Point of sale (POS) systems are part of a $22 billion industry. They’re a core part of business that entrepreneurs and corporations alike are able to take advantage of.
If you’re going to understand POS systems, you need to know the cost and other features that can help you get the right fit. These tips are helpful for companies that are interested in POS systems but want to learn more.
How Much Do POS Systems Cost?
Most companies that use POS systems do so on a subscription basis. You’ll be able to pay a monthly fee to get access to the best POS systems on the market.
For the big name companies, you can expect to pay between about $30 and $200 per month for the service and technology.
In addition to the price, you need to understand the features and other details that can make the decision clearer. Some things to consider include:
Focus on POS Systems That Handle Inventory Well
If you’re trying to purchase a POS system, you need to make sure that you’re handling your inventory correctly. Scope out the systems that will keep track of your inventory in real-time so that you can make changes on the fly.
The software should come with an inventory management system that lets you create item numbers, barcodes, custom tags, and other details. Figuring out these details will give you autonomy over the way that you run your store.
Getting up-to-date inventory reports can help you figure out how you want to switch gears, and can steer you toward promotions and discounts that can be favorable.
Consider the Way it Handles Payments
The way that a POS system handles your payments will make a big difference. When your system has multiple options for debit and credit cards, cash, Apple Pay, Bitcoin, and others.
These systems need a clean and organized way to send receipts. Today, POS systems are helpful because they can send digital receipts immediately to let customers know their totals.
The more options you provide your customers, the easier it’ll be for you to accept and retain business.
Choose a POS System That Helps With Marketing
The POS system that you choose should also help you improve your marketing. They are great for opt-ins, since customers can choose to have their receipt sent to an e-mail address or smartphone for SMS confirmation.
When customers choose to opt-in, they can also get marketing information sent to them that lets them know the news and happenings of your store, and any promotions or discounts that your business is having.
If you’re shopping for a new point of sale system, you should calculate how much extra you will pay for these features so that you can include them as part of your plan.
The system can also integrate with your blog and social media pages so that you can leverage traffic and customer sales.
Take Advantage of the Analytics
Ask the manufacturer or vendor about any analytics technology that the POS system comes with. These systems will highlight in raw detail how well you did and what things you can fix and improve on.
They generate reports that you can use to help you set and hit goals in a timely manner. The best POS systems will come with these sorts of features integrated.
Check out the tools that the POS system comes with so that you can use them to your advantage.
Consider Your Company’s Current and Future Priorities
When you’re trying to choose a POS system, make sure that you’re prioritizing your company’s needs first. This lets you set benchmarks for what you need so that your POS system subscription fulfills these needs.
Some companies might be looking for a POS system mainly because they need to upgrade from a traditional cash register system. You might also be dissatisfied with your current POS system and looking for a new and better model.
There are also POS systems that might be better suited for the type of business model you have. Weigh these issues so that you’re clear on what’s best for your company now and in the future.
Study the Entire Pricing Model
Finding out how much you’ll pay for a POS system is one thing, but you need to also browse the entire price sheet and agreement to see what works best for you.
Consider companies that are transparent so that you don’t have any discrepancies about the fees that you’re going to pay.
Focus on Customer Service
Take the time to find a company that also provides stellar customer service. This will help you know that anytime there’s an issue or discrepancy, your downtime will be limited.
Read through the reviews that people have left about the POS system and choose one that has speedy assistance and plenty of resources. They should also have an extensive network of users that you can compare notes with so that you can learn how to get the best results from it.
Invest in the Right POS Systems
Start with these points when you’re trying to find POS systems that will work for your business. Knowing how much these systems cost and the types of features they come with and it’ll help you find the right fit.
Tower Systems can assist you when you’re looking into the service that you need. To book a demo or ask questions, contact us for more information.