory and customer relationship management systems. Some have touchscreens and mobile capabilities for transactions like curbside pickup, making them more versatile when you have several business needs.

Local POS payment systems 

Local POS systems store transactional data locally without needing an internet connection. This means all sales and transaction data is stored within your business's computer system or intranet. 

Companies using a local POS system typically pay a licensing and set-up fee to a software provider. They must also regularly update their system as their data isn't automatically synced. 

This manual process can be time-consuming but might be preferred by businesses prioritising security. Or firms with multiple locations where the internet is only sometimes available, so they can operate even if their connection goes down.

Cloud-based, integrated terminal 

These systems integrate online and in-person payments, combining inventory, customer, and transaction data in one place. Cloud-based systems are usually licensed through software providers who charge customers via monthly or yearly subscriptions. 

This type of terminal is ideal for ecommerce businesses with both physical and online stores as it offers flexibility and a clear, centralised overview of their data. They're usually easy and quick to set up and start using. They also provide versatility whether you're selling in-store or in different locations.

Mobile POS systems (mPOS) devices

Mobile POS systems like SumUp and Zettle offer flexibility and mobility, making them a good choice for some small businesses and pop-ups. 

They can work in two ways: either you have a mobile card reader that connects to your smartphone or tablet via Bluetooth and runs off Wi-Fi or mobile data, or you get a standalone mobile device with built-in SIM cards for connectivity. 

mPOS devices are cost-effective for startups due to their low initial costs and fixed transaction fees. However, as your business grows or if you're already processing a high volume of payments, the per-transaction fee model may become expensive compared to flat rate or monthly fee models.

Another option to consider is Tap to Pay, which allows you to transform any mobile device, such as a phone or tablet, into a payments terminal. This helps you avoid operating any separate hardware.