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 |  | Low: $1,500-$2,500 |  | High: $15,000+ |
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A Point of Sale (POS) system is a computerized process which rings up sales, produces detailed reports and automatically tracks inventory It generally improves the accuracy of a company's records and can be easily expanded as the business grows.
Typical costs: | - Retail or restaurant single-register "starter kits" range from $1,500-$2,500; more elaborate, multiple-station systems with features such as touch-screens, automatic ordering and sophisticated reporting capabilities can cost $15,000-$20,000 and up.
- IBM[1] has POS systems starting around $1,999-$2,499, but costs can increase up to $4,000 or more per station.
- Microsoft[2] offers its Retail Management System starting at $1,290 for a single store with one cashier's lane.
- QuickBooks sells its Basic POS software for $800, a Pro system for $1,050 and a multi-store version (up to 10 sites) for $1,400; with hardware included, prices start at $1,750.
Related articles: Merchant Account Service, Cash Register, e-Commerce Website
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What should be included: | - At the core of a POS system is a standard computer running specialized software and hooked up to a cash drawer/machine, a monitor and a receipt printer; depending on the price, a POS system may also include a bar code scanner and a credit card reader. POS systems are often sold pre-configured, or those with technical expertise can buy the components and software separately, and add additional hardware as their needs (and business) grow.
- Industry-specific systems are available for industries such as beauty salons, auto repair shops and dry cleaners.
Additional costs: | - The more your system has in terms of equipment and report-generating capabilities, the more it will cost. Often it's best to start simple, but with a system that allows you to expand later on.
Discounts: | - Check for businesses (similar to yours) that are closing and may be selling relatively new POS systems; used is always cheaper than new.
- DataMaxSys.com[3] and ReSourcePOS.com[4] sell refurbished systems.
Shopping for a point of sale system: | - AllBusiness.com[5] gives a short overview of what to look for from a retail POS vendor.
- EZCashRegister.com sells a range of "bundled" starter kits for restaurants and retail outlets. POSGlobal.com[6] sells both pre-packaged POS systems and individual components.
- If you don't have a lot of up-front cash, you can lease a POS system; be sure you understand all the terms of the lease.
- Before you choose, know exactly what kind of warranty or support comes with the POS system, and what sort of training your staff will need to use the equipment.
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External Resources: | - www.ibm.com/midmarket/us/en/smallbusiness.html
- www.microsoft.com/en-us/dynamics/default.aspx
- www.datamaxsys.com/sell_refurb.html
- www.resourcepos.com/
- www.allbusiness.com/retail/10206842-1.html
- www.posglobal.com/
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