Be it a physical store or an ecommerce website, a point of sale (POS) system is vital for running a business. POS refers to the place where the final retail transaction takes place between the retailer and the customer. A POS system uses a combination of hardware and software tools. In case of an online store, there’ll be minimal hardware involved. If it’s a retail store, the POS system is equipped with a variety of hardware and software. This POS hardware and software will make it faster to carry out business operations while maintaining accuracy. Ultimately, a good POS system will ensure a better shopping experience for your customers and make your life easier!

What Are The Cost Factors?

POS systems are available at a range of prices. The price depends on the nature of the business and the kind of features needed to run it more efficiently.

Here’s a list of the cost factors that could affect the price of a POS system:

Size Of Business: A larger business will naturally require more POS solutions. The bigger the business the more advanced POS system you’d need – which would definitely cost more.

Industry: The cost could vary depending on the kind of products and services that are being offered by a business. Specialized POS systems might be required for the specific needs of a particular industry.

Additional Features: A POS system with more features will cost extra. A POS with additional features will be able to multitask on a variety of business processes.

Quality Of Features: The individual features of a POS system come in varying degrees of functionality. Features can be upgraded so they can achieve more complex tasks and provide more services for a business.

POS Hardware

A point of sale requires a hardware setup. It’s important to buy hardware that’s compatible with the POS software.

Display: A monitor or tablet can be used to display the sales information. It’s preferable to use touchscreen monitors as it’ll be easier for the cashiers to enter the sales information. Tablets can be used for their portability.

Card Reader: These are needed for making payments with bank cards. Traditional cards with a magnetic stripe have to be swiped. Contactless cards can be tapped and EMV chip cards can be inserted to make the payments.

Shopify sells a Chip and Swipe Reader for $29 and all-in-one Tap, Chip, and Swipe Reader for $69 and $89.

Receipt Printers: This is used for printing the bill. Look for a model that can print quickly and cost-effectively. Bluetooth and WiFi enabled models will cost you more.

On Shopify, a wired model costs $299. The Bluetooth model will cost you $349 whereas a WiFi-enabled model will cost you $369.

Barcode Scanners: These will make the checkout process much faster. Instead of manually entering the product information, the barcode can be scanned to immediately add a product and its price to the bill.

Cash Drawers: It’s a convenient and safe place to keep money at the store’s payment counter. They can be connected to the printer or monitor to open automatically when a purchase is made.

Cash drawers are available on Shopify for $119 and $329.

POS Software

The POS software will be installed and integrated with the hardware. You’ll have to a pay a monthly or an annual fee for this software.

This cost can vary according to the number of features and the tasks that a POS software can handle.

For example, a Basic Shopify plan costs $29 per month. The Standard plan will cost you $79 while the Advanced plan will cost you $299 per month.

Here’s a list of the important features that a POS software should have:

Online Store: A POS system offers ecommerce solutions for running an online store.

All Shopify plans offer ecommerce website and blog support.

Inventory Management: It can be used to keep a track of existing inventory and add products to the online store.

Shopify offers the ability to track and add unlimited products to an online store.

Staff Accounts: A POS software license is valid only for a limited number of users. Shopify’s Basic Plan allows two users, the Standard Plan allows five users, and the Advanced Plan allows 15 users.

Sales Channels: Shopify is popular for its multiple sales channels. It can conduct sales on an ecommerce website, social media page, and a retail store. The sales data from all these channels will be uploaded to the cloud. In case a product is sold out, the POS system won’t let a product be sold on any of these channels.

Transaction Fees: POS software will charge a payment processing fee for card transactions.

Shopify charges lesser transaction fees for bigger plans.

Running a business in a smooth and effective manner requires a point of sale system. Look for the POS hardware and software that can address the specific needs of your business.