EPOS System Explained: How It Works and 5 Types of EPOS Software for Modern Businesses

New solutions are discovered every time to make it easy for businesses to handle their transactions. The system is a well-established retail technology solution that continues to evolve with cloud and mobile integrations. While many new businesses are beginning to imbibe this up-to-date technology, we will be looking at its benefits and how it can be applied successfully to businesses today.

What Is an EPOS System?

EPOS (Electronic Point of Sale) refers to a digital system combining hardware and software to manage transactions, inventory, and customer data. The system serves as a centralized interface for processing sales, tracking inventory, and managing real-time data flow across devices. It is an efficient payment system that ensures fast checkout and also manages inventory at the same time. Most EPOS systems now operate in the cloud, enabling real-time synchronization with accounting tools, CRM, and eCommerce platforms. The system is one way to improve security and ensure good sales reporting for businesses.

What is an EPOS system used for? It is used the same way a traditional POS operates with only a slight difference. The EPOS is much better in terms of functionality which involves a wider range of sales reporting, and the system is very easy to use. The system is taking over the market as many business owners see the benefits of using this device. They understand how it can effectively keep track of customers’ records and transactions.

How Do EPOS Systems Work?

The system uses computer hardware and software similar to the POS system. However, it has more components than it because this system not only makes cash withdrawals with its card reader. It also has printers, weighing scales, and customer displays. You can enter data into the system using the touchscreen monitor, keyboards, or barcode scanners.

The system is more flexible and allows businesses to choose which functionalities they require, especially those that suit their business model. The system can be customized to work with barcode scanners to make work faster and ensure accuracy. It has been designed to be used for entering sales data, providing prices of items, updating sales and taxes records, and stock levels.

5 Types of EPOS Systems

The EPOS system landscape continues to evolve, offering flexible and scalable solutions for businesses of all sizes. From compact mobile tools to robust multi-location setups, here are five of the most common types of EPOS systems in use today:

1. Mobile EPOS Systems for Different Business Needs

Mobile software allows businesses to process transactions on the go using smartphones. Vendors often provide a freemium version of the software, but a mobile card reader and portable printer are usually required. This type is ideal for pop-up stores, street vendors, and businesses with limited inventory and high customer flow.

2. Tablet EPOS Systems

Designed for iPads and Android tablets, tablet EPOS systems offer a great balance between portability and functionality. They can be integrated with barcode scanners, receipt printers, and cash drawers. This system is widely used in cafes, salons, and small retail stores due to its ease of use and mobility.

3. Cloud-Based EPOS Systems

These systems operate entirely online and store all data in the cloud. Cloud-based EPOS allows real-time syncing across multiple locations, remote access, and seamless integration with accounting, CRM, and eCommerce platforms. It’s ideal for growing businesses that need flexibility and scalability.

4. On-Premise (Legacy) EPOS Systems

Legacy systems are installed locally and typically require a dedicated server. While less flexible than cloud-based systems, they offer full control over data and security. These systems are suited for larger enterprises or those with strict IT compliance needs.

5. Multichannel EPOS Systems

Multichannel EPOS solutions integrate in-store, online, and mobile sales channels into one platform. They help manage inventory, orders, and customer data across different sales environments, making them essential for businesses focused on omnichannel retail strategies.

Pros and Cons of Using an EPOS System

There are many benefits of using EPOS systems, and it is to say here that the pros outweigh the cons.

How to Get Started with the Right EPOS System?

It is easy to subscribe to EPOS systems, and many companies offer this software. You will find solutions like AirPOS, Lightspeed, Square TouchBistro, and many others. Usually, retailers will be expected to pay monthly for this service, and the cost varies depending on many factors. Some EPOS only charge a one-time fee, usually around $750. Companies like Square do take charges for each transaction. Also, you have to factor in the cost of the hardware. A single terminal costs about $600, depending on the size of your business.  Larger businesses will need multiple terminals to enable more payments.

This depends on the size of your business and your daily turnover. For smaller or medium-sized businesses that deal with lower volume, a single payment terminal is usually enough. Before you get started, here are some of the things you should consider before choosing your preferred EPOS system:

• Size of business, including the number of staff that take payments.
• Type of business you operate, whether hospitality, retail, or others.
• Diversity of stocks managed or sold.
• Hardware preference.
• Budget.

It is not difficult getting started with EPOS systems as most companies offer their services free to help you set it up. However, before you decide to subscribe to them, you should carefully go through their terms and conditions to look for any hidden fees that may come with the charges. Some EPOS systems providers have higher cancellation fees, and some may even charge for giving support.

Choosing the Best EPOS Solution

Now that companies and most business owners are looking for ways to improve their payment systems, the EPOS systems come as an effective solution in this modern time. There are a lot of benefits to using the EPOS system, one of which is its cost-effectiveness. You can save time for your customers and your employees by using this efficient technology. It gives you better control over your finances and sales.

The EPOS system has been specially designed to meet individual needs, and you can configure it to suit your type of business. It not only streamlines payment processing, but also supports analytics, stock optimization, and omnichannel selling. The benefit works two ways for both the business and your customers. Now that you know everything about EPOS systems, what does EPOS do for business? If it is beneficial for you, why not start using it now?