As technology is reshaping and shifting gears, payment methods are clearly transforming in the digital era in order to provide convenience to buyers and sellers. Today, retailers can pick several different types of Point-of-Sales (POS) systems based on their respective prices and features. POS software development companies are encouraging retailers to move to POS systems so that they’re able to track the records better than ever!
Now, the times are long gone when physical transactions use to take place. In the present time, you’d prefer to never carry cash. Instead, plastic money is currently trending due to the value it adds to the overall shopping experience. POS software development companies are offering POS systems at a variety of prices.
The cost of a POS system varies because of hardware and software differences. Moreover, if you’re looking for extra customization and a tailor-made system, then obviously you’ll have to pay more!
Considering, the cost of a POS system usually hovers between $4,000 to $15,000. There are a number of factors that can influence the final cost of a POS system. So, just providing a figure isn’t enough. However, let’s give you a rough idea about the cost of a basic as well as a high-end POS system.
Types of POS Systems & Cost to Develop POS Systems
According to a study, the POS software market is going to increase and reach the size of 42.5 billion in 2027.
The POS software product development is generally based on 3 main types discussed below:
- Mobile Point of Sales (mPOS)
A mobile application is needed to run such a system on devices like mobile phones, tablets, iPad, etc. The system is fairly quick to develop receipts, record inventory, and check sales. Moreover, it accompanies basic features like a barcode scanner, a QR code scanner, a card reader, etc.
- Cloud-Based POS
Cloud-based POS is highly secure and convenient at the same time. The big and professional retailers use such a POS system as the transactions are stored on cloud servers.
Additionally, the cloud-based POS is extremely versatile to connect with the current frameworks of the major retailers and eCommerce businesses. Also, you can access the details, present in the data centers with the help of your POS vendor.
- Terminal POS
Such POS systems are extensively being used in restaurants, shopping malls, and grocery shops. It’s an actual representation of hardware and software that helps the owners to keep a thorough check and balance. The functions like card reading, generating receipts, tracking the cash flow, and maintaining overall records become easier, all thanks to the terminal POS systems.
As mentioned above, a POS system is a combination of software and hardware components. Therefore, you should check out the list of important and most-needed software and hardware tools:
Software Required for POS
It’s a typical example of the software required. In it, the vendor buys the important licenses and installs them into the local server. However, such a traditional system requires a lot of effort and time in order to upgrade it. Moreover, regular maintenance is also a huge issue. A dedicated POS management team is always needed to handle such systems if you own a large enterprise.
- Cloud or SaaS
In today’s time, a cloud-based or SaaS POS system has gained excessive popularity due to its easy interface and quick access. A vendor can run such a system with the help of an active internet connection only. Nonetheless, if you don’t have access to the internet, the system would run but the options would be inadequate.
Once you’re connected to the internet, the system would automatically sync all the transactions and you’ll remain up-to-date.
Hardware Required for POS
- Barcode Reader
- QR Scanner
- Cash Drawer
- Invoice Printer
- Display Machine
The quality and the added features of all the above-mentioned hardware components determine the final cost of a POS system. If you’re willing to buy the latest hardware, you’ll obviously pay more.
Cost to Develop POS Systems
As we mentioned time and again, there are multiple factors that influence the final pricing of a POS system. The factors include the choice of a POS software development company, the region, the number of features required, the size of the business, and much more.
To cut the long story short, as you keep adding the features, the POS system will keep becoming expensive!
Criteria of Payments of POS System
- One-Time Full Payment
Usually, not many vendors prefer one-time full payment as a huge amount needs to be paid initially.
- Monthly-Based Payment
Monthly-based payments are preferred because vendors don’t have to render a huge amount of money at once. Moreover, such a system is widely being used by most vendors and is currently trending as there’s no better payment module than this.
However, apart from the above-mentioned expenses, the development of a POS system’s price changes if:
- You’re looking to add more features.
- You want to upgrade to high-quality hardware components.
The Bottom Line
So, here we’ve come to the end where we gave you an all-embracing idea regarding the cost of the development of a POS system. Well, in the end, it all depends on the POS software product development company to guide you right about the various technicalities of a POS system. Get in touch with Altamira group and get the best POS system solutions right away at an affordable price.