What is the cost of a POS system?

Your point-of sale (POS) cost will be largely determined by the type of system that you select, the industry you work in and the equipment you require. A POS system’s initial costs can vary from $0 to as much as $2,000.

When calculating the price of your POS, consider three major components: POS Software, POS Hardware and Payment Processing.

POS software costs can vary from zero dollars to more than $200 per month depending on what you need. Free POS software is great for small businesses. However, to get access to many of the features you need or to help scale your business, it may be necessary to upgrade.

Square for Restaurant offers a free plan that includes features such as table and menu management, reports, iPad compatibility, and more. Upgrade to the Plus Plan for $60 per monthly to get advanced features such as mobile POS, real-time sales data, and custom floor plans.

Below you can find a list of popular POS Systems and the monthly costs for their software.

POS Hardware is the hardware you will need to accept payment. This can include:

• Cash registers can start at $100 and go up to $1500 for the most basic models.

• Tablet Stands: Prices can range between $99 and $199, without the tablet.

• Credit card readers can range in price from zero dollars for Square’s magstripe Reader that plugs directly into your tablet or smartphone to as much as $300.

• Self-service kiosks can range in price from $700 (countertop kiosks) to $4000 for freestanding kiosks.

• Terminals for point of sale: Prices can range anywhere from $49.99 for a mobile device to $1799 for an entire cash register.

• Cash drawers can range in price from 39 dollars to nearly $1,000 for large capacity cash drawers.

• Barcode scanners can range in price from $20 (for a USB-only scanner) to up to $650 for scanners that have touch screen terminals.

• Prices for receipt printers can range anywhere from $26 to more than 600 dollars. Many multi-functional systems, such as the Clover Flex hand held system, include receipt printers.

Some of the top POS companies have their own branded equipment, while others will allow you to use or purchase your own. Some companies offer payment plans for hardware that are rolled into monthly payments.

The payment processing system allows you to accept payments in other forms than cash and checks. This function acts as a mediator between the customer’s bank and your own business account. It can come in various pricing options.

• Interchange plus. The interchange plus model consists of an interchange rate (the rate that is charged to the processing company by a card company) plus the fee levied by the processing company.

• Flat rate. The flat-rate model charges based on the transaction type, such as in person or online.

• Subscription. Subscriber models tend to be less popular and charge a monthly or annual fee.

The industry in which your business operates is a major factor that will affect the cost of the POS system. It may impact each of the main components of pricing. You might, as a retailer, need to integrate additional software, such as inventory management, that works across platforms and locations. You might need additional hardware for your restaurant such as a self service kiosk or kitchen display system. Your website and online store may be the biggest expense for an ecommerce business.

Your POS system’s software and hardware can be affected by the number of locations you have. Your POS system is likely to require a number of pieces of hardware in order to function correctly (registers, card readers, etc.). Per location (and checkout point in your store). Many POS vendors also charge by location. If you own more than one store, there could be additional monthly costs for software.

Add-ons like customer loyalty, online ordering and appointment booking, as well as email marketing, can be added to the monthly subscription cost. Each of these features may be crucial to the way you operate your business. Clover offers a software add-on called Salon Scheduler for businesses like salons that need to be able to schedule appointments. The cost of this third-party program can range from $19.99 up to $119.99 a month depending on factors like employee count and number of reminders.

Toast’s restaurant POS offers an online ordering system and delivery service as an optional monthly fee. This can be done through the company’s own software, or by integrating with third parties like Grubhub, or DoorDash.

It can help to consider the future of your business when deciding which POS is right for you. If you decide to open another store or start marketing, it can be expensive and difficult to change your POS. Consider what package works for your current business and which add-ons are available to help you grow.