The convenience and ease of use afforded by all-in-one POS systems has made them a popular option in recent years. Many retailers and restaurant owners struggle to decide between an all-in-one POS system and a traditional POS system. Many make their decisions with the price in mind. However, buying anything based on the initial price alone is a short-sighted move at best, as other factors merit consideration when making a purchasing decision. Before signing on the dotted line, consider the following questions:
- What is the expected cost of ongoing maintenance? When purchasing any type of technology, the cost of maintenance must be accounted for. Although the initial cost of a POS system is the only tangible number to go off of, the long-term cost is the price that matters. The biggest benefit of purchasing an all-in-one POS system is that you will only have to call one company for maintenance. If you own peripherals from a variety of vendors, you will have to make multiple calls to determine the source of your problem. In addition to simplifying the maintenance process, an all-in-one POS system will have only one maintenance bill. The cost of receiving maintenance from multiple vendors is likely to be more expensive than receiving maintenance from a single vendor.
- What is the life expectancy? Life expectancy is another important factor that determines long-term cost. There is no guarantee to life expectancy, but all-in-one POS systems have the advantage in this category thanks to having a single vendor. If your POS system was made by one vendor, the quality of the peripherals is likely to be similar. Replacing an entire POS system is much easier – and likely less expensive – than replacing your system piece by piece.
- What is the price of technical support? Chances are, you’ll need technical support for your all-in-one POS system sometime during its lifespan. Different vendors have different technical support plans; price, features, and customer support can be drastically different depending on the vendor. In order to receive top of the line technical support, you will likely have to pay a higher monthly or yearly fee. Make a list of “must have” features and try to find a vendor that fits with it. Paying extra for technical support might seem like an unnecessary expense, but it could help your business be more efficient and productive.
- Will there be upgrades? Technology is always evolving. In order to make improvements and keep up with new developments, POS systems will need upgrades. Unless the upgrades are free, the price of each one must be factored into your total cost of ownership.
- What about credit card processing fees? In recent years, some merchant service providers (MSPs) have, in an effort to fatten razor-thin hardware margins, introduced programs wherein retailers and restaurant operators can purchase all-in-one POS or traditional POS systems at no cost whatsoever (or at a discount). On the surface, accepting a deal of this type appears to be the least expensive path toward procuring a new all-in-one POS system. However, in certain cases, MSPs charge higher credit card processing fees to compensate for the “free” or discounted hardware. “Free POS” is a topic of its own – we’ll explore whether “free POS” is really “free” in an upcoming blog post – but it is important to consider when discussing the long-term cost of an all-in-one POS system.
All-in-one POS systems are very attractive to retailers and restaurant operators—and given their capabilities, it’s no wonder. But, just like with any investment, it is important to determine the long-term cost of a potential purchase before pulling out your wallet. The biggest advantage of all-in-one POS systems is having a single vendor – and that can save more than you think.
