How Much Does A Point of Sale (POS System) Cost?
Point of sale (POS) equipment is a computer-based device used by many businesses to capture orders, print or display tickets and record data among other things. For example, servers in a restaurant, cashiers and bartenders can use a POS system to enter beverage and food orders. This system acts as both a cash register and a computer. The system can consist of various stations such as receipt printers, credit card terminal, hostess stations, service stations and display screens. Shops also take advantage of these systems as it saves staff being tied up in one place and not being able to move around the shop freely.
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Benefits of POS systems
POS systems help small businesses perform multiple functions at the same time. They help in calculating cash once every order has been entered and record the type or method of payment used. These systems keep track of cash in their cash drawers and create hourly, daily or weekly sales reports. They allow businesses to calculate payroll and labor data and keep a record of crucial information about repeat customers. It is also possible to track menu items that have been sold on that day, or other items that otherwise may not get counted until sometime in the future.
Points to consider when choosing a POS system
POS systems differ based on hardware and software applications. Before you select a POS system, the points to consider include:
· Quality – it is important to ensure that you know the volume of your business and its system needs
· Features – a POS system should have add-on options or extra features such as hand-held terminals and digital displays.
· Configurations – a POS system should be configured for the type of business you are running especially if your business has special requirements. The advantage is that the software program can be configured to the exact specifications of your business and in case of a restaurant for example, prices and menu items can be included.
Cons of a POS system
● Security risks - In some cases, the customer's PIN is visible to others. Although most service points, try to hide transactions from other eyes it is not possible to close out all problems.
● Cost - If the business concerned wishes to link into the Web system, it will cost more for licenses and setups than it will for the software.
● Updates - If software is used, updates will be required frequently, offsetting the advantages of having the software. In this case, Web systems integration will probably be the way to go.
Prices of a POS system
It is important to do some research on the type of POS system and its cost. POS software costs about $2,000 and terminals can cost more than $4,500 per station. When researching, always ask for price quotes which should include hardware and software installation, software upgrades and system support because prices can be higher depending on the vendor. Another thing to consider is what the price of updating the system is going to be, or if this is included in the purchase.