POS Terminals: Cost, Features, and Comparisons.

Are you starting a new small business or expanding an existing one? If so, you'll need a POS (Point of Sale) terminal to manage your customer transactions. A POS system is an essential tool for conducting business, but how much does a POS terminal cost, and what features should you look for? In this article, we'll examine the cost and features of POS terminals, and compare some of the best POS systems on the market.

Cost of POS Terminals

The price of a POS terminal varies widely depending on the type of system you choose, the size of your business, and the features you require. The basic types of POS systems are tablet-based, terminal-based, and mobile-based.

For a tablet-based POS system such as the iPad-based Clover? Flex (starting at $449), the cost includes both the tablet and the POS software. Other tablet-based options include the Square POS and ShopKeep.

Terminal-based systems, on the other hand, consist of a standalone terminal for processing transactions. These terminals range in price from about $1,000 for a basic model to over $5,000 for advanced features such as inventory tracking and reporting. The payment processing hardware is sold separately from the software. Common terminal-based options include the Clover? Station, the Poynt Smart Terminal and the VeriFone VX 520.

Mobile-based POS systems, such as the Square Reader, are less expensive than terminal-based systems and can cost as little as $10 for a basic card reader. However, since the phone is the primary means of communication with the payment processor, mobile-based systems have less functionality. They're best for small businesses or those on the go.

Features of POS Terminals

Before choosing a POS system, consider the features that will benefit your business the most. Here are a few popular options:

1. Inventory tracking: Keep track of your store's stock levels and set alerts when items run low.

2. Customer management: Track customer data such as contact information and purchase history to offer personalized promotions and discounts.

3. Reporting: Generate sales reports, employee time tracking, and other custom reports to optimize operations.

4. Payment processing: Secure online payments, offline payments, gift cards, and other payment options.

5. Analytics: Analyze sales data, sales trends and other data points to optimize your business.

Comparing POS Systems

With so many POS systems on the market, deciding which one to choose can be overwhelming. Here are some popular options for comparison.

1. Clover? Station: This terminal-based system starts at $1,349 and offers advanced features such as robust inventory management, employee time tracking, and detailed customer data. The system can be tailored to fit the specific needs of your business.

2. Poynt Smart Terminal: This portable POS system offers multiple payment options, a customer loyalty rewards program and real-time reporting. The Poynt Smart Terminal starts at $684.

3. Square POS: This app-based solution is best for small businesses due to its low cost and ease of use. Square costs just $60 a month and offers features such as inventory tracking, real-time sales reporting, and employee management.

4. ShopKeep: This small business-friendly tablet-based POS system is designed for both brick-and-mortar and online stores. ShopKeep starts at $69 per month and offers features such as inventory management, customer management, and extensive customization.

Conclusion

A POS system is a necessary tool for managing customer transactions, but choosing the right one depends on your business's unique needs. Consider the cost and features of each system, and select the best option for your store. Regardless of which system you choose, a POS system can help you improve your store's inventory management, customer experience and sales data.