Choosing the right point of sale system (POS) for your business can be tricky and time consuming with so many options to choose from and oftentimes hidden fees. Over the summer, DNEP’s point of sale intern team created 2 resources to help business owners select the best point of sale system for them: 1) Point of Sale Cost Comparison Calculator and 2) One page overviews of the most frequently used POS systems and a comparison guide.
How to use the point of sale resources:
- Start with the Point of Sale Cost Comparison Calculator: If you have no POS system, the cost comparison calculator is a great first step. While the final decision of what’s the best POS system is still up to you, the calculator can help narrow your search. To get started, simply make a copy of the file, put in 2 simple sales inputs, and get a tailored list of POS systems recommended for your business.
- Complete the Tech Audit: Once you have an understanding of what POS systems are out there, go through the list of questions in the tech audit to clarify what your current payment processing needs are and what POS features are the most important to you.
- Look at the one-page POS overviews: Whether you’re a restaurant or retail business, certain POS systems are better for certain industries. To make the final decision on what POS system is best for your business, the one-page overviews provide an in-depth look at the pros & cons and pricing breakdown for each POS system.
What to Consider When Choosing your POS System:
Sofia Wynn, one of DNEP’s point of sale interns, shares key things to consider when choosing a POS system:
- Whether it integrates with your accounting software. “Having a POS system that syncs with your accounting software is vital for so many things: marketing, customer retention, pitching to investors, to name a few. If you don’t have accounting software yet, it’s highly encouraged,” Sofia says.
- Whether you’re getting the most out of your current POS software. “The most common problem our POS team saw was that people had a POS system but weren’t using it to the fullest extent,” Sofia says. “There’s features business owners want that they may be surprised their current POS system already has.”If you currently have a POS system, Sofia recommends simply taking some time to explore: “Look on the POS website and see what they say is included. Go into your account and check out all the tabs until you know all the capabilities.”
- What kind of POS system works best for your business model. “POS system websites promise so many things and it can seem that they just have everything”, Sofia says, “but that’s not true. Every POS system is designed for a different business. While it can be time-consuming, taking the time to pick a more specialized POS system is one of the best things business owners can do to set themselves up for success.”
- What other features you need. “POS used to be seen just as the cash register but now it’s evolved to so much more,” Sofia says. Now, POS can mean inventory, sales tracking, and even staff management. It’s important to know what POS can encompass so business owners can keep in mind how their POS systems integrate with the other software they use. Beyond price, integration is the next biggest factor for business owners to consider.
Ready to dig in but need some help? The Community Tech Workers at Jefferson East have been trained to walk through these steps with you. You can book an appointment with them (at no cost) at https://www.detroitmeansbusiness.org/digitalhub.
Allison Wei is a junior at the Ross School of Business who is minoring in writing. She is also a former DNEP intern.