How Much Does a POS System Cost?
Electronic Point of Sale (EPOS) platforms are of immeasurable benefit, thanks to the insights they provide. Affordable EPOS systems are rapidly closing the gap between large scale corporations and individually-ran startups as they become more and more accessible.
Investing in an EPOS system can completely re-innovate your business and protect it in these uncertain times.
So, how much does an EPOS system cost?
That depends on a number of factors: the type of business you run, what exactly you want your EPOS system to do, the integrations and add-ons you choose, and your EPOS hardware. We’ll start with the basics by explaining what exactly EPOS systems are and why they’re useful:
What is EPOS?
EPOS systems reveal to business owners how financially efficient their company really is. They are a combination of hardware and software which give detailed reports based on transactional data.
EPOS systems have the same basic function as traditional till and record systems, like storing details and processing payments. As well as that, EPOS systems send full reports about your business’s profits, taking various elements such as VAT charges and promotional discounts into account, in order to provide the most accurate and relevant data. This allows you to make fully informed decisions regarding your business’s growth and profitability.
Depending on the needs of your business, a reliable point of sale system will be able to provide an overview of stock and inventory levels in real-time, deducting from the master stock level when a particular ingredient is used, for example.
Since the EPOS system analyzes your most popular products and peak sales times, you should be able to manage staffing costs more efficiently when you have an EPOS system in place. You can even create employee schedules on certain systems.
Cloud based POS systems are safer and more affordable than legacy systems, which store information in an internal server. If this server is hacked or damaged, you are at risk of losing important information, or having it stolen. Cloud based systems use a SAAS (software as a service) payment system. This means you pay a monthly fee to your EPOS provider, and your system will update automatically when a software update is released.
POS Hardware
While there are one-size-fits-all EPOS systems out there for cheaper, you’ll get a much better return on investment when you select an EPOS system that matches the specific needs of your business. Choosing user-friendly hardware to run your EPOS system will guarantee smoother daily operations for you and your employees, resulting in better customer retention and lower IT maintenance fees.
Save money on your hardware
Hardware is physical machinery where you input orders/services and process payments. Certain POS providers, such as Epos Now, allow you to run EPOS software on most pre-owned devices. Startups that already own a tablet or iPad can simply run the EPOS software on their existing appliances and save money on a brand new till.
Essential POS hardware
Hardware can be purchased in bundles, which is a lot more cost effective than purchasing items individually.
Most businesses generally require the following:
- A terminal screen
- A cash drawer
- Receipt printer
- PDQ (card reader) - which accepts chip and pin, contactless payments, and Apple, Android and Google Pay
Optional POS hardware
The hardware you’ll need will depend largely on what type of business you run. Adding some of the following extras will contribute to making the customer journey even more positive:
- Customer display pole: a screen that shows the transaction amount, messages like ‘Next customer please’, or other custom messages.
- Ethernet order printer: automatically prints order slips in the bar or kitchen as they come through the till.
- Barcode scanner: Used for stock taking and for ringing items through the till.
Something you may want to consider is the Pro+, which is a handheld EPOS and card processing device, essentially a mini-terminal, perfect for hospitality table service or retail shop floors. This should speed up service and improve efficiency during a time when good customer service and returning customers are extremely important.
Epos Now EPOS Systems Price
Every business has its own special requirements, which is why we offer software which is as closely tailored to the needs and wants of your business as possible. We offer two industry-focused types of EPOS: hospitality and retail.
Price breakdown:
Epos Now’s POS Pro Solution costs £225. The Complete Solution includes:
- Pro-C15 terminal
- Metal cash drawer
- A thermal receipt printer
- Access to our award winning software
- Installation and set up
This includes three add-ons:
- Payment integration with 24/7 support
- Technology and server support, next day replacement of faulty items and warranty
- POS insurance, manufacturer warranty, free replacement of our PRO peripherals
Epos Now are proud to be transparent about our prices, and we try to give the most accurate price predictions as possible. The above quote does not include additional features, or account for the following factors.
Factors that impact pricing
You should invest in an EPOS system that is relevant to your needs and has customisable and buildable features. Select an EPOS system that supports integrations that improve your business functionality.
Integrations
All of the following integrations, and more, are supported by Epos Now:
- Marketing programmes that send personalised messages to customers
- Accounting software that links directly to your sales reports
- Booking systems for hotels or restaurants
- Personalised customer loyalty schemes and special offers
- Order and Pay, which allows payment processing
- Delivery with industry leading courier services
- Kitchen display systems that link front and back of house
- Personalised menus with recipes and pictures, which link to master inventory levels
- Access your data 24/7 from any device
These integrations will contribute to the price you pay for your EPOS, however, they provide multiple avenues to reach a wider customer base, and will massively increase customer satisfaction among your existing cliente.
Payment processing
Payment processing has many benefits, such as added security, convenience for customers, and more accurate bookkeeping reports. It does come as a charged extra with most EPOS providers, however it is incredibly useful.
Many consumers no longer carry cash at all, or carry very minimal change - to deny the option to pay with card would be extremely off putting to some customers.
Number of devices
As your business expands, you can upgrade your contract to include new/additional devices. Since companies sell their software as a service, the more software you require, the higher your bill will be.
Multiple locations
If your business operates from two or more premises, you will likely face a higher monthly/yearly fee for your EPOS. Using a system which allows multi-site management is strongly suggested for growing businesses which require additional flexibility, location specific pricing and greater warehouse management.
Get in touch today if you’re ready to streamline your business using the power of EPOS.
You may also want to read:
Why You Need to Integrate Your Payments
How Much Does a Restaurant EPOS System Cost?
Different Types of POS Systems
