You're a small business owner, so you know how important it is to have a solid point of sale system in place. A good POS allows you to process payments, track inventory, gain insights into your sales, build customer loyalty, and so much more. As 2023 approaches, you're probably wondering what the best options on the market are right now for your business.
Understanding the Types of POS Systems for Small Businesses
When choosing a POS system for your small business, it's important to understand the different types available. The three main options are:
Mobile POS
Perfect for retail shops, restaurants, and service-based businesses. As the name suggests, these systems are mobile, so you can check out customers anywhere using a tablet or smartphone. Mobile POS systems are affordable, easy to set up, and integrate with many payment processors. Popular choices include Square POS, PayPal Here, and Shopify POS.
Traditional POS
Typically more robust but complex systems using specialized hardware. They're ideal for full-service restaurants, bars, and larger retail stores that need advanced features like detailed reporting, inventory management, and staff management tools. Although pricing is higher, traditional POS systems like Aloha EPOS, Toast, and Clover offer flexibility and customization. They do require professional installation and training to set up.
Square POS - Best for Retail Stores and Restaurants
If you own a retail store or restaurant, Square POS should be at the top of your list. As one of the most popular point-of-sale systems, Square offers affordable and user-friendly features tailored to small businesses.
Simple, flat-rate pricing
Square charges a flat rate of 2.6% + $0.10 per tap, dip, or swipe transaction with no hidden fees. They don’t lock you into long-term contracts either, so you’re free to switch if you find a better deal. For most small businesses, these rates are very reasonable.
Robust features for retail and restaurants
Square has specific features for retail stores like barcode scanners, SKU tracking, and gift cards. Their restaurant features include table management, coursing, and kitchen ticket printing. You’ll also get alerts, reports, and other tools to gain insights into your sales and customers.
Easy to set up and use
Square is ideal if you want a user-friendly system that’s ready to go right out of the box. Their software and hardware are designed to be simple to navigate without much training needed. You can be taking payments within minutes of signing up.
Shopify POS - Best for Multi-Channel Sellers
Shopify POS is an excellent choice if you sell products through multiple channels like a brick-and-mortar store, online store, mobile app, and social media.
Mobile POS and Apps
Shopify POS has free mobile apps for iOS and Android that turn your device into a mobile cash register. The apps offer the same functionality as the desktop version, so you can ring up sales, accept payments, and view reports on the go. Shopify also has a number of third-party POS apps and integrations available to enhance functionality.
Affordable Pricing
Shopify POS is very budget-friendly. Their basic “Lite” plan starts at just $29 per month and can work well for small retail businesses. The “Pro” plan at $79 per month adds advanced features like gift cards, staff accounts, and accounting integrations. You only pay a small percentage on each transaction, with no hidden fees. They frequently run promotions offering a free trial period or discounts on hardware bundles.
Lightspeed - Best for Inventory Management:
Lightspeed is ideal for small retail businesses because of its robust inventory management features. This POS system lets you easily track sales, monitor inventory levels in real time, create purchase orders, and run reports to gain insights into your business.
You'll love how simple Lightspeed makes managing your products. You can import your existing product catalog or add items one by one. For each product, specify details like name, description, cost, price, SKU number, and photos. The system will automatically track your on-hand inventory and alert you when stock is low so you never miss a sale.
When it's time to restock, Lightspeed simplifies the reordering process with purchase orders you can send to vendors with just a few clicks. The POS system will recommend how much of each product to reorder based on your sales history and inventory targets.
Toast POS - Best for Full-Service Restaurants
Toast POS is an excellent choice if you own a full-service restaurant. Their software is cloud-based, so you can access it from anywhere on any device. Toast offers an intuitive interface that makes it easy to train new staff. It has features like tableside ordering, payment processing, and sales reporting that full-service restaurants require.
One of the biggest benefits of Toast is its selection of over 100 integrated apps. You can connect Toast to apps for online ordering, loyalty programs, accounting, and more. Toast also partners with major payment processors like Chase Paymentech, First Data, and Heartland, so you have options to find a processor that meets your needs.
Toast offers three software packages for full-service restaurants:
Toast Go- This basic plan is good for new restaurants. It includes a mobile app, table management, and reporting.
Toast- Their most popular plan. It has additional features like online ordering, loyalty programs, and gift cards.
Toast Enterprise- Their premium plan with the most advanced features. It adds business insights, customer marketing tools, and enterprise-level security.
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