Point of Sale (POS) Systems: When to Buy and When to Rent
As a business with goods to sell, you likely need a POS (Point of Sale) to help process payments. But that’s not all a POS system can do for you, it can also keep track…
READ ARTICLEAs a business with goods to sell, you likely need a POS (Point of Sale) to help process payments. But that’s not all a POS system can do for you, it can also keep track of customer data, manage inventory, provide detailed reporting, and more. How often you are utilizing the POS though, might determine whether you should rent or buy, as the systems can get quite expensive.
Hardware and software are equal parts of a POS system. For instance, your POS might include a variety of hardware and equipment, such as a receipt printer, card reader, cash drawer, touch screen, barcode scanner, and other devices that facilitate customer checkout. Moreover, POS software can run applications that provide sales and expenditure reports, track consumer purchases, and support customer loyalty programs. Businesses that desire a range of features and functionality from their POS system can choose from among the several packages that many POS providers provide.
If you are a business that doesn’t primarily rely on in-person sales, but does so only occasionally while at an event or tradeshow, or even if you are a temporary pop-up shop, renting might be the most cost-effective. But if you are a company that makes sales daily such as a coffee shop, or clothing store, buying is likely the better choice. Even though there are advantages on both sides of the coin, going over the fundamentals is the best place to start. In light of this, consider the following factors when deciding whether to buy or rent your next POS system.
The quick return on investment that your business will see is one of the main advantages of renting a POS system. You can enjoy the same advantages as a company that has paid full price for the technology by paying less. A POS system rental also has the following additional advantages:
POS system by toast
What are the arguments for buying a POS system now that we have looked at some of the benefits of renting one? For businesses who seek extensive customization and control over their sales and monitoring systems, there are still advantages even though the reasons may not be as numerous as renting.
When deciding between buying or leasing, it’s critical to consider which benefits and drawbacks are most significant to your company. You should keep in mind that investing in buying POS solutions will always result in long-term financial savings, for those who will be using the systems very frequently. But, renting is increasingly a preferred alternative for companies that require greater flexibility and agility in their IT choices. Whatever you choose, make sure to complete your homework and identify the best option for your company, obviously at the best price.
For those that are interested in short-term POS rentals, eTech Rentals is the place to go. For your event or pop-up store transaction needs, eTech Rentals offers a variety of POS hardware rental options and a variety of accessories. We have everything you need to process payments and print receipts at your upcoming festival or concert, including one-stop Square terminal solutions, Verifone, and Android POS.
Reach out today for a quote.
As a business with goods to sell, you likely need a POS (Point of Sale) to help process payments. But that’s not all a POS system can do for you, it can also keep track…
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