Before the age of POS systems, restaurants used cash registers, which are essentially large calculators used only for recording daily sales. However, POS systems can now replace such traditional devices with more accuracy and analytical capabilities. In addition, some POS systems are also sold as "platform solutions" that may incorporate added functionalities such as accounting software, real-time inventory management, employee management, and built-in customer loyalty programs.

Researching POS systems can be a difficult task, especially with hundreds of options that offer a wide variety of features at varying prices. However, choosing the right POS System can ultimately save you significant time and money by eliminating and/or automating previously tedious tasks. As a result, the right POS system can allow you to allocate more time on other important restaurant functions like training employees or building customer relationships.

To help guide your search for the right POS system, below are some main elements to seriously consider when comparing across your options.

1. PricingIn the past, POS systems required a significant initial investment that prevented smaller and mid-sized businesses from replacing their traditional cash registers. However, with the advent of new technologies and increased competition, the cost of obtaining a good POS system has dramatically lowered. Depending on the quality and functionalities that come with the purchase, you can expect to pay anywhere between $700 and $4,000 in upfront costs.

Regardless, always choose a POS system provider that offers clear, competitive pricing, including customized rates for your restaurant.

2. User InterfaceThe POS system you choose should offer an intuitive user interface that allows you to process sales as easily and efficiently as possible. In addition, training your employees to use the POS system should take minutes and not hours with a good user interface. Always keep in mind that a confusing system to learn, or complicated to use, will decrease employee satisfaction and lead to longer wait times for your customers.

All else equal, avoid overly-complicated systems that make it challenging to change menu items easily and on the spot. As your restaurant expands or evolves, you will need a POS system that can seamlessly adapt to your changing needs.

3. Additional Features and FunctionalitiesBeyond recording and processing your restaurant's sales, modern POS systems are generally one part of a "platform solution" and generally offer additional features and functionality as a way to differentiate themselves.

Note that while many POS systems offer the same features and functionality, not all will implement them as successfully. Thus, be sure to assess the quality of such features and functionalities instead of just checking off the boxes. In addition, you may find that your restaurant may not actually need some of the extra offerings included in certain packages, so make sure to focus on the most necessary features first.

Some additional features and functionalities common in "platform solutions" may include:

4. Data SecurityData security is one of the most important elements you need to confirm when choosing a POS system. Though all the major POS systems generally maintain a sufficient level of data security, you should always confirm. Pay extra attention when it comes to encrypting credit card information from the point of swipe or insertion and vulnerability to viruses and malware.

Also aim to adopt a POS system that has Europay, Mastercard, Visa (EMV) capability. EMV or chip cards, are the new, more secure credit cards we’re currently transitioning to in the United States. As of October 2015, businesses that don’t have an EMV processing device could be liable for fraudulent chip card transactions.

5. ReliabilityIf a POS system is not reliable, it can  negatively impact your restaurant's operations. One thing that often differentiates POS systems is their dependency on the internet. When the internet is down or wifi is slow, you ideally want a POS system that can still process transactions. Note that with most iPad-based POS systems, you can ring up transactions and accept cash as a payment, even if the system doesn’t support offline credit card processing.

6. Maintenance and RepairsMake sure you understand the costs associated with maintenance and repairs for each POS system you are considering as some POS systems often require on-site visits from a specialists, which can lead to higher fees down the road.

7. Hardware CompatibilityWhile you ideally want to avoid switching POS systems after investing in your first one, you may want to consider hardware compatibility just in case. In other words, if you end up having to change POS systems, will you have the option to reuse your hardware?

8. Technical Support and TrainingEven with the most sophisticated and easy-to-use POS systems, you will likely need technical support or training at some point. When your restaurant is in full swing, you want to avoid having to spend a lot of time troubleshooting issues with your POS system. Thus, it is very important to consider the quality and reliability of a POS system's customer service.

9. Additional /  Hidden CostsIn addition to processing fees and monthly payments, extra costs are sometimes hidden in the fine print, so always make sure you know all the costs that you will be paying. Some POS systems that may seem cheaper initially may require additional software licensing fees that are excluded from the price you see.

An ideal POS system should offer flexible pricing options such as a pay-as-you-go service that doesn’t require long-term agreements or cancellation fees.