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The need to process transactions and manage inventory are some of the most important things in retail. And for retail businesses worldwide, the need to utilize good POS software is a must.
POS or point of sale is one way for companies to run their businesses more efficiently. This software is specially designed by Top software development companies for the industry, and you’ll learn more about why. Every POS software should have the necessary features to run smoothly.
Not only that but looking at the costs associated with the development of this software should give companies a general feel of what it means to develop one. So with all that said, we’re here to tell you all about POS software development, including the costs and most important features to consider.
Without wasting too much of your time, let’s start.
Types of POS Terminals
The first thing we have to look at is the two options available to retail businesses. Namely, those are traditional and mobile POS terminals. Let’s see what exactly they are.
Traditional POS
As the name suggests, traditional POSs are the first iteration of the technology. These systems can be found in grocery stores, cafes, and many similar establishments. A traditional POS terminal looks quite simple and is quite easy to use. One thing that traditional POS must have is an on-site server.
Let’s look at why these systems aren’t a very good option nowadays.
| They’re Expensive | Considering that these systems require an on-site server to run, installing one can be quite expensive. |
| Limited Access | Data is highly important nowadays. Since retail businesses need to analyze data from their customers, the only way to do that is by physically using the POS software. This can be a big problem for certain industries. |
| No Support | Since we are talking about software, it’s not uncommon for issues to plague traditional systems. When that happens, it’s quite difficult to look for a customer support agent to come in and assess the issue. |
| Lack Of Security | And the last reason why traditional POS are becoming more and more obsolete has to do with security. In the case of an emergency, businesses can lose all data since there is no cloud where the information goes. It’s all stored on the on-site server. |
Mobile POS
Conveniently named mPOS, mobile POS is the newest technology on the market. These systems are super fast and employees can access the terminal from their smartphone or tablet. Let’s look at some of the biggest strengths of using mPOS.
| Availability | One of the biggest strengths of mPOS is availability. Namely, all a business needs to do to be able to access data is simply access the terminal from any device. |
| Reducing Cost | Another benefit to using mPOS is the fact that they are nowhere near as expensive as traditional systems. This means that smaller retail businesses can use these systems without having to break the bank. |
| Convenient | With mPOS, customers can pay with a credit or debit card thanks to the on-screen credit/debit card reader. This eliminates the need to go back and forth constantly. |
| Security | Since the technology utilizes cloud technology, it means data will always be protected. |
Main Features of Post-of-Sales System
With all that out of the way, let’s look at the main features of these systems.
Integration with Modules
A great feature for a POS system to have is the ability to integrate different modules. There are countless examples of what modules are in POS, and some of them are accounting, gift cards, inventory management, etc. The point of modulus is to make these systems more flexible by being able to perform multiple tasks.
Employee Management
Another main feature of POS is to make employee management easier. This includes allowing employees to clock in and clock out, schedules, and of course, payrolls.
On-site Inventory Management
Every store has to be able to manage its inventory. But not only that, they have to do it on-site. So that’s why an important feature is the on-site inventory management one. This feature will allow stores to keep track of stock, automatically count remaining stock, and more.
The right POS will have this feature as it greatly eliminates time spent on managing inventory. 39% of businesses say that the POS software has helped them manage their store more efficiently. So if a business uses a POS with no on-site inventory management feature, then that will make it even harder to manage the store.
Customer Management Feature
Much like managing inventory, a business should make it easier to manage customers. That’s exactly what this feature allows stores. But what does a customer management feature actually do? In simple terms, it keeps track of purchase history. But more so than that, it identifies which items are sold the most and which customers do the most business with the store.
Reports and Analytics Feature
And the last feature is a very important one. Every business should keep track of sales reports and analytics. Much like the previous feature, knowing which items are sold the most will make it easier to create marketing strategies around them.
Not only that, a reports and analytics feature will also keep track of revenue, how much the store makes on each product sold, and more.
What Is The Cost Of POS Development
So with all that said, how much does it cost to develop one? To find out, we have to look at a couple of things.
Pricing Models
There are two pricing models in the POS industry. Software and systems can be acquired by stores by paying all at once, or monthly. For the latter one, the average monthly price for POS software is $35. If stores want the software to come with multiple features, then expect an additional $5-$10.
Development Costs
To develop software, businesses will need to look at stuff like hidden costs, hardware costs, customer service charges, credit card charges, and more. This is all without actually accounting for all the features we discussed. That’s why businesses should find a reliable POS development company that can tackle the challenge head-on.
But on average, businesses can expect to pay anywhere between $7,000 and $15,000 to develop a POS software. The price will greatly depend on the number of features.
You may also like: 5 Inventory Management Tips to Boost your Business Sales
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