With the seemingly daily arrival of new and exciting POS technology, it is obvious why you are looking to upgrade your business’ POS solution. In addition to choosing the best features for your business, it is also important to weigh the advantages of these features with the budget number you have in mind. This may force you to make some tough choices around the features you desire when the final point of sale price is staring back at you. Or do you?
One of the most beneficial aspects of modern POS technology is the ability to implement in pieces, or as an all-inclusive solution. Having these options on the table instantly lowers the expected cost of a comprehensive POS platform while giving you more options to choose from. As part of your POS system selection process, there are a few important areas to familiarize yourself with so that you can make the best choice, both functionally and with a great ROI, to meet your business requirements.
Module-Based Pricing vs. Solution-Based Pricing
The first decision that must be made is to determine if the pricing around an all-inclusive solution is a better budgetary fit versus a POS solution that allows you to add or remove pieces as you go. Each presents distinct advantages, as well as disadvantages, that can steer you down one path or the other. Also, questions about support, as well as responsibility for patching or upgrade cycles, must be considered in either scenario.
The benefits of an all-inclusive system are pretty exciting and will help your business to develop further. Having fully compatible and integrated data presents you with highly accurate analytics that can be used to make proactive changes in response to emerging trends. You are also certain to have all of the tools you need. However, this can also serve as its disadvantage, as you may find yourself paying for features and services that you do not need now, or may never need.
Using a POS system that allows you to piece together features can toe that line between paying for too much or having too little. But this only works if you can build it out to be an all-inclusive POS platform—for example, adding an inventory module as your business matures. When choosing this path, your POS solution provider must have all of the features you may need available, so you can avoid the expensive path of adding third party components to complete your POS solution.
Explore the Costs and Flexibility of Payment Processing
An area of unexpected costs is payment processing. While not necessarily a part of an actual point of sale system, payment processing will often be offered as part of a package deal with a POS solution. Payment processing, when included with a POS vendor’s support services or POS leasing contract, can be very limited in terms of choice and payment options. In some cases, a payment processing plan may force you to display a “minimum purchase required” sign for non-cash transactions.
As you run through your POS solution research checklist, there are several important questions that you need to ask to ensure you are getting the best price per transaction, while maintaining a high degree of flexibility when it comes to the forms of payment you can accept.
- Is there a transaction maximum or minimum that must be met to avoid additional payment processing fees (volume discounts or penalties)?
- How easy is it to add new, emerging, payment types?
- Can I accept digital payments from popular services like Cash App, PayPal, or Venmo without incurring additional fees?
- Do I have the option to opt-out at any time to move to a payment processor that offers options that align better with my business model?
The keys to the payment processing kingdom lie in two basic facts: flexibility and support. As long as the POS solution you choose allows you to make the changes that your business ledger and customers ask you for, you will find yourself in a solid financial position while avoiding costly fees for simply doing business.
Don’t Be Led Astray by Free Features
As you walk the tightrope between affordability and functionality, it can be easy to be led astray by promises of “free.” Many POS solution providers will offer free features, but this is very misleading. Not only are the free features rarely free, but you may find yourself paying more to unlock the full functionality of a particular feature so you can properly use it in your business. Avoiding free POS options is the highly recommended approach to take.
In addition to incomplete features, the data you lean on could suddenly be hidden or made not available for your usage. This limits your ability to create forecasts, effectively manage inventory, or to make slight changes in your services to keep up with the evolving tastes of the customer. Also, support is often hit or miss with free options, which can leave you into a precarious position should you experience a failure at an inopportune time.
What is Your Ideal Point of Sale Software Price Point?
Building the perfect POS platform for your business is an exercise in patience. You must undergo a discovery process to unveil the many potential features and functionalities while ensuring they remain affordable. As you start to weigh the cost vs. function in your POS upgrade efforts, you should consider retaining the assistance of a valued POS software solutions provider. They will take the time to understand your needs, assuring you of getting the most value and power possible.
Enlisting the help of talech gives you more than a POS solution provider. We invest our time to learn more about the particular challenges that you are seeking to address with your new POS solution. We in turn will recommend a precise fit of POS technology, business alignment, and budgetary restrictions. Reach out to us today to sign up for a free demo and find out how we can revolutionize your business.
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