When considering upgrading, installing or changing your payment processing equipment, there are many key features to know in order to make a good investment. Here are our top 5 things to know when buying a retail POS system.
Online Ordering and Integration
Setting up secure, PCI Compliant, online ordering can be completed quickly and easily as a part of the initial installation, or added later when the business is ready. Of course, most of our clients who are upgrading their systems are implementing online ordering immediately and often a new POS system is needed because of this new option for customers.
Plus, using a single source for payment processing, meaning the same POS system for in-store and online purchases is an easy way to save a lot of money.
Word of Caution: If you have a separate merchant account for your in-store sales and an online system through another merchant, you are non-compliant with regard to PCI standards.
We have found some businesses actually have two or more processing methods and helping them resolve this has been a huge opportunity to improve security, reduce risk and save hundreds of dollars in unnecessary fees.
Inventory Management Time Savings
The newest POS systems have inventory management features that make re-ordering, evaluating carrying costs and in-stock vs. out of stock easier than ever. This saves countless hours in manual inventory each month and makes the quarterly or annual assessments faster for end of period record and bookkeeping. Plus, owners and staff have more confidence in product being available when customers want it.
Training and Support is Available
Making sure that the supplier is willing (and able) to provide not just initial, but ongoing training and support, as part of your purchase is essential.
In some cases, training can be as expensive as the equipment, and once initial installs are done is no longer available. This is stressful, and one of the primary reasons we hear businesses hesitate to make a change.
Be sure this is a part of the service provided.
TransAct always provides support and ongoing training even for new staff who join after the initial period. This includes setting up unique user names for access controls and maintaining security for the business, forever.
A POS is Less Expensive Than You Think
With the advent of cloud based technology and tablet systems, the costs to install a robust POS system for your retail store (or other business for that matter) is just a few thousand dollars these days. While that may sound expensive, there are ways to find savings to cover this in less than a year’s time.
Shorten ROI By Reducing Fees Paid
In a recent case study, a retail boutique was taking phone orders, rather than processing online orders through their POS. This resulted in a higher processing percentage (0.5% to 1.0% more and both Visa and MasterCard have hinted that they are raising the rates for “MOTO”) and adding unnecessary expenses.
If you are running, at least an average of $25,000 in monthly sales, the cost for the new POS at $3,000 can be paid back in just one year. So, it is even faster if you have higher monthly sales volumes – and yes a fully integrated, inventory management and online capable retail POS system can be acquired for about that much.
If you are considering a new POS system, but worried about the expense, let’s talk about your options. There are always improvements being made and incentives to consider, so your investment may be easier than ever.
Contact us today to schedule a convenient time to talk.