Important Questions to Ask Yourself Before Buying a POS System?

Posted by Jim Walker

A POS system should, at least, access and process credit and debit card transactions. It should also be able to run sales reports and give proper insights to business status. Above all, a POS system should also come with all essential features for your industry. For example, a clothing store may look for a POS system that can track inventory. A restaurant may want a POS that can show the number of tables that are open. There are different questions you need to ask when choosing a POS system. The key here is to narrow down things like software and hardware options, cost, number of payment modes, customer support, interoperability between software and hardware, etc. 

Is the subscription fee charged when opting for the POS System? 

It is up to the service provider you opt for. For example, Square needs only payment processing fees and hardware. On the other side, Toast requires customers to pay a subscription fee monthly or annually for using their platform. 

What to look for in a POS software? 

A POS system should, at least, be capable of processing credit and debit card transactions. It should, ideally, enable users to know the business status and run sales reports. 

How much do I need to pay for a POS system? 

The cost of a POS system can range up to $1700 for hardware and terminal cost can go up to $300 per month. Sometimes, POS software is available for free from some companies and some also provide hardware for free. But there are conditions applied in those systems. On average, you might need to bear up to $1300 as hardware cost for cloud POS, along with software costing up to $69 per month. 

What are the specific hardware requirements for setting up a retail POS system?

Here are some of the important hardware tools required to make the most of POS solutions – 

  • Barcode scanner – It is important to gather product specs, record price for invoicing, and adjust inventory level after finishing a transaction. 
  • Register display – It is important to show product database and transaction details. You can replace traditional, large monitors with iPads and tablets. 
  • Receipt printer – It prints purchase data of the customers on paper receipts. However, it can be replaced with text and email receipts. 
  • Credit card reader – It is required to process gift cards, debit and credit cards. EMV readers are also accepted in latest readers and they can also accept mobile payments like Google Pay and Apple Pay. 
  • Cash drawer – To keep cash payments secured. 

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