POS System Installation Cost: 5 Factors that Influence Price

Graham Hoffman | March 23, 2022 | 12 views

POS System
How much does it cost to install a point of sale (POS) system?

It’s a question that we get all the time and the answer might surprise you.

If you’re trying to grow a retail small business, you probably don’t have all the money and resources in the world to commit to an expensive retail POS system.

Moreover, finding the best retail POS system for your growing small business is easier said than done, especially if you don’t know what features to prioritize in your search.

So, what’s the good news? Finding the right POS system for your business is as easy as 1-2-3 and installing a POS system is actually quite affordable!

How Much Does it Cost to Install a POS System?

The short answer: it depends and varies by POS type and by vendor. We've seen POS installation costs range from $0-$700. Installation costs come on top of the upfront hardware costs (up to $1,600), monthly software fees (anywhere from $9-299 per month) and payment processing fees.

When it's all said and done, your total cost of ownership for year one can range from $1,200-$6,500. Controlling POS installation costs is key in minimizing first-year total ownership cost.

There are two types of costs to consider related to installing a POS system: time costs and financial costs. The most significant delays come when the POS system isn’t pre-configured for your unique business. In this scenario, you may spend a considerable amount of time aligning the system with your sales processes.

Additionally, if your inventory management, employee payroll, and other tools are built inside separate programs, you may need to spend time integrating and combing these systems, thus increasing POS installation costs.

Finally, if the provider doesn’t offer online software guides or tutorials, you may spend your time figuring out features and functionality on your own. Without these helpful resources, you’ll spend a considerable amount of time fumbling through the system. No one has time for that!

These time costs tie directly into financial costs. Instead of spending time installing a POS system yourself, you could be spending that time ringing in sales!

Here are some of the other things that influence POS system installation costs.


Number of Stations

If your POS system isn’t pre-configured so that you can “plug and play,” you’re most likely going to require an on-site technician to install your POS. Often, the total number of stations influences total installation cost. The more stations you have, the more time the technician has to spend installing them, and the higher your installation costs will be.

Type of Software/Hardware

This is another downfall of not purchasing an all-in-one retail POS system that comes pre-configured. Some software and hardware come with additional installation costs because they require more time for your on-site technician to complete.

These costs can also be looked at from the type of POS system you purchase: on-site, cloud-based, or hybrid.

On-site POS systems typically take the most effort to install, meaning a higher financial cost. Cloud-based and hybrid POS systems are easier to install, but installation time is dictated by whether the software and hardware is pre-configured or not.

Advanced Features

Many advanced POS system features may require additional time and additional cost for a technician to install.
  • iPads or other mobile devices for staff to use when serving customers
  • Handheld scanners for inventory
  • Payment hardware and their corresponding security systems or software
  • Data or product migrations from your previous POS system

Number of Users

Certain POS providers price their system based on the number of users. This can also affect install costs. If you require an on-site technician and/or you don’t have access to a tutorial for adding users to the system, the technician will most likely have to do that for you. Again, this means more time spent installing your POS system, increasing the total installation cost.

Training

Some POS providers will wrap POS system training into installation costs. This will require an investment of time from key stakeholders, including management and employees.

Some POS providers will also charge you for additional training outside of the initial training session. If they don’t have online training resources, this means every new employee will either need to be trained by the provider (costing you money) or trained by you or another staff member (costing you time).

POS Nation Reduces the Cost of Installing a POS System

With a POS Nation all-in-one retail POS system, setting up your hardware is easier than you’d think. The benefit of purchasing a full point of sale system from us is that it’s a plug-and-play solution. Take it out of the box, plug everything in, and it’s ready to go! Our team of technicians pre-configures your hardware so you don't have to worry about any installations when it arrives. Most of our advanced features are baked right into the software. There are some that cost extra, but most are pre-installed, making us a more powerful and affordable solution.

Additionally, you are assigned a customer success manager. Their goal is to help you get up and running as quickly and smoothly as possible. They will schedule a hardware setup appointment with you. During this call, they will assist you with:
  • Remote hardware setup
  • Hardware testing
  • A test transaction on the pinpad
  • Any basic training they can cover during the appointment time

They will book as many training sessions as you need to solidify your understanding of the software and its many functionalities. 

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Article | June 30, 2022

“Software-led payments is more than just ecommerce or online invoicing, as many software platforms are starting to offer solutions for card present transactions.” - Caleb Avery, CEO of Tilled The omnichannel retail marketplace has been witnessing a surge in recent years. A buyer has a natural tendency to check the details of the products or services on the internet. But a single purchase may involve different channels like apps, websites, store walk-ins, etc. For example, a customer may conduct online research and purchase an item before picking it up from a retail store; or, conversely, he may go to a nearby mall and inspect the product first before purchasing it online. Therefore, retailing has become increasingly about providing multi-channel or cross-channel experiences to customers. If the merchant misses out on his goods being offered on any channel, it will harm the customer experience (CX). In such a circumstance, deploying a POS system built for multi-site store networks that takes care of the maintenance of the website and all the locations in the chain simultaneously is a blessing for the retail sector. The point of sale is now an important part of an eCommerce plan for a business and a key part of its ongoing marketing strategy. Drive Loyalty and Sales Using Your Omnichannel POS A retailer's point of sale is the hub of every business action, wherein sales, marketing, inventory, customer management and customer service merge. But what many still don't realize is its powerful role in unlocking customer loyalty and higher revenue. With a modern and adaptable point-of-sale system, lengthy transaction times are minimized and may be boosted while simultaneously processing more consumers, enhancing the customer experience. Your omnichannel POS should permit the configuration of several payment methods. Customers can choose various payment methods, such as credit cards, digital wallets, PayPal, and cash. POS data should be utilized in all company decisions in today's society. Additionally, POS data is essential for merchandise planning. For example, if a product is not selling quickly enough, sell-through and sales-by-margin analytics can influence your pricing decisions and allow you to adjust accordingly. A common misconception about POS is that it is only a point of contact between your clients and your business. However, when its tremendous capabilities are utilized, it becomes a tool that helps you understand your clients, enhance their experience, and guarantee you are prepared to meet their demands. Importance of Using POS and Ecommerce Integration Combining CRM and POS software enables staff members to review and update client information instantly. You can develop new sales methods based on customers' interests and previous purchases. The omnichannel point of sale integrates with Tally, Quickbooks, etc. You may export order receipts from all channels directly. With omnichannel POS, your firm is accessible to customers 24 hours a day. Customers can purchase at one store and receive delivery from another, as well as other choices designed to improve the shopping experience. A retail eCommerce platform with seamless integration benefits both businesses and customers. Bottom Line Innovation in omnichannel retailing and investment in the POS system's digitization helps track and fulfill online, and offline customer needs. It goes without saying that the future of POS and retail are closely intertwined. In the coming years, POS will see a radical shift. Now is the optimal time for laggards to catch up or risk falling behind.

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A pivot to customer and supporting the shopping journeys

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Digital Payments – Preferred Way To Exchange Money

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Top Reasons Businesses Choose Cloud-based POS Systems

Article | May 20, 2022

Digital innovations make a significant impact on the payment business. Point-of-sale is one such innovation that eases the payment mode. Traditional POS systems face several obstacles, such as data storage on local servers, higher upfront payments, limited access to the data, and higher costs. On the contrary, a cloud-based POS system is easier and offers more agility and access, making the payment process seamless and less time taking. Customer expectations are constantly changing regarding seamless online and offline payment processes. Cloud-based POS systems ensure the best possible customer experience while staying relevant to the rapidly evolving technology. Making the lives of the customers easier is the primary goal of the payment service provider. Deciding Between Getting a Traditional or A Cloud-Based POS System? POS software has improved over the past decade, and many firms have hopped on the POS system bandwagon. There are different types of POS systems available, and you may get confused, especially if you are new to POS. Purchasing a POS system is a long-term investment and should not be made without extensive research and knowledge. It would be best to compare the pros and cons of traditional and cloud-based POS options. Identify your business's needs and select the right POS system. On-site or existing POS is an old method. The data is stored on local servers and in closed networks. It is commonly known that standard POS systems can be complex and time-consuming. Also, installing large hardware adds to the cost of getting started. If you use older methods, you might be able to access data on-site, but you could lose it. A cloud-based POS is easy to use and easy to get to. The cloud-based POS system is adaptable and can easily add new modules or apps from other corporates. The software is rented by the month or year. Methods that use the cloud allow mobile access which means you can leverage the functionality of mobile POS without fully implementing a mobile POS system. POS software that runs in the cloud is also automatically backed up. Cloud-based POS software offers incredible benefits for your business. Reasons for Opting for a Cloud-based POS System Cloud POS Systems Are More Secure A cloud-based POS system lowers all types of risks due to stringent security standards. Cloud technology allows the POS software to automatically backup the data and sync via remote servers. The regular updating of the system increases the security level of the software. Remote System Access Switching to a cloud-based POS system allows you to access your back-office functionality from anywhere. This capability gives you the ability to receive important updates regarding inventory or vendor issues on your mobile or home computer. You will also benefit from the security of cloud backup for your data. Cost-effective Cloud-based POS may appear to be more expensive than conventional POS systems. Nevertheless, cloud-based technologies are preferable for SMBs. In contrast to traditional POS systems, cloud-based SaaS has no upfront costs and has low monthly rates. Automatic software updates are delivered, and the system can update itself. Better Customer Service Cloud POS is compatible with various payment options and can send invoices through email or SMS. This enhances the purchase experience for your brand's customers. Customers interested in simple technology like simple processes are thus satisfied with the commercial services a POS system delivers. By choosing a cloud-based POS system, you'll always be able to meet customer needs quickly. Also, remember that you can get updates, which are meant to change some features to fit how people use them. Conclusion We’ve seen a few reasons that why you should consider transitioning to a cloud-based point-of-sale system, but the list is unlimited. If you have not considered implementing a point-of-sale system, now is the time to do so. The most prominent upside is that a sound POS system facilitates sales and increases the capacity to attract more clients.

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Finastra launches embedded consumer lending solution

Finastra | July 01, 2022

Finastra today unveiled its embedded consumer lending solution, enabling access to traditional regulated lending options for consumers at point-of-sale (POS). Financial institutions, distributors and merchants will benefit from a platform that makes it easy for their customers to access lending options. For end consumers, Finastra Embedded Consumer Lending aims to make the buying process as frictionless as possible, providing more options to consumers and an alternative to the Buy Now Pay Later approach, which is often not applicable to high value purchases. For merchants, the BaaS platform provides access to numerous lenders and their specific products. And for financial institutions, Finastra Embedded Consumer Lending provides access to a marketplace of distributors and merchants to distribute their banking products. Jeannette Kescenovitz, Senior Director, Solution Management, Banking as a Service and Orchestration at Finastra said, "Finastra's Embedded Consumer Lending solution offers financial institutions a direct route to growth by offering loans via a merchant's digital point-of-sale. The solution builds connectivity and relationships between financial institutions and the distributor organizations that embed lending solutions at merchants' point-of-sale." "Banking as a Service (BaaS) is a vital component of our growth strategy and embedding loans at the consumer point-of-sale opens a new channel to provide financing to customers we couldn't have reached before. This cost-effective solution delivers consumers a safer, regulated alternative when it comes to POS financing. As our trusted partner of many years, Finastra is the ideal orchestrator as we connect and scale on our embedded finance offering." -Josh Williams, EVP, Chief Banking Officer at Seattle Ban. Finastra's Embedded Consumer Lending exposes APIs on Finastra's FusionFabric.cloud open platform with which third-party distributors, like Loanstar Technologies, may integrate. Loanstar Technologies offers state of the art technology to connect lenders to borrowers, creating POS consumer loans through their merchant network in numerous verticals. Andrew Turner, CEO at Loanstar Technologies said, Working with Finastra will enable us to scale up significantly, providing access to hundreds of financial institutions, like Seattle Bank, across the US. As a trusted provider of mission-critical financial services software, Finastra will help us connect with the right bank providers to bring billions of dollars of new liquidity to fund POS loans with our merchant customers. Integrated with Finastra's lending and origination core systems and hosted on Microsoft Azure, the solution enables financial institutions to process POS loan applications, including performing identity verification, decisioning, facilitating e-sign, as well as account creation and funding (through the bank's core banking system). Using APIs and event notification systems, third-party distributors can provide real-time feedback to merchants and consumers on loan status. About Finastra- Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning solutions and services across Lending, Payments, Treasury & Capital Markets and Retail & Digital Banking for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by ~8,600 institutions, including 90 of the world's top 100 banks.

Read More

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Sionic | June 29, 2022

Sionic is a leading provider of consumer-to-business and omni-commerce payments solutions and international technology and consulting firm serving the banking, insurance, and other financial sectors announced entering into a multi-year agreement with a suite of cloud computing services, Google Cloud. The company has chosen Google Cloud as the only cloud service provider for the country-wide rollout of its real-time, bank-to-bank digital payment services, which lets customers deposit cash into merchants' accounts at the point of sale. After eight years of hosting Sionic’s mobile commerce platform with Amazon Web Services (AWS), the company has decided to use Google Cloud to power its online, ULink mobile, in-store, and in-vehicle service experiences. "We invested a lot of time with the Google Cloud team to thoroughly understand the value and benefits of Google Cloud over AWS." He added, "Having that level of interaction and support from knowledgeable, real human beings was a great first impression. Google Cloud’s focus on security, scalability, and sustainability mirrors our objectives as we bring current and future solutions to market. We have greatly decreased our infrastructure management needs and increased our development velocity by using Cloud Run, Cloud SQL and Big Query." -Justin Turner, Director of Product for Sionic "The payments industry is increasingly embracing the security and scalability that is offered by cloud technology," stated Yolande Piazza, Vice President, Financial Services, Google Cloud. "We look forward to working with Sionic to enable its bank-to-bank digital payment service and enhance the payments experience for customers." "We are anticipating steady, month-over-month transaction volume growth as we connect our Pay-by-Bank service to existing card payment providers already processing billions of transactions annually," mentioned Erica Burris, VP Strategy and Product for Sionic,

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Agilysys Extended Experience Enhancers Collection to Amplify ROE

Agilysys Inc. | June 28, 2022

Agilysys Inc., an American developer and marketer of proprietary enterprise software and other products, announced expanding its experience enhancers collection by introducing two hospitality application collections at HITEC Orlando 2022 that elevate return on experience (ROE). Collectively, the company's primary point-of-sale systems (POS), property management systems (PMS), and inventory & procurement (I&P) systems contain 28 integrated extensions. ROE examines how technology empowers and creates more engaged staff members and guests who spend more, return more often and give better reviews. By ensuring that every experience at every touchpoint avoids disappointment and produces a champion, ROE covers longer-term gains. Formulated to increase ROE through the experience of various staff and guests, the Experience Enhancers Collections from Agilysys enable management companies, property operators, and owners to boost the emotional and empirical returns derived from integrating cutting-edge technology across their operations. Rohith Kori, vice president, product and corporate strategy for Agilysys, said, “Hospitality technology must clear a higher bar than traditional ROI because hospitality is a zero-disappointment business.” He added, “If a property exceeds expectations on nine out of 10 guest experiences but disappoints on the tenth, that is the one that will show up on a review site, discouraging both return and referral business. By making ROE a priority and by providing broad options for customers to build ROE, we help to drive high return hospitality overall.” Kori mentioned that the company enhances ROE through integrated, experience-focused modules designed based on industry dynamics as well as customer input, such as the elevated demand for mobility and self-service for both guests and staff. In addition, Agilysys will reveal its Experience Enhancers for Food & Beverage collection, which comprises 12 applications, and Experience Enhancers for Hospitality collection, which consists of 18 applications.

Read More

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