What is the role of POS in your business?
Where does POS fit in your business? Think about the purpose of your POS. Do you use it only for checkout? Does it need to connect to the Internet? Does it connect your online and physical store? Do you need to check stock on it?
Defining the role of POS is a good step in working out what to look for when comparing providers.
How is your current system?
Are you already using a system but want to switch? What are the things that it can and cannot do? Also, is it possible to integrate the POS system with other software you’re using?
Think of the last time you have a big sale and note down how your system can be improved. List out some of the actions you want automated. For example: order amount automatically shows on payment terminal, quantity automatically updates into the inventory system, etc.
What about your industry?
Which POS system is popular in your business vertical? What are some of the features your competitors have? What do customers expect from you? For example, fashion retailers need a system that can create products with many attributes like size, colors, or materials. Or customers might ask to pay with EFTPOS or if you have loyalty programs.
What are the key metrics of your business?
Identify your important metrics so you can monitor them. Some of the metrics might be: Conversion rates, sales count, average transaction value, profit margin, or gross margin return on investment. Does your POS system have data and analytics capabilities?
Do you have language and currency requirements? Does your country have specific rules for taxes that might affect the POS operation?
Where do you see your business in six months? One year? Five years? Can your system support expansion and growth?
How much should you spend on your POS system? How much can you spend?
The ability of your staff
Do you have in-house developers? If a system is hard to install, you might consider an installation service.
In addition, what is the workflow of your staff and of these providers? This will affect the time it takes to train your staff to use the system.