Any retail store greatly benefits from investing in the right retail point of sale (POS) system for their business. It adds a level of automation that streamlines workflow across the board, providing a fast and efficient point of sale for customer transactions and various other features depending on your requirements.
POS systems are flexible to suit the requirements of all retail stores. This allows businesses to choose right system for their needs, with popular features including sales reporting, customer and employee management, and even inventory control. Knowing how to choose the right point of sale system for your business can be challenging given the variety of software and features available to retailers.
Check below for tips on how to choose the right retail POS System for your business.
Identify the Requirements of Your Business
Whether you’re looking to invest in a completely new point of sale system or upgrade current POS software, it’s important to identify what you need from it.
The core components of POS systems include transaction process, an inventory management system, and customer/employee management systems. Consider wheat features you require for any of these systems and how they could benefit your business.
For instance, if you find that manual inventory management is slowing down workflow processes, then perhaps consider a POS system that includes robust inventory management software that would increase efficiency in this area.
Think about the type of upgrades you would like and what type of retail POS system offers such features.
Understand Your POS Hardware Requirements
POS software is only half of retail POS systems, as there are also hardware requirements. Think common retail POS hardware like cash register screen, barcode scanners, receipt printers, and even a cash drawer.
Certain POS software can be implemented into your current hardware systems to lower costs, while some require a complete upgrade. For instance, most modern retail POS software is compatible with tablet devices to reduce bulkier hardware like till registers. A mobile POS is a great investment for SMBs, offering a cost-effective retail POS system that is affordable and user-friendly.
Think about what POS hardware upgrades are required with any software you’re considering buying. Does it work with your current hardware or do you need to buy new POS hardware? Do you need to invest in an iPad or other tablets? Knowing these gives a better idea of what you need and to budget for it accordingly.
Establish a Budget for the Point of Sale System
All retail stores benefit from investing in POS systems, yet you can only work within your means, so establish a budget to better determine what type of POS software is best suited for your business.
There are currently two main options for modern POS software systems – single-user licence and software-as-a-service (SaaS).
A single-user licence is typically sold for desktop software, so only requires a one-off payment, usually around $1,000-$2,500. SaaS systems are usually available with cloud-based POS software, with prices ranging from free (mostly basic software and features) to anywhere between $50 and $300 per month.
By establishing a budget, you have a better idea of what payment method suits the needs of your business.
Research POS Systems and See How They Work
Now that you know what you require from a POS system and your budget for it, it’s time to research vendors and their software. This is easy enough to do using online reviews, asking other retail businesses for recommendations, and comparing various vendors to identify costs, features, and any eye-catching deals.
Furthermore, it’s always worth trying out a pos system before buying. Most vendors are happy to provide examples of this, such as providing you with a reference from a local business using the pos software, who you can then contact and ask about the software – ask things about usability, speed, functionality, and value for money.
One top-tier pos system we would recommend is Vend. They are noted as one of America’s leading retail pos systems and have over 25,000 customers worldwide. If you’re interested, you can try their pos system free for 30-days with no credit card or obligation required.