Point-of-sale (POS) systems are an easy way to combine checkout with inventory and data management related to selling products or services. Most POS systems offer the managerial toolset you would need to run your business in the most efficient way possible and enjoy a reduced error rate. Today, there is a point-of-sale solution for every possible type of operation, including those in need of a strong and reliable e-Commerce integration.
Magento is a leading retail software setting the standards in the e-Commerce world with its numerous features that merchants can benefit from. This is why there are point-of-sale solutions designed to be fully compatible with this popular software.
What is the best POS for Magento? Let’s find out, starting with the essentials of this matter first.
Typical Features That the Best POS for Magento Needs to Have
Hundreds of thousands of businesses use Adobe’s Magento platform, meaning that the best POS for Magento should be a flexible solution suitable for various needs. Retailers need the best point-of-sale system to manage all client-related transactions. If you are a business owner using Magento to run an online store, then you know that the best solutions include a bundle of features. Some of these features are typical and fit most of these businesses’ needs.
- Inventory management: Understanding sale patterns is easy when there is an inventory management feature that follows stock quantities while storing data of the products your clients prefer the most. This is an easy and reliable way for you to update your product or service portfolio based on customer demand.
- Staff management: Managing employees requires a lot of time and effort. From the hiring process and initial training to the performance monitoring and scheduling, it all takes too much energy, but it is a must. With a proper POS system, you can benefit from an automated feature that would perform this monitoring process and store data for you to analyze later. It will allow you to track working hours, productivity, and more.
- Third-party integrations: This important feature is a must-have. It allows any POS system to be extended to the point it becomes fully compatible with the needs of your business. When the system is compatible with additional software and hardware, its list of functionalities and applications grows. Third-party integrations allow for a smooth data transaction between different types of software, including accounting and marketplace data processing tools.
- Reporting: Being able to study and analyze the behavior of your clientele is essential for the growth of your business. This is why you should look for the right reporting tools on your side, provided by the best POS system for your needs. These tools will allow you to compare the performance of your locations or websites and align them with your initial goals. Reporting tools are an easy way to manage your finances based on your set target, current performance, and past periods.
- Data synchronization: After each sale you make, the inventory management integrated into your POS system will update the information related to the sale in real time, meaning that all data changes will be immediately recognized by all your operations on Magento. This leaves no room for mistakes, which are likely to happen when such updates are done manually. The automatic data synchronization is also needed for alerts related to stock availability, resulting in up-to-date inventory. The best part is that the checkout process is fast, providing the best client experience possible.
- Checkout speed: Talking about the benefits of an easy checkout process, all payments made at your physical locations will be effortless and fast, mainly due to the features of the POS software. The system will allow the cashier to end the process fast, resulting in a pleasant experience for your customers.
- Sales and customer data processing: As a business owner, you surely know the value of having loyal clients. Understanding their preferences and habits is important, and the best POS for Magento will help you with that. The system stores details about your clients’ purchases, alongside their contact information. Needless to say, this is how you can present your loyal shoppers with the best offers and manage loyalty campaigns much easier than ever before.
- Fulfillment: Choosing the best POS for Magento has an important advantage: various fulfillment features. To stay competitive, you will need a solution that allows your clients to have ease of access to all activities, such as delivery and returns. It is another way to provide your clients with the best experience.
- Different payment options supported: By offering your clients the biggest variety of payment options possible, you minimize the risk of missing a sale and prove that you’ve done everything to make it easier for your clients to pay for the goods or services they want. The range of payment methods includes bank transfers, credit and debit card payments, mobile wallets, store credits, discount codes, coupons, loyalty program rewards, and payment apps.
What Are the Hardware Components Your POS System for Magento May Need?
The best POS for Magento does not come down to software only when we’re talking about a hybrid solution. There are several peripherals you may need for running your operation, depending on the functions required. This, of course, matters if you have both an online store and a brick-and-mortar location.
Let’s take a look at the most popular ones:
- POS terminal: Most checkout counters include a POS terminal. The details for every transaction are stored and processed differently, depending on the payment method.
- Barcode scanner: This device is needed when product barcodes must be scanned during checkout. Barcodes are an easy way to identify products and sell them, but this solution is not always applicable, especially when you offer services.
- Receipt printer: Some businesses require printing receipts on the spot, immediately after the payment transaction has been completed. To be able to do this, you will need a printer.
- Card reader: Credit card readers are among the most common peripherals needed by businesses out there. These devices read the credit and debit cards’ magnetic stripes. In the last couple of years, though, these devices seem to become obsolete, as the NFC technology has already become popular.
- Cash drawer: Depending on your business, the checkout counter may feature a cash drawer. You need this to accept cash payments, and the amount of cash is monitored by the POS terminal.
Types of POS Systems
The best POS for Magento you could opt for is dependent on the specifics of your business, your budget, and your personal preferences. There are several different types of POS systems to choose from.
- Cloud-Based POS systems: Instead of storing data on a local server, online POS systems (mostly referred to as cloud-based) use a network of computers to securely store transaction and client data gathered and processed by the POS system. This is a very reliable way of storing information, not to mention the scalability of cloud technology. Cloud-based POS systems are time and money savers thanks to the short transaction times and the ability to control them from a different location. This is why this type of POS is an ideal solution for businesses that include either several locations or both online and offline operations. The lack of a physical server installed locally means that no additional hardware and software are needed, resulting in a lower investment in a point-of-sale system and a more efficient process altogether.
- Desktop POS systems: For some businesses, the best POS for Magento is the traditional type of solution. It includes a local server and several peripherals. Some retailers prefer to stick to this type of checkout despite the bigger investment. They prefer the reliability of the system structure. The most important aspect of choosing such a system is its integration capability. The software must be compatible with various platforms and third-party add-ons. Keep in mind that such a system usually requires a lot more maintenance and regular upgrades that cost a pretty penny.
- Hybrid POS systems: This is a point-of-sale solution that seems to become more and more popular. As you’ve probably already guessed, hybrid POS systems combine the best of both worlds. These solutions have the typical features of a good cloud-based system and advantages of a desktop one. Hybrid systems are capable of switching between a cloud and a local server in real time and are highly customizable in most cases.
- Mobile POS systems: Mobile POS solutions are becoming more desirable by retailers across the world. They give you the freedom of managing your operations regardless of the location. Plus, the system design allows for a mobile checkout point, which could prove to be important for your particular business endeavor. Increasing productivity and reducing costs are the usual aftermath of using a mobile POS system. The only issue is that not all mobile point-of-sale solutions are compatible with every type of device.
How to Choose the Best POS System for Magento
There might be more than one fitting solution for your particular needs. Still, choosing the best POS for Magento is not possible, unless you can analyze the important bits. You should be good to go once you check every suggestion in the list below.
- Prioritize your needs and preferences: This is by far the most important step of the process of choosing the best POS for Magento. Going straight for the most expensive choice may prove to be a mistake. When investing in a point-of-sale system, what matters the most is the compatibility between your business’ needs and the functionalities of the system of choice. There is a good chance of finding a system that is the perfect fit, as long as you take the time to compare the options.
- Check the POS provider’s reputation: Even if you are lucky enough to find a POS solution that is almost tailor made to suit your needs, you still need to check the reputation and feedback of the POS vendor. Choosing a system provided by a startup company may seem to be an acceptable choice, but adequate tech support would likely be a problem.
- Consider your budget: You can always opt for a free POS software, but it would likely have only the basic features, and that’s not enough. Opting for a paid plan is usually the better choice, but you still need to be prepared for the initial investment and the processing fees, so check it all out before signing a contract.
- Features and compatibility: This is one of the most important steps of the process. Once you recognize your needs, you need to compare them to what the POS system has to offer. Apart from having the toolset you are searching for, the system must be compatible with the hardware you either already have or plan to acquire. It also needs to be compatible with third-party integrations, as you might need those. As far as functionalities go, the system you choose must have all the typical features, some of which we’ve already listed.
- Customization availability: This is not a must-have, but it usually pays off to have a customizable POS system in the long run. Most point-of-sale solutions are not far from the basic level, but others have software that allows for extended customization. Taking advantage of this will help you optimize various processes and achieve higher efficiency.
- Customer service: We’ve covered the importance of having a loyalty program management toolset, but you must not forget that you are about to become a client as well. The POS vendor you choose must offer 24/7 live support. Resolving any issue as fast as possible means that you will not lose valuable time and miss making a sale.
- Backup and security: Since we’re talking about payment processing and transaction data, it’s essential to have the highest security levels possible. Storing and processing data in a secure way is a must. Cloud-based systems offer a higher level of security. As mentioned earlier, they do not require a local server, meaning that a hacker attack is out of the equation. In terms of backup and recovery, POS systems have different functionality, so you must compare your options before settling for one of them.
- Accessibility: Choosing a POS system compatible with your device is always a great option, but what matters the most is how easy the POS software is to install, set up, and use. The right software would be equally easy for your clients to interact with.
How to Switch to a POS System for Magento
If you’ve been using a POS system for some time and you eventually decided to use Magento’s platform, then you will need to switch to a suitable platform. This may seem like a challenge, but there are things to do to make this process easier. Changes will be introduced, but it’s all for the better.
The easiest way to switch to a POS for Magento is just when your old contract with a previous POS vendor is about to expire. This will give you enough time to compare the possible options and select the best POS for Magento that is compatible with your operation. This includes all the customizable features you can get. All in all, it is a matter of good planning. You need to secure a working POS solution, otherwise, you risk losing sales.
There are things to be careful about when the time to switch to a POS system for Magento comes. Transferring data to the new system is not always smooth. Depending on the information that needs to be transferred, you need to select a POS system that can handle it. Doing it the right way will save you time and effort, not to mention the hassle of recovering valuable information. For example, the client data stored in profiles is important for you to maintain loyalty programs and to offer individual clients products and campaigns that are tailor-made for them. This is why not losing the information is essential.
Once the switch to a POS for Magento is done, you need to make sure that all your employees who will operate the software learn everything about this. This is one of the reasons why you should opt for a simple interface that provides ease of access.
Finding the Best POS System for Magento: The Vendors
There are always several POS vendors to choose from, regardless of the type of business you are running or the specific features you’re looking for. Let’s see a couple of suggestions provided by two well-known POS vendors.
Square needs no introduction: the POS vendor has millions of clients around the globe. Square POS for Magento is a free version of the software. While it is easy to set up and use, it only features the basic functionalities you would need. Still, the toolset it boasts may be enough for some retailers who chose Magento. Here’s what Square POS for Magento has to offer:
- Data synchronization
- Multiple payment processing
- Extended inventory management
- Reporting tools
In terms of pricing, the software may be free to obtain and install, but there is a processing fee of 2.6%. You will also pay $0.10 for every transaction (contactless payments and card swipes).
The best POS for Magento may just be the one offered by Lightspeed. Being another POS brand recognizable worldwide, Lightspeed offers a point-of-sale system designed for retailers who use Magento for their online business. Lightspeed POS for Magento is a cloud-based solution preferred by retailers.
The system boasts nifty features, such as a synchronization tool for stock quantities and shipments. This POS solution is largely customizable, which is one of its biggest advantages. The software has a variety of tools that support all marketing and optimization endeavors related to your online store. There is also a loyalty support feature, alongside other advantages, including:
- Real-time reporting
- Loyalty programs and custom offers
- Inventory management
When it comes to costs, Lightspeed does not offer a free plan, but there are four different paid plans to choose from, starting at $69. You could also opt for a personalized plan at a higher price.
Another advantage of Lightspeed POS for Magento is the 24/7 live support that ensures a flawless experience for both your employees and clients.
Magento is a popular platform, meaning that a lot of retailers using it would require a reliable POS system. The good news is that there are POS vendors offering such a solution. What’s even more important, a proper POS system for Magento is a crucial part of your business’ growth. It will reduce costs and make several processes a lot more efficient than they ever were.
If you are looking for the best POS for Magento, all you need to do is choose the one that suits your business best. It is not an easy process, but it is doable. There are different types of POS for Magento to choose from, and you will surely find one of them to be compatible with your operation. Following the advice above will help you along the way.
Author: Written by Martin Nikolaev. Martin has 5+ years of experience in reviewing various tech gadgets, FinTech solutions, crypto markets and products, and all IoT-related products. This article was published on Thursday, 19 May 2022.
Is it easy to switch between any POS system and a POS for Magento?
The transition between your previous point-of-sale system and the one designed for Magento depends on your choice for the latter one, and you must be careful not to lose any stored data.
How can you find the best POS system for Magento?
The most suitable POS system for Magento is the one that has all the features and integrations your business needs, making it a specific choice.
How similar is a POS system for Magento compared to any other POS solution?
Most of the features typical for point-of-sale systems for Magento are identical to other POS solutions, but the software and functions are specifically designed to be compatible with the platform.
Do you need hardware for your POS system for Magento?
If your business runs both online and offline operations, you will need peripherals for the brick-and-mortar locations you have. This is where the specific POS software for Magento comes in very handy.