This guide was designed to help you understand everything about the square POS system. Keep reading to learn more about how it works, the pros and cons associated with this platform, and how much it costs to install.
In This Guide:
The Square Restaurant POS System
Square was founded in 2009 and is best known as a mobile payment company. They provide an integrated point of sale system for your restaurant or business, and their hardware and operating systems are very versatile.
Although it is easy to use, the square POS system has no shortage of powerful features like inventory management, fraud prevention, and data security, real-time reporting and analytics, quick bank deposits, invoicing platforms, and more.
A major advantage of the square POS system is the lack of monthly fees. Since you are only required to pay processing fees, you will not end up overpaying for a system that you are not utilizing.
The platform also has support for a wide variety of various operating system and hardware options. You can link to third party integrations to develop complex invoices or swipe credit card payments directly from your cell phone.
The features included are also pretty robust, considering the cost. You can set parameters for tipping or opening a tab in your restaurant, and their inventory management tools can help you automatically track product levels and let you know when it's time to restock.
Since you can manage everything from the Square point-of-sale app, you can run your entire business right from your smartphone!
The major drawback to choosing the Square POS system is the limited customer support available. Unlike other vendors that will send a team out to perform the complete implementation, the Square platform has many aspects that you must complete yourself.
Similarly, this limits the ability that you have to customize features and tools when compared to other point-of-sale platforms. If you need a fully customized system that includes robust customer support and other features, this is likely not the best option for you.
Square POS System Cost
The Square POS inventory system is very affordable. Although your final pricing will be based on the quote they provide, they do not require any monthly payments. In fact, they are one of the only POS providers that do not have monthly pricing plans!
Your fees will be based on transactions and collected as part of a payment processing fee. Here are some examples earth typical transaction fees depending on the tool you use:
- Square Register: 2.6% + 10 cents
- Square POS Mobile Card Reader: 2.75%
- Keyed-in Card: 3.5% + 15 cents
- eCommerce Sales: 2.9% + 30 cents
You will also have to pay for some of the hardware, such as the Square register or terminal. The most expensive piece of equipment is the Square register, which starts at $999. the Square stand can be used for contactless and chip payments and costs $199, but you can purchase a Square reader for just $10.
POS systems like square also offer additional services that you can purchase every month. For example, for $5 per user per month, you can add employee management features that include timecard reporting anymore. Their Square marketing package is $15 a month, and you can use this to deliver emails and other marketing directly from your point-of-sale system.