Additional POS system cost factors to consider

Outside of POS hardware and software expenses, several other fees are associated with a POS system. Here’s a look at the big ones. Payment transaction fee: This is charged for each transaction made with a credit or debit card. Typically, it’s a couple of percentage points of the customer’s purchase plus a few cents. For instance, Square’s processing fee is 2.6 percent plus 10 cents for every swiped transaction, 2.9 percent plus 30 cents for invoices and e-commerce payments, and 3.5 percent plus 15 cents per transaction for virtual terminal and keyed-in transactions. User accounts: Most POS software packages cover a set number of staff accounts. The more logins you need, the more you may have to pay. Some POS vendors offer unlimited accounts to stand out from their competitors.


Extra hardware: Whether you need more registers or additional card readers, extra hardware will cost you more. Software plan upgrades and add-ons: POS systems are much more than payment processors. They can manage inventory, automatically Bosnia and Herzegovina Telemarketing Data reorder stock, and provide access to custom reports. But all those extra features aren’t free. The number of features you want will dictate your monthly cost. Lightspeed, for example, has several packages, with pricing from $69 a month for its basic plan to $199 a month for its advanced plan. Types of POS systems by cost Whether you are a one-person retailer or have several stores, there is a POS solution for you. Depending on your needs and budget, you can find one on the cheap or spend a ton of money.



With that in mind, here’s a look at the offerings available at different price points. Mobile payment processing Mobile payment processors provide you with a card reader that attaches to your mobile phone. Usually, the card reader is free and you pay per swipe. Here are some things to keep in mind if you’re considering this type of POS system: Pricing depends on volume. Average swipe fees are around 2.7 percent if you choose a processor that doesn’t charge any other fees. Some may charge a certain monthly subscription fee for a lower swipe rate. Most do not require a long-term contract so you pay as you go. Avoid signing long-term contracts for any type of credit card processing — most companies will give you the option of month-to-month terms if you ask.