Opening a retail store: getting payments and POS right from day one

A practical guide to the equipment, paperwork, and questions that matter before your first sale, whether you are weeks from opening or already have the doors unlocked.

Start your setup

What to get right

A POS that tracks inventory, not just sales

In retail, your register is also your stockroom record. Plan for a POS that lets you set up products with variants such as size and color, scan barcodes, adjust counts when shipments arrive, and flag low stock. Before you choose a system, think through how many items you will carry and whether you need to print your own labels. Setting this up well before opening is far easier than cleaning it up after a busy first month.

Clean handling of returns, exchanges, and refunds

Returns are routine in retail, so your system should make them routine too. Look for refunds that go back to the original card, exchanges that update inventory automatically, and store credit or gift card options if you plan to offer them. Write your return policy before you open, post it at the counter, and make sure it prints on receipts. A clear policy also helps you respond if a customer disputes a charge later.

Every way your customers want to pay

Shoppers expect to tap a card or phone, insert a chip card, or swipe if they must. Your terminal should handle contactless and chip payments, and your POS should split payments across cards, cash, and gift cards. If you sell online or plan to, connect your store and website so inventory and sales stay in one place. With a TouchSuite merchant account, our ERP, CRM, and e-commerce integrations are included at no monthly fee.

Pricing you can actually read

Processing costs are an ongoing expense, so understand them before you sign anything. With interchange-plus pricing, you pay the card networks' actual cost plus a fixed margin, which makes your statement easier to check. If you would rather eliminate processing cost, a cash discount program is available. Card surcharging and cash discount rules vary by state, so confirm what applies where you operate.

How it works

Gather your business documents. A merchant account application typically asks for your legal business name and entity type, your EIN (or SSN if you are a sole proprietor), a business bank account with a voided check or bank letter, a government-issued ID for each owner, your business address, and a short description of what you sell. Have your expected sales volume and typical sale size in mind as well. Licenses and permits depend on your city, county, and state, so check with your local offices for what your store needs.
Talk through your setup. Tell us how your store will run: how many registers, whether you sell online, how you handle returns, and what you need from inventory tracking. If you already process cards somewhere, send us your most recent processing statement and we will show you, line by line, what you are paying and beat it, or tell you honestly that we cannot. Qualifying merchants receive free terminals and POS hardware, no upfront cost.
Apply and get approved. Once your application is complete, it goes through underwriting. How long that takes depends on your business and how complete your paperwork is, so apply well before your opening date rather than the week of. Missing documents are the most common cause of delays.
Set up and start taking payments. Most merchants are processing within 24 to 48 hours of approval. Use that time to load your products, set tax settings according to your state and local requirements, train your staff on sales and returns, and run a few test transactions before the doors open.

Questions to ask a processor

How exactly will I be charged for processing?

Ask any processor to explain their pricing model in plain terms and show you a sample statement. With interchange-plus, you pay the card networks' actual cost plus a fixed margin, so you can see what goes to the networks and what goes to the processor. If a processor cannot explain a line on the statement clearly, treat that as a warning sign.

Am I locked into a contract?

Read the agreement for the length of the term and what happens if you leave early. TouchSuite accounts are month-to-month, cancel anytime, no fees. Whoever you work with, get the terms in writing before you sign.

How are refunds and chargebacks handled?

Retail stores process returns regularly, so ask how refunds appear on your statement and how quickly they settle. Also ask how you will be notified of a chargeback and how you submit evidence. Keeping receipts, a posted return policy, and signed or recorded transaction details helps you respond.

Will the POS work with my online store and other software?

If you sell online or use accounting or customer management software, ask which integrations are supported and whether they cost extra. With a TouchSuite merchant account, our ERP, CRM, and e-commerce integrations are included at no monthly fee.

How soon can I start taking cards?

Approval time depends on your business and how complete your application is, so ask for a realistic estimate and leave yourself room before opening day. With TouchSuite, most merchants are processing within 24 to 48 hours of approval.

Is a cash discount program right for my store?

It can eliminate processing cost, but think about how your customers will respond and how you will display pricing. Rules on cash discounts and surcharges vary by state, so check what applies to you before you set it up. We can walk through whether it fits your store.

Get your store ready to take payments

Tell us about your store and when you plan to open, and we will help you plan your POS, gather what you need for your application, and set up pricing you can understand. If you already process cards, send us your most recent statement and we will review it line by line.

TouchSuite · 800-793-3250 · Month-to-month, cancel anytime, no fees.