A retail business requires a profound knowledge of the industry along with shrewd business expertise and quality support services. On top of it, it requires a retail point of sale (POS) system—a tool that records your financial transactions while you focus on your business growth.

A retail POS has numerous capabilities and features that can help you scan a product barcode, print a receipt, make a purchase order, or check a particular customer purchases.  The best retail POS system is one that prioritizes things that are essential to your small business.

To assist you in deciding the best retail POS system for your small business, we’ve gathered all the necessary details on the top five retail POS systems along with their suitability for different business situations. First, let’s understand what a retail POS system is and how it works.

What Is a Retail POS System?

A POS system is a combination of software and hardware to create a POS machine for processing business transactions and payments. POS system process credit card payments, manage inventory, store cash, print receipts, track inventory, adjust pricing, manage staff and customer data, sales reporting and much more. A retail POS system is a POS system with features and capabilities that works with the needs and preferences of retail owners.

Best 5 Retail POS Systems

Based on explicit business situations, there are five great retail POS systems available in the market.

  1. Inuit QuickBooks GoPayment: Most Affordable

Intuit QuickBooks GoPayment App is on top of our list and best for retailers that are looking for an affordable retail POS solution. GoPayment is a free mobile POS app that allows you to take payments anytime, anywhere. GoPayment is an Intuit product that allows you to synchronize all the processed transactions data via app to your QuickBooks, TurboTax, and Mint accounts.

The best thing about Quickbooks GoPayment is the free card reader that processes magstripe and chip card payments. You can also connect the free reader with your smart devices via BlueTooth. You can also process keyed-in transactions via the GoPayment app for your retail business without a credit card reader,

Most retail cards with free card readers accept only magstripe payments and necessitate a headphone jack to connect to smart devices. The GoPayment card reader is wireless and adaptable—making it the best retail POS system.

Be cautious, there’s a payment processing fee of 2.4% + $0.25 per card swipe and 3.5% + $0.25 for keyed-in transactions.

  1. Clover Flex: Best for Mobile

Clover Flex is a complete POS in one compact package combined into a simple, smart, reliable rectangular handheld retail POS system device. You can process magstripe, chip, and contactless payments from virtual wallets with the Clover Flex.

Another great feature of Clover Flex is the scanner that helps simplify your inventory tracking process via a scanner that scans barcodes. It also comes with a printer for you to provide a physical copy of receipts to your customers.

The major benefit of using Clover Flex is that it functions independently of a smart device—making it a self-sustenance retail POS system. Clover Flex has Clever-Go that is a compact, super light card reader and an app the price of $69, and Clover-Mini is a small package POS system at the price of $749 at no hidden fees or extra costs.

It also carries a payment processing fee of 2.3% + $0.10 with features like 1 business day delivery, 60 days return, consistent rates for all card types and exceptional live chat support.

  1. Square for Retail: Most User-Friendly

Square for Retail is the most user-friendly retail POS system especially for those business owners that require a complete package of tools built to work together impeccably. It includes a specific retail POS app, smart customer directory, inventory management, employee management and insightful reporting for retailers. The cost is $60 per month and it works exclusively on iOS devices.

Square for Retail is best suited for first-time retailers who have never used a POS system. After signing up, you’ll be able to access management features with reporting tools, and add-ons like a loyalty program and payroll platform. Square for Retail offers an instinctive interface with a customization option for your preferences.

The processing fee is 2.5% + $0.10 for tapped, dipped and swiped payment, and 3.5% + $0.15 for keyed-in transactions and 2.9% + $0.30 for invoices. You can also purchase the hardware for transactions including card readers, cash drawers, barcode scanners, and receipt printers.

Square offers a complete package with all the tools and services to help you run and grow your retail business successfully.

  1. Shopify POS: Best for Ecommerce

Shopify POS is the most simple and intuitive POS software for combining your in-store and online sales. With a Shopify POS, merchants are able to manage in-store and online operations in a single place with fully integrated hardware and 24/7 support. Shopify POS offers three plans: Basic Shopify at $29/mo, Shopify at $79/mo and Advanced Shopify at $299/mo with a 14 days free trial for all plans. Each plan offers an online store, shipping labels, payments, staff accounts dedicated to POS and more tools.

Take control of your retail experience with features like payments, host checkout, accept discounts, store management, product catalogs, smart inventory management, customer management, integration with third-party applications, analytics, marketing, 24/7 support, and reporting.

It also comes with a free swipe and dip card reader, though you can also purchase it that accepts contactless payments, or a complete custom POS kit including an iPad stand, barcode scanner, printer, labels, cash drawer, receipt printer and paper, and accessories at the starting price of $589. The Payment processing fee varies based on the plan you choose. The In-person credit card rates are 2.7% (Basic Shopify), 2.5% (Shopify), and 2.4% (Advanced Shopify) per transaction. Be aware of that you’ve to use Shopify Payments as your payment processor to enclose these in-person rates.

  1. Lightspeed Retail POS: Best for Enterprise

Lightspeed Retail POS is the most suited Retail POS system for retailers that are doing high-volume of transactions with multiple locations.

Lightspeed offers five different packages from Basic to Pro versions. The Basic Package starts at $69/mo with POS and Lightspeed in-house payment processor (Lightspeed Payments) to process sales payments. The Starter Package cost is $99/mo with POS, LightSpeed Payments and eCommerce to manage inventory, sales reports, shipping, customer data, marketing and much more. The Standard Package cost is $119/mo and includes POS, Lightspeed Payments, eCommerce and simplified Retail Accounting for your store. The Advanced Package cost is  $169/mo and includes POS, Lightspeed Payments, eCommerce, Accounting and Loyalty Rewards Program with a branded customer-facing web-app to track points. The Pro Package cost is $229/mo and includes all other packages services with additional Analytics to examine your inventory, customer experience and staff performance to optimize business performance.

Lightspeed also offers a countertop POS and an mPOS interface, enabling you to complete the checkout from anywhere in the store. Lightspeed Payments allows you to accept payments quickly and securely at the price of 2.6% plus $0.10 per transaction and 2.6%, plus $0.30 for keyed-in transactions.

The POS hardware for Lightspeed Retail has an iPad hardware kit and a desktop hardware kit. The iPad hardware kit includes a LAN receipt printer, cash drawer, Bluetooth scanner, Lightspeed iPad stand, and receipt paper. The desktop kit includes a USB receipt printer, cash drawer, and USB barcode scanner. You’ve to request a quote for hardware kit prices and you have to purchase a separate Verifone MX915 terminal.

Lightspeed Retail POS can also be integrated with third-party apps and includes a featured partner Booxi—scheduling and booking software to optimize your appointments and rental management.

Key Factors to Consider in a Retail POS System

Now you get to know the best Retail POS Systems available, however, there are other things you should consider before selecting a POS for your retail store. Here are the key factors you should be considering while finding the best POS system for your retail business:

  • POS setup cost and hardware compatibility
  • The features your business require
  • Your preference for cloud software vs physical software
  • The POS hardware and software cost
  • POS Payment processing fees
  • POS training procedures
  • Customer payment options
  • POS mobility
  • Inventory management capabilities
  • Employee management capabilities
  • Customer management capabilities
  • Usability and reporting
  • Accounting capabilities
  • Integration with third-party apps

Finding the Best Retail POS System

After reading this article, we hope you acquainted with the best Retail POS systems in 2020 along with the features to behold while you’re on the look for the best POS system for your retail store after you’re ready to take the next step.

Small Business Financing News │ Merchant Advisors | blog
The 5 Best Retail POS Systems of 2020
The 5 Best Retail POS Systems of 2020
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Are you searching for a POS system for your retail store? Here are the five best Retail POS systems for retailers to check out in 2020.
Merchant Advisors
Merchant Advisors