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Retail POS, or Retail Point of Sale, is the location in which a transaction occurs. This location is generally where the cash register would be located, or any other hardware needed to process a transaction. A retail POS is comprised of multiple components, such as a computer, a barcode scanner, a receipt printer, a cash drawer and a credit card scanner. Not only do these systems process money transactions, they also perform a variety of customer –related functions, such as processing returns, creating gift cards, and maintaining customer loyalty programs. As technology becomes more advanced, retail POS have been reflecting this change, with streamlined systems, touch-screen monitors and user friendly interfaces.
How to Choose a POS System
There are many different POS systems in the industry, some very general and simple, while others are highly specialized for a particular purpose. How can a business choose the right one for them? There are several steps to consider when choosing a POS:
1. What are the benefits of using a retail POS system?
The major benefit of using a retail POS is that automates the transaction process for the business. Retail POS systems will allow employees to process cash and create receipts for the consumer almost instantly by simply relying on the system in place. This benefit results in increased efficiency and streamlined workflow. Another advantage of retail POS systems are that they can influence profits and revenue. When employees are trained properly on use of the hardware and software, the retail POS can handle more and more transactions, and minimize the chance of human error.
2. How much does a Retail POS cost?
The cost of a retail POS will depend on what the business is looking for in a system, and change based on the features the system possesses. A small, independently owned business looking to purchase a retail POS will have needs different from the large, corporate businesses that systemizes their POS. Additionally, the more features the retail POS has, the more it will cost.
Generally, retail POS range from roughly $1000 to $2000 for single-user terminals, whereas more complicated system can range from $3000 to $4000 per workstation. It is critical to research and choose the right system for the business’s needs, as the wrong decision may result in the loss of thousands of dollars.
3. Will the retail POS system be right for the business?
An important factor to consider is the variety of retail POS systems that are available in the market. Not all systems will be right fit for the business, and owners should conduct research before making a purchase. In order to make the right decision, the business should take into consideration their needs and expectations. Businesses should consider their budget, and how much they’re willing to spend. Willingness to adopt a new technology system into their workplace is critical, as well as the ability to maintain and learn such a system. Also, businesses should consider what kind of features they are looking for, and whether their customers would adopt them. Another way to understand which retail POS is ideal is to obtain a demo of the systems. Business.com can refer you to a vendor that will further inform business owners on what type of system is right for them. Feel free to review the vendors at the top of this page. By carefully weighing the costs and benefits, businesses can make an informed decision in purchasing a retail POS.
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