How to Find the Best Pos System for Your Business
A POS system can transform the way you run your business; putting you ahead of the competition with incredible tools for managing inventory, increasing sales, and fostering customer loyalty. But how do you choose which POS system is right for you? Keep reading to learn more about how to find the best POS system for your business.
What is a POS System?
A point of sale system can technically be defined as any soft/hardware that can process payment at the point of sale; including that old, outdated cash register. For the purposes of this article, however, we’ll be discussing modern POS systems. Digitalized, cloud-based (most of the time), and easy to use, the modern POS is quickly becoming the standard for businesses everywhere.
Number One: What Does Your Current POS Lack?
Are you using a cash register from a bygone era? Or one that doesn’t accept anything except cash and credit? Perhaps your POS system is constantly crashing and causing frustration not only with you but with your customers as well?
One of the first steps to finding the best POS system for your business is by identifying all of your old POS’s weaknesses. This will give you an idea of the features you want in the new system, further assisting you in narrowing down your search.
Maybe you want a mobile POS system instead of a stationary terminal? Check. Maybe you want extra tools such as inventory management? Check. Once you’ve identified the factors that make your old POS so outdated, you can research which modern POS system has everything you want out of a POS.
Number Two: What is Your Industry?
Some POS systems are specifically designed for retail, some for the foodservice industry, etc. Finding the right POS system means finding the one that’s tailored for your specific industry. If you’re a retailer, a restaurant POS system might have tools you won’t ever use; meaning you’ve paid for something in full that you’re only using a part of.
This is why research is so important when making a purchase. Performing the correct research will ensure that you’re not getting held up on the “bells and whistles” of whatever you’re shopping for, but instead, you’ll focus on the functionality of the item and what features it possesses to better serve your business.
Ask yourself a few key questions when shopping for a new POS system:
- What features must it have? Non-negotiable?
- What features do I not want?
- Do the features I want in the POS system meet the needs of my business and the industry I’m in?
- Does my business require specific tools like analytics?
- Does the POS system come with a support line?
- Does the company offer any guarantees, warranties, etc?
By asking yourself these questions, you’ll help your mind to focus on the things you need, ensuring that your money is well-spent and you’re getting exactly what you’re looking for out of the POS system and the company providing it.
Number Three: What’s Your Price Range?
Perhaps the most vital question you can ask yourself is what your price range is. Keeping your POS system within your budget while getting all of the features you need can be tricky, but not impossible. Some POS systems sell their entire setup for a fixed price, whereas other services will offer monthly packages priced by specific features such as multiple store locations.
You’ll probably want to perform a cost-analysis for such a large purchase to ensure that your business can meet the burden of the new expense. The advantages of a modern POS system are well worth the cost, but your business’s budget can greatly impact the type of service you have access to.
Most POS systems cost somewhere between $30-70 per month, depending on how many storefronts you own, the number of users, sales volumes, etc. Pricing structures will vary among different companies, so be sure to look closely at how the POS company prices their merchandise.
Another thing to remember is that not all POS systems are created equal. Free doesn’t always mean poor quality, and more expensive doesn’t always make it the best. Check the reviews from customers on both the product(s) and the company itself to be sure you’re getting a great deal from a reputable business. If there’s a trend in certain poor reviews, pay close attention to the nature of the problem and whether or not a solution has been offered.
Another good idea is to try a demo of the product before you purchase it. Many POS providers will allow you to download a trial version of the software, so you can familiarize yourself and your staff with the functionality of the system before you purchase it. You wouldn’t purchase a car without test-driving it, so why purchase software without a demo?
Conclusion
Finding the right POS system for your business can be incredibly time-consuming if you have no idea what you’re looking for, or for what price. Narrowing down your options starts by identifying your needs, what your old POS system lacks, and what you expect to get out of the new one.
Remember to perform research on the product and the company providing it, and be sure there is a customer support line provided should you run into any technical issues. Consider your price range and preferred features and weight them against each other to find the perfect POS system for your business.