With most of the businesses now knowing what an epos payment system is and the value it brings, it is now a more reasonably priced option than ever. Businesses can select to lease or purchase, and there are several customization options that can make your company’s subsequent POS system into what you need exactly.
The exact cost of an epos payment system depends on the type of software and hardware your business requires, along with how much customization you will be doing. In addition, the difference in pos machine cost is assessed on the basis of credit card processing rather than the software or hardware, particularly for small businesses. As there are several options available, discerning the differences can be hard. To understand the difference, the list of the types of POS systems should be checked with regard to general pricing information. You should also take into consideration the business types and a short list of suggested POS providers. Using this information, you can chalk out which option fits your budget and requirements.
The cost of POS machine
When choosing an epos payment system, you have several choices based on the cost and the features you want. For example, the pos machine cost for a standard POS system with a card reader will be more reasonably priced than POS terminals spread across a number of points and several locations. Traders can select a cloud-based POS software or on-premises POS system. Cloud-based POS machine price is reasonably and more well-liked among restaurant owners and merchants.
POS hardware costs
Businesses that process payments individually, on the move, and tableside have a number of hardware devices to choose from. A basic POS machine makes use of a touchscreen or tablet, receipt printer, credit card reader, and cash drawer to acknowledge payments. A few machines only need a mobile card reader, while a few others require a variety of POS hardware spread across various locations.
Extra POS system cost factors to consider
Apart from POS hardware and software expenses, several other pos machine costs need to be taken into account while buying one. Some of them are mentioned below:
- User accounts: Most of the POS software packages cover a number of staff accounts. The more logins you require, the more you may have to pay. Some POS vendors offer limitless accounts to stand out from their competitors.
- Payment transaction fee: This is the fee charged for each transaction made with a debit or credit card. Typically, it is a percentage of the customer’s purchase.
- Software add-ons and plan upgrades: POS systems are much more than simple payment processors. They can manage inventory, reorder stock automatically, and offer access to custom reports. But all those additional features are not free. The number of features you want will affect your monthly cost.
- Extra hardware: Whether you require more registers or extra card readers, extra hardware will cost you more.
POS systems types by cost
Whether you are a single store retailer or have a number of stores, there is a POS solution for you. You can choose a suitable system based on your needs and budget.
- Mobile payment processors offer a card reader that attaches to the mobile phone. The card reader is usually free, and you need to pay per swipe.
- Tablet and online POS apps are very popular. Upfront costs are minimal if you own the hardware.
- All-in-one POS for payment processing is commonly touch screen terminals with related POS software, receipt printers, barcode scanners, and cash drawers.
- Traditional POS systems cost the most, but they enable you to choose what you want. In most cases, you can select your own hardware, software and payment processing service to make a custom solution. In some cases, this type of POS enables you to continue working with your current credit card processor.
There is no easy way to answer the question of how much to spend on your POS system. There are several factors to consider when it comes to choosing the right solution. And while we can offer estimates and ballparks, you will need to assess the numbers for your business to find out the right budget for you.