Four Things to Know Before Investing in a POS for Retail Outlets

In today’s world success is spelt by profits. The initial momentum of any business is gained by passion but sustainability depends on the technology in use. While considering the implementation of a new technology, the dilemma of choosing the most appropriate software and hardware leaves most business owners in a fix. Here are 4 aspects that a retailer must be aware of before investing in a point of sale software.

1. The cost of a basic POS system: Software cost varies on the provider. The cost range of a basic software is in the range of $1200- $2500 per terminal or license. Investing in a complete Retail Management suit will be at a much higher price. Per workstation with added cost of rental, loyalty, service, hardware, training and implementation, the price may shoot up to $7000. Upgrades and annual support cost comes at an extra price. Final price of POS in few cases can be brought down by choosing a package.

2. Profit increase and POS: The whole idea behind investing in a POS is to increase profits. There are many benefits of POS that ensure that profits stay high and business thrives. Money spent towards employing manpower at the checkout stations can be saved by an efficient and swift POS system. The ability to track inventory reduces loss incurred by purchase of wrong stock. Replenishing stock becomes efficient: those which attract the least profits can be maintained in minimum quantity while items in high demand can be bought in excess. POS indirectly improves customer management. The software can help in locating the items asked for and check its stock availability. PO can help the retail store branch out into e-commerce.

3. To invest in the software or hardware: Hardware and software deliver results when used in conjunction. Although installing the right hardware is important, working of the same is controlled by the software installed. When working with monetary constraints it is advisable to invest in software and run the same on pre-existing hardware. Check the compatibility of the scanner, display system and printer with the installed software before you begin.

4. Server crash: Choose a POS system that offers redundancy. Such systems must be manually operable in the event of a server crash. POS stations must sync automatically to the backup once it resumes. All the transactions that were completed while being offline must be communicated with the server.

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