Top POS Systems

An ultimate guide for choosing Top POS Systems

Posvice helps match you to the top POS systems in the industry. In our experience of researching and reviewing the best POS systems in the market, we encounter a lot of questions about the different POS solutions out there. 

However, one of the most frequent questions is: "How do I choose the best POS software for my business?"

Posvice is a hub for information on everything that's going on in the POS industry. What’s more, we don't just stop with you finding the top POS systems for your company. We also give insights on the right system taking into account, your budget, specific needs, company size, and other vital factors. 

These steps include:

• Deciding POS functions most important to you
• Advising on proprietary POS systems
• Decide between buying or leasing

The best solutions always begin with the right questions. Therefore, we usually start with a single question: "What's most important to you?"

Know What's Most Important to You

So you are shopping for a new POS system or upgrading an old system. There are two approaches to choose one of the top POS systems you'll find on Posvice. These are:

• Choosing based on POS features
• Choosing based on Cost

Choosing Based on POS Features

If you hold specific features very dear, or maybe you think some functionalities are indispensable for your business. In this case, Posvice recommends choosing top POS systems that have the features you need first. 

On the other hand, if affordability is your priority. Look for a credit card processor, then match the supported POS systems to your choice. For businesses shopping for features, you can follow this simple procedure.

• Figure out which features you need.
• Use Posvice's product directory and POS reviews to find POS systems with the features you need.
• Contact manufacturers or POS vendors to ascertain facts

Choosing Based on Cost

In case your business only requires the standard features of top POS systems, choosing a cost-effective payment processor first is the best move. Sure the best POS systems don't come cheap. However, you can drastically reduce expenses if you find a competitive credit card processor and its matching POS system. 

Knowing whether you would like a Proprietary POS 

A proprietary POS system locks you in with a specific processor so long as you use it. This comes with some pros and cons. Hence we can't say it’s good or bad. Ultimately, you have to decide if it's the best choice for your business. 

You will know this by verifying from the POS manufacturer's website. Also, if a POS supports multiple card processors, the vendors will mention it on their site. They usually state that the system is processor dependent and provide a list of processing partners.

Decide Between Buying or Leasing

The last but certainly not the least consideration you need to make before choosing any POS system is the mode of payment. We stated earlier that the best POS software doesn't come cheap. Thus, it would be best if you made the smartest decision for short and long term benefits. 

Some POS providers will require you to purchase their POS system outright. Whereas, others have the option to lease out the system and equipment. The benefits of these two options are apparent. One gives less upfront cost, and the other provides full ownership of the system. 

At Posvice, you will find comprehensive research, POS comparison, review, and recommendations of the top POS software for your business. 

What Factors to Pay Attention in your choice for a POS System 

Significant research is the foundation that ensures you choose the right POS system for your business. Everyone knows this fact. However, the dilemma starts when you find out you don’t know exactly which factors you need to research. That’s where we come in. 

We ensure you know the vital checkpoints along the road for successful POS system research and review. Are you interested? Continue reading to find out the factors you need to tick on your checklist when researching the top POS systems. 

• Pricing
• Supported Platforms
• Reporting
• Customer support
• Integration
• Usability

These are the key factors you should look out for when researching possible POS solutions that best suit your business. After noting these, you are ready to embark on your POS research and get the desired results.  

Different types of POS Systems

The point of sale market is vast, with a wide variety of software and hardware solutions. Figuring out the kind of system you need is perhaps the first set toward a profitable buying process. Hence, we have compiled the main types of POS systems out there. All the best POS systems fall under one of these categories. 

Below are the main types of POS systems and the functions they perform best. 

• Mobile POS Systems - Best for traveling retailers and vendors who desire to process transactions on the go
• POS Apps - A portable and flexible POS software for small businesses with limited budgets
• Touch Screen POS Systems - Ideal for small and large businesses wanting to quicken the checkout and ordering process
• Multichannel POS Systems -  Provides retailers POS solutions with stock sync for in-person and online selling
• Open Source POS Systems - Companies with financial and technical muscle to develop and maintain a POS solution
• Self-service Kiosk POS Systems - Self-checkout solution ideal for fast food and retail businesses
• Cloud POS Systems - Any business that wishes to access POS data and business reports without geographic restrictions
• Locally-install POS System - Any business that prefers to directly connect with data and reports through servers installed on-premises

Features of POS Systems

What’s the point of a POS system that only takes sales and process payments? Today, the best POS systems can do so much more. The cloud-based POS type we stated earlier can manage diverse business operations, both backend and frontend. 

We also stated that your decision to purchase or lease a POS solution would depend partly on the features you need to run your business better. However, we do not stop there; here are some of the top POS features you need to be looking out for. 

Check out

• Promotions and Discounts
• Action shortcuts and menus
• Sales prompts

Payment processing

• Integrated card payments
• Gift cards
• Cash
• Voucher processing
• Split tenders vs. split bills
• Layaways and partial payments
• Refunds 
• Receipt (digital or print) 

Employee management

• Admin account
• User accounts and logins
• Wages and timesheets
• Employee permissions
• Staff reports
• Training mode
• Employee permissions

Inventory management

• Modifiers, variants, options, and attributes
• Stock alerts
• Product tracking and barcode
• eCommerce integration
• Supplier integration
• Product categories

Accounting, reports, and analytics

• Daily sales reports
• Sales analytics
• Vat and taxes calculations
• Custom reports
• Report exports in Excel or CSV
• Accounting systems integrations - Zoho or Xero

CRM and Loyalty Programs

• Customer profiles
• Digital marketing integrations
• Customer analytics
• Issuing Coupons & store credit

Other features include:

• Offline mode
• Location management
• Communication management
• Ingredient tracking

Average Cost for POS Systems

The average price of your POS system will depend on factors like: 

• Amount of features
• Type of industry
• Size of your company
• Potential for expansion
• Number of locations
• Number of checkout terminals
• Amount of hardware required

In addition, your average POS consists of two components. These are the software and hardware components. Hence these two play a vital role in the price of the entire system. The top POS system varies its cost based on the factors above. You can compare POS system prices, but we’ve done the heavy lifting for you so that you know what to expect. 

Based on our research, there are two main price points — one for small businesses and the other for larger businesses. 

Average POS system cost for small businesses: Between $720x to $1000 for an entire year’s usage billed at $60 to $80 per month

Average POS system cost for large businesses: Around $6500, including one-year enterprise POS software that costs $3000

Are you actively looking for a Point of Sale system? Check out Posvice’s list of top POS systems for your company.