Last updated: May 07, 2018
TOP 10 Point of sale Products
A Buyer's Guide to Point of sale SolutionsPoint of Sale/Retail Buyer’s Guide
Point of Sale (POS); a very familiar term to many business owners most especially of restaurants, hotels, retail stores, and shopping centers. While still a lot of companies are using the proven-effective and efficient cash register, POS software products on the other hand has been the trend in the software market for years. POS software solution is the modern cash register. It records retail transaction between customers and sellers when it happens.
POS software solutions encompass many features of traditional checkout machines. Today, POS solution packages often come with integrated accounting modules, including general ledger, accounts receivable, accounts payable, purchasing, and inventory control systems. That is, a POS system is an all-in-one solution that keeps track of your business's cash flow. Investment wise, this is an eye-opener to business owners out there whose goal is to increase sales and maximize inventories. On this Buyer’s Guide, we at ITQlick.com would like you to take another closer look on the importance of POS; what can it really bring to your business and why thousands of POS software solutions have been sold in the last ten years.
First of all, POS software solutions can provide these awesome benefits.
- In-depth analysis of sales data
- Protection of business data
- Increase business overall productivity
Keeping these things in mind will help you better weigh the advantages and disadvantages, one over another, of the different types of POS software solutions available. On this section, we are going to present three categories of POS solutions. Your task as a future buyer and user is to benchmark their capabilities while taking into consideration your overall business requirements.
Base on Application
- Merchandise Management
- Warehouse Management
- Transportation Management
- Business Intelligence
- Inventory Control
- Retail Accounting
- Retail CRM
Base on Technology
- Software as a Service (Cloud-based)
- Proprietary (On-premise)
- Industry-specific (best-of-breed)
- Open Source
- Mobile/Wireless POS
- DOS-, Windows-, Mac-, Linux- based (Operating System)
Base on Configuration Model
- Stand-alone Terminal
- Network System (multiple terminals)
- Controller-based System
A POS solution buyer must be fully aware that most POS solution packages are often offered as a bundle of software and hardware peripherals. But to clarify, purchasing either the software or hardware alone, or the combination of both, is always an option. Retailers usually utilize scanners, weighing scale, electronic cash registers, touch screens, and many other peripherals that support sales execution. So if you will be selecting a POS solution, always consider the features of both the hardware and software. Here are the features to check for both.
- Internet data boards
- Multi-management function
- Frequent diner program support
- Additional features
- Software Integration
- Ease of Use
Always check the hardware and software compatibility and evaluate the right hardware and their functionality against the requirement of your system. Hardware peripherals often offered as part of the solution package are:
- Touch Screens
- Handheld Devices
- Cash Drawers
- Customer Displays
- Check Readers
- Fingerprint ID Readers
In addition, get to know also the POS system support and warranty options. Consider inquiring if below modes/types of support are available:
- Phone support
- Remote Internet support
- Loaner equipment
- In-person support
Solutions per Business Size, per Vendor
In the retailing industry, POS system solutions market basically has two primary types of customers: retail operations and hospitality businesses. By way of identifying what types of customers you are servicing, you will be able to narrow down your search for the right POS solution. Before we provide a list of POS solution providers that you may want to assess and evaluate, let us give some emphasis first on these buying techniques and strategies.
- The right POS system solution is one that allows you to assess your inventory easily and thoroughly. Look for a solution that gives you Re-ordering Point (ROP) alerts and then automatically generates Purchase Order (PO) base on it.
- Weigh the ease-of-use against functionality. Look for a system that will give balance to speed, time, and features.
- Look for a system base on your business size, current needs, and available time of implementing it. A solution that can be customized as you grow and expand is a smart investment strategy.
- As cited earlier, always check the POS hardware and software.
- Always prefer a solution that is simple, modifiable, and user-friendly. These attributes of a POS user interface would always be a great purchase deal.
Now, here are some of the POS solutions where you can make use of the above techniques and strategies.
- EPOS Retail
- Microsoft Dynamics
- Wasp Barcode Technologies
For more information about POS solution selection tips and ideas, ask our experts at ITQlick.com
So far, we’ve gone through all the important considerations when buying a POS software solution. This time, let’s go over with pricing considerations. How much is a POS system? Basically, with all the possible software-hardware combinations, and miscellaneous costs to consider, there is no one off-the-shelf system that could have a fixed price on top of it. Here are some of the best ways to look into POS solutions when pricing is in question.
POS solution can provide significant returns if a retail or hospitality business have annual revenues of around $5M to $1M. As a general guide, as the POS functional breadth and depth increases, the price per terminal also increases. Starting from a small retailer climbing up to a mid-size and then large retailer level, it’s almost a linear increase of cost. To clearly understand this, here’s how POS are basically priced.
Cloud-based POS software solution is typically priced on a per-terminal/user, per-month basis, with some vendors offering discounts if you pay annually instead of monthly. On-premise software solution, on the other hand, is usually priced by the number of perpetual licenses required for each terminal, with fees typically paid upfront for the right to use the software in perpetuity (rather than paying based on subscription). On the average, a stand-alone or on-premise system with a single software license has a typical cost of $1,500 per terminal/user.
According to a market research, by using an affordable, integrated POS system, an independent retailer with revenue of $300,000 can cut costs by close to 10%. So come to think of it: cloud-basedor on-premise?
What is Bitcoin’s relevance to POS? Well, Bitcoin is a digital currency and as of this writing, some POS systems are already accepting it as a payment option. POS industry is generally in a linear progression of growth. Mobile POS, or the wireless capability of POS, is just becoming common to every city of any country. From iPad, to Mac, to PC, to Android, POS software applications have truly gone beyond the traditional cash register. Retail CRM and Merchandise Management applications are both intelligent features of POS that are bringing this industry into the limelight.
And as ITQlick.com’s final words of encouragement, here’s another good reason to proceed with your POS solution investment plan. According to the National Retail Federation, annually, U.S. retailers lose $224 billion due to excess inventory and $45 billion from not having inventory in stock. This calls for a reliable and dependable POS system and the right time to launch that investment is now.
Finding the right Point of sale software for your business
Proper Point of sale software selections are the precursor to successful deployment and business growth. Finding the right Point of sale solutions doesn’t have to be complicated, and it doesn’t have to take days or weeks of your time.
After researching over 2,000 systems, we can identify the best solution for companies of all shapes and sizes. ITQlick.com is 100% free for software buyers.
Most Popular Point of sale software Comparison
Zoho Creator Specifications
|Software Type:||Cloud, SaaS|
|Typical Customers:||Start up, Small business, Medium business, Large business, Private use|
|Business Area:||Cross Business Areas, Administration, Customer service, Finance management, Governance, Compliance, Human resources, Information technology, Marketing, Procurement, Production, Project Management, R&D, Engineering, Sales management, Service management, Supply Chain & Distribution, Sustainability, Other|
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25 MUST Ask Questions Before Buying Point of sale Software
The prime purpose behind investing in the software solution is to boost efficiency and growth. Ask the software vendor (Pacific Amber Technologies Inc.) how their business app would improve efficiency of your enterprise.
AmberPOS has tremendous exposure to different companies. They offer the same type of software to different industries, so they are better aware of who is doing what with their technological product. This also helps them understand and foresee whatâ€™s really working. Allow them to share their observations so that you get an ideas about their experience, expertise, and intelligence. This will also be an opportunity to identify the service providers who come up with the most insightful suggestions.
Perhaps your business is growing, will expand in the future and your Point of sale requirements with it. So you would be interested to know if AmberPOS is scalable and can grow with you. Itâ€™s no use investing in a solution that can be scaled.
Each business has different needs. Yours is no different. When it comes to selecting a software solution, you are looking for a tool that can be easily customized and configured to cater to your specific business needs. So you want to understand if AmberPOS you want to buy is easy to customize.
Such a community forum is the best way to engage users. Getting access to AmberPOS forums can help new or proposed users connect with product experts through peer-to-peer discussions.
AmberPOS should answer how their business software will improve your bottom line and ROI.Most service providers make tall claims, so you want to make sure you get your hands on the best solution.
Before choosing a business app, you want to understand that the implementation would be smooth. So you should be interested to find out about the person responsible for handling the implementation process. Do not hesitate to ask AmberPOS about their qualifications.
A good software vendor should be able to show you a positive track record with their implementation strategy.Try to find out if AmberPOS method is structured. Your purpose should be to look for one that is structured and flexible to adapt to unexpected situations.
The software vendor should give you a structured data conversion methodology that will enable smooth migration of your information to the new system.
A growing business is always in need for expansion and integration with thrid-party apps is a part of the growth model. When it comes to choosing software, make sure the business app provides an application programming interface for easy integration.
Ask the software product vendor if the tool will allow you to export data to an external file or import data from external sources.
Ask the software vendor (Pacific Amber Technologies Inc.) if the software package includes consulting hours. Do not hesitate to ask if there are any hidden charges involved.
You do not want to be caught unawares when a software vendor sends a technician to resolve an issue that may crop up due to varied reasons. You want to make sure the charges are reasonable. Better still, you should be aware of what needs to be paid to the technician sent by the vendor to fix a problem.
You do not want to fall in love with the front end unless you are 100% sure that the software is compatible with your existing system. Ask the software vendor is you need any specific hardware to install the software. Will the business application run on your existing workstations. How much space will the software take on the disk drive? Is there a need for RAM upgrade to successfully run the software for optimum performance?
You should enquire about the cost of having more than one terminal in your store. While some software vendors charge on the basis of the number of store locations, others charge per terminal.
When you are looking for a software solution, make sure you know if the vendor charges any fee to get you started. You should also be interested to know if there are any software maintenance charges for you to pay.
Your business is accountable to customers, regulators, employees, and partners. So you should look for one software vendor who has adopted a comprehensive, technically sound security and compliance program. Does the vendor map your needs for security controls?
Data loss can prove extremely risky for any business. So you should always ask the vendor about their backup policy. How often is data backed up and what is the cost for the same?
What is the software vendor's policy on disaster recovery? Are any charges involved for disaster recovery support if a catastrophic hardware failure affects your system?
How easy is the software to work on? Is it user friendly for your end users? Does it involve any complexities that are difficult to understand for the team? Even a feature-rich solution is of no use if end users find it difficult to use.
Pacific Amber Technologies Inc. should clearly mention whether the solution is complex or simple to use. If it is not an easy-to-use software solution, then do they provide training? What is the level of training your team requires to make the most of the solution?
You will be interested to know about the software updates. When is it updated? Does the service provider notify customers when the upgrades are scheduled? Does the software work when the upgrades are under way? How long does the process take?
You should be interested to enquire about how an issue is handled at the side of the software vendor. Do not hesitate to question about who will respond to your emergency calls. What is their experience in software industry?
If the software vendor is widely popular, chances are that they have a good product. So always check their client base to measure their product's competence in the market.
Testing is crucial to ensuring that the software runs as promised. So you should try to find out if the vendor offers any free trial runs or try before you buy the product. By testing the concept first, it gets easier to understand the software product's functionality and allay fears before signing a contract.