Considering a Custom POS System for Your Business (Key Benefits and Costs)

From marketing, sales, to administration, a custom POS system makes it easy for you to manage the daily operations of your restaurant or small retail store.

There are thousands of point-of-sale (POS) systems in the market. Finding an all-in-one system, which suits your business is quite difficult. Find out how you can have custom POS solutions that are affordable, fast to install, and easy to use, making your business ready for expansion.

We build custom software with modern solutions in mind for any business and sizes!

What is a POS system?

More than just a cash register, a point-of-sale system involves hardware and software development, in which businesses can process sales, returns, and create daily revenue reports. It supports tracking financial and inventory management as well as simplifies eCommerce with integrated business forecasts.

When to Use a Custom POS System

You should get a POS platform as soon as you start selling goods or services for your business, regardless of how big or small it is. It makes the sale process faster for both customers and cashiers while reducing human errors in reports.

Where Point-of-Sale solutions are used?

Nowadays, custom POS solutions are no longer unique in retail as other industries also use them.

Small business POS including cafes, restaurants, and retailers, use technologies that are mobile, cloud-based, and SaaS.
Bar/Restaurant POS makes businesses like food and hospitality companies more efficient as it streamlines operations and accepts payments while tracking sales and tax data. This makes food and hospitality services more efficient.
Salon and Spa POS requires specific features that are particular to the industry, such as reminders and an online appointment calendar.
Retail POS software is uniquely designed for the retail industry.

What are the different types of POS?

Based on full technical implementation, point-of-sale systems are categorized as the following:

On-premise POS solutions are the traditional bulky computers in retail stores or touchscreen monitors in a bar or restaurant. All data and software are stored on a local server inside the business premises.
Cloud-based POS solutions use a remote server to store information, making it ideal for businesses with multiple branches like restaurants and salons. They are more reliable, affordable, and secure.
Mobile POS (mPOS) is cloud-based but mobile-ready, highly reliable, and includes handheld devices used to control payments and orders in a restaurant.
Self-service kiosks are usually seen in movie houses or self-service restaurants. It reduces queue lines in restaurants or other venues while increasing efficiency.

Key Benefits of POS systems

A customized POS entails serious financial investment but give great benefits:

Competitive advantage

POS solutions give better employee retention, money flow, and loyalty of customers without doing much effort.

Valuable business insights

POS systems allow you to make informed decisions with highly efficient analysis and reporting, particularly with inventory, sales, and employee performances.

Streamlined workflow

A customized POS automates and integrates unique business processes. It allows faster transactions in retail and restaurant, real-time data access for employees and customers. It also ensures accuracy to prevent data loss, overstock or understock, and several human errors.

Employee satisfaction

Managing a team is indeed challenging, particularly with scheduling. You can integrate employee profiles with access to the system, reward programs, and incentives.

How much does it cost to build a POS system?

The price of a POS system is significant in choosing a vendor. Companies are offering “free” POS equipment vital to evaluate first the features and the usability of the solution before signing up.

POS Hardware

For POS solutions, confirm first whether the system works with different equipment. If it does, you can decide whether to continue using a traditional solution or change your POS software.

Meanwhile, you may choose to start with a basic checkout station using a cash drawer, tablet, receipt printer, stand, and card reader. This setup will cost between $600 and $1,000, excluding the tablet.

POS Software

Some Cloud-based POS software is free to use provided you are using their payment tools for credit cards. However, others offer various services depending on the plan you choose: basic, standard, or premium where you pay monthly charges ranging from $40 and $100.

Upon payment processing, you can pick a payment solution that supports credit cards and EMV chip cards.

Quick Tip: How to build a customized POS system?

It is important to make POS software that supports all your business needs. With a custom POS, it should be the right mix of software and hardware.

Setting up your POS hardware

Whether desktop or phone, cloud-based POS systems require strong internet access, but requirements depend on the business type. For a retail store: routers and customer-facing displays. For a restaurant: mobile ordering devices and kitchen display systems.

Meanwhile, a tablet POS system is the easiest to set up. Follow the steps below:

Download the specific app from Google Play or App Store.
Open the web application and create an account.
Plugin the card reader to a lightning port or headphone jack, or connect via Bluetooth.
Use a cable to connect the receipt printer to the router or via Bluetooth to the tablet.
Link the cash drawer to the printer.
Connect the tablet to the barcode scanner via Bluetooth.

Setting up your POS software

After signing in to your account, go to Settings and ensure your account is configured. Follow the steps below:

Customize your receipts to include your business logo, name, address, and other details like your return policy.
Establish sales tax rates.
Decide if you would require signatures in transactions or not.
Set up options about tipping if they fit your business.
Add staff on the system and assign their manage permissions and respective roles.
Link third-party integrations.

If switching systems, you should migrate your product data and upload it to the new system.

Conclusion

Business owners may find a full-customized POS system from start to end quite costly, but it proves to be the most cost-efficient and reliable since it is secure and easy to use. Visit Laneways Software & Digital website for more updates on modern software solutions.

We build custom software with modern solutions in mind for any business and sizes!