How Much Does a Point of Sale System Cost?
Read This Before Buying a POS System
A point of sale (POS) system is the modern version of a cash register. It incorporates advanced features such as a computer, monitor, scanner and advanced software with basic features such as a cash drawer and receipt printer.
Advanced POS systems are also capable of tracking and analyzing all sorts of data that can be used to make smart business decisions. Track sales, manage inventory and improve your bottom line.
About POS Systems
There are two basic types of POS systems: Those designed for retail stores and those designed for hospitality businesses such as restaurants, bars and nightclubs. The POS systems are priced similarly, but the features and options are different. Hotels, spas and hair salons are among the businesses that also use POS systems.
Get Free POS System Price Quotes
If you’re still using a manual cash register, investing in a POS system will completely change the way you do business - for the better, of course. Some of the major benefits include:
- Faster transactions - Get your customers in and out of the door faster. Make them happy while also increasing turnover.
- Accurate pricing - A computerized system ensures that every item will be sold for the correct price. There’s no risk of staff members accidentally entering the wrong price or guessing on price when an item isn’t marked.
- Less shrinkage - Every item is accounted for electronically when you have a POS system. Theft and waste will decline dramatically.
- Inventory management - POS software can give you detailed reports on which items are selling and which are not. Use this information to make better purchasing decisions.
- Marketing data - Collect information about customer habits and preferences to put together targeted marketing. Send regular customers a 10 percent off coupon, or entice occasional customers to come back by offering a free appetizer.
- Better margins - A POS system’s detailed reports will help you identify which items are the most profitable and which are not beneficial to the business.
Cost of POS Systems
The price of POS systems varies widely based on the level of technology, and the type and amount of hardware that is purchased.
You can buy a basic system off the shelf for about $1,000, but you’ll have to set it up yourself and there will be no tech support. Also, the software that comes with these systems often has limited capabilities.
In most cases, you’re looking at spending anywhere from $2,000 to $8,000 on a complete POS system. That includes hardware such as a monitor, keyboard and barcode scanner; software; installation; training; customer support.
You could pay $6,000 for one top-of-the-line terminal with advanced software and a touchscreen monitor, for example. Or, you could pay $15,000 for more basic system with four terminals.