Updated: Jan 30, 2019
I think you can’t agree with me more when I say:
“ It's REALLY HARD to choose between POS System Rental and Buying a POS System!”
Well, it turns out that making your right decision now is not as hard as we used to think before.
To know the answer, you have to find out the secrets of helping THOUSANDS OF BUSINESSES in the world grow!
It's so sad that you can't find them on any websites or available sources because NO ONE would reveal their key to success.
TODAY, WE WILL!
Keep reading to find out the secrets and you're gonna get lots of things YOU MIGHT NEVER EXPECT!
First, let's come to the 4 MOST IMPORTANT things about POS Systems to help you understand fully the thing you are concerning and make sure you’re not gonna make the wrong decision!
1. 4 Most Essential Things About POS Systems
a. What is a POS System?
Definition of a POS
“ The point of sale (POS) or point of purchase (POP) is the time and place where a retail transaction is completed.”
According to Wikipedia.org
At The Point Of Sale ( POS )
Calculates & indicates the amount owed by the customer
Prepare invoices for the customers
Gives the customers the options to make payment.
Issues a receipt for the transaction after receiving payment
Completes the payment to the merchant when exchanging goods or a service
Definition of a POS System
According to Justin Guinn, the author of What Is a Point of Sale System?:
“ The point of sale (POS) system is the place where your customer executes the payment for goods or services bought from your company.”
Justin Guinn, Content Analyst in Softwareadvice.com
Who use POS Systems
Due to the different profiles of businesses, each business needs a different POS System as well.
But in general, there are 3 primary types of businesses that need the point of sales system:
Hospitality Businesses (Restaurants and Hotels )
Spa & Salon Businesses
b. Components of POS Systems
“ A POS system, or point of sale, is a combination of hardware and software built to centralize business operations. “
According to Pos.toasttab.com
POS software is the program that helps function the whole system and is responsible for sending and receiving information or data in the system.
Thus, POS Software is for data storage, and tracking and recording of sales.
Online POS software is becoming a NEW TREND of POS Systems and gradually replaces POS Systems installed in PC.
Deployment methods of POS Software:
On-premise ( Traditional software model ): You have to purchase at least one license up front and install the software on your computer system or servers.
Cloud-based ( Software-as-a-Service (SaaS) POS solutions ): It’s easier when you just need to access and support the system via the internet.
POS hardware is the principal component of the POS system.
These are 3 options for POS hardware:
Crucial components of POS hardware:
Cash drawer, swiping device (for credit cards)
Credit card reader
c. Benefits of POS Systems
DO YOU KNOW THAT ...
POS systems are nowadays replacing traditional cash registers due to their added functionality!
Using a POS System, you can gain more profit, knowing your customers' experience well to meet their needs, and even improving the operational efficiency of your business.
Moreover, POS Systems give you the things that NOTHING HAS:
Tools to streamline your business processes.
d. Must-have features for your POS Systems
Each industry has its own must-have features.
Here are the most important and necessary features for the 3 main industries using POS Systems: Retailers, Restaurants, and Spas & Salons.
Main features for Retailers:
Sales Reporting and Analytics
Point of Sale: Knowledge from Sales Reports
E-commerce: Expand Your Customer Base
Click here if you are a retailer and finding a POS System that has all features needed for your business.
Main features for Restaurants:
Rugged Tablet POS
Hostess Touch Screen Terminal
Click here if you are a restaurant owner and finding a POS System that has all features needed for your restaurant.
Main features for Spas & Salons:
Easy management of appointments
Accurate Tracking & Reporting
Customer Relationship Management
Management of your Spa’s Staff
Click here if you are a spa ( or salon ) owner and finding a POS System that has all features needed for your spa ( or salon ).
If you are a beginner to use POS Systems or want to find out what features that every POS System must have, here are the 4 main features buyers seek in new POS Systems:
2. 10 Things You May Not Know About POS System Rental
Before answering to the question “ Is POS System Rental A Smart Choice? “ ...
You have to understand clearly not only the benefits but also the downsides of POS System Rental!
Do you want to know the BEST PART?
Keep reading to find out your answer!
a. 7 Amazing Benefits Of POS System Rental
Is POS System Rental actually cheaper than Buying a POS?
What does POS System Rental have that the others don't have?
Those are some of the most popular questions people usually ask when talking about the benefits of POS System Rental.
Here are 7 benefits that POS System Rental can bring about following Foodnewsfeed.com:
A Flexible Solution.
Imagine that one day you buy a POS System ...
It may help grow your business if you're lucky to choose the right one!
What if it doesn't work well for you or you realize that it's time to upgrade to a high-level system?
This is the thing that only POS System Rental can bring to you - A flexible solution!
Total Support and Complete Maintenance
Have you ever experienced this following situation:
You see an amazing software on the Internet and decide to try its free trial version for a certain duration.
After that, you receive emails about advertisement and deals from the software providers every day to invite you to pay money to get a better experience.
You are satisfied with the customer support and have a feeling that there's someone always answering all your questions and helping you anytime you need.
You decide to buy a premium version of the software.
Not every software has a good customer support and not every customer feel better after buying a software instead of keeping trying its free trial version.
Thus, POS System Rental can be the best choice for you!
No Initial Investment
Choosing POS System Rental - No upfront initial investment!
You can upgrade your POS System without any expenses and still get new equipment because you are renting the software.
It is clear that you can reduce overhead and even the overall operating costs of your business when renting a POS System!
What will happen if you buy a software with a lot of features and need a long time to be proficient in using it?
The money you have to pay can be changed from a cheap price into an expensive price, especially when most POS Systems are always updated day by day!
With POS System Rental, you can try an upgraded piece of equipment without worrying about the costs.
Choosing POS System Rental, you will never worry about not only total support and complete maintenance but also security features.
POS System Rental can help to protect your data safely and prevent any attack from your competitors.
Convenience and Simplicity
With the merchants who are busy with other aspects of their business, convenience and simplicity are the 2 most important things when choosing any POS Systems.
If you are renting a POS System and realize that it is not suitable for your business, then, you can come to a new choice that you think it's better.
b. 3 Unexpected Disadvantages of POS System Rental
Despite many benefits, POS System Rental can still cause some unexpected disadvantages that most customers only realize after a long time trying it.
Here are 3 Unexpected Disadvantages of POS System Rental:
Monthly payments will never stop!
Let's make a comparison between buy and lease a POS System!
Paying $US 120 for OWNING a POS System during 12 months
Paying $US 12 for RENTING the POS System for 1 month.
Instead of paying $US 120 for once a year, someone may think that paying $US 12 seems to be a better choice for his or her budget.
Those people will keep paying from months to months until they look at the bills and be startled by the total number they have to pay for a year.
Moreover, monthly payments are inconvenient for businesses because there are lots of expenses to be paid and the payment procedures are complicated in some banks in different countries.
Different companies, different rates
There are thousands of choices for you to choose from!
To choose the right one, it might take you years to experience and evaluate.
Besides, different companies have different rates. You can't evaluate if the price of a
software is cheaper or more expensive than others when there are a lot of companies and you still haven't used it yet.
Hidden fees are dangerous!
POS System Rental can save your budget if you have a good plan.
But, it also can take you more money than you think if you do not pay attention to the hidden fees.
Most POS System Rentals will not include the hidden fees.
Nothing is impossible!
If you choose the POS System Rental, you should pay attention to your monthly payments and understand the origins of the costs incurred.
4. Is POS System Rental A Smart Choice?
a. 4 Things To Consider Before Making Your Final Decision
There are many factors that affect and even change your decision.
Make sure that you considered everything, not only every aspect of POS System Rental but also your conditions.
Here are 4 more things to consider following Business.com:
Hardware warranty is important!
You need to have a solid understanding of this problem.
Extended warranty coverage is also the thing you should pay attention to.
Nothing lasts forever!
Your POS System will some days need to be repaired, replaced, and even upgraded.
Check your trade-in options
These can depend on what type of your equipment is and the duration of service.
Accidents are unavoidable!
There will be some situations when there is a loss or damage.
This can result in substantial costs unless they are built into the agreement.
Get clarity on your payment terms
This is really important for those who want to rent a POS System!
You should check every term in the agreement to make sure there's nothing left.
b. POS System Rental Will Be A Smart Choice If …
Are you having a business with a tight budget?
Do you worry about the upfront expenses that you will have to purchase for your POS equipment?
Is your business planning to transition to an upgrade or newer POS System at a rapid pace?
If yes, then, POS System Rental is the smart choice for you.
Here are 3 main types of people who should choose POS System Rental:
Who wants to avoid the POS Software's upfront payment
Who is not sure about his or her long-term strategy
Whose business is a startup or who are new on the scene of their business
c. POS System Will Be Your Mistake If …
Are you having a big and strong company or confident with what you're having now?
Do you plan to use a POS System for several years?
If you want a long-term assurance, buying a POS System is a no-nonsense decision!
Owning a POS software, you can do many things than POS System Rental can’t bring to you, such as taking tablets and guest interaction.
POS System Rental will be your mistake if:
You come from a large brand or business
Budget is not your problem!
You have a long-term plan and are confident with it
If you decide to own a POS System, you may want to try the newest and best POS System that we highly recommend you.
After providing you with the most essential things to help you answer your question, we believe that you already have your own choice now.
Whatever your choice is, we are proud to contribute to be a factor of your decision-making process!
Thanks for reading! Please let us know your thoughts or any great ideas from you by leaving a comment below!