At Method Analytics, we recently took a deep dive into the top POS systems specifically for CBD companies during our case study. We found key comparisons between, and wanted to share our experiences with you.
In the ever-evolving landscape of business technology, Point of Sale (POS) systems have become a crucial component for various types of establishments, from small businesses to large enterprises. These systems offer advanced features that streamline transactions, inventory management, and customer relationships. In this article, we will take an in-depth look at three popular POS systems: Clover, Square, and Lightspeed, comparing their key features, benefits, and target audiences.
1. Clover
Clover is a versatile POS system designed to cater to businesses of all sizes, from small boutiques to full-service restaurants. Developed by Fiserv, Clover offers an extensive suite of hardware options and software applications that can be customized to meet specific business needs.
This POS system offered improved customization of the customer checkout experience, but ultimately did not allow for the processing of CBD. We found their customer service after the sale to be lacking, and were sold the product before learning they do not allow payment processing for CBD products.
Clover was comparatively limited in its ability to integrate with other software solutions, especially for e-commerce stores and loyalty rewards programs. We would have had to use a 3rd-party loyalty program with separate hardware, and have a loyalty program that worked outside, or on top of, the backend database operations.
Key Features:
Customizability: One of Clover’s standout features is its highly customizable platform. Business owners can choose from a variety of hardware options and applications to build a tailored solution.
App Market: Clover’s App Market provides access to third-party applications that extend functionality, allowing businesses to integrate loyalty programs, accounting software, and more.
Versatility: With options for countertop, portable, and mobile devices, Clover is suitable for both brick-and-mortar and on-the-go businesses.
Inventory Management: Clover provides robust inventory management capabilities, including stock tracking, low-stock alerts, and real-time updates.
Payment Processing: The system supports various payment methods, including credit cards, mobile wallets, and contactless payments.
Target Audience: Clover caters to a wide range of businesses, making it suitable for retail stores, restaurants, cafes, and service-based establishments. Its scalability and customization options make it a preferred choice for businesses looking to grow and adapt their POS systems as needed.
2. Square
Square is renowned for revolutionizing the payment industry with its easy-to-use mobile card reader, and it has since expanded its offerings to include a full suite of POS solutions.
In our findings, Square is to Clover as Hubspot is to Salesforce. The lower learning curve leads to a lower level of customizability with increased UX and ease of use. Specific to CBD, they have an application process for CBD sellers integrated to their website, and offer additional customer support included with their pricing.
Square comes with a loyalty program that integrates with both their own e-commerce platform, as well as other e-commerce platforms. They furthermore offer the ability to integrate their inventory management with other e-commerce platforms, including Wix, Shopify, and WordPress.
Key Features:
Simplicity: Square is known for its user-friendly interface and straightforward setup. It’s an excellent choice for small businesses and startups that require a quick and uncomplicated solution.
All-in-One Platform: Square provides not only POS capabilities but also payment processing, online store setup, and appointment scheduling tools.
E-commerce Integration: Square’s online store integration allows businesses to seamlessly sync their physical and online sales, streamlining inventory and sales tracking.
Analytics: The built-in analytics provide insights into sales trends, customer behavior, and inventory performance.
Mobile Flexibility: Square’s mobile app enables business owners to manage sales and view reports on the go.
Target Audience: Square is particularly popular among small businesses, food trucks, pop-up shops, and service providers who need a simple yet effective POS solution. Its integration of online and in-person sales makes it appealing for businesses with a strong e-commerce presence.
3. Lightspeed
Lightspeed offers POS solutions tailored to specific industries, including retail, restaurants, and e-commerce. Its focus on industry-specific features sets it apart from more generic systems. Lightspeed originated as an inventory management platform and has expanded into the POS market.
We found Lightspeed to have the most comprehensive solutions specific to the CBD industry. They used a 3rd-party payment processing affiliate for CBD products, which requires a standalone payment processor. Lightspeed’s package also included monthly compliance support to proactively ensure your business, especially e-commerce, operates within state and federal regulations. However, these comprehensive services came at a significantly higher cost than the other solutions.
Lightspeed offers their own e-commerce platform and loyalty rewards programs similar to Square. They do not have the integrations ability as Square offered, but they do offer open API on their platform for custom integrations.
Key Features:
Industry-Specific Features: Lightspeed offers specialized features for various industries, such as table management and reservations for restaurants, and inventory categorization for retail stores.
Multi-Location Support: Lightspeed is designed to manage businesses with multiple locations, making it suitable for growing enterprises.
E-commerce Integration: Lightspeed’s e-commerce integration facilitates online sales, allowing businesses to sync inventory and sales data between their physical and digital stores.
Reporting and Analytics: The system provides detailed reports on sales, inventory, and customer behavior, helping businesses make informed decisions.
Customer Relationship Management: Lightspeed offers customer profiles and loyalty program management, enabling businesses to enhance customer relationships.
Target Audience: Lightspeed is best suited for businesses within specific industries, such as retail, restaurants, and e-commerce. Its tailored features make it an attractive option for businesses seeking industry-specific solutions with advanced functionality.
Conclusion
Choosing the right POS system depends on your business’s specific needs, size, and industry. Clover, Square, and Lightspeed each offer unique features that cater to different types of businesses. Clover’s customization options make it versatile and scalable, Square’s simplicity is perfect for startups and small businesses, while Lightspeed’s industry-specific features make it an ideal choice for businesses seeking specialized functionality.
To learn more about finding the right POS solution for your business, just ask us! We encourage you to leverage our experience in this field to better help your business grow. We will work with you to evaluate your business requirements and priorities to determine which POS system aligns best with your goals and growth strategy.
