Point of sale system cost: how much does a POS system cost?
Thanks to the insights and features they provide, electronic point of sale (EPOS or POS) systems are of immeasurable benefit to hospitality and retail stores. Affordable POS systems are rapidly closing the gap between large scale corporations and individually-ran small businesses as they become more and more accessible.
When used correctly, POS systems, sometimes called POS Terminals, can completely reinvent the way large and small business owners operate. For many, POS software and POS hardware can make the difference between failure and success.
Unfortunately, there is no such thing as a free POS system. Whether it’s an upfront transaction or a monthly subscription fee, there will always be POS system costs. At this point you should ask the question, how much does a POS system cost?
There are a number of different factors that come into how much a POS system costs. It can depend on what exactly you want your POS system to do, the POS vendors you buy from, the integrations and add-ons you choose, and the POS hardware and software.
In this blog, we’ll be explaining what a point of sale system is, the benefits of using one in your large or small business, and how much a POS system costs.
What is a POS system?
In short, a POS system is a combination of POS hardware and software that helps business owners run their businesses. Think of it as a highly specialized computer that can process payments as well as it can automate admin.
POS systems reveal to business owners how financially efficient their company really is. They are a combination of hardware and software which give detailed reports based on transactional data.
Many POS systems function as traditional till and record systems, storing details and processing credit card transactions. POS systems send full reports about your business’s profits, taking various elements such as tax charges and promotional discounts into account, in order to provide the most accurate and relevant data. This allows you to make fully informed decisions regarding your business’s growth and profitability.
Depending on the needs of your business, a reliable POS system will be able to provide an overview of stock and inventory levels in real-time, deducting from the master stock level when a particular ingredient is used, for example.
Since the POS system analyzes your most popular products and peak sales times, you should be able to manage staffing costs more efficiently when you have a POS system in place. You can even create employee schedules on certain systems.
Cloud based POS systems are safer and more affordable than legacy systems, which store information in an internal server. If this server is hacked or damaged, you are at risk of losing important information, or having it stolen. Cloud based systems use a SAAS (software as a service) payment system. This means you pay a monthly fee to your POS provider, and your system will update automatically when a software update is released.
The POS hardware you need to know about
While there are one-size-fits-all POS systems out there for cheaper, you’ll get a much better return on investment when you select a POS system that matches the specific needs of your business. Choosing user-friendly hardware to run your POS system will guarantee smoother daily operations for you and your employees, resulting in better customer retention and lower IT maintenance fees.
You can save money on your POS hardware
Hardware is physical machinery where you input orders/services and process payments. Certain POS vendors, such as Epos Now, allow you to run POS software on most pre-owned devices. Startups that already own a tablet or iPad can simply run the POS software on their existing appliances and save money on a brand new till.
Some of the cheapest POS system providers make their money by charging for accessories and proprietary hardware. These can include reciept printers, barcode scanners, self-service kiosks, and extra card readers.
This is the essential POS hardware you need
Depending on the POS provider, you can either choose a POS system you build yourself or a bundle that comes with everything you need. Some POS providers will offer a free POS system and charge a monthly subscription fee, others will offer packages, and some will allow you to pick and choose what you need.
Generally, a hospitality business and a retail business will need different things from their POS systems. While these specific needs can be met by accessories and third party integrations, Most companies can still benefit from basic POS.
The Epos Now Complete Solution, a POS system designed to meet the needs of the average small business, comes with the following as standard:
- A POS terminal screen
- A cash drawer
- Receipt printer
- PDQ (card reader) - which accepts chip and pin, contactless payments, and Apple, Android and Google Pay
There's also optional POS hardware
The hardware you’ll need will depend largely on what type of business you run. Adding some of the following extras will contribute to making the customer journey even more positive:
- Customer display pole: a screen that shows the transaction amount, messages like ‘Next customer please’, or other custom messages.
- Ethernet order printer: automatically prints order slips in the bar or kitchen as they come through the till.
- Barcode scanner: Used for stock taking and for ringing items through the till.
If you don’t have the space for a full-sized POS system, you may want to consider handheld POS systems. These mobile POS systems fit in the palm of your hand and still include a credit card reader and all the functionality of a larger system. A great example of these mobile pos systems would be the Epos Now Pro Range.
The million dollar question: how much does a POS system cost?
When you ask yourself, how much does a POS system cost, every business has its own special requirements, which is why we offer software that is as closely tailored to the needs and wants of your business as possible. We offer two industry-focused types of POS: a hospitality POS system and a retail POS system.
Price breakdown:
Epos Now’s POS Pro Solution costs $349. The Complete Solution includes:
- Pro-C15 terminal
- Metal cash drawer
- A thermal receipt printer
- Access to our award winning software
- Installation and set up
This includes three add-ons:
- Payment integration with 24/7 support
- Technology and server support, next day replacement of faulty items and warranty
- POS insurance, manufacturer warranty, free replacement of our PRO peripherals
Epos Now are proud to be transparent about our prices, and we try to give the most accurate price predictions as possible. The above quote does not include additional features, or account for the following factors.
Factors that impact the pricing of your POS system
You should invest in a POS system that is relevant to your needs and has customizable and buildable features. Select a POS system that supports integrations that improve your business functionality.
POS system integrations
All of the following integrations, and more, are supported by the Epos Now restaurant POS system:
- Marketing programs that send personalized messages to customers
- Accounting software that links directly to your sales reports
- Booking systems for hotels or restaurants
- Personalised customer loyalty schemes and special offers
- Delivery with industry leading courier services
- Kitchen display systems that link front and back of house
- Personalised menus with recipes and pictures, which link to master inventory levels
- Access your data 24/7 from any device
These integrations will contribute to the price you pay for your POS system, however, they provide multiple avenues to reach a wider customer base, and will massively increase customer satisfaction among your existing cliente.
The number of devices you use can affect the price of your POS system
As your business expands, you can upgrade your contract to include new/additional devices. Since companies sell their software as a service, the more software you require, the higher your bill will be.
If you have multiple locations, that can affect the price, too
If your business operates from two or more premises, you will likely face higher monthly costs for your POS system. Using a system that allows multi-site management is strongly suggested for growing businesses that require additional flexibility, location-specific pricing, and greater warehouse management.
A cost-effective point of sale solution
At Epos Now, we pride ourselves on providing affordable POS software and hardware. We believe that POS costs should be set to benefit business owners and give them the tools they need to succeed.
With the Epos Now Complete Solution, you can rest assured that you’re getting the very best in POS systems. The Complete Solution comes with our award-winning software and POS hardware including a receipt printer, cash drawer, and access to our app store.
If you'd like to hear more about how much a POS system costs, get in touch with our expert team below.