You’ve dreamed of opening your own business for years. After decades of working for other people, you’re finally taking the leap. Your business and marketing plans are complete, you’ve lined up suppliers, and you’ve selected the space you’ll lease. But there are still a few more decisions.
One of them is deciding which point-of-sale system you’ll be using. It’s one of the most important decisions you will make—it’s what facilitates the exchange of your goods or services for money.
A far cry from the cash register, today’s POS solutions do a lot more than track and store your earnings for the day. They can manage and streamline many aspects of your business, including inventory and customer management, accounting, competitive analysis and more. That is why it is very important to know each one of them, and their differences, such as those between stripe terminal vs square, to know which one is best for your business
You may feel overwhelmed by the wide range of solutions to choose from. So here’s 4 things to consider as you evaluate the right POS system for your business:
1. The Size and Type of Your Business
POS systems aren’t a one-size-fits-all solution. Some are industry specific, designed for retail, restaurant, hospitality, etc. Others are even more niche, like companies that offer POS pharmacy solutions.
Consider both the size of your operation and your individual requirements. An out-of-the-box solution may be perfect for some businesses while others require customizations, integrations, or the ability to scale for multiple locations.
2. Your Budget
As you evaluate your options, you’ll find there are as many price points as available solutions. So it is important to evaluate the following for each vendor:
- Pricing model (software licensing, monthly recurring fees, or per transaction)
- Features (included vs. additional charge)
- Hardware requirements (cloud-based vs. desktop technology)
3. Ease of use
A simple mobile solution via an app on your iPad connected to a credit card reader may be all you need. Or maybe a more robust system that can integrate with other business applications makes more sense for you.
Regardless, choose a POS system that not only simplifies your processes, but does so with a user friendly interface. You have plenty of other responsibilities as a small business owner. Managing complex technology shouldn’t be one of them.
4. Feature Wish List
Consider which business activities you’d like to simplify through a POS system. There are options that encompass some or all of the following:
- Inventory tracking
- Order processing
- Analytics and reporting
- Customer information
- Loyalty programs
- Employee management
- Integration with other programs (bookkeeping, SMS/text marketing and email marketing)
- Support for eCommerce
Take a Test Drive
With these considerations you can simplify and shorten the selection process.
Once you’ve narrowed down the options, sign up for a trial or demonstration to learn which POS system is best for your business.
Once this task’s complete, you’re one step closer to your grand opening.
