The 7 Best POS Systems for Small Business in 2020 - Investopedia

The 7 Best POS Systems for Small Business in 2020 - Investopedia


The 7 Best POS Systems for Small Business in 2020 - Investopedia

Posted: 14 Oct 2020 08:59 AM PDT

What Is a Point of Sale System?

Your point of sale (POS) system puts all your transaction data in one spot. Many programs provide tools to track inventory, manage employees, and see revenue data in real-time. POS solutions go beyond traditional registers to offer you various ways to accept payments from anywhere in your store. 

Small business owners use a POS system to better understand their sales trends, available inventory, and customers. Moreover, mobile solutions enhance the customer experience with quick checkout options and integrated customer programs.

What Does a POS System Include?

Today you can build a POS system that works for your store, so you're not limited to just a cash register. Typical hardware for small businesses includes: 

  • A standalone POS cash register or an iPad system
  • Cash drawer
  • Receipt printer
  • Credit card reader

However, you can add self-service kiosks, mobile units, and customer displays to enhance the shopping and buying experiences. 

What Are the Types of POS Systems?

Although retailers still rely on standalone systems, many prefer iPad solutions, which allow you to place the iPad on a secure stand or carry it throughout the store. Mobile units or self-service kiosks are especially crucial for curbside sales or contactless payments, so many business owners incorporate these types of units into their existing setup. 

Most POS systems place some or all features in the cloud. This gives you access to tools using different devices in your store or from home. 

What Are the Expected Costs of a POS System for Small Business?

POS systems come with a hefty monthly cost, and if you're starting new, you'll also spend quite a bit on hardware. Many larger POS providers offer financing or payment plans for bundled hardware kits along with month-to-month payment options for your POS software subscriptions. Prices ranges consist of:

  • Monthly POS software: Free to $299 per month
  • Basic hardware bundles: $299 to $899
  • Payment processing: Interchange fee plus $0.00 to $0.35 per transaction

How We Chose the Best POS Systems for Small Business

To find the best POS systems for small businesses, we reviewed several factors, including subscription prices and fees, hardware types and costs, payment processing options, and features. After searching through more than two dozen POS providers, we narrowed it down to winners in specific categories by the best POS systems for things like e-commerce, inventory management, and retail use.

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