However, it is important to be certain to think about your POS investment carefully, and select the best system for your requirements.
Begin by asking yourself these questions:
Is Legacy or Cloud-Based POS Software Best for Your Organization?
Legacy POS applications
Using a legacy POS system, you would buy the license and install the system on your own server. The solution would be hosted entirely onsite, and maintenance is usually performed through another support plan which you would have to buy to keep your system up-to-date. This does come with a considerable upfront cost, but you have the advantage of owning the solution.
Cloud-based POS applications
If you aren’t prepared to make the first investment up-front, cloud-based POS applications can be found on a software-as-a-service (SaaS) model. With this, you pay one monthly fee to find everything you require. With this version, all software updates, security patches, and maintenance are managed by the software vendor, so that you can make certain you’re always running the latest version of the program.
Each type has its own benefits. The legacy POS software could be more economical in the long term, but you might end up paying more for support and maintenance. The cloud-based software makes it easy to budget, but you could wind up paying more based on the vendor. Also investigate your options for payment processing, and see what applicable fees are found. Be certain you examine the complete life costs of this software when you compare prices.
What Does Your Company Need in Terms of POS Hardware?
The hardware you use may depend on your business. To ascertain this, have a look at your needs and your business. Hardware costs can vary based on these. High-traffic retail companies and messy kitchens need rugged hardware that could withstand the rigors of those surroundings, whereas more low-key institutions value a slick aesthetic and clean cable management. Also consider how many stations will have to be installed, since you will need to multiply hardware costs for each station. You might even consider buying an all-in-one POS system, which combines both fundamental hardware and necessary software, and including on any peripherals you might need.
Some Crucial POS hardware elements include:
- POS terminals
- Mobile POS tablets
- Touchscreen monitors
- Receipt printers
- Cash drawers
- Credit and debit card readers
- Barcode scanners
- Kitchen printers
- Backup power supply
Even though this is a list of the most popular hardware elements, it’s by no means comprehensive. A provider with expertise in your business can help you decide what hardware you’ll need.
Have You Considered the Total Cost of Ownership (TCO)?
The complete cost of ownership can be tough to estimate, as you’ll need to sift through all the possible fees, maintenance costs, and much more. There are a couple of variables you can look at to get a better understanding of what the TCO will be. Consider the following:
- Warranty and fix
- Hidden repair costs
- Credit card processing charges