The Key Features of a Point-of-Sale System

There are many point-of-sale systems, but not all will suit your needs. Some systems work better for small businesses, while others are designed for large ones. You want something compatible with your type of business and has features that will help manage inventory, sales data, etc. Let’s look at some features to see what would work best if important to you.

What is a Point-of-sale System?

A point-of-sale system is a computerized method for recording retail services, restaurant operations, and other business functions. Sometimes they are also referred to as cash registers or POS systems. These systems are all about speed, ease of use, accuracy, and data tracking capabilities.

How Do They Work?

When you purchase something using one of these systems, there are several steps involved, including scanning items on an electronic reader if necessary (usually needed when making certain types of purchase), entering payment information either by swiping a card through an attached machine or manually keying in the numbers, tallying up totals after everything has been rung up and pressing a button to finalize the transaction.

It’s almost as simple as when you want to make changes in your system, like adding an item or removing one. It takes only seconds for someone with appropriate access privileges to update information on items, including prices, quantities available, or even how many times something has been ordered by customers (a great way of tracking trends).

These systems are typically wired into compatible software that can be used either at home while managing data after hours or remote while away from the business location if necessary. This will depend upon which particular POS system is being used, but most provide this option for customer convenience. Some may need additional hardware beyond what comes standard, so be sure you know exactly what type of machine(s) you will need to use the system.

POS systems have several features that benefit businesses. POS systems facilitate payment processing, but they are much more than that. Businesses can also use a POS system to generate sales reports, manage inventory, maintain positive customer relations, and manage employees.

What Are Some Key Features of a Point-of-sale System?

POS systems include many different features, but several stand out as more important than others. Here is a list of key features and why they matter:

Transaction management: This is the ability to track and manage all transactions, whether a customer pays for an item or your business takes inventory. This process helps businesses stay organized and keep everything running smoothly.

Data storage: Data storage is necessary because it can be used in different ways when analyzing data from sales reports, financial records, point-of-sale system usage, etc.

Customer relationship management: POS systems are also great for businesses because they can keep track of customer information, making it easier to provide good service and offer customized options. This is one way that businesses can compete more effectively against their competitors.

Payment processing: This is one of the essential points-of-sale system features. It’s necessary to take payments from customers through credit cards, debit cards, checks, or cash.

Inventory control: In addition to tracking purchases, a POS system also helps businesses keep track of inventory. This is important because it ensures they have enough items on hand and that things don’t run out unexpectedly.

Multi-location functionality: If your business operates at multiple locations, you will want a point-of-sale system that can function within various locations. This is especially important for businesses with multiple physical locations and plenty of employees at each location to make sure the system runs smoothly.

Employee management: Another key feature that many POS systems include are tools used to manage employees and keep track of their activity on your business’ time. This can be helpful in various ways, including ensuring that employees are paid appropriately and helping to reduce theft.

Business analysis: Business owners need information on how well the business operates to improve or change the business. A quality POS system should provide this information so businesses can make informed decisions about their operations.

Sales reporting: This is another essential feature that assists businesses in tracking their sales, determining which products are selling the best, and making changes as needed.

How Do I Find Out if My Business Needs One?

POS systems are prevalent in small businesses because they provide so much flexibility at relatively low prices compared to retail establishments. It only makes sense for a small business to invest in a POS system because it will allow you, the owner or manager, to track inventory and activity while also ensuring that customers are adequately serviced.

Suppose your business is involved in transactions with debit cards, credit card payments, or other types of electronic payment methods. In that case, investing in an affordable point-of-sale system is one of the smartest moves you can make.

What Other Key Features Should I Consider?

While all point-of-sale systems have essential features, your business may need additional specific functions to meet its needs. For example, retail stores will benefit from a POS system with credit card processing capabilities. At the same time, restaurants or any food service business will need features that help them keep track of inventory.

How To Choose the Right POS System?

When you decide on which point-of-sale system to choose, make sure that your choice can meet all of the needs of your business. You will also want to look at what other businesses in similar industries use and determine whether or not it could work for you. These systems shouldn’t be looked at as an expense; instead, they should provide clear benefits.

Begin by looking at the core features of a POS system. What is important to you? Do you want wireless functionality, or will your business not require this? Is it crucial that employees email receipts for their customer transactions, or can they print them out instead? It’s best if these questions are asked before shopping around for systems because, after all, no matter which one you choose, there will always be something else down the line that could have been included in your purchase - but wasn’t.

Next, decide whether an online POS System would work better with your type of business and set up. Some businesses won’t need any electronic payment processing whatsoever. In contrast, others may never go into physical retail locations but sell their items online.

Suppose you are looking to use the system for your online store and physical locations. In that case, it is wise to look into a POS System that can be used on several devices at once with multiple people working on them all simultaneously and one that offers customization capabilities - especially if employees have different roles within your company. This way, they will each still have access to everything they need without having too much information available in some areas than others might require and allowing managers or owners higher levels of control over what data is accessed where.

Conclusion

If you’ve been wondering how to improve or change your business, then a POS system is just what you need. Discover the benefits of these systems and determine if one would work for your company with this article on key features to look for before purchasing.

A point-of-sale system can be an integral part of any retail establishment, restaurant, or other foodservice business that uses credit card processing or electronic payments methods.

If you are looking into buying a POS System, make sure it has all the functions required by your specific needs, including those explicitly related to online stores and physical locations.

When deciding which point-of-sale system will best suit your business needs, take some time first to consider what’s important to you and how your business will use it.

If you plan on running an online store and a physical retail location, your POS systems should have features that allow access to both types of stores from multiple devices at once with customizable capabilities.

By considering these key factors first, you’ll increase the likelihood of finding a point-of-sale system that will work for you and your business.

BNG Point-of-Sale offers POS solutions that improve your bottom line. With a full selection of POS systems for various businesses, you’ll find the right tool to grow your business with the personalized support you need.

Connect with us to learn more.

Can You Have a Point-of-sale System and Merchant Services from Different Companies?

You’ve probably never considered having your point-of-sale system and merchant services from different companies. It sounds like an exciting idea. But are there any drawbacks to doing so? Suppose you have two competing entities providing these services for your business. What would happen if they had some disagreement or issue with one another? What happens when you need more than just one service provider to get everything that needs to be done for your company?

Many questions come up when considering this topic. The benefits may outweigh the risks, but before deciding whether to pursue this course of action, it is essential to think through all aspects thoroughly. This article will explain the benefits of having a point-of-sale system and merchant services and some drawbacks if you choose to pursue this idea.

Difference of POS System and Merchant Services

A point-of-sale (POS) system is the software and hardware that a business will use to process credit card transactions or any other types of electronic payments such as debit cards or NFC (Near field communication).

The aim of having a POS system for your business is to replace manual accounting and sales recording. Typically, you would keep all sales and inventory in a notebook or paper. Still, you can do this much more quickly and easily with an electronic point-of-sale system. You can also easily save all data and transfer it into whatever type of spreadsheet program you prefer to use when doing taxes at the end of the year. There are even programs that allow you to manage expenditures and accounts payable, in addition to sales.

You can also use a point-of-sale system for other things such as inventory management. For example, suppose you have multiple locations. In that case, it could be beneficial to know what items are selling well at which site to order more from one place and less from another. Some systems allow you to manage digital signage in addition to everything else that comes with a POS program.

The credit card company itself usually provides merchant services. Still, a third party specializing in merchant services can also offer merchant services. They are called payment processors or PSPs (payment service providers).

You will typically pay fees for each electronic transaction processed with standard merchant services through your account. The fees charged depend on the type of industry you operate in and the number of transactions you process throughout the month. 

Other ways to charge merchants for accepting credit cards include:

Charging an extra percentage on top of every transaction.
Adding a certain amount per transaction.

Even charging a monthly flat fee no matter how many sales are processed.

Why Should I Get Merchant Services From the Same Company as my POS System?

Having a point-of-sale system and merchant services from the same company can be convenient. You do not have to sign with two different companies to get everything you need for your business. They will most likely offer better overall rates than two separate entities for these services.

There are many benefits to having both POS and merchant accounts from one or more companies:

You only have one contract: this is by far the most significant benefit to getting these services from the same entity because it means that all fees will be on your monthly bill as opposed to dealing with multiple invoices coming in every month, which may include separate contract termination fees as well as early cancellation penalties. It also reduces the chance of human error and the possibility of forgetting to cancel one service before starting another. The process can also be done entirely online, which means you will not need to send in any documentation or other materials for it all to go through.

You get better rates: when dealing with merchant services companies specializing in these types of transactions, they typically have more experience than a credit card company with only individual merchant accounts. They will also spend more time working with you to find the best possible rates for your business, which means you may be able to get lower fees and better overall rates when it comes to what you pay for processing each transaction.
You get one point of contact: most POS providers already have relationships established with many different PSPs (payment service providers). This means instead of having someone else call on your behalf, try to do all of the negotiating and work to get everything set up, there will only be one person contacting the PSPs (and possibly other companies such as gateway providers) on your behalf. You can focus on running your business without worrying about calling and negotiating with credit card companies and their respective merchant services providers.

There are some cases where it is okay to have separate point-of-sale systems and merchant account providers. Still, it is not recommended in most situations since having both from the same entity can save you time and money overall.

Why Might You Need Two Different Companies for These Services?

There is little to no communication between the two entities when you get the point-of-sale system and merchant services from different companies. This means the rates they have negotiated for your business may be vastly different from one another, meaning that what you are paying per transaction will vary greatly depending on which company processed each sale or refund.

Depending on the type of business you run, you may need to use two different entities for your POS system and credit card processing. For example, suppose you run a restaurant that takes in vast amounts of cash every day. In that case, having one company will most likely not suffice because they probably do not have merchant accounts set up with PSPs (payment service providers). The latter work with high-risk merchants such as restaurants.

Another instance where you might need two different companies is if you require certain functionality which your POS does not offer but is offered by another provider. If this is the case, there is no point in signing everything with one company since they would operate entirely independently of each other. You can also end up paying more money for the point-of-sale system if you sign up with two different companies since they will be competing against each other to get your business; this means that you may end up paying higher prices for the program.

How to Choose Between Two Different Companies?

Choosing between a virtual terminal company and a PSP with direct integration is not easy, especially when presented with all the benefits of each.

First, you need to figure out what kind of business you run since this will determine if either option would be feasible for your needs. For example, does your store or restaurant take in a lot of cash daily? If so, a virtual terminal company will probably not be the best fit because PSPs (payment service providers) that work with high-risk credit card companies such as restaurants will most likely not allow you to use a virtual terminal.

In cases where you need more advanced POS functionality and do not have a brick-and-mortar store, you should consider a PSP with direct integration and offers these services. This means not only will they take care of processing credit card payments but also allow you to process checks, invoices, and other types of transactions for your business.

There are quite a few things to consider when choosing between virtual terminals and companies with direct integration. Still, the main point of deciding which company to go with is to find out what kind of transactions you will be processing.

How Does Having Separate Merchant Accounts and POS Providers Work?

There are typically two ways to set up merchant accounts with different PSPs (payment service providers) and POS providers, either virtual terminal services or direct integration.

Virtual Terminal Services – this is a service your POS provider will offer that allows you to run credit card transactions through an online system where the customer enters their payment information on your website rather than swiping the card at your store. It generally costs between 3-5% of each transaction amount, which is significantly lower than using most gateway companies directly.

This option may be suitable for businesses with no physical locations but still want to accept credit cards, even if it is only online. However, since all sales are made online, you will receive significantly fewer additional benefits for discounts or other special deals offered by the PSPs.

Direct integration – this is a process where your POS provider has an agreement in place with one or more credit card companies and their PSPs (payment service providers), which allows them to offer their services directly through your software system.

You and potential clients of your business need to know how these types of transactions work because depending on who you are using for merchant services and point-of-sale, they can vary significantly in terms of pricing and overall expense. For example, if you choose a virtual terminal company that does not work with many PSPs, you could pay between 4-5% of each transaction, which is the same as working with most gateway companies. However, if you used a PSP specializing in virtual terminal services and directly integrated with your POS provider, you would only pay 2-3% for every transaction.

Benefits and Drawbacks

Many businesses find it easier to have one company handle their POS system and merchant services needs. This is because the company has an in-depth knowledge of both systems, so they can provide you with all of your needs without wasting time switching back and forth between service providers.

When considering having POS software and merchant services from the same vendor, some benefits exist when comparing this to using separate entities. Still, it is also not always a risk-free proposition either.

Benefits of using one entity for your point-of-sale system and merchant services:

Fixed Resource Pricing
Reduced Implementation Time and Costs
Reduced Customer Service & Support Costs
Simplified Recurring Billing and Collections Processes for Merchants, Retailers, and Customers
Proven Technology Integration and Software Development Experience in Custom POS-to-PSP Programs

Some of the risks associated with using different entities for both POS system and merchant services needs: 

When looking for a point-of-sale system and merchant services from different companies, some benefits exist when comparing this to using separate entities. Still, it is also not always a risk-free proposition either.

You may have an outdated system
It might bechallengingto integrate the two systems
The customer experience could suffer as a consequence
Theft and lost opportunities for cash backup
Not having these services from the same vendor can lead to missed or inaccurate reporting

Questions to Ask Before Signing up for either Company or Service

When looking for a point-of-sale system and merchant services from different companies, you should always ask yourself: What type of transactions does my business process? Do we need to take in a large amount of cash daily or run other types of high-risk credit card processing? Do I need advanced functionality such as check processing, invoicing, and different kinds of transactions? This company allows me to use the virtual terminal(s) with PSPs (payment service providers)? Is direct integration required to provide the best processing fees/rates?

These questions can help you decide which provider is better for your unique needs. If you are having trouble deciding between the two options, make sure to conduct extensive research by reading reviews, checking out different companies online, and learning more about your options.

Conclusion

You may or may not benefit from having a single company handle your POS system and merchant services needs, as there are trade-offs to consider before making this decision. Do some online research on different companies before signing up, read reviews before committing to any single vendor, and compare rates offered by small businesses and larger entities to benefit from the most competitive processing rates possible.

5 Ways a POS System Increases Revenue

Starting a small business is both an exciting and trying process. Finding the perfect blend of attention to customer satisfaction and focus on your employees and profits takes time, experience and insight. With the right tools, business owners can turn stressful systems and manual processes into profit margins, customer retention, and lowered inventory costs. By working toward business efficiency, you invest in a profitable future, full of growth, and improve your overall customer shopping experience. Some key tools will help you achieve optimal efficiency and insights, such as a point-of-sale (POS) system.

What is a Point-of-Sale (POS) System?

A point-of-sale is a system and software designed to allow your business to accept quick electronic and cash payments at the time of check out, track profits, provide actionable insight data from multiple areas of business, and much more. 

A digital POS system takes a traditional cash register to the next level. Beyond simply logging a transaction, digital POS software uses your sales information to do more, like analyze the profitability of an item, adjust your inventory ordering based on actual sales volume, track products as they enter and leave your business, manage staff schedules, and allow you to develop business programs centered around your loyal customers. 

1. Efficiency Improvement

Long lines at the a business’ check-out counter are the most common reason a customer will leave your business. This reason alone weighs more heavily than the inventory you sell, or the helpfulness of your staff. Traditional cash registers take more time for a customer to make a purchase. Without making major investments in marketing strategies or diversifying inventory, you can improve your customer shopping experience by simply expediting their checkout process. The benefits your business will experience from improving its efficiency through a POS are limitless.

Digital POS systems allow your staff to accept card payments, more quickly process guests’ cash transactions, automatically apply discounts, and provide product lists. These automations alleviate issues that come with human error of manual entries and make business operations faster and more efficient for guests in your business. 

2. Sale System Integration

For many, business sales don't come from one place. Many businesses have multiple check-out locations within a building, or have multiple retail locations, or are also online retailers. When you have stock and sales coming in and out of multiple locations, it can be challenging to manually track inventory counts, sales transactions, and profit. 

A digital POS system is a powerful tool with integrations. It can gather complex, detailed information, such as purchase histories or transaction process information from all of your varied locations that process business sales, and compile the data into reports. This allows business owners a more holistic view of their data so they can make accurate business decisions and grow. 

3. Analysis and Data Collection

Informed decisions lead to growth and prosperity for owners and employees. The best way to make accurate business decisions is to have complete and accurate data. This data, combined with smart analysis, is something a POS system can provide. 

A POS system can track:

Accurate inventory counts
Labor and profitability statistics
Cash accountability 
Transaction history
Sales by time of day
Customer and employee data
Additional insights

With these in-depth reports, business owners can begin to see what parts of the company are thriving and what parts could use extra attention and possible investment. A POS might also point out areas you could achieve some cost savings. Digital inventory tracking allows businesses to make more precise orders and reduce waste due to manual count errors. Analysis on labor, wages and employee work time can help employers better understand needs. In addition, tracking sales by time of day might provide valuable insights into when to stock as well as the best time to staff or save on labor costs. 

4. Customer Loyalty Program

The best way to turn a new customer into one who will be loyal to your business and share their experience with others is by providing a remarkable customer experience with your products. We know a POS system can reduce check-out times and help you better understand your business, but how can it help you better understand your customers? 

With each digital POS transaction, you can gather valuable information about the people who patronize your business. In addition to transaction histories associated with a card number, your POS system allows you to create promotions and customer loyalty programs targeted to your most faithful patrons. 

Allowing customers to accumulate redeemable points with each purchase, or sign-up for promotional deals, shows your patrons that you value their business. This also gives you insights into what marketing techniques are successful to encourage customers visit your store or website. Understanding your customers and incentivizing them to keep coming back can make your profits and sales soar. 

5. Management Capabilities

The major appeal of a digital POS system is its ability to automatically do more than a person could in less time. What’s more, a business owner can immediately use all the extra data, without doing the tedious reporting work themselves, to make more informed decisions. Automatic data collection, insight and sales documentation free owners and managers to focus on the business. A POS system can improve business efficiency and increase revenue. 

BNG Point-of-Sale offers more than just point-of-sale systems, we are a partner who will continue to support your business through the high-and-lows and will help you reach your success goals. Connect with us (https://www.bngpos.com/get-started/) to see how a POS system can benefit your business.

What is a Mobile POS System For Retail?

Mobile POS For Retail

What Is A Mobile POS System For Retail?

A mobile point of sale is a system in which POS software is installed on handheld, mobile devices, such as an iPad or Android tablet or smartphone. The device functions as a mobile cash register and terminal to process sales transactions. Equipped with wireless mobile point of sale devices, employees can check-out customers or access inventory information from anywhere within the store.

Mobile POS (mPOS) uses a smartphone, tablet or dedicated wireless device to expand the capabilities of a retailer's point-of-sale terminal. mPOS technology provides several advantages to store owners, managers, sales employees and customers.

Well over a century ago, the cash register enhanced the shopping experience and served as the hub of in-store commerce. A point-of-sale (POS) has traditionally been a physical point where customers go to complete their purchases. This is no longer the case.

The growth of cashless payments and mobile payments means that a point-of-sale is no longer required to also double as a cash box. This, along with advanced features and the increasing capabilities of smartphones and mobile devices, gave birth to a new type of POS: the mobile POS solution, based on smartphones and tablets.

The mPOS market has expanded rapidly, enhancing the sales process and customer experience through convenient customer transactions, particularly in brick-and-mortar stores. The global market was worth $17 billion in 2017 and is expected to grow to $55 billion by 2024. The mPOS revolution goes far beyond simply swapping out old hardware. As a result of the shift to mobile devices, retailers now have new tools with an integrated solution at their disposal to improve the customer's shopping experience and business functions.

Benefits of a Mobile POS System for Retail Stores

One of the many advantages of mobile innovation and technology—business software, hardware solutions and device for payments—in retail is it allows sales associates to move away from the cash register and closer to the customer. mPOS has many benefits to retailers, some of which are detailed below:

Email Receipts and Information

Customers are increasingly want businesses to offer digital receipts. Additionally, from the retailer's perspective, email receipts are an excellent way to capture customer history and information while simultaneously ensuring a fantastic customer shopping experience. Direct customers' email addresses can be collected easily with a mobile POS system linked to your point of sale, while paperless receipts are sent directly to customers' emails.

For future visits, the customer's receipt preference can be stored in the database using this system in conjunction with your customer loyalty program and an ERP system. Alternatively, to give you a competitive advantage, you could request customer information before they are in line to check-out, so when they arrive at the check-out counter, their receipt preferences and personal information is already saved. This not only improves the check-out experience at the store but facilitates a speedy check-out process.

Mobile POS Solutions Enhance the Customer Experience

Consumers' perception immediately changes when you upgrade your equipment. Customers will be impressed by the innovative and forward-thinking appearance and feel of tablet-based POS terminals. This reassures them that you understand how to use technology to enhance their shopping experience. mPOS systems begin to shine after the initial learning curve.

Put yourself in the shoes of this customer in your store: A customer rushes in, scrambling to find a last-minute birthday present for her friend. This customers come to your store all the time, but the item she need isn't something she usually buys. At the check-out counter, a member of your sales team removes the iPad and walks with the customer to the shelf where possible gifts are displayed. While your shelves do not have what she’d like to buy, your salesperson finds what she’s looking for on your distributor's website and places a rush order. Your customer is now satisfied.

Mobile POS software can help retailers expand into new channels while still providing white glove customer service, as in the aforementioned example. An eCommerce presence that displays and sells products 24 hours a day, seven days a week gives you the ability to capture a larger share of the market through an expanded reach for customers.

Mobile POS Solutions Add Security and Continuity

Mobile POS systems work because of the cloud. An important benefit of cloud technology is that it contributes significantly to the adaptability of mPOS systems. Mobile devices loaded with point-of-sale (POS) apps allow retail sales staff to use the cloud in new ways to improve sales conversion rates. A cloud-based point-of-sale system has numerous other advantages worth noting.

When data is stored in the cloud, it is no longer bound to local POS hardware. Data loss, corruption and theft are all eliminated when physical storage devices are removed from operations. Because electronic transmissions are secure and encrypted, valuable information cannot be intercepted or decrypted. Through the use of these security measures, customers can be confident that you value their personal information and will treat it with respect.

Retailers that use mPOS systems and cloud-based apps and data storage can stay competitive in any market. A mobile POS solution that runs all of your processes in the background ensures orders are fulfilled on time and that the data required to make accurate forecasting predictions are highly accurate.

Mobile Devices and Apps Put Business Operations in your Pocket

The first and most important benefit of a mobile POS solution is the newfound freedom it gives you to operate your business from virtually any location. Mobile POS platforms let you use tablets and other mobile devices, such as smartphones, to better serve your customers. There are several exciting advantages for retailers that use mobile devices, including:

Compared to traditional registers, tablets mounted on the wall improve the overall look of the store.
Tablet-based POS terminals free valuable counter space.
Sales staff easily assist customers using POS tablets that are not mounted.
Mobile devices make it simple to access inventory, including scanning items for inclusion in the system.
Customers do not have to leave the store to conduct product searches or an efficient check-out process.

Using a mobile POS app is required for mobile devices to effectively carry out sales and other tasks. When reviewing a mPOS system, look closely at the app-based features it provides. These tools determine if a mobile POS platform will be successful for your business and have a positive impact on a retailer's daily operations.

Free Up Floor Space

A mobile solution can help a retail business take back sales floor space that cash registers had occupied. Since mobile interactions can happen anywhere, stores can also free space that had previously been allocated for returns or customer service counters.

Develops Store Associates into More Efficient Employees

Eliminate paper from the inventory count process forever. Mobile devices include a barcode scanner for quick and accurate counts, which update your inventory management system in real-time.

Accepts Modern Payment Types your Customers Want to Use

Flexible payment options are a key selling point for retailers. Cash transactions, credit/debit card transactions, gift card transactions, coupon redemption, and loyalty program points redemption are all supported by mobile POS systems. NFC-enabled mPOS devices support mobile wallets, like Apple Pay, Android Pay and Samsung Pay, and allow customers to pay with their smartphones.

Open Expansion Possibilities for your Retail Store

Because it's so easy to scale, mobile technology in retail makes it easier to expand. There is a check-out station on every mobile device. In addition, as you open more locations, lower-cost mPOS devices allow you to grow more quickly while requiring less new IT infrastructure investment.

Manage Influx of Customers More Easily

The number of cash registers you can have on hand to serve customers is limited without a mobile point of sale solution. To handle incoming traffic, mobile devices can be dispatched from other locations to the store, at an event or special sale, or when you experience a sudden spike in customer traffic.

All customer information is stored in a single database, so there’s no need for additional software licensing to use mobile devices. The manager simply returns the devices to their original locations after the event. For retailers seeking on-demand solutions that store managers can quickly implement, mobility is an attractive option.

Accelerates Return and Exchange Processes

Returns and exchanges slow you down. Mobile technology in retail helps speed returns and exchanges by allowing retailers to scale and avoid backs-ups at the sales registers.

Turn Cashiers into Sales Generators

Customers appreciate, and even demand, customized service. By using mobile technology in retail, your sales associates can assist customers in the aisle and complete sales at the point of decision, increasing conversion rates.

Sales staff become product experts with mPOS, providing customers with individualized guidance on product features, availability and delivery options. Your associates can use past purchase information, online browsing history, loyalty rewards totals, and other information to make relevant up-sell and cross-sell suggestions to customers.

BNG Point-of-Sale are POS solutions that improve your bottom line. With a full selection of POS systems for various businesses, you’ll find the right tool to grow your business with the personalized support you need. Connect with us to learn more.

Retail Point Of Sale System Cost

How Much Does A Retail POS System Cost In 2021?

Dependent on various circumstances, a cloud-based retail POS system costs anywhere from $0 to $300 per month, but most small businesses spend approximately $69 per month before add-ons. Advanced analytics, loyalty programs, and gift cards often add costs, bringing your total POS system expense to at least $100 per month.

They have become the gold standard for how modern retail stores conduct business, thanks in part to the fact that retail POS systems are more affordable and powerful than ever before. Electronic cash registers are as efficient and accurate as using a cigar box at the cash wrap when keeping track of money. Modern point-of-sale systems are jam-packed with features that can help you save time and money while increasing efficiency, speeding up checkout times, improving customer satisfaction, and tracking spending and sales.

Even if you only have a few locations, you can still benefit from this strategy whether your company is a national chain with hundreds or thousands of locations. There is now a wide range of POS systems available, starting at $0 (though nothing is truly free).

In today's market, the cost of a POS system is more difficult to determine than ever before because of the variety of available options, including on-premise, hosted, cloud, SaaS, and mobile. To meet your specific business requirements, you must decide on which features the software and hardware must provide.

Although most software solutions available today are either on-premise or cloud-based, a small number are hybrid, allowing a combination of on-premise and cloud in the same solution. Most retail point-of-sale (POS) systems cost money upfront, but they pay for themselves over time. Without a POS system, you'll miss out on a lot of opportunities for your business.

When investing in a POS solution, you must take into account the following three costs: hardware, software, and support services.

Point of Sale Hardware

POS register hardware, a back-office manager workstation, and/or a station for shipping and warehouse operations is estimated to range in cost from around $1,000 to $5,500 per workstation. An all-in-one machine is required as the core processing machine for the POS register, as well as a PC or Mac.

A traditional consumer or business class PC or Mac will cost you about $1,000 or more for a basic configuration. Before making a purchase, check to see if the software is compatible with the operating system of your choice (Windows, iOS, or otherwise). Because they are readily available at electronics resellers and online, these stand-alone machines typically have lower initial costs, a wider range of manufacturers, and can be swapped out as needed. Stand-alone PCs have the disadvantage of requiring a separate power outlet for each of the components, resulting in a "rats nest" of cables. Using a less expensive consumer-class machine on these lines of business machines, which are expected to run 24 hours a day, will put you at risk for downtime.

There are many POS hardware options. Various manufacturers offer touch screens, receipt printers, cash drawers, barcode scanners, payment terminals, line displays, customer-facing screens, change dispensers, label printers, cameras, and customer traffic counting devices.

Point of Sale Software

When it comes to POS solutions, software is key because it determines what hardware you'll need and what features your company can use to boost productivity. It will also influence how customers and employees interact with your brand. Selecting a software solution and delivery partner is a critical business decision. It's easy to replace hardware if it breaks or doesn't work. In contrast, replacing software after it has been implemented takes time and money. Not to mention, your most valuable asset, transaction data, is challenging to transfer to another system. You can get great software, but your solution will be a disaster if you have a bad implementation partner.

Support Services

The final part of the "how much does a POS cost" equation is support services. For a self-starter who finds a package that suits their needs, implementation and technical support costs can be as low as $0. For a business with a lot of moving parts, the costs can be quite high, especially if you need to hire internal staff to implement the POS system. A software partner who specializes in point-of-sale, inventory, and payment solutions leads to the most successful implementations. Working with a professional implementation team will cost money upfront, but it will allow the company to implement POS software and hardware solutions more quickly and with more certainty. These services cost anywhere from one to five times as much as the POS software.

How to Choose the Best POS System for Your Retail Business

How to Choose the Best POS System for Retail

How to Choose the Best POS System for Your Retail Business

The appropriate POS is critical for your success, whether you are starting a retail business for the first time or as a seasoned entrepreneur. A point-of-sale (POS) system is the heart of a company and serves as more than a means for consumers to pay for their products. A good point-of-sale system combines and simplifies critical business activities and provides you with a constant data supply to help make educated business choices.

The right point of sale system is important for any retail business. While your POS system serves as a means for customers to pay for their purchases, it also serves as the backbone of your business. When you have a great POS system, you can combine and simplify critical business operations and receive a steady stream of data, including access to customer profiles, which you can use to make informed business decisions. A good POS system has the following features:

Inventory tracking
Employee management
Sales reporting
App integrations
Customer management

Inventory Tracking

Keeping track of inventory is essential to a retail business. While conventional inventory control is a complex and time-consuming process, a quality POS system can streamline the process. It's not just a convenient payment option. Even if you have multiple locations, a POS offers advanced inventory features alongside centralized payment processing.

Modern POS systems calculate everything from sell-through rates and fill-in orders without confusing payment rates, to inventory turnover and gross margin return on investment (GMROI). It's helpful to also choose a system that alerts you when you need to reorder, flags "dead" inventory in your store that's not moving, and tracks both shrinkage and markdowns.

Employee Management

Are you properly staffed for sales? What should the schedule be for next week based on the sales forecast? A good POS system offers a basic set of employee management tools, including those that allow you to accurately track employee hours, which helps maintain accurate payroll calculations.

Look for a platform that connects staff with activity, such as at the register. When you connect sales staff with activity data, you'll better understand how well each employee performs or underperforms.

Sales reporting

Reporting functionalities are arguably the most important feature of your POS system for businesses. Instead of relying on educated guesses, use concrete data from the reports to help you make better decisions and increase your chances of increasing profits and sales.

The system you choose must offer customized reports that address the most critical aspects of your business, including sales performance, inventory levels, marketing campaigns, and employee utilization. By using these reports, you'll have a clear picture of your company's current state and the data you need to make any necessary adjustments.

App integration

While the software that comes with a quality POS system should offer you a variety of useful features, you also need to consider how it will integrate with third-party software. The integrations you need will depend on what tools you use today, and what tools you plan to use in the future. These integrations save a lot of time and money and help you streamline operations.

For example, your POS could integrate with your eCommerce store. Why? You'll gain centralized orders and stock figures. If you integrate with programs like MailChimp and QuickBooks, you can create more robust email marketing and accounting capabilities. When choosing a system, make sure it includes the app integrations your business needs, or will need in the future.

Customer management

Customer management solutions collect information about your customers' purchase histories, which is important to identify your most valuable shoppers. Once identified, you can target shoppers with rewards, promotions, and discounts that encourage them to continue to give you their business.

When choosing a system, make sure the customer relationship management (CRM) tool used to track customer data meets your specific needs, whether you use email marketing to keep in touch with top customers or simply track purchase history.

The following are things you should consider when choosing a retail POS:

Set-up Cost and Compatibility with your Hardware

While the ongoing costs of a great POS are low, you should expect the initial setup costs to be higher. You'll spend money on new cash drawers, barcode scanners, and other hardware if your chosen POS isn't compatible with your current hardware. It can be intimidating to make your first hardware purchases. So, some providers offer hardware packages that include everything you need to get started.

Consider the Features you Need

As a retailer, the features you need differ from those of many other businesses. For this reason, ensure the system you select is equipped with sufficient features to help your company succeed. Make a list of the features you want and need from your POS before you start shopping to help focus your search.

Decide if You Want a Cloud-based POS System

A growing number of companies are moving their point-of-sale (POS) systems to the cloud. In contrast to traditional POS software, cloud-based POS software stores all of your data in the cloud—a digital space you can access at any time, from any location, as long as you have an internet connection.

Newcomers to the cloud may be concerned about security. Data in the cloud is encrypted, and the system service provider is responsible for decrypting it. With so many users' data at risk, they must invest heavily in the best security available, which is usually far beyond the means of a single company.

Support for Business Growth

For the time being, you may be happy with just one brick-and-mortar store, but you never know how well or quickly your company will grow. If you want to expand your business, you may have to invest a significant amount of money in a new POS system because some POS systems limit the number of registers and outlets.

Some POS systems make adding a new register as easy as clicking a button. And, because everything is in the cloud, there are no networking fees. Once you've enabled all of your locations and registers, you'll have access to all of your data from a single dashboard, allowing you to view it anywhere, anytime, across your entire retail operation.

Integration with Third-party Software

There are plenty of custom solutions and useful features to be found in point of sale software, but you should also look into how it integrates with third-party software. This could help streamline your business operations even more.

Integrations can save you a lot of time by eliminating the need for duplicate or even triple data entry. Instead, all of your customer data, accounting systems, and sales figures are stored in a single system. When you make an update once, the change filters through to all of your third-party software. For example, if your POS integrates with your marketing software, you will be able to use your main system's customer data to send personalized emails and offers to your customers. Alternatively, your POS could be linked to your eCommerce store, making it easier to keep track of orders and stock levels in one place.

Many day-to-day business processes can be greatly simplified with the use of third-party integrations, so be sure to look into this when selecting a POS system.

The Usability of Your Chosen POS

A retail store business setup should not spend money on a business POS system that is difficult to use. A good POS has the ability to simplify a business process. Business owners should take particular care to find a system that is easy to use, simplifies business functions and daily operations without constantly consulting the manual. This is critical for a business to optimize productivity and establish a competitive edge. This is especially important in fast-paced environments or stores with higher than usual staff turnover.

A great, best-fit POS system alleviates business struggles and enhances credibility with customers. It even affects the happiness of your employees. A difficult system for crucial business operations can feel incredibly frustrating. One of the biggest overlooked benefits of a point of sale system is its effect on a company's employee retention rates and keeping customers from having a bad cashiering experience.

Reporting

Your company's success depends on its ability to completely comprehend its own data. In other words, access to customer behavior and other data will help you make sound decisions. While the term "big data" may be overused, there's no denying it's important to company success—even for retailers. The more in-depth reporting options your chosen POS can provide, the more information you'll have to fully understand your business and get the attention of customers. You'll be able to do more of what's working and less of what's not!

POS System Advantages And Benefits For Retail Stores

Advantages of POS System for Retail

POS System Advantages And Benefits For Retail Stores

The terms cash register and point of sale system are often interchangeably used. But there are many advantages of a point-of-sale system, over cash registers, as a company management solution. A POS helps retailers save time and money and allows them to focus on their customers. A POS also helps businesses become more efficient by gathering and analyzing data from sales transactions.

You need a point of sale (POS) system or cash register to process transactions and sales. A manual cash register had previously been the preferred payment method of some small brick-and-mortar businesses. For business performance, an all-in-one system of POS—with advanced business management functions—will help your retail store's business operations be more competitive and run more smoothly. A POS also improves customer satisfaction ratings through catering to customer needs and monitoring business trends.

In critical business matters like accepting and storing payments (like cash and credit cards), the analog technology of a basic cash register is no longer enough. A POS is an essential tool with benefits to retailers as well as to the average customer. This is especially true when the cash machine can integrate with a payment terminal.

For the most part, a credit card machine cannot directly integrate with an antiquated, clunky cash register. A POS terminal, on the other hand, does integrate and offers a competitive advantage to retailers. Incorporating a credit card reader into your point-of-sale system streamlines sales and accounting operations and improves daily business tasks while also speeding transaction times. In addition, when credit card processing integrates in a modern POS register, your payments reconciliation takes less time to manage.

Merchants who do not have large inventory or who do not require POS software's more advanced features may operate just fine with a cash register. Or, if you have a small retail store or restaurant and primarily accept cash payments and you're on a tight budget, a cash register is a viable option. On the other hand, modern POS software and hardware with cutting-edge features provide the tools you need to manage and grow your company. Even though a point of sale system also operates as a cash register, it gives you access to a wealth of data about your business, which can and should be used to your competitive advantage.

It's possible to connect a POS terminal to a server in the backroom or another location, as well as to other POS terminals. Handheld devices can be wirelessly connected to the main system and expanded. A POS conveniently keeps track of various tasks and makes adjustments as your requirements evolve.

The sophisticated and detailed sales reports provided by a POS system are the main advantage over a cash box or a cash register. You can examine sales data in various ways with the software, including by SKU (item sold), period, promotion, store (if you have more than one), or even sales representative. A POS better tracks inventory and alleviates employees from manually recording this time-consuming task.

Listed below are further advantages of a POS system:

Sales Reporting

Every business owner relies on reports. Point of sale systems quickly collect and manage information. You can retrieve this business information at any time, anywhere to make better-informed business decisions. To successfully achieve your business objectives, you must ensure business efficiency and stay ahead of your competition. A company's ability to make data-driven business decisions and track sales by department, item, number of hours worked and labor costs are critical to the company's growth.

Faster Transaction Times

POS devices offer a more user-friendly transaction experience than traditional cash registers. A POS scans, edits, and completes transactions with a barcode scanner, authorizes credit cards and prints customer receipts. Refunds and voids are all made easier with the point of sale systems.

Easier Training and Minimal Human Error

In a digital age, a cash register is quickly becoming an antiquated tool. A POS system is much easier to use than a traditional cash register because of the intuitive user interface. They’re often even compatible with tablets and other touchscreen devices.

For every 300 characters typed, an employee makes an error on a cash register. What percentage of barcodes incorrectly scan? For every 15,000 to 36,000 trillion characters scanned, there’s only one error. When customers have a bad experience with customer service, 62% will not go back to that particular store. A POS system saves the company money and improves customer service.

POS systems also save a company a significant amount of time. Inputting incorrect data into an old cash register (e.g., the wrong price or the wrong item) results in system failures. Because a POS system stores information on a database, it ensures sales are entered and priced accurately and can be easily changed.

Real-time Inventory Tracking

A cash register does not allow you to see real-time inventory like a point of sale device. Real-time data allows for highly accurate inventory counts and product movement tracking. There are typically two types of inventory methods offered by POS systems: permanent and reoccurring.

A POS keeps track of how many items your business has, and removes items from your inventory as you scan them at the checkout. Periodic inventory allows you to pull reports every year, quarter or month and compare them to your sales records to keep track of the many items you have in your business.

Expanded Payment Capabilities

The ability to accept various payment types, such as EMV chip cards, contactless payments (NFC), and mobile wallet payments, such as Apple Pay, Android Pay and Samsung Pay, is another benefit of a point of sale. Allow customers to pay with a variety of methods to increase revenue and customer satisfaction. According to a poll, 44% of respondents prefer to pay with debit cards, while 33% prefer to pay with credit cards. As a result, cash is waning in importance.

Employee Management

Your point of sale software can help you minimize the time you spend on scheduling. Modern POS systems include a time clock functionality, so your employees can clock in and out on a POS terminal. This functionality also provides control measures to make sure employee identity is verified for clock-ins and access to your system—especially for functions including voids and returns to minimize shrinkage from employee theft. This is another of the many advantages of a point of sale over a traditional cash register.

Detailed Receipts

When you use a POS system, your customers receive receipts that can include customized information, rather than just the date and the sale amount. Items like descriptions, prices and savings from a sale or coupon can all be provided by POS systems using inventory data. You may also customize a specific part of the receipt, such as the footer, depending on your system. You many also print coupons right on the receipt or provide information about your rewards program.

Simplified Accounting

A POS (point-of-sale) system makes the accounting process much easier to manage. Accountants are forced to sort through hundreds of receipts with traditional cash registers but can print reports and import data directly into their accounting software with a POS system.

Optimize the Checkout Experience

A barcode scanner help to make checkout simpler and expedites the checkout process at the checkout counter. The system receives all product information in the blink of an eye. In addition, cashiers have direct access to customer data right at the point of sale, and they can add new sales to a customer's history. Cashiers can award customers with points based on transaction totals. These points can then be used to leverage future purchases. When your stores run a loyalty program, your customers come back time and time again.

Loyalty programs and various payment gateways can be integrated with a POS to help your stores better market to customers and encourage them to use reward points or gift cards for future purchases.

Different Types of POS Systems

Types of Point-of-Sale (POS) Systems

Point-of Sale (POS) systems are increasingly powerful tools for improving sales and profits. They offer a wide range of hardware and software options to aid in everything from sales to management to accounting. These benefits are particularly strong for new business owners who must keep a close eye on profit.

Business owners have many POS systems from which to choose. In this article, we take a closer look at each type of device and software and explain which features are helpful for a range of business types.

Different Types of POS Systems

There are many different types of POS systems that will run on various devices, including smartphones and tablets, but POS systems also include the software that runs on these devices. The hardware and software you choose will depend on the needs of your business.

Some POS systems benefit all business types, while others are more suited for specific industries. Let's start with POS system features that all businesses enjoy.

Features of a POS System

A quality POS system offers many sales advantages:

Specific hardware and software, with intuitive interfaces and a range of terminal styles from small and portable to large and robust, makes payment processing easy for both the customer and employees.
Real-time, easy-to-change readings of stock, pricing and customers and employee statistics improve sales performance.
Accounting is streamlined; a POS automatically syncs sales and stock data with your current accounting software.
A POS targets pinpointed messages that match customer interests, thus aiding marketing initiatives, including gift cards and loyalty programs.

A POS system includes hardware and software. Let’s review both.

POS Hardware Options

There are a wide array of options on the market today. You can pick from robust hardware to more modest, affordable options that are easy to replace. POS hardware examples include:

A mobile device, such as a smartphone or tablet, and any proprietary hardware options
Touchscreen terminal
Customer-facing display screen
Laptop or desktop computer
Cash register/drawer
Barcode scanner
Label printer
Electronic scales (for products sold by weight)
Receipt printer
Credit card reader

Types of POS Software

There are two types of POS software: front-end software, where transactions are processed, and back-end software, where analytics, sales, inventory and other important data is stored. Each software type works with your hardware selection to offer powerful benefits to you and your employees. These software capabilities alleviate some of the administrative tasks of running and managing a business. And when they connect online via cloud-based software, software automatically updates.

Several popular software features are available in modern POS software programs.

Employee management: This tool sets up employee profiles, schedules employee shifts, and manages payroll.
Employee training: These systems aid with onboarding and offer demos and hands-on training for using the devices. This frees management time for other business initiatives while helping employees learn to use the systems right away for maximum benefit.
Inventory monitoring: Track your full inventory in real-time, even across multiple locations. Know when to replenish stock, what products sell well, and what products should be replaced.
Analytics: Combined with meticulous inventory tracking, get a clear view on sales results, trends and employee performance. This data is essential for accurate profit and loss statements.
Third-party integrations: Sync with other programs for time savings and convenience. For example, sync accounting software with email marketing.
Payment processing: This software is responsible for receiving and sending all money, including all credit card processing. The more types of payments it honors, the more sales you make. It should accept a large card mix of credit cards, cash, eChecks, ACH payments, digital wallets, and even gift cards.
Customer loyalty programs: These are a powerful way to encourage repeat business and show your appreciation to your customers. They allow you to provide special discounts or a free item after a specific number of purchases. They also collect customer data, such as an email address or phone number. You can easily add and manage customer accounts, which further improves service capabilities.

Types of POS Systems

POS hardware works in conjunction with POS software to form complete systems that can be used to your maximum advantage, regardless of business type. The more hardware and software systems connected, the greater functionality and performance. For example, you can connect a bar-code scanner, card-swiper, cash register, and printer to any ordering device, and that device can also provide customer loyalty programs, analytics, payment processing, etc.

Each of the following systems works offline or online with internet and cloud connection capability. You choose from one or multiple systems, with each working together.

Mobile POS Systems (mPOS Systems)

With a mobile POS, you can place orders via POS apps on a handheld device, such as a smartphone or proprietary handheld device, anywhere you or your employees are located. Whether you have a mobile business, want to improve communication throughout your store, or just want easy access to data analytics anywhere you are located, this is a solid option.

These modern devices often have fewer capabilities compared to an on-site terminal or tablet but are portable and a lower cost to buy, lease, and replace compared to larger terminal POS systems.

Tablet POS Systems

An iPad or Android tablet provides the same mPOS benefits as a smartphone but on a larger screen for added visual clarity to aid sales people and customers during the sales process. In addition to the ease of taking orders, you can better review large data sets, such as full inventory, while still enjoying the benefits of a mobile device.

On-Site Terminal POS Systems

On-site terminal POS systems are positioned at checkout counters often connected to bar code scanners and cash registers. These systems keep sales in a secure, centralized location and offer additional benefits like label printing and online order management.

All-in-One POS System

An all-in-one POS system gives a business everything it needs in one convenient package. A system might include a touch screen, receipt printer, cash drawer, bar-code scanner, magnetic stripe reader, and other items, though specific components vary. All-in-one solutions offer an easy to use, complete system right out of the box.

Self-Service Kiosk POS Systems

Self-service kiosks have become more mainstream and are commonly found in a grocery store or parking garage. These systems allow customers to place orders themselves. In turn, businesses reduce the number of staff needed while also supplementing checkout teams during busy shopping times. This also puts the responsibility of correct ordering on customers, which reduces charge-backs.

Similarly, table-side ordering systems in restaurants put customers in control while speeding direct-to-kitchen orders.

Online POS Systems

An online POS is a low-cost solution that’s housed directly on your website and current hardware, which allows for another option of self-service ordering for increased revenue. It’s an attractive option for additional sales by giving customers another way to make purchases from the comfort of home.

Touch-Screen POS Systems

Touch-screen systems often come in the form of a tablet or on-site terminal. They expediate order processing by allowing customers to sign and approve sales right on the screen during checkout. Customers know exactly what they pay, which reduces issues while streamlining the sales process.

Desktop POS Systems

This system is used on a laptop or desktop computer. It may be located within your business location or accessible via a browser or app. It’s another affordable option if terminals are outside of your budget.

Cloud-Based POS Systems

Cloud-based systems are excellent for accurate, real-time views of performance and data analytics. These systems accommodate a wide range of hardware and software POS systems, providing instant access to sales, stock and performance data on any internet-connected device wherever you are and across multiple locations—all with nearly endless storage capacity. The software is also easy to update and does so automatically.

Multichannel POS Systems

If your business takes orders through multiple mediums, such as online, in-store, and over the phone, this system integrates devices so they all work from the same information. This is particularly useful when tracking real-time stock.

Open-Source POS Systems

This type of system is fully customizable to your needs. If you have a business with unique selling requirements, it’s an excellent option. Be aware, even though this system is low-cost, hiring software engineers makes this option expensive. This system is often recommended for large enterprises.

If you are a small business with limited funds, a more affordable solution utilizes apps with customized features. Your merchant services provider can recommend sources.

What POS Type is Best for Your Industry?

POS systems aid all types of businesses in their daily business operations, helping owners make improved business decisions and increase business efficiency. Still, there are benefits worth noting for your business model that can keep you competitive in your business environment.

The following explains how POS systems benefit specific business categories:

Retail POS Systems

Retailers often have brick-and-mortar locations, such as grocery stores, convenience stores, antique stores, electronic stores, liquor stores, etc. Still, you can run a retail location online from your home, or as a mobile business. All retail businesses can take advantage of sales solutions like:

eCommerce integration
Data centralization and analytics
Reports and analytics
Management of inventory, sales, employees and customers
Loyalty programs
Marketing activities (gift cards, email campaigns)
Customizable product types and SKUs
Store pickup and shipping options

Restaurant Business and Food & Beverage POS Systems

Some point-of-sale systems are better suited to restaurants than others. Quality POS systems offer solutions that deliver on the specific needs of restaurants.

Restaurants have lower-than-average profits, so running a successful business in the restaurant industry requires solutions that cover many aspects of restaurant management. Fortunately, many point-of-sale systems offer restaurant management tools. A restaurant POS system with specific tools and analytics gives owners the information they need to boost profits and sales.

Examples of tools specific to restaurants include:

Reports and analytics
Table management for efficient use of space
Menu design for easy item changes
Kitchen displays
Online ordering capability
Communication between staff
Employee management for more economical staff timing
Customer management
Loyalty programs
Marketing (email campaigns and gift cards)
Management tools such as inventory management features (including full ingredient tracking)
Delivery app synchronization
Curbside pickup organization (which texts times to customers and sends email receipts)

Service POS Systems

Service POS systems aid businesses that offer specific services. Examples of these types of businesses include airlines, movie theatres, consulting firms, and even electrical and disposal services.

These businesses enjoy various benefits from POS systems, including:

Scheduling of customers and employees
Appointment reminders
Loyalty programs
Marketing activities (email campaigns and gift cards)
Reports and analytics

BNG Point-of-Sales: Experience with POS Systems for Any Business

BNG Point-of-Sale offers a full range of POS systems for retail, restaurants and the service industry, including advanced systems on mobile devices as well as the companion software. Whether you need a cash drawer or an in-depth online ordering system, all of our equipment and software is available for purchase or lease. BNG Point-of-Sale can work with your specific business and make the most of your budget.

In addition to offering POS systems, BNG Point-of-Sale can install software on your current system or on any new devices, so you can immediately start experiencing the benefits of a POS system.

BNG Point-of-Sale are POS solutions that improve your bottom line. With a full selection of POS systems for various businesses, including restaurants, bars, retail businesses, convenience stores, and more, you’ll find the right tool to grow your business with the personalized support you need. Connect with us to learn more.

Convenience Store POS System Costs

Costs to be Aware of When Considering a Convenience Store POS System

Over $500 billion is spent at convenience stores each year. With consumers spending so much, there’s a lot of competition amongst convenience store businesses; many convenience store owners want to do everything they can to earn their fair share of the market. To be successful, a convenience store business owner must closely monitor operational errors, waste of business hours, and business losses. These must be minimized in the face of such fierce competition, regardless of business type.

A POS system for convenience stores is an invaluable asset and one of the most important business management tools for convenience store managers. A superior POS for c-stores provides management of convenience store smart inventory levels, customer relationship management, accurate pricing, custom accounting integration, quick checkout speed, an employee tracking module, customer loyalty programs, and many other functions that separate a successful convenience store from an unsuccessful one.

A convenience store POS system includes hardware and software:

POS Hardware

The hardware included in a basic convenience store POS system consists of the following:

Computer and monitor or an all-in-one PC. Touchscreen monitors/all-in-ones are a popular POS option.
Keyboard and mouse
Cash drawer
Receipt printer
Scanner/weight scale
Customer display pole or LCD customer display screen
Credit card reader

Sometimes, commercial-grade hardware or other additional hardware items may also be necessary.

POS Software

There are two primary functions of POS software: speed and simplification of business tasks. A POS speeds customer checkout at the cash register. Inventory and other administrative tasks are streamlined in the back office. Information processing is at the heart of both of these POS features. A POS system collects and organizes massive amounts of data into usable formats using a powerful CPU and sophisticated software.

Customers' purchasing information can be used to increase sales by providing more of the products they want, such as through frequent buyer/customer discount cards. Through a POS, you'll know what's selling and what isn't, and you can make adjustments accordingly (i.e., perishable items that are about to expire). Further, automatic ordering through a POS reduces human error by reordering stock based on minimum and maximum levels.

The ability to generate reports is one of the most useful feature of POS software. The next phase of retail innovation will be driven by "big data" analytics, and businesses that are unable to make use of the wealth of information at their disposal will be left behind. With reports generated by your POS, you can access customer and vendor data, compare sales trends, analyze costs, and more with full control over your store's data.

Convenience Store POS System Average Costs

The price differences between POS systems are enormous. Due to low-profit margins in many convenience stores, price may be the deciding factor when choosing a POS system. Most POS systems require cash payments upfront for the compatible hardware and monthly or one-time licensing fees for the POS software.

Some point-of-sale systems are free to use, while others charge as much as $150 per month just for the software. That being said, price is only one factor in determining which POS is most advantageous for your business operations. Don’t forget to consider the cost of payment processing when selecting a convenience store POS system.

A convenience store POS package that contains all the hardware and software you need to get started often costs between $2,500-$5,000 per station. The price variance reflects the quality of the components and whether it includes a support package, warranty and/or credit card processing or not. Lower-priced bundles range from $500-$1,500, but they may not include all system components. You may receive a discount for purchasing multiple stations/terminals.
A back-office management station (CPU, monitor, keyboard, mouse and software) usually costs between $1,000-$1,500.
If cost is a concern, consider a refurbished POS system. Or, rather than purchase, lease equipment. Most vendors also offer financing options.
Credit card processing software, if not included, costs between $300-$600. Note, this does not include transaction fees. You can expect to pay transaction fees of approximately 2% of the value of each sale.
POS software alone ranges from $250-$500 per lane/user up to as much as $1,000-$2,500 per lane/user depending on features.
A new generation of cloud-based POS software combines the functionality of traditional POS software with real-time remote access, automatic updates, support and more. It costs roughly $50-$400 per month depending on the number of employees, registers and stores.

Many of the POS systems used in convenience stores are designed specifically for handling large quantities of customers. With a great convenience store POS, you can manage inventory, set up automatic low stock alerts, accept gift cards, and more, all with the touch of a button on the touchscreen display as you rack up sales. Advanced analytics and reporting deliver valuable information about best and worst-selling items—use this information to your advantage for maximum sales.

Credit Card Fees

Using a merchant account, you can accept payments from customers on your terminal and deposit them into your business bank account. Depending on where you live, you may have to pay a fee to your bank or a POS supplier to use these services.

Standard credit card fee comparison in the United States range between 2.3% and 2.5%, as an approximate guideline. However, if customers buy products from your website, the prices are typically higher. Other factors may affect the percentage, but they should be discussed with a professional because they are complex.

Monthly vs. Annual Billing

Most POS systems allow annual payments or month-to-month payments. Monthly billing may be better for businesses with limited cash on hand, but businesses may receive discounts by electing annual plans. If you're not happy with your current POS software, monthly contracts make it easier for businesses to switch from one to another.

Purchasing vs. Leasing POS Equipment

POS systems, like all other forms of technology, constantly evolve and add new capabilities and features, such as a clean user interface and cloud software storage, while also improving speed and sturdiness of the hardware. You won't have to worry about monthly or yearly payments if you buy your equipment outright, but if you lease equipment, you'll be able to upgrade and capitalize on new capabilities and features at regular intervals.

Even if you replace equipment every few years, buying POS equipment outright is the most cost-effective option for small businesses like retailers and other brick-and-mortar storefronts with a few terminals. When you lease POS hardware, you'll almost always have to sign a long-term contract with monthly or yearly payments for the POS software, as well.

BNG Point-of-Sale are POS solutions that improve your bottom line. With a full selection of POS systems for various businesses, including convenience stores, you’ll find the right tool to grow your business with the personalized support you need. Connect with us to learn more.

Benefits of a POS System for Retail Employees

How Does a Point of Sale System Benefit Retail Employees?

Benefits of a POS System for Retail Employees

A point-of-sale system can help reduce shrinkage from employee theft and provide you with access control methods to ensure employee identification is validated for clock-ins and access to your system—especially for voids and refunds.

A POS system is a useful tool to accept a preferred payment method, as well as a managerial tool and reward-enabling system for business operations. Employee-management tools are integrated into modern cloud-based point-of-sale software. A POS motivates employees to be more productive because of the all-in-one system and its cutting-edge features. Management can even monitor sales made by each employee with POS software. With increased efficiency and productivity, a company's annual revenue is likely to increase and drive business objectives, all while fostering customer satisfaction of current customers.

The employee, on the other hand, can look at his or her own sales statistics (sales per employee), to drive progress toward goals. In addition, they can see where the numbers can be improved by regularly reviewing their performance metrics.

A POS system tracks business trends and helps companies become more cost-focused, which improves revenue, saves time, and nurtures better relationships with customers. It also provides an excellent advantage by using previously recorded data to make data-driven business decisions in critical business matters.

Many features in a point-of-sale system and its business software tools enable employees to improve the level of service they provide to customers, including the ability to:

Check inventory in real-time to determine in an instant whether the products are in or out of stock.
Review customer history to offer personalized suggestions and product recommendations.
Make it easy for employees to plan and manage their work schedule by supporting anywhere/anytime schedule access and allowing spur-of-the-moment schedule changes.

Further, since the evolution of payment technology, a POS system integrates with daily business tasks, such as payroll processing to further improve the accuracy of employee wage payments, tip distributions, and employees’ sales commissions. Through a built-in employee scheduler, workers can be automatically alerted when they near their maximum hours for a pay period, which helps businesses comply with all employee-related regulations.

A POS system also offers several other benefits for employees, including:

Through advanced features, a business owner can access and adjust employee schedules and employee records based on reports indicating the times when demand will be highest and lowest. They can also track employees’ paid time off, absences and approve shift exchanges.
Time clocks and other attendance trackers can be directly connected to payroll systems to make accounting more accurate. This reduces paycheck corrections and enhances tax record-keeping accounting.
Cloud-based POS systems allow businesses to pay for only the employee-management services they need via a pay-as-you-go, software-as-a-service (SaaS) model. A cloud-based system allows management and staff access to records 24/7/365 via a clear dashboard interface that’s customizable for managers and employees.
A point-of-sale speeds payments. The employee enters or scans the products the consumer wants to buy, and the system automatically calculates the price. Wait time is greatly reduced for consumers, and employees can be more efficient in completing transactions.
If employees change roles in the course of a single work shift, point-of-sale systems correctly track and records their work as a supervisor, sales clerk or cashier, with permissions and pay rates adjusted accordingly.
The sales reports generated by POS systems allow managers to compare the performance of specific employees, as well as the labor costs and revenue returns for various times of the day and days of the week. Reports also help managers determine sales revenue generated by each worker per transaction.

How A Point-of-Sale System Benefits Your Business

Improve Service Quality and Customer Satisfaction

As a store owner or manager, there is nothing more frustrating than seeing a long queue of customers impatiently waiting at the checkout counter. It happens when a customer wants to split a bill which requires your sales staff to manually enter the purchase details for each customer into the system. This not only creates a long line, but it also causes customers to feel frustrated and affects business performance.

With a POS system in place, staff can split a check with just one click. In addition, a POS system allows you to send receipts via email and automatically manages the receipts. This, in turn, reduces the time spent by store staff to compile and archive stacks of receipts.

A POS system enhances customer service management by collecting customer data, such as an email address and tracking previous transactions. When sales staff enter a customer’s name, they can quickly find their entire purchase history. With this feature, business experts and owners know who their best customers are and what type of products they frequently buy. This information can be utilized to develop a customer loyalty program and send special offers related to their favorite products. By having a POS system in place, you can better understand your customers and significantly boost sales.

Improve Accuracy

A point-of-sale system electronically stores inventory and costs rather than requiring your employees to type numbers into the cash register. The total amount due automatically calculates and displays after you scan each item. As a result, a POS system prevents costly mistakes for your business, such as keying in the wrong item code.

Simplify Inventory Management

The most time- and labor-intensive task in the retail business process is inventory management. Using a POS system in an independent retail store is advantageous because it provides a real-time, accurate update on inventory. For every customer check out, POS systems maintain an inventory list on the hard drive and automatically deduct the purchased item. Having a POS system that tracks and controls inventory automatically saves time and money for business owners because it allows them to hire fewer stock clerks.

For example, a POS system can help you analyze previous sales data and make better decisions about product reordering than the manual inventory system. You'll be able to tell when demand for a particular product is rising, so you can place orders right away to ensure you have enough on hand. As a result, it aids you in making seasonal purchasing adjustments and decisions.

Generate Reports

Every retail business owner loves their POS system’s reporting feature. After every workday or during off-hours, this powerful feature produces detailed reports that give you sales insights for the whole day, week, month, or even year. A sales report allows management to identify top-selling products, such as which products sell well on what days or at what price, and which promotions were most successful.

Expand your Business

Expansion is exciting; opening a new location is a big deal for business owners. With new stores, however, come new challenges. Managing multiple stores is complicated, but the right point-of-sale system offers a solution to increased business operation needs. Terminals that make up the POS system can be networked. This means, whether a business has multiple locations or you simply add a new office to your current building, your system ties everything together, and offers real-time information on any location at any time.

Improve Customer Loyalty

A POS systems facilitates building customer loyalty through customer support resources and detailed customer insights. Additionally, the hours you and your employees save by automating tasks within the POS can instead be spent with your customers. POS systems also allow you to create, launch and track customer rewards programs to encourage repeat business.

Technical Support

Often a business appreciates the availability of technical support for its POS systems. To keep POS systems running smoothly, some suppliers offer maintenance contracts to their POS system customers so they have the option to contact a support team.

A support team can address a variety of questions about the POS software's functionality, technical issues, and fundamental capabilities. You must, however, exercise caution when selecting a service provider. While many vendors provide technical support, others provide no support at all.

Fewer Errors

A POS system reduces the number of errors in customer and business activities by automating multiple functions directly in the system.

For example, inventory management is simplified; instead of keeping intricate, manual records by scanning items, the system automatically adjusts inventory each time there’s a sale or return. You no longer manually enter items, which reduces inventory mistakes in the system.

Regular Updates

POS systems require updates to properly work. Some POS providers initiate updates and offer support to fix bugs in the system that result from updates and corresponding new features.

Some vendors ensure a POS software system remains up to date through a cloud-based POS system. Cloud-based software is easier to maintain than a server and is installed on site. However, not all providers offer a cloud-based system.

BNG Point-of-Sale are POS solutions that improve your bottom line. With a full selection of POS systems for various businesses, including restaurants, bars, retail, convenience stores, and more, you’ll find the right tool to grow your business with the personalized support you need. Connect with us to learn more.