Does Leasing a POS System Make Sense?

Over the years I am asked from time to time whether it makes sense to lease a point of sale system versus making an outright purchase. Even the subscription style point of sale software programs may require new computer hardware that can run $3000 to $8000 for a typical retail store so you have to think about the following factors:

1. What are the interest rates?
2. Length of the lease?
3. Are there potential tax write offs?
4. Are you better off saving up for a POS system and making an outright purchase?
5. Have you calculated a Return On Investment (ROI) based on putting in a new POS system?
6. Have you created a budget for the POS system based on ROI?
7. Who owns the equipment during the lease and at lease end?
8. What about repairs for hardware before the lease is paid off?
9. How much labor is part of the POS system? Some leasing companies put a cap on what percentage of the lease can be labor related.

It almost boils down to what works within your budget and mindset. Do you prefer to rent a house or lease a vehicle? Then leasing may be a good options for you.

Are you on a budget but see the value/ROI that a POS system offers?  Then leasing may be an option for you.

On the other hand, if you would rather not take on debt and prefer to own the equipment, then an outright purchase may be best for you.

Statistically, I have seen a decline in retailers wanting to lease equipment since around 2010. You have to look at your budget, future plans for growth, and similar factors like ROI to decide what is best for you and your business.

I would also caution against over buying. You need to stay within the same budget whether you lease or purchase outright.

Have questions on leasing versus buying a point of sale system? You can reach me at 208-340-5632 or kevinantosh@gmail.com for some general advice.

Do I still Offer Consulting Services?

I've had a couple of retailers contact me wondering if I still offer point of sale system consulting services. The short answer is "yes" but with the following stipulations:

1. Hourly rate is $125 which is billed in 15 minute increments via my employer.
2. The first 15 minutes is free.
3. Travel expenses may apply for in person assistance.
4. I can consult outside of the different point of sale solutions that RITE offers (I've worked with around 20 different POS systems total).
5. If you do happen to purchase a POS system from me, the consulting fees (less any travel) can be deducted from the cost of the POS system.

Even if I can't provide you with the system that you need, I can help you select the best system and connect you with the best resource.

I've helped organizations with anywhere from 1 to 297 locations find the best point of sale system over the years and can be reached at 208-340-5632 or kevinantosh@gmail.com

Point of Sale Best Practices - Natural Disasters

What if this was happening to you and your retail business?

• Schools are closed for 9 days straight
• The roof of your building collapses
• Your stock and technology products are destroyed by water damage
• Your sales decline by 95% 
• Power goes out in -10 degree F temps
• Store stock is depleted
• Stock can not be replenished as trucks can not travel to your area

Well, right now all of the above is happening as a I type this right in the area that I live in - we are actually under a state of emergency due to a weather related natural disaster. Obviously I hope that this never happens to you or your business but here are some best practice tips when it comes to natural disasters and point of sale technology equipment:

1. Make sure that all of your point of sale technology equipment is documented for insurance records (make, model, serial number - pictures or videos are even better if they clearly show the actual equipment as well as the details about each product).
2. Ensure that all of your data is being backup up offsite - whether that be a removable drive or to a cloud based backup service.
3. Have good power protection in place (line conditioner, battery back-up, etc) to help prevent power fluctuation related damage to the hardware.
4. Make sure that you have the correct business insurance to cover technology products like point of sale software and hardware.
5. Do work with the business that sold you the point of sale equipment to provide cost estimates for insurance claims.

As always, do contact me at 208-340-5632 or kevinantosh@gmail.com if I can be of further assistance - I have dealt with this on multiple occasions but this is the first widespread incident that has happened right where I live.

Hotel Impossible Revenue Claim

The April 25th, 2016 episode of Hotel Impossible titled "Futility Closet" included mention of how a point of sale system can increase bar revenue. If I heard correctly, host Anthony Melchiorri mention a sales increase of around 30%.

I can vouch for that from personal experience - just the sight of a point of sale system in a bar, restaurant, or retail store can curb employee theft (employee theft accounts for around half of all retail theft in the US per the National Retail Federation).

In the past I can recall a nightclub and bar that spent just over $50,000 on a very basic point of sale system and the owner reported back to me the the system paid for itself the very first weekend - that is how much the owners employees were stealing from him or revenue that was being lost due to employee errors!

Kudos to Hotel Impossible and Anthony Melchiorri for mentioning one of the key benefits of implementing a point of sale system in your bar, restaurant, or hotel!

Are you  in the US and in need of no cost retail point of sale advice?  I'm happy to help and can be reached on my cell at 208-340-5632 (I am on Mountain Time) or via email at kevinantosh@gmail.com. There is also a contact form to the right that can be used to reach me.

Headed Back to MN in May

A quick note that my travels are taking me to Minnesota in May of this year - if you are in need of some unbiased advice for your retail store or restaurant specific to point of sale systems, be sure to get in touch with me to see if we should schedule a time to meet.

Please visit my contact page for information on how to reach me.

Restaurant Point of Sale Comparison Costs: Tablet vs. PC

A video showing the differences in the costs over 7 years related to the different types of restaurant point of sale systems - including comparing the long term costs of the mobile restaurant point of sale solutions that run on iPads versus more traditional point of sale systems like MICROS, Aloha, Digital Dining, Aldelo, and Sapphire.

These are estimates only as there are a lot of variables. Please visit my contact page for information on how to reach me for unbiased point of sale advice.

Another Trip to Minnesota - Want to Meet in Person?

Is your business in the greater Minneapolis - St Paul area of Minnesota?  I'm headed back to the Twin Cities in a few weeks and would be happy to meet with you in person - weather permitting, of course!

Best situation is that you have a retail store and are searching for a new point of sale system or are planning to open a retail store and need some unbiased advice related to point of sale systems.

As my schedule tends to fill up quickly, please contact me at kevinantosh@gmail.com or on my cell at 208-340-5632 so we can arrange a time to meet.

Video Overview of Bindo for Restaurants

The folks at Bindo have taken over the retail industry with an awesome feature rich retail point of sale app and have now set their sights on the food service industry with a new version of Bindo point of sale for restaurants, cafe's, and bars.

Here is a link to a video overview of Bindo POS for Restaurants: https://www.youtube.com/watch?v=YP4SaxiqTKQ

Looks like an awesome new option!

Visit my contact page for information on how to reach me.

More Big News at Bindo

(my thoughts appear below the press release)

Bindo to Unveil New Restaurant POS Solution with $2 Million Investment

Leading retail technology company secures $2 million for its bridge round to develop an iPad POS solution for brick-and-mortar merchants in the F&B industry

NEW YORK, Sept. 3, 2015 - Bindo, a leading cloud-based business management solution for brick-and-mortar merchants, today announced it has debuted a beta version of its new iPad POS system, Bindo POS for Restaurant. The company also announced it has secured $2 million in funding from strategic investors eager to see the POS solution expand into new verticals.

Bindo will use the investment to launch the new POS system globally, enabling restaurant owners to have one complete and holistic business solution that can integrate telephone orders, online ordering, table management, reservations, and ingredient-level tracking all in one platform. Bindo POS for Restaurant is now available in beta at a few select restaurants, and will become publicly available in mid-September.

Bindo POS for Restaurant provides a simple way for restaurants to easily manage their inventory and sales from a centralized back-office dashboard, whilst also allowing them to accept and schedule reservations from a centralized cloud-based platform. Restaurants are given the tools to better forecast inventory and supply needs by accurately recording the ingredients that go into each dish. Bindo POS for Restaurant will also maximize seating capacity and table turnover by enabling front of house to seamlessly schedule bookings through an integrated CRM and floor planning system.

“We wanted a mobile and elegant POS solution to complement our modern restaurant theme and came across Bindo,” said Ivan Yeh, Owner of Shoku Bar and Restaurant and first-time user of Bindo POS for Restaurant. “Since deployment, Bindo has helped us cut down on excess inventory and vastly improved the way we run our operations. Best of all, Bindo’s integrated mobile credit card processing allows our servers to take orders and payments at the table, making way for that ‘wow’ factor and allowing for a better dining experience for our customers.”

“We met with so many restaurateurs who were fed up with the choice of POS systems available (both iPad & traditional POS). The iPad POS systems in the market were not sophisticated or robust enough for their needs, and the traditional systems were expensive, inflexible and difficult to use,” said Brad Lauster, Co-founder of Bindo. “Bindo POS for Restaurant fills that gap in the market with a solution that’s powerful, customizable and a pleasure to use.”

The investors that led the new funding round have decades of operational expertise in the F&B industry, and played a pivotal role in fine-tuning the customizations needed for the many restaurant-types supported by Bindo’s solution. Bindo POS for Restaurant will be available for use in private beta by signing up on bindopos.com or calling 1-800-MYBINDO.

A quick demo of the Bindo POS for Restaurant technology is also available upon request.

ABOUT BINDO

Founded in 2011, Bindo is the one-stop iPad Point-of-Sale (POS) solution that connects local brick-and-mortar merchants to their customers, giving businesses a more cohesive and competitive technology solution that complements the ever-changing and dynamic needs of their consumers. With Bindo POS, businesses will be able to better manage their stores, keep track of their customers and have access to sophisticated tools to allow their business be run more efficiently. Coming soon, the Bindo Market iPhone app will allow everyday consumers to make on-demand delivery purchases directly on their smartphones, thereby closing the Online-to-Offline loop for merchants.

For more information about Bindo POS, visit https://bindopos.com
For more information about Bindo Market, visit https://bindo.com

SOURCE Bindo

Bindo

CONTACT: Catherine Lowe, North 6th Agency, Inc. (For Bindo), +1-917-916-2609, bindo@n6a.com

Web Site: https://bindo.com

My Thoughts on the Above:

Obviously the funding and  restaurant specific version of Bindo is pretty cool news given the popularity of Bindo on the retail side.  Even though there are a bunch of mobile POS systems for restaurants, Bindo brings that right balance of price/feature/function as well as not being a company that has outgrown themselves to the point of having to outsource technical support to India. 

Bindo also has the drive to win customers and clients one at a time versus 'turning and burning'.

There is some other big news related to Bindo that is very positive as well which I hope to be able to share in a few more weeks.  

Are you  in the US and in need of no cost retail point of sale advice?  I'm happy to help and can be reached on my cell at 208-340-5632 (I am on Mountain Time) or via email at kevinantosh@gmail.com. There is also a contact form to the right that can be used to reach me..

Most Popular Point of Sale Systems for 2015 (so far)

Thanks to the 200+ businesses and organizations who have contacted me so far in 2015 for free and unbiased point of sale advice and information, I'm able to share what the most popular point of sale solutions are based on what folks have actually been selecting as a point of sale solution for their business or organization.

Most Popular Retail Point of Sale System: Bindo POS (www.bindopos.com). Bindo combines the cost effectiveness of a mobile point of sale system with features and functions normally only found in legacy point of sale systems than run primarily on computers with the Windows operating system.

Update: another point of sale news and information website has also selected Bindo as the best iPad Retail POS System: http://www.businessnewsdaily.com/8067-best-ipad-pos-system.html

Most Popular Restaurant Point of Sale System: Sapphire from Khamu Solutions (http://www.khamu.com/). Sapphire from Khamu Solutions has quietly grown to to offer just about everything that MICROS, Digital Dining, Aloha, and Aldelo offer but at a much lower price point. The praise that I hear from Sapphire users related to the support and customer service offered by Khamu Solutions is second to none.

Most Popular Legacy Retail Point of Sale System: Microsoft Dynamics Retail Management Systems (RMS). I'm honestly surprised by how many businesses and organizations have selected RMS so far this year. While RMS is an awesome point of sale solution (I personally know around 700 stores in the US using RMS), RMS can't be sold to new customers starting in July of 2016 and mainstream support also ends in 2016 so it strikes me as odd that folks would invest in a point of sale solution whose life cycle is ending.

Most Popular Company to Use for Merchant Services: Gravity Payments (http://gravitypayments.com/). Honest, ethical and treats their employees well - not words normally associated with merchant services companies that offer credit and debit card processing services.

Retail Point of Sale System with the Most Potential: Retail Management Hero (http://retailpospondering.blogspot.com/2015/06/new-option-for-rmshq-users-retail.html) .  While this point of sale program will likely not be available until late 2015 or early 2016, as a direct replacement for RMS,  Retail Management Hero has huge potential given the 38,000+ retail stores currently using RMS.

Are you  in the US and in need of no cost retail point of sale advice?  I'm happy to help and can be reached on my cell at 208-340-5632 (I am on Mountain Time) or via email at kevinantosh@gmail.com. There is also a contact form to the right that can be used to reach me.

Budget for a POS System but Don't Focus on Price

One thing that irks me is when someone focuses solely on price and ignores value. While it is important to budget for a POS system, ignoring value and focusing solely on price is the wrong way to approach investing in a POS system for your business or organization.  Things to avoid:

• Attempting to save $100 by finding the lowest hardware price from different vendors. For the sake of setup and ongoing support, it is much better to purchase everything from one source.
• Comparing costs of completely different systems. POS programs have different features and functions - a nominal difference in upfront or monthly costs is minor when compared to finding a POS program that does what you need it to do for your business or organization.

Are you  in the US and in need of no cost retail point of sale advice?  I'm happy to help and can be reached on my cell at 208-340-5632 (I am on Mountain Time) or via email at kevinantosh@gmail.com. There is also a contact form to the right that can be used to reach me.

Lower Prices for Mobile POS Hardware

One side benefit to there being so many tablet and smart phone point of sale systems on the market is that the prices for the hardware and peripherals to use these mobile point of sale systems has come way down.

I've seen complete bundles - including the iPad - for just over $1,100. This is all new hardware and makes for a very low price point to get started with a complete point of sale system for your business.

As this blog is not designed to advertise for other companies, please visit my contact page for information on how to reach me if you want to know were I was able to find this hardware (it is a reputable website).

More Good Stuff Added to Bindo Point of Sale

The folks at Bindo Point of Sale (www.bindopos.com) have been busy adding new features and functions to the Bindo Point of Sale system. As you know Bindo is a popular* mobile point of sale system that uses iPads and iPhones for selling while utilizing internet browsers for manager and owner functions like running reports, placing product orders, and making price changes. Here is what has been added to Bindo recently:

1. Scale Support and decimal entry: whether you use a scale that connects directly to Bindo (available in 10 pound and 30 pound models) or use a stand alone scale and enter the weight manually, Bindo now supports calculating price by weight. Very helpful for corner markets, delis, grocery stores, feed stores and pet stores.
2. Modifiers: not just for restaurant use but also very helpful for retail businesses that offer customization or design work (think custom furniture stores or embroidery stores). 

Here is a video showing sales of weighted items and items with modifiers in Bindo:

More reviews on Bindo POS can be found here: https://bindopos.com/reviews

Please visit my contact page for information on how to reach me.

*Popular based on the sheer number of folks that contact me to let me know that their business or organization has selected Bindo.

What to do about Change of Service Fees

As you know, I am very much in favor of only using point of sale systems that allow you to pick, choose, and change which company handles your merchant services for debit and credit card processing.  As we all know how competitive merchant services companies can be, the worst thing we can do is lock ourselves in to a long term contract or commitment where our rates can be raised.

That being said, it is likely that changing who handles your merchant services may involve a fee and a service call to change the information in your point of sale software - plus you want to test the new settings to make sure that everything is functioning correctly.

Most point of sale companies charge $250 to $800 to perform a "change of service" related to changing the settings in your point of sale system so you can switch/change merchant services companies. I've found that it never hurts to ask the company that you are switching to for merchant services to cover that fee via a credit or series of monthly credits - just be sure to get in writing!

That way, you can make sure that you are always paying the lowest fees for debit and credit card processing.

Please visit my contact page for information on how to reach me.

Malware Attack - A New Reason Not to Choose HarborTouch

As if long term equipment contracts, buyout clauses, and specific merchant service commitments were not reasons enough to avoid HarborTouch, a recent Malware attack recently targeted businesses using HarborTouch and HarborTouch confirmed that some data was breached.

Full article can be found here: http://www.pymnts.com/whats-hot-2/2015/pos-malware-nabs-another-victim/#.VTj_byFVikp 

Are you  in the US and in need of no cost retail point of sale advice?  I'm happy to help and can be reached on my cell at 208-340-5632 (I am on Mountain Time) or via email at kevinantosh@gmail.com. There is also a contact form to the right that can be used to reach me.

What Point of Sale Systems are the Most Popular

Since late 2013, I have provided free and unbiased advice to over 400 retail stores, restaurants, and museums. Many of you have been kind enough to let me know what you ended up purchasing.

On the retail side, Bindo Point of Sale (www.bindopos.com) has emerged as the clear winner. With advanced features that point of sale systems like NCR Silver and First Data Clover can't offer, Bindo combines what folks want in a POS system while keeping the affordability that cloud based systems offer.

On the food service side, Sapphire from Khamu (http://www.khamu.com/) has proven to be popular. With dedication to the restaurant market, personalized service, and a price much lower than other restaurant solutions like MICROS, Digital Dining, and Aloha, Sapphire offers a complete solution at a budget friendly price point.

Are you  in the US and in need of no cost retail point of sale advice?  I'm happy to help and can be reached on my cell at 208-340-5632 (I am on Mountain Time) or via email at kevinantosh@gmail.com. There is also a contact form to the right that can be used to reach me.

What type of businesses and organizations have been contacting me so far in 2015

For quarter 1 of 2015, I have been contacted by around 90 businesses and organizations in need of free and unbiased point of sale advice or help. I've also been contacted by a few organizations requesting me to conduct my point of sale workshop at their annual event (conference, expo, etc).

For those searching for point of sale systems, the breakdown is similar to what I saw in 2014:

• 60% have a retail related business
• 30% have a food service related business
• 10% are part of a government entity
• 30% have more than one location
• 50% are only interested in point of sale systems that run on mobile devices like tablets 
• 50% are only interested in point of sale systems that run on computers

Are you  in the US and in need of no cost retail point of sale advice?  I'm happy to help and can be reached on my cell at 208-340-5632 (I am on Mountain Time) or via email at kevinantosh@gmail.com. There is also a contact form to the right that can be used to reach me.

Point of Sale Workshop Reminder

A quick reminder that my next free and unbiased point of sale workshop is being held the afternoon of March 31st, 2015 at the Idaho Small Business Development Center in Boise, ID. I will also be covering information related to the upcoming EMV liability shift date as well as providing an overview of how to select the best point of sale system for your business or organization.

Here is a link to register for the workshop: https://business.idahosbdc.org/workshop.aspx?ekey=40350042

Are you  in the US and in need of no cost retail point of sale advice?  I'm happy to help and can be reached on my cell at 208-340-5632 (I am on Mountain Time) or via email at kevinantosh@gmail.com. There is also a contact form to the right that can be used to reach me.

Urgent Point of Sale Buying Tip: Ask About EMV!!!

Over the last couple of weeks I have fielded calls and emails from some very upset business owners. Not upset with me but upset as they recently purchased point of sale systems for their businesses without asking about EMV or chip-based debit and credit card transactions. Remember the US EMV liability shift date for chip/contact-less credit and debit card transactions is October 1st, 2015 in the United States.

2 of these businesses invested in point of sale systems that can not be upgraded to work with EMV compatible hardware and the other businesses purchased point of sale systems will require new hardware and software upgrades totaling around $1100/location - this is on top of the money recently spent on a new point of sale system.

I can not stress enough that anything related to cash registers, credit and debit card terminals, point of sale systems designed for mobile devices, or point of sale systems designed for computers should now have a clear and no-cost plan to utilize EMV compatible hardware and be able to authorize chip based credit and debit card transactions when the card is present.

To be honest - the blame falls with both the business owner (for not asking about EMV and not performing 'due diligence' )as well as with the companies selling products that are not ready for EMV.

Are you  in the US and in need of no cost retail point of sale advice?  I'm happy to help and can be reached on my cell at 208-340-5632 (I am on Mountain Time) or via email at kevinantosh@gmail.com. There is also a contact form to the right that can be used to reach me.

Prolific Point of Sale

Just a quick note that I am hoping to review the Prolific Point of Sale program sometime in late March or early April. Prolific Point of Sale is an iPad based point of sale application that can work in both retail and food service businesses and organizations.

As Prolific Point of Sale is attached to a merchant services company, I will not only be reviewing the actual app but also asking the tough questions related to costs and fees for using the app, service & support, and hardware costs as well as what sort of merchant services rates are offered and if your rates can be raised over time.

Are you  in the US and in need of no cost retail point of sale advice?  I'm happy to help and can be reached on my cell at 208-340-5632 (I am on Mountain Time) or via email at kevinantosh@gmail.com. There is also a contact form to the right that can be used to reach me.