25 Aug How Much Do POS Systems Cost? A Comprehensive Overview To Finding The Right POS For Your Business
How much do POS systems cost? If you have ever shopped online before, you know the answer to this question isn’t always clear. What a company lists on their website may not always be accurate, with hidden costs in today’s world of advanced POS systems, it is even more complicated.
The cost for these hardware and software systems varies depending on the provider you use, the number of systems offered, and your business’s specific needs. This means you need to reach out to each provider to obtain a quote, making the process of securing hardware and software costs time consuming and pretty frustrating.
Most systems help streamline the purchase and tracking process to help save you time and money and take advantage of advanced management solutions for increased functionality on the back end to boost revenue further.
To help give you a clearer understanding of today’s POS costs, we’re providing a basic rundown of prices. The final cost depends on your specific needs, but this will give you a good understanding of what to expect.
How much does a POS System cost?
Traditionally, POS hardware costs average about $2,500 per terminal, with more basic hardware systems at around $1,500. This hardware cost typically included is a credit card reader, receipt printer, a portable tablet with a stand, and a cash drawer.
This essential $1,500 cost covers most providers, such as TouchBistro and Hoarbortouch Bar and Restaurant. With our Duet system at BNG POS, the base cost starts at $1,200 for POS hardware with the same items. Set-up fees with most providers will apply. Typically you can select more advanced services that will bring the costs up, such as additional registers and tablets.
These newer POS systems have come a long way from the previous legacy systems that typically cost between $5,000 to $7,000. Pricing is lower, and you get more solutions to help save you further.
The cost of POS Software
POS Software is typically sold separately and starts between $60 and $100. The majority of providers charge a fee of $69 per month. This includes:
- BNG POS
- Harbortouch Bar and Restaurant
- Lightspeed Restaurant
Other providers get close, such as Square for Restaurant ($60 plus), while others come in higher, such as Toast ($79 per month).
Just like POS hardware, taking advantage of more advanced POS software solutions increases the price. With so many options available for small to large-scale businesses, the cost can reach multiple hundreds of dollars. It all depends on your needs. For instance, if you add more registers, a software cost per add-on typically averaging around $39 per month. In the case of our BNG POS Duet system, the price is $29.
If you’re looking for a retail solution, companies like Vend ranger on the higher end, costing between $99 – $159. Sometimes more if you require more of their enterprise-level features.
Examples of added features
POS systems provide a wealth of solutions that save time and money, compensating for their increased cost. You save time, cut down the expense of running your business, and gain a clearer picture of purchasing, stock, and employee performance to boost revenue further. These benefits justify their cost in the long run, but if the budget is a factor, you can opt for essential solutions, incorporate your current systems, and improve systems as your business grows.
Added services we include are:
- Mobile ordering
- Table-side ordering
- Split Check Capability
- Menu Customization
- Online Ordering
- Inventory Management
- Reservation Management
- Delivery Management
- Customer History
- Loyalty and Gift Card Capability
- Cloud capability
- Remote access 24/7
Choosing your POS Provider
When shopping for providers, it’s crucial to select a reputable company. Many providers offer a range of systems designed to aid your business. Still, it’s important to also work with providers that collaborate with dependable financial institutions on the back end to ensure your all-important transactions are completed smoothly and efficiently. Having a blend of low-priced advanced POS hardware and software and a trustworthy provider is a win-win, allowing you to take advantage of today’s benefits and step up your game with more POS solutions when you’re ready.
POS systems have come a long way from legacy systems, providing more benefits at a lower cost. Even basic systems make purchasing and tracking easier, allowing for faster and easier ordering and tracking.
With each feature you add, you gain more control over every aspect of your business. From inventory to purchasing, delivery, instant financial tracking, employee statistics, and 24/7 business management capability, today’s POS solutions help you gain a clearer picture of your performance and have more time to devote to business initiatives to further boost that performance. All of these elements translate to greater customer service, increasing your chances of repeat orders.
To find out more about these systems and how they benefit your specific business, contact us here.