7 Best Retail POS Systems (2023)

Essential Retail POS Features

There are a few must-have features for any retail POS system. These essential features include:

• Inventory management: Retail businesses need to track what products are in stock at all times. A POS system with inventory management features simplifies this process by automatically updating your inventory count when sales are made.
• Customer management: A retail POS system should allow you to create customer profiles and track purchase history. This information can be used to send targeted marketing emails and increase customer loyalty.
• Employee management: A retail POS system should allow you to add and delete employees, as well as track employee sales. This information can be used to monitor employee performance and identify top performers.
• Hardware compatibility: A retail POS system should be compatible with a variety of hardware, including receipt printers, barcode scanners and cash drawers.
• Mobile payments: A retail POS system should allow you to accept mobile payments, such as Apple Pay and Google Pay.

These are the essential features that any retail POS system should have. However, there are a few additional features that can be useful for certain businesses:

• Multi-location inventory: A POS system with multi-location inventory management features can be helpful for businesses with multiple stores. This feature allows you to track inventory at each location and transfer inventory between locations.
• Website integration: A POS system that integrates with your website can be helpful for businesses that sell both online and in-store. This feature allows you to manage inventory and customers in one place.
• Accounting software integration: A POS system that integrates with accounting software, such as QuickBooks, can be helpful for businesses that need to track sales and expenses in one place.

These are a few additional features that can be useful for certain businesses. However, not all businesses need these features. It’s important to choose a POS system with the features that are right for your business.

Retail POS System Cost

Hardware Costs

The cost of POS hardware can vary depending on the type of hardware you need. The most common type of POS hardware is a terminal, which includes a touchscreen display, processor and software. Terminal prices can range from $200 to $2,000.

If you already have a computer or iPad, you may be able to use it as your POS terminal. In this case, you would only need to purchase peripheral hardware, such as a receipt printer and barcode scanner. Peripheral prices can range from $100 to $500.

If you plan to use a mobile device as your POS terminal, you can use a POS app that doesn’t require any additional hardware. However, you may need to purchase a mobile credit card reader, which typically costs around $30.

Payment Processing Fees

Most POS systems come with a payment processing service, which allows you to accept credit and debit cards. Payment processing fees are typically around 2.5% of the total sale, plus a per-transaction fee of $0.10 to $0.30.

Some POS systems allow you to use your own payment processor, which can save you money on processing fees. However, you will typically need to pay a monthly fee for the POS software. These monthly fees can range from $50 to $100.

POS System vs. Cash Register for Retail

A POS system offers several advantages over a traditional cash register, including:

• Inventory tracking: A POS system can help you keep track of your inventory levels and reorder products when necessary.
• Customer management: Using a POS system can help you track customer purchase history and send targeted marketing emails. This, in turn, can help you boost sales and better serve your customers.
• Employee management: A POS system can assist you in monitoring sales and the performance of your employees.
• Hardware compatibility: A POS system is versatile and can integrate seamlessly with receipt printers, barcode scanners and cash drawers.
• Mobile payments: You can accept mobile payments with POS systems, including tap payments and QR code payments.

A cash register is a simple device for ringing up sales. It does not offer the same features and benefits as a POS system. If you are looking for a more sophisticated solution to manage your retail business, then a POS system is the way to go.