Rates
0.29 - 1.99%
4.6
Finix POS Review
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Industries Served
Restaurants
Retail
Hospitality
B2B
E-commerce
Events
What is a POS system
A POS (Point of Sale system) is the hardware and software that businesses use to process sales transactions, manage customer orders, and keep track of inventory. It's essentially where a customer makes a payment for products or services, and the business records the sale.
Components of a POS System:
Hardware:
- Terminal: A computer or tablet where the transaction is processed.
- Card Reader: For processing credit and debit card payments.
- Receipt Printer: To print out receipts for customers.
- Barcode Scanner: For scanning product barcodes, speeding up the checkout process.
- Cash Drawer: Where cash payments are stored.
Software:
- Transaction Processing: To handle sales, refunds, and exchanges.
- Inventory Management: To track stock levels and update inventory as items are sold.
- Customer Relationship Management (CRM): To store customer information, purchase history, and loyalty programs.
- Reporting: To generate sales reports, track performance, and analyze customer behavior.
- Employee Management: To track staff sales, shifts, and manage user permissions.
Types of POS Systems:
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1. Traditional/Legacy POS: These are usually on-premise systems that require specific hardware like a desktop terminal and are often used by large businesses or restaurants.
2. Cloud-based POS: These systems can be accessed from any device with internet connectivity, such as tablets or smartphones. They offer more flexibility and are popular with small businesses, retail stores, and cafes.
Benefits of a POS System:
- Efficiency: Speeds up transactions and reduces errors.
- Data Tracking: Provides insights into sales trends and inventory levels.
- Customer Experience: Streamlines the checkout process and supports loyalty programs.
- Security: Secures payment information, especially with EMV (chip) card technology.
POS systems are used in a wide variety of businesses, including retail stores, restaurants, cafes, and service-based industries.
Common POS Pricing Structures
POS systems come with various pricing structures depending on the provider, the size of the business, and the specific needs (such as hardware and features). Here are the common pricing structures for POS systems:
Flat Monthly Subscription Fee:
- This is the most common pricing model, especially for cloud-based POS systems. Businesses pay a fixed monthly fee to use the software.
- Example: A retail POS system might charge $30–$100 per month, depending on features like inventory management, reporting, or multi-location support.
Pros: Predictable cost, scalable with your business.
Cons: If your business scales up or you need more features, costs can rise.
Tiered Pricing (Based on Features or Business Size):
- Many POS providers offer different tiers, where pricing increases with additional features or the number of locations/users.
Example:
- Basic Plan: $30/month for essential POS features.
- Premium Plan: $100/month with advanced analytics, multi-location support, and CRM features.
Pros: Flexibility to choose based on business needs.
Cons: You might have to upgrade to higher tiers for features that are essential as your business grows.
Free POS System (Pay-per-Transaction):
- Some providers offer free POS software but make money through transaction fees. The software is free, but each sale incurs a small percentage fee or flat rate.
- Example: You may pay a 2.6% + $0.10 fee for every transaction (credit card payment) processed through the system.
Pros: No upfront costs, ideal for small businesses or startups.
Cons: Over time, transaction fees can add up, making it more expensive than subscription-based models for high-volume businesses.
Custom Pricing (Enterprise Solutions):
- Larger businesses or enterprises may need customized solutions, especially if they operate across multiple locations or have complex needs.
- Example: Pricing is negotiated and typically includes tailored features, hardware, and dedicated support.
Pros: Tailored to specific needs, often includes premium support.
Cons: Usually more expensive, contracts may be long-term.
Hardware Costs:
Some POS systems may require you to purchase hardware like tablets, card readers, barcode scanners, and receipt printers, which are often priced separately.Example Hardware Costs
- POS terminal: $500–$1,500.
- Receipt printer: $200–$300.
- Barcode scanner: $100–$300
Pros: Buy only what you need.
Cons: Upfront hardware costs can be significant.
Processing Fees (for Payment Processing):
- If the POS provider also handles credit card payments, there are typically processing fees per transaction.
Examples:
- Credit card processing fee: 2.6% + $0.10 per transaction.
- Custom rates for high-volume businesses may be lower, or some providers offer a flat rate.
Pros: Integrated processing is convenient.
Cons: Fees can vary based on payment type and provider.
One-Time Licensing Fee (for On-Premise Systems):
- For traditional POS systems (installed on-premise), businesses may pay a one-time license fee for the software, with optional ongoing support or upgrade fees.
- Example: $1,000–$5,000+ one-time payment for a licensed system, plus optional support fees of $500–$1,500/year.
Pros: No recurring software fees after the initial purchase.
Cons: High upfront cost and may require ongoing maintenance fees.
Hardware
Top 10 POS matches your business with the best point of sale services saving you the time and money you need to keep growing.
| Hardware | Cost | Features |
|---|---|---|
| Finix Go | $49 | Mobile attachment for Android and iOS Paperless receipts |
| Finix Mini | Starts at $799 or $45 per month for retail & services and $100 per month for restaurants & foodservice | Compact countertop POS system Accepts chip, swipe and contactless payments Also available for full-service restaurants and retail businesses |
| Finix Flex | $599 | Handheld POS Paper and paperless receipts Tracks sales transactions |
| Finix Station Solo | $1,699 or $125 per month for retail & services and $160 per month for full service dining | Full countertop POS Sales tracking Report generation for business insights Manage inventory |
| Finix Station Duo | $1,799 or $135 per month for retail & services and $140 per month for full service dining | Second screen for customers Accept swipe, dip, tap, QR code and keyed-in payments Restaurants and retail outlets |
Finix Hardware Features
Finix POS hardware systems offer a variety of features designed to streamline business operations, particularly in retail and food service industries. Here are the key features of the Finix POS hardware systems:
All-in-One Design
- Finix devices combine multiple functions into one sleek, compact system, including payment processing, receipt printing, and touchscreen display.
- This design reduces the need for multiple pieces of hardware, making setups simpler and more space-efficient.
Range of Devices
Finix offers several different hardware options, allowing businesses to choose the best fit for their needs:
- Finix Station Duo: A powerful countertop system with two screens (one for the cashier and one for the customer) and integrated payment processing.
- Finix Mini: A smaller, more compact version of the Finix Station, ideal for businesses with limited counter space.
- Finix Flex: A portable, handheld device that allows you to take payments anywhere within your business or on the go.
- Finix Go: A mobile card reader that connects to a smartphone or tablet, suitable for businesses on the move or for simple transactions.
Integrated Payment Processing
- Lightspeed hardware comes with built-in payment processing capabilities, accepting multiple payment types:
- Credit and debit cards (swipe, chip, and contactless).
- Mobile payments like Apple Pay, Google Pay, and Samsung Pay.
- Gift cards and loyalty programs.
- Lightspeed also supports EMV (chip cards) and NFC (tap to pay) technology for secure transactio/ns.
Customizable Touchscreen Interface
- Each Finix device has a user-friendly touchscreen interface, allowing businesses to customize the system to their specific needs.
- You can arrange apps and features according to your preferences, making the system easy to navigate and tailored to your business operations.
Cloud-Based Software Integration:
- Finix is a cloud-based system, which means all transaction data, inventory, customer information, and reports are stored in the cloud and accessible from any device with internet access.
- This allows real-time updates across multiple devices and locations, ensuring all business data is synchronized.
Inventory Management:
- Finix’s POS hardware integrates with advanced inventory management software, allowing you to track stock levels, receive low-stock alerts, and manage product variants (sizes, colors, etc.).
- You can upload and manage thousands of products, track performance, and even automate reordering when stock is low.
Employee Management:
- Finix devices come with features for tracking employee activity, including clock-in/clock-out functions, and sales performance reporting.
- You can set user permissions to control access to certain parts of the system based on job roles.
Customer Management:
- Finix offers built-in CRM tools to track customer details, purchase history, and preferences.
- It also supports loyalty programs, customer feedback collection, and marketing tools for promotions and discounts.
Reporting and Analytics:
- Finix provides detailed, customizable reports that give insights into sales, employee performance, inventory, and customer behavior.
- Reports can be accessed in real-time from any device with internet access, allowing for remote monitoring of business operations.
Receipt Printing and E-Receipts:
- Most Finix devices (such as the Finix Station and Finix Mini) come with built-in receipt printers, while others, like the Finix Flex, offer wireless receipt printing options.
- Finix also supports email receipts and text message receipts, giving customers the option for a paperless experience.
Third-Party App Integration:
- Finix has an App Market with various third-party applications that integrate directly with the POS system.
- These apps provide additional functionality such as accounting (QuickBooks), marketing (Mailchimp), e-commerce (Shopify), and more, allowing businesses to expand the system's capabilities.
Portability and Versatility:
- The Finix Flex and Finix Go devices offer full portability, enabling businesses to take payments anywhere, whether it's tableside at a restaurant or out in the field for a mobile business.
- The portable devices are also great for reducing wait times and offering a more personalized customer experience.
Security Features:
- Finix POS systems offer built-in encryption and tokenization to ensure secure transactions and protect sensitive payment data.
- Finix hardware is PCI-compliant, helping businesses meet industry standards for data security.
Easy Setup and Scalability:
- Finix’s hardware is designed for easy setup, with many plug-and-play options. The system scales easily, so as your business grows, you can add new devices or features.
- It's ideal for multi-location businesses, as everything is managed through one cloud-based system, keeping all data synchronized.
Multiple Connectivity Options:
- Finix devices can connect via Wi-Fi or Ethernet, providing flexibility depending on your business environment and internet availability.
- Finix Flex and Finix Go offer mobile data connectivity as well, making them suitable for businesses that operate outside traditional retail environments.
Offline Mode:
- Some Finix devices can continue processing sales even when your internet connection goes down, ensuring minimal disruption during downtime.
- Once the connection is restored, the system syncs the data automatically.
Key Devices in the Finix POS Hardware Lineup:
Finix Station Duo:
- Dual display system with customer-facing and business-facing screens.
- Built-in printer, scanner, and secure payment processing.
- Great for restaurants and high-volume retail businesses.
Finix Mini:
- A compact but powerful countertop POS with payment processing and a touchscreen.
- Ideal for small businesses or those with limited space.
Finix Flex:
- A portable, all-in-one device that supports payments, receipts, and inventory management.
- Perfect for restaurants, retail stores, and businesses on the move.
Finix Go:
- A mobile card reader that connects to your smartphone or tablet, allowing you to take payments anywhere.
- Suitable for small, mobile, or pop-up businesses.
Our Expert Opinion
Finix is for the well established high volume business. If you meet their requirements of $5000 in card payments per month than this is a top tier option. Processing fees are very competitive with has a lower cost option for monthly service plans. The subscription based model that Finix offers saves high volume business a good amount of money without locking you into a long term contract.
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