Choosing the Best POS System for Retail on Functionality

There are very few tools that give retailers a comprehensive set of tools to run a successful store. A well endowed POS system is one such tool that presents a whole lot of benefits all-in-one. Among its functions, the best POS system for retail can help you gain a better understanding of your overall business operations, staff, and customers. Hence, allowing you to gravitate toward higher revenue and smarter decisions. 

If you asked us, we would put our best bet on a dedicated retail POS system for the success of your retail business. These systems help you further differentiate your business on multiple fronts in an already competitive market. However, there are dozens of companies all claiming to provide the best POS system. So, how should you, as a business owner, make a wise decision and figure out the ideal software for your business?

In this article, we will provide you with information to help you find the right software and hardware for your specific business needs. Take a look at the sections you will be learning about:

• What’s a retail POS system
• Why you need the best POS system for retail businesses
• Ten best retail POS systems
• Top retail POS system features
• Hardware accessories
• Comparing prices for the best retail point of sale system

By the end of this piece, you should have no problem deciding which solution is the best POS system for retail businesses. Now, let’s dive in – what’s a retail POS system? 

What’s a Retail POS System (as opposed to a general POS)?

If you’ve ever used a point of sale system to help you sell products to customers or seen one during check out at the retail store, then you will know what a retail POS system is. However, your knowledge about the best POS system for retail needs to transcend what meets the eyes at the checkout counter.

With the right POS, you can quantify your sales, track inventory, and monitor staff performance, among many other things. In essence, the best retail point of sale system should serve as the backbone for the entire operations and retail management of your establishment. We’ll dive deeper into the benefits of such systems later.

For now, let’s find out why you need a retail POS system in the first place. 

Why You Need the Best POS System for Retail Businesses

Gone are the days that you had problems with cash flow management because your POS was only good for accepting cash payments. Sure, your retail POS system should be able to do this. However, the best POS system for retail should help you achieve two main things:

• Cut down store costs
• Simultaneously maximize revenue and sales

As far as payments and revenue go, your POS system should help you accept payments from diverse options like cardless payments, cash, and credit or debit cards. Therefore, if you aim to take your company to the next level, remain competitive, and keep a firm grasp on management, then you need an assistant. 

No, not a personal assistant. That’s what employees are for. Hence, you need something smarter, more autonomous, and much more reliable. Not to mention that, this assistance needs to be awake and continuously function beyond the regular work hours. This is why the best POS system for retail is essential. It plays many roles and keeps you from worrying about inventory management, employee scheduling, payment processing, and many more. 

Before you get too excited, the tricky part is not buying retail POS software that achieves your reasons for investing in one. However, we’ve given you a starting point by providing 10 of the best POS systems for retail stores. 

10 Best Retail POS Systems

The list of point of sales software that caters to retail businesses is quite long. Therefore, we’ve listed together a list based on overall quality and popularity in the market. Find below our list of the ten best POS system for retail business:

• Square POS
• Sgynio Retail POS
• Shopify POS 
• Lightspeed POS
• Vend
• SalesVu POS
• Shopkeep POS
• Revel 
• Erply POS
• Clover POS

All the options above come packed with different functions and features. Keep reading to find some of the fantastic features common to dedicated retail POS systems. 

Top Retail POS System Features

Irrespective of which POS system you choose from the list above, there are some core functions you don’t want to miss out on your retail POS software. In addition, each system has unique features that make them stand out. Below is a list of the average software abilities most of the top retail POS have. 

• Inventory management 
• Reporting and analytics
• Sales management
• Marketing integrations
• Employee management
• Loyalty programs

Aside from these, one of the most distinguishing features of the best retail POS systems is their ability to work offline in the event of no connections. There are times that your system might be offline. In these cases, you need your POS to run smoothly until it gets back online and syncs all the save data with the cloud. 

Hardware Accessories

The software side of the modern POS system is a major attribute of the whole system. However, you don’t have a fully functional POS solution until you’ve acquired matching hardware to run and support the in-built features of even the best POS system for retail businesses. It’s easy to better understand this after reading a few of our POS reviews here. 

Primarily, the hardware you purchase will depend on your business requirements. Smaller locations may only need two or one tablet and probably a portable card reader. On the other hand, you may need lots of dedicated monitors, receipt printers, stand-alone card readers, and routers, if you run a large retailer or an entire franchise. 

In any case, the hardware below is the primary equipment you should consider. 

• Carder readers for iPad
• Tablets
• iPad stands and docks
• Monitor
• Receipt printer
• Self-service kiosk 

Also, you may need to get a strong router/s if you run a larger operation. They are relatively cheap and help keep your internet connection stable and secure. 

Comparing Prices for the Best Retail POS Systems

Generally, the size of your retail business directly impacts the POS system cost. Also, the scale of your inventory plays a central role in how much your POS vendor will charge you per month. Because most POS vendors, despite the features they offer, you present customers with tiered pricing models. 

This means variables like the number of employees, and number of branches, dictates the tiered plan that’s ideal for you. If you are a small retailer, you can look forward to pricing that’s between $50 to $100 per month. This deal will give you a single register for use in your establishment. Meanwhile, a larger retailer or franchisee might need to pick a plan that charges between $100 to $300 per month for each location. 

Plus, you also have to pay $2500 per location to cover additional hardware costs. These prices are only references. Therefore, you must first compare POS systems’ prices from different sources and contact your POS vendor directly for a quote. 

Conclusion

At this point, you have a fair idea about what makes the best POS system for retail business. As we’ve mentioned, the point of sale software helps you accomplish two main points mentioned above. 

After you’ve figured out how you will use your POS to achieve these two targets, there are other important factors like hardware accessories, pricing, and functionalities, to consider. If you’ve gone through this process successfully and chosen the best POS system for retail stores, we’d like to hear from you. Please add your comments in the section below about some challenges you had and how you overcame them.