How to Choose the Best Retail POS System for Your Business
- ?A retail epos system is a combination of epos software and hardware that enables retailers to ring up customer orders, record payments and perform other operational tasks.
- ?While choosing retail epos system, search for important features such as inventory management, staff management, reporting features like customer management, loyalty programs and inventory tracking.
- ?Also look for the best deals like monthly contracts and open-source epos hardware.
There are many retail epos systems available to small businesses and other designed specifically for retail businesses. Choosing the best epos system for your business requires careful analysis and consideration.
The best retail POS system for you relies upon your business` size, your budget and the features you need in a system and your preferences.
What is a retail epos system?
EPOS system is a combination of epos software and hardware. You can work with a supplier who offers all that you need (software and hardware), or you can combine the both you buy from resellers.
Retail epos software
Retailers can use local server-based POS software, which stores data on site which is the best programs are either app or cloud-based SaaS solution. Using a cloud-based solution is common among retailers since it allows them to look sales data online in real time. Also, cloud-based retail epos software is typically more affordable, which suits best for retailers who have multiple locations or who are on budget.
Retail epos hardware
While choosing a retail epos system, consider the hardware you need to use and what will be the handiest for your store. EPOS hardware can be a fixed terminal or a phone, such as a tablet or iPad. Many small businesses choose mobile POS system since it is more affordable and offers flexibility.
Although every business is unique, the POS hardware you require for your retail business includes is a tablet, cash drawer, barcode scanner, and receipt printer. Also, you may require a card reader.
What are the essential features of a retail POS system?
You can buy a POS system with basic features like inventory management and data recording or an increasingly robust solution, but ensure your system has these basic features:
- ?Payment processor
- ?Product matrix, inventory tracking and purchase ordering
- ?Data recording, billing and analytics
- ?Customer management and loyalty programs
- ?Employee management
You also need a system that integrates seamlessly with your accounting and marketing systems. Having an integrated system that automatically shares data will improve your business operations and reduce the risk of human error.
How much does a retail POS system cost?
With POS systems, you`ll be buying software and hardware. You`ll have to choose whether you need to rent or buy it.
Industry experts recommend buying POS hardware; leases often comes with the lengthy contracts, non-cancelable agreements and specific card processing requirements that cost you more money. Another advantage of buying hardware is that you should not replace hardware if you find a superior deal. Another factor that decides the amount you`ll pay for hardware is whether you use a legacy terminal or a mobile POS system. Mobile POS systems are less expensive, particularly if you effectively own tablets.
Choosing retail epos software that is cloud-based, rather than a local server-based, can save a lot of money as well. Monthly terms are ideal, as they allow you to cancel without any penalty, but in case you`re certain that you`ll be happy using your system for a year or more, you can regularly prepay annually pay for your software and get a 10% to 20% discount.
What is the best retail POS system?
While choosing the best POS solution for your retail business, there are a few components to consider. Your system will probably require features like inventory management, real time reporting and integrations. It should also have retail-engaged features like discount and pricing options, and customer management capabilities for loyalty programs and purchase histories. Also, choose features you may get a like to add on as your business scales.