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How Much Should I Spend on a Point of Sale System?

BlogHow Much Should I Spend on a Point of Sale System?

Whether you’re a small restaurant or a retail store, you’ll need a reliable Point of Sale (POS) system to handle transactions and manage business operations. But in today’s fast-paced world, traditional POS systems can feel antiquated. Enter cloud-based POS systems, a revolutionary change in how businesses handle sales and inventory. But the question is, is it worth the investment? Let’s delve into this by addressing key considerations around pricing and value-added features.

Is it worth it to buy a Cloud-Based Point of Sale?

The short answer is yes. Cloud-based POS systems offer various benefits, including scalability, real-time data access, and improved customer experiences. These systems enable business owners to manage multiple aspects of their business through a unified platform. For instance, MYR offers a cloud-based POS system that not only includes the standard cash register but also comes with multiple kitchen displays and an integrated payments system.

How much do Cloud-Based POS Systems Normally Cost?

The cost of a cloud-based POS system varies depending on the features and add-ons. Generally, you can expect to pay between $50 to $400 a month for the software alone. However, MYR provides an all-inclusive package for just $150 per month, which is highly competitive given that it comes fully loaded with advanced features like online ordering web apps and third-party delivery service integrations.

Are There Hidden or Additional Fees?

When it comes to cloud-based POS systems, always read the fine print. While many companies offer an attractive initial price, there can be hidden fees such as transaction costs, set-up charges, or add-on costs. Fortunately, with MYR, what you see is what you get. The monthly cost includes all features and add-ons with no hidden fees. Just remember that hardware components like an iPad, stand, printer, and cash drawer are sold separately.

How Much Should I be Spending on a POS System Per Month?

Your monthly spending on a POS system should align with your business needs and size. If you’re a small operation, spending $200+ a month may not be feasible. MYR offers a leaner Starter Kit for $80 a month, billed annually, designed specifically for smaller operations.

Other than the POS Software, What Else Do I Need to Buy? What’s Worth Buying?

Hardware components are crucial for a fully functional POS system. This often includes an iPad, a stand, a printer for receipts, a cash drawer, and a barcode scanner. MYR offers financing options for these hardware components, making it easier on your budget.

But is it worth buying these? Definitely. In today’s contactless world, a barcode scanner streamlines the checkout process, and a reliable printer is essential for customer receipts and order tracking. Not to mention, an iPad can serve multiple functions, including inventory management and employee time tracking.

How Does MYR Stack Up Against Other Leading Cloud-Based POS Systems?

When choosing a Point of Sale (POS) system, you want something that offers both value and comprehensive features tailored to your business needs. But how do you decide which cloud-based POS system is right for you? Let’s take a closer look at how MYR compares to other leading companies in the industry, such as Lightspeed Restaurant and Toast Bistro.

Price Point: Monthly Subscription Fees

 

MYR:

  • All-in-One Package: $150 per month (Hardware sold separately)

 

Lightspeed Restaurant:

  • Starter: $89 per month
  • Essential: $239 per month
  • Premium: $499 per month

 

Toast Bistro:

  • Starter: Starting at$120 per month
  • Essentials: Starting at C$220 per month
  • When it comes to pricing, MYR offers a competitive package at $150 per month, encompassing an array of features like online ordering, third-party delivery integrations, and daily sales reports. In contrast, Lightspeed’s plans range from $89 to $499 per month, while Toast Bistro starts at CA$120/month.

 

Features and Add-Ons

MYR:

  • Directly connected to UberEats, DoorDash, Grubhub, Ritual, and SkipTheDishesOnline ordering web app with loyalty and gift cards
  • Daily Sales Reports sync with QuickBooks, Wave, or Sage
  • Employee Punch Clock, Inventory tracking, and Recipe management

 

Lightspeed Restaurant:

  • Customizable POS
  • Menu Manager and Floor Plans
  • Advanced Insights
  • Integrated payments with 2.6% + 10¢ transaction fees
  • Take out and delivery options

 

Toast Bistro:

  • Advanced real-time reporting
  • Payment processing integrated with POS
  • Optional add-ons: Kitchen display system, handhelds, gift cards, integrations, etc.Lightspeed offers customizable experiences with a focus on “best-in-class insights,” but they charge transaction fees. Toast Bistro also offers various add-ons and flexible payment options. However, MYR provides an integrated experience without the need for additional third-party software, offering your business a more streamlined operation. 

Hidden or Additional Fees

While MYR prides itself on a no-hidden-fee policy, both Lightspeed and Toast Bistro offer various packages and transaction fees that could add up. With Lightspeed, the transaction fee is 2.6% + 10¢, and custom rates are available. Toast Bistro doesn’t explicitly mention transaction fees but offers various optional add-ons that could increase your monthly expenditure.

Multi-location Management for Franchises

MYR takes the cake when it comes to franchise management, offering real-time control over menus and sales data for multiple locations. While Lightspeed and Toast offer multi-location management, MYR goes a step further by automatically calculating and invoicing royalties and fees for franchise businesses.

The Bottom Line

In summary, a cloud-based POS system is an excellent investment, especially if you opt for a comprehensive service like MYR. With features such as daily sales reports that automatically sync with accounting software like QuickBooks, Wave, or Sage, you can manage your business seamlessly. Furthermore, if you’re a franchise, MYR enables you to control your menu and access all sales of every location in real-time, right from your phone, with the added advantage of calculating and invoicing royalties/fees automatically.

Investing in a reliable, feature-rich POS system is not just an operational decision; it’s a strategic one that can set your business up for success. So, go ahead and make that investment—you won’t regret it.

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