A point of sale (POS) system will be a wonderful addition to your business. POS systems are capable of far more than taking credit cards alone.
Time clock, reporting, and inventory management are also features of a POS system.
Know what matters to you
There are two ways to decide on a POS system. The two ways include choosing based on cost and choosing based on features.
Choosing based on features: If the features are of importance, then a POS system should be your first choice. If low cost is of importance, you need to get a credit card processor.
Know the features you need;
POS systems offer many features. But there are specific features you should consider looking for. Some of these features include delivery tracking, Age verification and so many more.
Use the product directory:
Using a product directory is a fast and easy way to research about POS systems. It will help you identify specific features of the POS systems.
Overviews of POS systems are available on these directories. This helps you to navigate through important information.
When you choose your POS system first, it will limit your choice of System processors. This might lead to a higher cost.
Choosing by cost
If you think the basic POS features are okay for you, you may need to first find a Processor. This will help save your money and time.
Know if you should accept proprietary POS systems
Some POS systems may appear to be proprietary. This means you can only operate the system with a specific processor. We cannot say if this is good or bad, but you must know the advantages and disadvantages.
One advantage of this system is that you do not need much research. This is because you do not need to review pricing from different processors. Your pricing will come from the processor that supports your system.
One disadvantage of this system is the ability to negotiate costs. With the proprietary system, you will not be able to negotiate your costs. This is capable of removing your competitive advantage over the system.
You will be unable to use another processor. Switching to a different processor may need you to buy a new system. This is because your current system will not work with a different company processor.
It is important to think about the worst-case when making a decision. Will you be able to buy a new system if you change the processor? If your answer is no, then you should not bother getting a proprietary POS system.
A disclosure on the manufacturer’s website can help you identify proprietary POS systems. The website will provide the name of the credit card company that works with the system. If the system is processor agnostic, it will be on the website.
If you’re still unsure, you can contact the manufacturer of the system. They should be able to explain which systems work with single or many processors.
Decide if you’re going to buy or lease
Another thing to consider when choosing a POS system is your method of payment. You may want to take time and decide what’s best for you. This is because pos systems are more expensive than credit card machines
Many companies may offer you the option of leasing the system. This is often done if you do not wish to buy the system at once. Leasing the system requires little or no upfront charges.
Leasing the system may cost you more over time. The amount you may pay monthly can add up to the retail cost of the POS. You are also advised to do a proper calculation before deciding.
In some cases, leasing of the system may come with a contract. You cannot cancel the contract for four years or more.
The contract may not be with the company producing the system. The contract can be with a different leasing company. Even if you stop using the POS within the four years, you’ll still need to pay for the lease.
Buying a POS system at once requires a bigger financial commitment. You will claim outright ownership of the system.
Many POS companies will try to keep your POS system up to date. They will offer you free software updates for your POS.
If you plan on buying a POS system, it is advisable to buy the newest technology. You can decide to buy a system with NCF capabilities. This will allow you to accept a wide range of payment options.