We always get asked – ‘what does EPOS stand for’? It means an electronic point of sale, basically the till point where the customer can make orders (hospitality) or purchase items (retail) and or service. EPOS Systems have come an extended way in recent years and are commonly utilised by a good sort of businesses.
Gone are the times of the systems being an easy till point, some even manage stock levels and integrate with accounting software. This suggests choosing the simplest EPOS system for your business is often paramount in managing income. EPOS hardware is out there as fixed till points or on tablets and iPads, depending on which option you choose. The software (the clever techy bit) which runs the answer is usually cloud-based which allows you to access sales information from anywhere. So, bearing this in mind, there are two elements you ought to believe when watching electronic point of sale (EPOS) options; the hardware and software it runs on.
The foremost suitable EPOS for your business will allow you to simply accept payments altogether forms, contactless both on a card and via digital wallets like Apple Pay, also as cash. Choosing the proper EPOS will allow all payments (and payments related to admin) to be handled cost-effectively and with ease. The right combination of recent hardware and forward-thinking software will provide your business with vital data, allowing forecasting for future sales/busy periods and historical data to believe.
Choosing an EPOS which may grow together with your business is imperative, especially if you’re watching expanding into other areas of sales like launching an internet site or providing ordering via the app. With the right electronic point-of-sale system in situ, your business will have the facility to attach the dots across all platforms.
When researching an EPOS System, it’s vital to think about your business because it stands now and where you propose for it to travel, ensuring you discover a system to figure for you both within the short and future.
At Merchant Advice Service, clients across various industries often ask what to seem for in an EPOS system. There are a variety of considerations, so we’ve weakened the foremost important to form it as simple as possible.
EPOS are essentially computer systems which manage your face-to-face sales, this is often done by recording what goods or services are sold and which payment has been taken. Some electronic point-of-sale systems integrate with your card machine to supply a seamless payment process. As with most tech, EPOS systems have developed somewhat from an easy till point. Often offering additional services like accounting software integration, stock management and staff clock-in and out facilities. EPOS are no longer limited to a static till point, with some providers issuing systems which work on a tablet or phone-sized device making the electronic point of sale portable. Larger businesses sometimes require EPOS to possess barcode scanning and merchandise weighing facilities, with most mainstream providers offering self-checkout options too. The thought behind the bespoke EPOS set-ups is to figure together with your business to streamline customer checkout and payment – meaning transaction efficiency is achievable for companies big or small.
Back Office: Information is power when it involves creating or growing a corporation and having simple reporting and back-office systems at your fingertips can save time, and thus money for businesses. More recently, the event of EPOS Systems has meant access to real-time statistics like sales and employee performance, stock levels and retention has revolutionised the way companies operate. Whether it’s cloud-based or a physical system, you’ll access information from anywhere in the world if needed.
Security: Implementing a POS system that’s safe and secure should be paramount. A secure system reduces the danger of theft but, more crucially, confidential business or customer information. For larger corporations, systems with staff pins or swipe cards enable businesses to limit or monitor access to supply both accountability and peace of mind for business owners.
Customers: Making a sale or transaction as smooth as possible may be a big factor when it involves business retention and positive customer reviews. Whether you’re adding clients to a database or emailing receipts for ease, an efficient process that’s quick and straightforward is a must. If the customer is providing you with data or money for goods or services, the worth exchange must be measured in cost and time as they’re both important. You may wish to supply customer rewards too; most EPOS have a reduction and rewards facility.
Staff: Installing a functional and easy-to-use system means the likelihood of buy-in from staff increases. These systems can link each staffer with a purchase to reward top-performing staff members. Acknowledging and rewarding staff with discounts and incentives encourages diligence all around. Some EPOS Systems even have the power for workers to punch in and out making payroll a neater task too.
Management: Data is vital to efficient business management and forecasting. Historical data will make sure you can make staff and merchandise allowances for busy periods. Some EPOS systems also assist within the sales process by prompting up sales at checkout, helping you encourage sales and increase profits.
Types of EPOS machines: It’s important that you simply purchase an EPOS device which is suited to your requirements now and in the future. As a result, there are additional ‘extras’ which you would possibly wish to think about, it’s worthwhile noting that not all hardware is included therein in the standard EPOS offering, so these elements could also be added to the bill.
Receipt printer: Although email receipts are getting more common, some customers prefer a tough copy for things like business expenses. Ordinarily using an inkjet, thermal paper or matrix, it’ll provide the customer with hard evidence of their purchase.
Kitchen printers: These deliver orders to the kitchen staff via a printing device based within the kitchen location, they’re great for streamlining the order process as they efficiently manage orders from the EPOS itself or via an app connected with the system.
Barcode scanners: For larger merchants having a barcode scanner located with the EPOS hardware make the checkout process quicker, the choice for smaller businesses is staff tapping the merchandise button onscreen. This will also help manage stock levels.
Card machine: Sounds a touch obvious right? Not all EPOS devices accompany a card machine terminal. If you would like the two to integrate and work together (removing the probabilities of user error) then you need to find a machine and provider who will work together with your chosen EPOS machine.
Cash drawer: Although some businesses have chosen to become cashless, we can’t rule out the necessity to simply accept cash in some circumstances. The cash drawer may be a lockable facility, ensuring notes and coins remain safe. Cash sales also are recorded on the EPOS device, meaning reconciliation can happen at the top of the working day.
When looking at EPOS machinery, it’s important to think about all elements by using the specified bits to figure to your advantage. a number of the above could also be included within the standard EPOS package, however, it’s worth thinking about this first.
POS stands for Point of Sale. A POS system may be a system wont to process transactions for sale. Unlike EPOS, POS systems typically accompany basic hardware like a register and a card machine. The software side of POS is additionally limited compared to EPOS, usually only covering essential transactional features like calculating prices and processing payments. Despite their limited features, POS systems are an excellent option for little businesses that do not require advanced inventory management features. they’re also cheaper than EPOS systems and may be used on a spread of devices, including smartphones and tablets.
If you’re running a business, it’s important to possess a reliable system in situ to process transactions and manage inventory. Two popular options are EPOS and POS systems. Choosing between EPOS and POS depends on the character and size of your business. EPOS systems are ideal for larger businesses with more complex inventory management needs. They will handle large volumes of sales data and supply real-time analytics which will optimise your business processes. On the opposite hand, POS systems are great for little businesses that do not require advanced features. they’re also cheaper and may be used on a variety of devices, making them an excellent option for businesses that operate in multiple locations or have a mobile workforce. When choosing a system, it is vital to think about your business needs and budget. EPOS systems are often costlier, but they provide more features and may assist you to save time and increase profits by the end of the day. POS systems are cheaper, but they’re best fitted to smaller businesses with basic needs. Another important factor to think about is the simple use. EPOS systems are often more complex and need training to use, while POS systems are typically more intuitive and easier to use. this is often a crucial consideration if you’ve got a staff with varying levels of technical expertise. When choosing between the 2, it is vital to think about your business needs, budget, and simple use. By selecting the proper system, you’ll streamline your business processes, save time, and increase profits.
Having an EPOS facility that permits you to require a spread of payments is important during this day and age. Carrying cash is becoming less common so implementing a card machine, with contactless-enabled, is vital to the successful running of your EPOS system and increasing sales revenue. Unlike a standard till, electronic point of sale caters for all kinds of sales, so let’s check out the advantages to your company:
Cost – EPOS systems are surprisingly inexpensive, with a good variety running on tablets which you’ll purchase yourself if needed. This suggests if you’re a start-up company you’ll start with an inexpensive EPOS set-up (some come without monthly fees) and extend thereon as you grow. Remember you’ll have hardware and software costs, so make sure you compare on a pound-for-pound basis.
Speed – If you discover customisable EPOS software it should work to your advantage, streamlining the customer checkout process. Samples of this will include menu options, loyalty systems, and receipt functions. Integrating your card terminal also will make payments faster. It’s a win-win for both customers and therefore the business.
Backoffice – Everything from accounting to stock count, EPOS is meant to make your life running a business easier. Most providers provide integration with accounting software like Xero also as your payment provider. This suggests you’ve got a real-time reflection of where your business is at. Sales admin not must be a long-winded affair, saving both time and money.
Data is power when it involves any business and making informed decisions. EPOS devices have transformed the way companies handle face-to-face sales, providing granular reporting in real-time. For cloud-based systems (which most are nowadays) this information is often accessed from remote offices, or maybe a sunbed on holiday if you wish!
EPOS gives technical insights into how a business operates, this can assist with reacting and planning for the future, including staff productivity, stock management, peak sales times, customer details and accounting or reconciliation information. Amazing, right?
Transactional information especially can be powerful when handling returns or complaints as management can have an overview of when the sale took place, how it was paid for and who served the customer.
Real-time data puts you in the driving seat when running a company dealing with face-to-face sales, the premise behind a good EPOS provider and the software is to empower your company with the reporting tools it needs to plan and grow in the future. This is why buying an EPOS system shouldn’t be taken lightly, choosing the right one can make a huge difference.
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