Inventory management is a crucial part of successful business operations. It can impact everything from customer satisfaction to profit and losses. For inventory-heavy businesses like retailers or restaurants, a point-of-sale system with strong inventory management capabilities can help maximize your profits, and eventually help your business grow. Here are our top picks.
Best Inventory POS Systems
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Input your business’s monthly transaction details and we’ll help you sort from the best valueProduct | Cost Estimate | Payment processing fees | Cost Estimate | Learn more | ||
|---|---|---|---|---|---|---|
Square POS Learn more on Square POS's secure website | Get an estimated monthly cost for your business. | 5.0/5 Best for Overall option | In-person: 2.6% + $0.10 Online: 2.9% + $0.30 | $0 Free plan; $60 Plus plan for retailers and restaurants. | Get an estimated monthly cost for your business. | Learn more on Square POS's secure website |
Shopify Retail POS Learn more on Shopify POS's secure website | 4.0/5 Best for Shopify e-commerce users | In-person: 2.7% + $0.00 Online: 2.9% + $0.30 | $5 POS Lite; $89 POS Pro. (Paid Shopify plan is required for POS use.) | Learn more on Shopify POS's secure website | ||
Lightspeed POS Learn more on Lightspeed POS's secure website | 3.5/5 Best for Retailers | In-person: 2.6% + $0.10 Online: 2.9% + $0.30 | $69 and up. | Learn more on Lightspeed POS's secure website | ||
Toast POS Learn more on Toast POS's secure website | 4.0/5 Best for Small restaurants and cafes | 2.99% + $0.15 | $0 Quick Start Bundle; $69 Core plan; $165 Growth plan. Custom plan also available. | Learn more on Toast POS's secure website | ||
Hike POS | Best for Customizable POS system | N/A | $69 $69 Essential plan; $119 Plus. Custom plan available. | |||
Revel Systems | Best for Well-established restaurants | N/A | $198 and up. |
Our pick for
Overall option
Square POS
Learn more
on Square POS's secure website
Monthly fee
$0
Free plan; $60 Plus plan for retailers and restaurants.
Pros
- Deep list of features.
- Free version offers a lot of functionality.
- Square offers helpful related services, like payroll, that integrate closely with its POS system.
Cons
- Can’t run on Windows devices.
- Complex industries might prefer a more specialized system.
Our pick for
Shopify e-commerce users
Shopify Retail POS
Learn more
on Shopify POS's secure website
Monthly fee
$5
POS Lite; $89 POS Pro. (Paid Shopify plan is required for POS use.)
Pros
- Has good features for multichannel selling.
- Offers integrated, flat-rate payment processing.
- Easy to use.
Cons
- More e-commerce focused than other competitors.
Our pick for
Retailers
Lightspeed POS
Learn more
on Lightspeed POS's secure website
Monthly fee
$69
and up.
Pros
- Offers robust inventory management.
- Good customer service offerings.
- Lots of integrations.
Cons
- High price.
- Annual contracts required for lower pricing.
Our pick for
Small restaurants and cafes
Toast POS
Learn more
on Toast POS's secure website
Payment processing fees
2.99% + $0.15
Monthly fee
$0
Quick Start Bundle; $69 Core plan; $165 Growth plan. Custom plan also available.
Pros
- Promises no additional transaction fees or markups.
- Restaurant-friendly features for managing tables, inventory and employee performance.
- Multi-location management and the ability to publish different menus and set different prices at different locations.
- Live support available by phone, email or instant message.
- Pay-as-you-go plan with no monthly fee available.
Cons
- Some features, like online ordering and the loyalty program, may cost extra based on the package you choose.
- If you close your account before your contract term ends, you’ll have to pay the remaining subscription and software financing fees.
Our pick for
Customizable POS system
Hike POS
Payment processing fees
N/A
Monthly fee
$69
$69 Essential plan; $119 Plus. Custom plan available.
Pros
- Customizable with third-party hardware and payment processors.
- 24/7 live customer support.
- No contract, cancel any time with no penalty.
Cons
- Most key features are only available on the second tier plus plan.
- Quote-based pricing for the highest tier makes it hard to compare pricing.
Our pick for
Well-established restaurants
Revel Systems
Payment processing fees
N/A
Monthly fee
$198
and up.
Pros
- Cloud-based platform makes it easier to manage across multiple store locations.
- Extensive list of tools and features.
- Can configure to suit many business types and sizes.
- 24/7 customer support.
Cons
- Lack of pricing transparency.
- Requires a three-year contract.
Best Inventory POS Systems
Square
Our pick for: Best overall option
Monthly POS software fee:
- $0 for Square POS, Restaurant, Retail and Appointments Free plans.
- $29 for Square Appointments Plus plan.
- $60 for Square Restaurant and Retail Plus plans.
- $69 for Square Appointments Premium plan.
Hardware cost:
- $0 for Square magstripe-only card reader ($10 for each additional reader) or if using Tap to Pay for iPhone (iPhone not included).
- $49 and up for Square Reader contactless and chip card reader.
- $149 for Square Stand iPad POS or Square Stand Mount (iPad not included).
- $299 for Square Terminal mobile card reader with built-in printer.
- $799 for Square Register two-screen system.
Payment processing cost:
- 2.6% plus 10 cents for in-person transactions.
- 2.9% plus 30 cents for online transactions.
- 3.5% plus 15 cents for manually keyed transactions.
- 3.3% plus 30 cents for invoices.
Why we like it: Square is one of the most recognizable and well-established POS systems for small businesses. It offers a variety of plans — including select inventory management features with the free monthly plan — making it a good all-around option for newer and established businesses as well as businesses looking to scale. If you want to reap the benefits of all the inventory management capabilities, you’ll need to upgrade to the Plus plan, which allows you to manage and transfer stock across locations, create and print custom labels, reorder items from your POS and more. One standout feature is the automation. Not only does Square alert you when items are low, it can generate purchase orders and send them to you for approval based on stock numbers and sales forecasting. Read our full Square POS review.
>>MORE: Best free inventory software
Lightspeed for Retail
Our pick for: Retailers
Monthly POS software fee:
- $89 for Lean plan ($69 if billed annually).
- $149 for Standard plan ($119 if billed annually).
- $269 for Advanced plan ($199 if billed annually).
Hardware cost:
Pricing for Lightspeed's iPad and desktop hardware kits is quote-based. Individual hardware products are listed in Lightspeed's online store:
- $99 for Chipper 2X BT card reader.
- $199 for iPad stand or swivel stand.
- $299 for WisePOS E countertop reader.
- $429 for Lightspeed Lite Server for data backup and offline mode functionality.
Payment processing cost:
- 2.6% plus 10 cents per in-person transaction.
- 2.9% plus 30 cents for online transactions.
Why we like it: Lightspeed’s highly regarded feature is its inventory management, which is particularly clean and attuned to retailers because of its detail in tracking specific products. The system differentiates between standard product entries, product variants like candles that come in a variety of scents or shirts that come in multiple colors. There is also a category for composite products, which are purchasing options that package several different items together, like a gift basket. The system also allows you to manage inventory across locations and generate your own custom barcodes. Like Square, you can set low-stock alerts and order more products directly from your POS. Read our full Lightspeed POS review.
Hike POS
Our pick for: Customizable POS system
Monthly POS software fee: The following prices are based on a single location. You can visit the Hike website to see pricing for your custom number of locations.
- $69/month for Essential plan ($59 if billed annually).
- $119/month for Plus plan ($99 if billed annually).
- Custom pricing for Enterprise plan.
Hardware cost: Hike does not offer its own hardware, but its software is compatible with various products including iPads and PCs (via the app), all listed on the website.
Payment processing cost: Similar to the hardware, Hike lets you integrate with external payment processors, so the cost will depend on which payment processor you use. There are no built-in fees through Hike.
Why we like it: Hike offers a highly customizable POS system with strong inventory management capabilities that are comparable to Square and Lightspeed, such as bulk inventory importing and exporting and product variant availability. You can enter an unlimited number of products, as well. Its pricing is transparent, and you can integrate with hardware and payment processing that’s affordable or hardware that you already own. The downside is that you have to pay attention to how much those external hardware and payment processing expenses are — you might end up spending more than a system with an all-in-one price. With Hike, you can change or downgrade your plan at any time with no penalty, and you have access to 24/7 live customer support.
Toast
Our pick for: Small restaurants and cafes
Monthly POS software fee:
- $0 for Quick Start Bundle.
- $69 for Core plan.
- $110 plus $4 per employee for Restaurant Basics plan.
- $165 for Growth plan.
- Custom plans available.
Hardware cost:
- $627 for Handheld Starter Kit (but $0 if you agree to a higher processing fee).
- $875 for Countertop Starter Kit (but $0 if you agree to a higher processing fee).
- $1,009 for Guest Self-Service Starter Kit (but $0 if you agree to a higher processing fee).
Payment processing cost:
- 2.99% plus 15 cents per transaction, if you choose pay-as-you-go option on hardware.
- 2.49% plus 15 cents for card-present transactions, if you pay for hardware upfront.
- 3.50% plus 15 cents for card-not-present transactions, if you pay for hardware upfront.
Why we like it: Toast offers a POS system that was built specifically with restaurants in mind. Toast is accessible across multiple locations, and updates inventory according to live sales data, which is helpful for restaurants keeping ingredients stocked. Toast also stands out because of its pickup and delivery options and its integrated custom hardware options, like the self-serve kiosks and kitchen display systems, all of which help a restaurant run more efficiently. Read our full Toast POS review.
>>MORE: Best restaurant POS systems
Revel
Our pick for: Well-established restaurants
Monthly POS software fee: $198 a month and up. Revel advertises a software price of $99 per month per terminal, but fine print specifies a two-terminal minimum and three-year contract to receive this rate.
Hardware cost: Quote-based
Payment processing cost: Quote-based
Why we like it: Revel is a good option for well-established restaurant owners who are hands-on and managing multiple locations. It offers robust inventory management features that can be monitored through the mobile app. Revel’s multi-channel capability is also ideal for restaurants that are managing mobile orders, drive-thru and deliveries. The fact that they require a three-year contract may be a drawback for some. Read our full Revel POS review.
Shopify
Our pick for: Shopify e-commerce users
Monthly POS software fee:
To use Shopify POS, you also must have a Shopify plan for e-commerce. The following prices reflect the annual billing option, which saves you money:
- $29 for Shopify Basic.
- $79 for regular Shopify.
- $299 for Shopify Advanced.
- $2,000 for Shopify Plus.
Once you have a Shopify plan for e-commerce, add either:
- $5 for Shopify POS Lite.
- $89 per location for Shopify POS Pro.
Hardware cost:
- $49 for Chipper 2X BT card reader or Tap & Chip card reader.
- $219 for Retail Kit.
- $399 for Shopify POS Go mobile device.
Payment processing cost:
- 2.4%, 2.6% or 2.9% plus 30 cents for online payments for Advanced, Shopify or Basic plan, respectively.
- 2.4%, 2.5% or 2.7% for in-person payments for Advanced, Shopify or Basic plan, respectively.
Why we like it: Comparable to Square and Toast, Shopify’s inventory management features allow you to order more inventory from your POS, set low stock alerts and access live sales data. With its more advanced plans, Shopify also offers robust reporting and analytics features that allow you to pull inventory data from any time frame and also compare data to previous time frames. In addition to typical month-end or end-of-quarter snapshots, you can pull analysis by specific product, day and more. These may be ideal features for more established businesses that are looking to dive deeper into their data, especially across multiple locations. Read our full Shopify POS review.
Last updated on August 21, 2023
Methodology
NerdWallet’s point-of-sale systems provider ratings reward companies whose products and services are priced well and work in a variety of payment scenarios, among other criteria. Ratings are based on weighted averages of scores in several categories, including cost, system capabilities, contract requirements, customer service and integrations and add-ons. Learn more about how we rate point-of-sale (POS) systems providers.
These ratings are a guide, but services, hardware and pricing can vary widely from business to business and provider to provider. We encourage you to shop around and compare several providers.
NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.