EPOS Systems Explained
New solutions are discovered every time to make it easy for businesses to handle their transactions. The EPOS system is one of the latest innovations that has proven not only to be efficient or effective. 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 system) is a till system that works with both a point-of-sale system and hardware. The system acts as a till interface and allows customers to transact easily. It is an efficient payment system that ensures fast checkout and also manages inventory at the same time. It has cloud-based software which will automatically sync and update the transactions in accounting software. The EPOS 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 EPOS 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 EPOS system using the touchscreen monitor, keyboards, or barcode scanners.
The EPOS 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.
Different Types of EPOS Systems
As mentioned earlier, the EPOS system is quite flexible, and the software has continued to evolve, giving businesses more options to choose from. Here are some of the varieties of EPOS systems in place today:
Mobile EPOS Systems
This software allows retailers to conduct transactions while on the go with their mobile devices. The company offers this software most times for free, but the business owner will have to get a mobile card reader along with this package. When using mobile EPOS systems, the retailer will need to link their smartphone with the card reader and printer. The mobile EPOS system is convenient and a very effective solution for retailers who have smaller inventory setups and those who conduct a larger volume of financial transactions.
Tablet EPOS System
This system works with tablet devices like your iPad and Android tablets. Its flexibility makes it convenient for retailers to carry on their business anywhere, like the mobile EPOS system. However, the tablet system offers more functionalities than the mobile system. It can be integrated with other POS hardware like cash drawers, barcode scanners, and printers. The tablet EPOS system is one of the most widely used options.
Traditional POS Systems
The POS system is very popular among retailers and relies on a strong internet connection to process transactions. With the traditional POS system, retailers can conduct many financial transactions daily. It comes with all the hardware needed to operate the EPOS system and is also one of the popular options for businesses. The traditional POS system is used in establishments with a larger workforce and allows the business owner better control over transactions in their business. Employees can be made to have limited access to the EPOS system, which the business employer can configure to control access to their financial data.
EPOS System Pros and Cons
There are many benefits of using EPOS systems, and it is to say here that the pros outweigh the cons.
- The system allows customers to get accurate pricing information.
- Transactions are faster to process, saving customers time.
- The EPOS system will automatically apply promos and discounts for customers.
- Offers a centralized system to manage sales.
- Provides a better inventory process for both small and large businesses.
- Allows business owners keep track of employees’ activities.
- Eliminates the issue of human error common manual processes.
- Updates data instantly and accurately.
- It can be configured to give employees restricted access to prevent theft.
- The system is quite expensive, especially for smaller businesses.
How Do You Get Started with an 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.
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.
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 is not only effective for faster payment processing when customers make purchases but will also carry out other functions like line ordering, cataloging, inventory, telephone sales, and other accounting processes. 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?