-
What is POS
Can you please explain what POS means and how you can make money 💰 with POS with small business owners?
-
10 Replies
-
What is a POS: Also now as a “point of sale”: The point of sale or point of purchase is the time and place at which a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer, and indicates the options for the customer to make payment (reference: https://en.wikipedia.org/wiki/Point_of_sale)
Now as far as how to make money with it… I will leave that to someone more experienced in the forum
-
Point-of-sale systems are commonly used in various retail settings, including grocery stores, restaurants, clothing boutiques, hardware stores, and many others. They help businesses manage their sales, inventory, and customer interactions efficiently, improving overall operations and customer service. Point-of-sale systems pay residual income for business brokers.
-
I know someone who makes money with POS. He’s a programmer and he developed his own POS system that he sells to business owners. He also sells hardware (eg. computer, printer, etc) together with the POS program and offers lifetime support for the program and 1 year warranty for the hardware.
-
The meaning of “POS” depends on the specific context in which it is used, so it’s essential to consider the surrounding words and circumstances to determine its intended meaning.
-
This reply was modified 1 week, 2 days ago by
Sapna Sharma.
-
This reply was modified 1 week, 2 days ago by
-
Point of Sale (POS) refers to the location or system where a customer completes a transaction for goods or services in a retail or business setting. It is the point at which a customer makes a purchase and pays for the items they have selecte6d. The primary purpose of a POS system is to facilitate and record these transactions accurately and efficiently.
-
POS, or Point of Sale, is a place (or the actual interface) where a payment transaction occurs. It reveals that technology aids in the completion of a sale, the management of stocks, purchase orders management, warehouses, and the management of customers’ information. In this area, I will share how you can profit from POS systems by engaging with the owners of small businesses:
Selling POS Systems
Retail and Restaurant POS Solutions: Providing an appropriate POS system is one of the great solutions for small businesses in the retail or food service sector. This includes providing them with a retail background check where sales, purchasing, stock, and CRM management can be done as well.
Commission-Based Sales: Everywhere a small business is present, there will be a payable sub-lease where a commission will be given for selling or buying the POS hardware. This creates a perfect opportunity, especially if a person can win multiple businesses.
POS Software Development
Custom Solutions: Verify agricultural POS software solutions are developed for small business investors wherein the whole inventory, furniture, fixture, and other selling processes are integrated, including but not limited to e-commerce, mobile payments, and loyalty schemes
Software Recurring Charges: I can provide a service where businesses pay a fixed monthly amount to obtain a POS system, thereby earning recurring monthly revenues.
Sales of POS hardware devices
Selling Equipment: Sell every piece of hardware associated with a POS system, including card readers, tablets, cash drawers, and receipt printers. Work with manufacturers for a great price.
Bundled Packages: Make bundled packages that include hardware and software to make it easy for small business owners to install the point-of-sale systems.
POS Payment Processing
Merchant Services: Use credit and debit cards for transactions. This and other services, including payment processing, are offered for a fee to small businesses.
Revenue Share: Approximately, shares of the revenue are agreed upon by the board/laws of the structures, and this governs the payment. The payment processors usually set this for companies at this scale.
Consulting and Support Services
Implementation and Training: We assist small firms in selecting the best point-of-sale system and implement and train them to use it productively.
Ongoing Support: Businesses purchasing the POS system can pay for further technical help in addition to the fee charged for its use. This will ensure business continuity.
Affiliate Marketing
Referral Programs: Identify one leading POS provider with an affiliate program. Collaborate with small business owners using their systems in exchange for a fixed sale per referral.
Value-Added Services
Based on the struggles of small business owners, I suggest providing them with add-on services like Selling Trends and Customer Analytics Reports, which they could monetize by charging a fee.
Suggestion of marketing tools for POS systems: marketing features like email marketing or even customer loyalty programs can be a source of income.
The increased need and demand for efficient and productive pos systems among small business owners create multiple sales, service, and support income opportunities for you. Hardware selling, software development, risk consulting, or payment processing are some areas in which you can make money in this industry. Considering and addressing the pain points of small business owners will help you greatly.
-
What are the typical costs associated with each of these POS system options?
-
Every business has its unique requirements, which decide the commercial invoice for the POS system. In this article, you will find a detailed description of the invoice associated with the point-of-sale system:
Retail and Restaurant POS Solutions: Various components and devices are required, and the requirements vary for every business. The cost starts at $1,000 and can go as high as $5,000, considering the need for tablets, cash drawers, and barcode scanners.
POS Software Development: Depending on the requirements and features, custom software can cost between $10,000 and $100,000.
POS Hardware Sales: Card readers are available in the market for $20 to $300. Depending on the features, the price may fluctuate, similar to receipt printers and registers.
Ongoing Costs: The yearly maintenance fee can cost between $100 and $500, depending on the service levels needed. Other costs may arise for new changes and features or even existing ones in the software.
The shipping and maintenance cost may vary from $100 to $1,000 monthly based on the infrastructure and demand.
Pay Processing Services
Transaction Fees Explanation:
Sales Percentage: 2.95% is charged by POS, which is standard for many businesses.
Account maintenance fees: Depending on the provider and device used, various fee structures exist, which can range between $10 and $50 a month.
Equipment Costs Explanation:
Some systems offer free or subsidized hardware without a contract, but others don’t and hence require a one-time payment.
Consultancy Services
Consulting Fees Explanation:
System Implementation Link: The range fixed for this type of service is 500 – 2000 dollars.
System Implementation Link: The range fixed for this type of service is 10 dollars – 20 dollars.
Target Group Definition Explanation:
Monthly Support Fees: They depend on the service rendered and are in the usable range of 100-300 dollars.
Sale through affiliate links
Set up Costs Explanation:
Marketing and Advertising costs: The cost depends on the online marketing strategy, website development, and other factors. It could be anywhere between 100 and a few thousand dollars.
Additional services
Additional Analytics and Reporting Explanation:
Cost Per Month: Enhanced features such as extra reports and targeted analytics cost between $20 and $200 monthly.
Marketing Expenses Explanation:
Marketing Tools Price Range: Customer loyalty programs or email marketing tools can cost between $20 and $300 monthly.
The expenses concerning POS systems depend on the kind of business and its size and scale. Several Grants can be huge initially, especially hardware and customized ones. Continual Expenses, such as transaction costs and charges again for the subscription, can be equally high in due course. Knowing these expenses enables small business owners to choose the POS system that best suits their needs and capacity.
-
-
Can you give examples of POS systems with different pricing tiers?
-
This reply was modified 1 month, 3 weeks ago by Dawn.
-
Sure! Here are examples of popular Point of Sale systems depending on the cost level and their features and average costs:
BASIC TIER POS SYSTEMS
These systems cater to small businesses and start-up businesses.
Square POS
Price: Basic features are free, but a transaction fee is charged. This includes 2.6 percent and a $0.10 charge for each transaction processed.
Features: Basic services allow sales to be tracked, inventory can be handled, and the customer can be assigned a profile, all with the addition of simple reporting. It has been integrated with Square’s payment processing.
Shopify POS
Price: It offers a free basic plan but requires a monthly subscription to Shopify of at least 29 dollars.
Features: This service is appropriate for businesses that deal with e-commerce through Shopify. It covers inventory management, sales reporting, and customer profiles.
TIER POS SYSTEMS
The aspiring growing business would find these systems the most fitting since they have more advanced capabilities.
Lightspeed Pos
Price: Roughly 69 dollars for a 12-month subscription.
Features: This service is particularly useful to retail and restaurant businesses as it offers diversified inventory management, customer management, reporting, and integration of e-commerce platforms.
Clover POS
Price: The minimum software fee is around 14.95 dollars, and the average hardware cost varies based on the device. Such devices charge between 69 and 1200 dollars.
Features: It supports the Clover Payment Processing Systems, which offers inventory management, employee management, customizable applications, and reporting. Payment processing fees, typically equal to 2.3 percent and 10 cents, are charged for additional payments.
HIGH-END POS SYSTEMS
These systems are tailored to accommodate larger businesses with complex requirements.
Pos terminal system
Pricing: The software is free, and the hardware costs a monthly fee of $99. Service charges are around $0.95 per transaction.
Features: This product is designed especially for restaurants. It features hiding table monitoring, commissioning sales online, inventory management, and extensive reporting and systems.
Revel Systems
Pricing: Hardware registers start at $99 monthly, and a one-time installation fee begins at $1000.
Features: Efficient management of stock, employee management, CRM, comprehensive reports. It can be applied to the same industries as retailing and hospitality.
These are good examples of how different POS systems may target various customers and scale upwards for larger operations. From the most basic starting solutions, such as Square and Shopify POS, to more established ones, such as Toast or Revel, specific business needs can be met on a budget. Additionally, while calculating the overall cost of a service provisioning, it is pertinent to note the hardware costs and transaction fees while considering each one of the components.
-
This reply was modified 1 month, 3 weeks ago by