Selecting your point of sale, or Retail POS, systems could be a catastrophe if you approach the wrong trader and opt for the incorrect equipment. A great proportion of this is POS technology. And, there are an array of manufacturers and dealers for POS hardware, equipment and software. But potential buyers of POS technology often tend to take significant care in selecting the hardware and software for their point-of-sale activities and provide only secondary significance to the traders. Your point of sale may end in a wreck with long queues and angry clients should you not get judicious suggestions and well-timed technical support and maintenance from the dealer.
A busy retailer might not have enough time to check out system upgrades, install them and train workers on the new capabilities. This is where a credible dealer can assist with timely training and support. A neighborhood trader with a commendable history of standardized products and customer services would be the perfect option. Additionally it is a good idea to purchase POS systems from direct traders of large manufacturers such as Microsoft, Sun Microsystems, NCR, Epson, Fujitsu-ICL and IBM, which have reputed franchisees and dealers in all areas of the nation.
Having a good working relationship with a dependable dealer will assist in the long term, as a vendor should always check back for updates and maintenance of the POS system. Since hundreds of people open and close hardware and software dealerships each year, it will become necessary to approach a trader that has been in the company at least for five decades, which will assure you of great technical assistance and necessary software upgrades. Furthermore, credible dealers can offer advice on futuristic technology and tips on planning for at least a year or two down the road, which might well determine the gain and loss for your company.
There are lots of leasing companies that will provide financing based on a 12, 24, 36, 48 or 60 month term with only the first payment ahead of time. As the expression increases so do the credit requirements. Leasing companies aren’t interested in recovering the security, they need their payments, so good credit is essential. Most POS system leasing is managed by an independent leasing company, not by the company supplying your POS system.
Bank financing is an option, but generally requires great credit, a sizable down payment and the loan term will most likely not be provided with a lease. Lately it has become very hard for small companies to obtain bank financing, but if available it’s going to be less costly than leasing.
Credit card suppliers offer a few alternatives. Check with your POS reseller, since this isn’t a highly popular option since the freelancer is compensated as the restaurant pays. The credit card processor isn’t advancing any payments to the POS reseller.
An other solution is a cash advance that’s generally calculated using a six month repay. Cash advances are based on your Master Card and Visa deposits using a proportion of the daily deposit used to repay the cash advance. Since these transactions are an advance rather than a loan they’re relatively easy to acquire. There’s absolutely no security in these transactions and the premium charged is very significant.
I have also seen Guest Rewards Programs used for aid in funding your point of sale system. The rewards business advances the restaurant money to get discounted future purchases by their own associates. This can be a fantastic program if the members that they attract are new customers to your restaurant.
The majority of these programs aren’t free but can be accessed with no upfront money. There are normally service and support fees which are billed monthly or quarterly or in some instances both quarterly and monthly. As you’re made to process your credit cards using one chip the big question is, what my credit card processing fees will be later on. As most of us know, POS systems aren’t free!
►►► ConnectPOS is a cloud-based POS software compatible with multiple platforms including Magento, Shopify & Shopify Plus, and BigCommerce.
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