POS Cost: How much should I spend on a good quality POS?

Every business needs a POS system tailored to its specific requirements. That’s why the prices for these can range dramatically based on the industry. Some businesses, like restaurants and retail require little hardware and generally have cloud-based POS systems. Other businesses require their POS system to control external applications and integrate into different mechanisms so they’re more specialized. These factors will affect the cost of the POS. However, a system you and your staff are comfortable using and one that is suitable for your operations is an absolute must.

So, how much will a POS cost you? The number of lanes needed, the specialization of the software, and the reporting abilities of your POS will all add to the price. After breaking it down, functionality is the biggest factor to consider in the price you should pay.

How much does an on-premise specialized POS cost?

POS systems bundled with hardware required range from $4,000 to $25,000. This depends on the number of lanes and the specialization of your system. Typically, this is an upfront cost that includes installation, training, and configuration for your business. These systems are more suited toward businesses that require control functionalities from their cash registers, like gas stations and car washes, meaning they need specialized hardware. This requirement for specialization means that the systems available will typically start at approximately $10,000. POS systems with these functions can also sometimes require monthly fees for service, maintenance, and upgrades.

Some servicing may also be billable as an extra cost if it isn’t covered by your provider. Some will offer more support and troubleshooting assistance, while others are more hands off. The hardware included in your POS solution also depends on the needs of your business, so your provider will usually go over requirements with you to tailor a price.

How much does a general POS cost?

Businesses with more basic checkout functions, like restaurants or retail, are usually able to run on a cloud based POS. With cloud based POS solutions, the software subscription will be able to run on most mobile devices. This is a low-maintenance service, usually only requiring a subscription for the software per device used. These subscriptions tend to range from $60 to $100 a month, and can be billed monthly or in an annual payment. However, some providers may also charge transaction fees in addition to the subscription. A cloud based POS will run you about $1,000 to $4,000 depending on how many devices you purchase. The hardware you may have to purchase could be scales, printers, cash drawers, and scanners, so it is important to factor in all the additional expenses and not just the cost of the software.

Why are some POS features more expensive?

These solutions typically have basic packages to start with, but extra functionalities are available for an extra fee. These extras are things like gift card issuing and acceptance, advanced reporting, loyalty programs, and inventory control. Finding an appropriate cost for your POS system is a matter of defining your needs and your wants. As your business grows, some of these capabilities will change from wants to needs. Managerial and reporting features will become essential once the volume of transactions becomes too much for the old system. Think of it as giving your POS system a promotion. It will do more work so you don’t have to.

Wiz-Tec provides some of the most comprehensive and versatile point of sale systems in the fuel, car wash, and tax exemption service markets. Consider upgrading to iPOS for your business.