How Much Does a POS System Cost?
- July 9, 2021
- Posted by: admin
- Category: POS System
Advanced Point of Sale (POS) platforms are of immeasurable benefit, thanks to the insights they provide. Affordable POS systems are rapidly closing the gap between large scale corporations and individually-ran startups as they become more and more accessible.
Investing in a POS system can completely re-innovate your business and protect it in these uncertain times.
So, how much does a POS system cost?
That depends on a number of factors: the type of business you run, what exactly you want your POS system to do, the integrations and add-ons you choose, and your POS hardware. We’ll start with the basics by explaining what exactly POS systems are and why they’re useful:
What is POS?
POS systems reveal to business owners how financially efficient their company really is. They are a combination of hardware and software which give detailed reports based on transactional data.
POS systems have the same basic function as traditional till and record systems, like storing details and processing payments. As well as that, POS systems send full reports about your business’s profits, taking various elements such as VAT charges and promotional discounts into account, in order to provide the most accurate and relevant data. This allows you to make fully informed decisions regarding your business’s growth and profitability.
Depending on the needs of your business, a reliable point of sale system will be able to provide an overview of stock and inventory levels in real-time, deducting from the master stock level when a particular ingredient is used, for example.
Since the POS system analyzes your most popular products and peak sales times, you should be able to manage staffing costs more efficiently when you have a POS system in place. You can even create employee schedules on certain systems.
Cloud based POS systems are safer and more affordable than legacy systems, which store information in an internal server. If this server is hacked or damaged, you are at risk of losing important information, or having it stolen. Cloud based systems use a SAAS (software as a service) payment system. This means you pay a monthly fee to your POS provider, and your system will update automatically when a software update is released.
POS Hardware
While there are one-size-fits-all POS systems out there for cheaper, you’ll get a much better return on investment when you select a POS system that matches the specific needs of your business. Choosing user-friendly hardware to run your POS system will guarantee smoother daily operations for you and your employees, resulting in better customer retention and lower IT maintenance fees.
Save money on your hardware
Hardware is physical machinery where you input orders/services and process payments. Certain POS providers, such as Epos Now, allow you to run POS software on most pre-owned devices. Startups that already own a tablet or iPad can simply run the POS software on their existing appliances and save money on a brand new till.
Essential POS hardware
Hardware can be purchased in bundles, which is a lot more cost effective than purchasing items individually.
Most businesses generally require the following:
- A terminal screen
- A cash drawer
- Receipt printer
- PDQ (card reader) – which accepts chip and pin, contactless payments, and Apple, Android and Google Pay
Optional POS hardware
The hardware you’ll need will depend largely on what type of business you run. Adding some of the following extras will contribute to making the customer journey even more positive:
- Customer display pole: a screen that shows the transaction amount, messages like ‘Next customer please’, or other custom messages.
- Ethernet order printer: automatically prints order slips in the bar or kitchen as they come through the till.
- Barcode scanner: Used for stock taking and for ringing items through the till.
Something you may want to consider is an POS Pocket, which is a handheld tablet, essentially a mini-terminal, perfect for hospitality table service or retail shop floors. This should speed up service and improve efficiency during a time when good customer service and returning customers are extremely important.
