POS systems can vary in prices typically based on the type of the system. It's sensible to price compare between different providers as well as types of POS systems available on the market. However, on average below are some pricing guidelines of a complete system installed:
Type of System and average estimated Cost
Off-the-shelf systems:- $1,000 - $3,000 per terminal
Note: Prices per POS System terminal drops substantially as more terminals are installed
Are these POS Systems worthwhile?
Like with many systems, the return on investment (ROI) is just realized over time. However, when purchasing a POS System, it's necessary to research and price compare distinct Systems available on the market. Selecting a one that's right for your business needs, will deliver a quicker ROI.
Company Size (annual revenue) and when ROI is typically realized
What do these systems provide?
POS systems are designed to increase productivity and get more control and wisdom on your business, thereby saving money. In general they will ultimately result in reduced expenses and increased earnings.
Eliminate Loss of Product (Shrinkage): A POS System can drastically reduces inventory shrinkage from the shop or restaurant because of theft, wastage and employee abuse. Because the employees know inventory is carefully tracked, inventory loss would reduce.
Accuracy and connectivity of all locations: Ensuring that each and every item in your store or menu is sold at the right price is one of the attributes of a POS System. Prices can also be changed in seconds within the computer and be reflected on products (and SKUs), so your employees won't ever have to guess the price. These machines enables connectivity with other terminals located in different locations, so if desired a simple tweak in the system can execute the change in all locations.
Reporting and higher margins: POS Systems allow detailed sales reporting, signaling higher gross or popular products. This permits you to focus on more profitable items and make sure high turnover items are always stocked or promoting under-performing items in a restaurant setting, to create higher margins.
Know where you stand with no paper trail: The comprehensive sales reporting of a POS System instantly informs you amount of merchandise sold at a particular time, inventory levels by product, amount of money you have in your drawer and just how much of it is profit. All this information is stored inside the computerized POS system, so you aren't bogged down by maintaining paper work for inventory tracking, sales figures etc..
Know who your customers are: In today's competitive landscape, knowing your customers and being able to communicate to them regularly is a key factor in retaining them. A POS System catches the names and contact information of your regular customers as part of the standard transaction. This permits you to conduct targeted promotions and advertising to those customers.
Choosing a POS System supplier
Because of the nature of a POS System, choosing the correct vendor is a huge decision. Since there are many things to consider in a POS System, the right vendor will guide you through the different options based on your company needs and budget.
POS System software - credit card processing, discounts, refunds, accounting reports, integration with accounting software, inventory tracking, moving diner from bar to a table, waiting list management etc..
Input Device - Keyboards versus touch displays, scanners, handheld terminals etc..
POS System suppliers will also vary in providing ongoing services and support. Some provide warranties parts and labor for 1 year, others provide free telephone support 24x7, some cost per-incident and some provide yearly service contracts where prices range from $200-$1,000+ yearly.
Negotiating on the total price and service support ahead is the best practice and receiving all equipment, devices and support from the same vendor will save you a bundle.
While performing a price compare is essential, experience, quality of work and references are equally important, because the POS System supplier is a partner in providing something that will affect your financial bottom line.
Finding a good Point of Sale System Provider:
With so many different possibilities, the natural question is how best to locate a great supplier, who understands your business, has the capability of supplying all the options and is experienced.
A simple Google search on POS System providers can bring up many qualified vendors, but you would need to research each one completely and ask the proper questions to each.
Yellow page directories may also have listings of suppliers with their contact info. While this option will give you many vendors to choose from, the reliability of some might be questionable unless you've done your proper due diligence.
You also have a choice to go on some sites with a network of pre-screened POS System suppliers who really compete for your business. All you've got to do is fill out one form stating your requirements and numerous suppliers will contact you with their price quotes, experience, support options and other details. This is most likely the most efficient and effective way to solicit a POS System supplier, since these websites create a competitive environment where vendors have to compete real-time for your business.
Some sites may charge a small fee for this service, but there are other sites like https://www.connectpos.com/magento-pos/ who provide this service for free.
Whichever way you decide to get a POS System supplier, make sure the vendor is knowledgeable and can meet all your needs at an affordable cost.