How Your Business Can Benefit from an EPOS System Upgrade
Opening your first shop is a significant achievement that requires celebration. However, before you can celebrate, you must first accomplish a long list of things. It includes acquiring business permits, securing a location, and purchasing the necessary materials and equipment for your shop.
When you’ve reached the position where you’re shopping for items you need to install on your retail shop floor, you may want to consider investing in an EPOS system instead of the traditional cash register.
Defining a Cash Register
Cash registers are the most basic type of point-of-sale system. A cash register, also called a till, is a mechanical device that allows a salesperson to calculate, track and total customer purchases.
When a customer purchases an item, the salesperson enters the product price and quantity into the register, automatically calculating the bill to determine how much the customer owes.
Considering the advancements that technology has made in recent times, you should note that cash registers or tills are outdated at this point. So if you want something more comprehensive and convenient to use in your shop, an EPOS system makes an excellent choice.
Understanding the EPOS System
Before getting into the nitty-gritty of the electronic point-of-sale (EPOS) system, you must first understand it comprises three components: EPOS software, EPOS hardware, and merchant payment processors.
What Is an EPOS Software?
The EPOS software is an integrated software package retailers use to process sales transactions. The core of an EPOS software is a robust database capable of tracking the following information:
- Customer information (name, address, email, and phone number)
- Transactions (invoice number, quantity, price, and item)
- Inventory (item, shop location, and quantity)
Other EPOS system functions include payment processing, order and inventory management, employee management, and supplier and employee scheduling.
What Is EPOS Hardware?
Using an EPOS system also requires your shop to have EPOS hardware, which is the physical equipment that enables you to use the software. EPOS hardware typically refers to the terminal, a smaller-sized computer that connects directly to your POS system. Smaller shops often use a terminal, while bigger shops use a POS computer to manage a larger number of terminals.
Aside from the terminal, you can also invest in a customer display, receipt printer, barcode scanner, and PDQ terminal if your shop needs it to function.
What Is a Merchant Payment Processor?
A merchant payment processor is vital to the EPOS system and your business, given that they provide the infrastructure that allows your shop to accept payment methods other than cash. With a merchant payment processor, you can run credit and debit card transactions too.
Merchant payment processors connect to the EPOS software and hardware to receive completed transactions and transmit them to the bank.
What Is an EPOS System?
In simpler terms, an EPOS system is a combination of a POS system, cash register, and merchant payment processor. Having an EPOS system will result in a much more efficient workday.
Additionally, an EPOS system edges out traditional cash registers because it lets you ring up items, check the inventory, look at the menu, and process secure payments with credit and debit cards.
Factors to Consider When Choosing an EPOS System
Finding the right EPOS system for your shop is simple, provided that you keep in mind the following factors: budget, business size, and chosen industry. EPOS systems have become more affordable recently, but they’re by no means as cheap as cash registers. So try to gauge how much you’re willing to spend on an EPOS system.
Following that are your business size and chosen industry. Small businesses can get away with a single EPOS system, but you’ll need to purchase more if you have several locations. Additionally, EPOS systems have unique features depending on the industry, so make sure to check out those added features before purchasing one.
What Are the Advantages of Using an EPOS System?
EPOS systems can offer plenty of advantages to businesses of all sizes. See some of them below.
1. Enhanced Customer Experience
EPOS systems allow customers to view their transaction records in real-time, giving them a sense of on-the-spot accountability and making it easier for them to understand the breakdown of the shop charges.
EPOS systems can also connect to various credit and debit card companies, allowing you to process transactions and complete the sales of products. That way, you won’t have to wait for customers to purchase products using cash before ringing up their purchases.
2. Boosted Profitability
Knowing your inventory is a crucial part of ensuring profitability. If you know what products your customers are interested in and when they tend to purchase them, you can adjust your inventory accordingly. Modifying your product pricing can help create a lasting impression and maximise sales in your shop.
In addition, most EPOS systems allow you to check the current inventory on hand and keep tabs on how much stock you have of each item.
3. Improved Employee Productivity
Using an EPOS system allows your employees to accomplish their work more efficiently, as the system does most of the legwork for them.
With an EPOS system, your staff can take orders, process payments, and manage inventory using the same system, saving them many trips to and from the till.
4. Reduced Fraud and Theft
EPOS systems have multiple safeguards in place to protect you from fraud and theft. They are particularly sensitive to who accesses the system, with many units requiring users to input one-time passwords or keycard swipes to perform specific actions.
Aside from that, the system also allows you to monitor user behaviour to ensure that your employees are correctly using the system.
5. More Transparent Business Operations
Sharing your business information with your employees lets them see the big picture and understand the shop’s financials.
An EPOS system is perfect for facilitating this, as employees can easily access real-time financial data and make better decisions as a result.
An EPOS system is an excellent investment for any retailer looking to improve productivity and profitability in the shop. However, there are many factors to consider when choosing an EPOS system, so make sure to take into account your budget, business size, and chosen industry when shopping around for one.
Easitill EPoS Systems makes an excellent choice for robust, cost-worthy EPOS systems in the UK. We offer EPOS systems for various industries, including retail and hospitality. Book a demo today.