What is an EPOS system?
EPOS stands for Electronic Point of Sale. An EPOS is a system which is used by retail and hospitality business of different sizes to process transactions quickly and to effectively manage their stock. An EPOS system is a combination of hardware and software which enables you to provide your customers with a better experience within your store.
An EPOS system is more than just a till as you will be able to invest into a module which will enable you to manage your stock, produce reports, create a customer loyalty scheme and manage your employees. When you purchase your EPOS system, you will receive the hardware and the software which will enable you to serve customers. The typical hardware elements of an EPOS system will include a touchscreen monitor, black cash drawer and thermal receipt printer. Retailers may decide to purchase accessories such as a barcode scanner or customer display. Restaurants may need mobile tablets to take their customer’s order.
Depending on the size of your business, the amount of features that you need will vary. Many third party software such as Sage and Xero can be integrated with your EPOS system, which enable business owners to manage their whole system directly through their toil. Many EPOS providers will give you the opportunity to add accessories and modules as your business grows.
Benefits of an EPOS system
The main function of an EPOS system is processing payments for a product or service. EPOS systems will include a cash till and a card machine to allow you to accept a wide range of payment methods. In order to process payments, the business owner will need a merchant account. You will have the opportunity to connect multiple EPOS systems in one location with a single back office. This will enable you to create reports for the overall sales of your business. EPOS systems have been designed with fast processing speeds so that you can process transactions and print receipts quicker.
The majority of EPOS systems will include a feature called inventory management. This will automatically count your stock for you. When a product is sold, it will be automatically subtracted from your stock number. You will also be able to check your stock level at any time. When your stock reaches the minimum level, your EPOS system will automatically email an order to your supplier.
An EPOS system will give you increased control over your staff as you will be able to create individual accounts for your employees. When an employee is using your till, they will be able to sign into their account. You will be able to monitor the sales of each employee. If money is missing, you will be able to identify which account it is missing from. You will also have access to employee information such as working hours and salary.
Many EPOS systems will enable you to directly engage with your customers by allowing you to offer promotions to your customers. You will be able to create accounts for your customers and will be able to assign discounts and credit to their accounts. You will be able to set promotions for a limited time. You will have the opportunity to create a loyalty scheme and will have the option to provide your customers with loyalty cards. Managing a loyalty scheme has never been easier as you will be able to manage it directly from your EPOS system.
When you purchase an EPOS system, you will be able to integrate an E-commerce website with your EPOS system. This will allow you to accept orders online from your customers. You will be able to manage your online store directly from your EPOS system. This will enable you to view the overall sales of your business as you will be able to see the sales from your physical store and sales from your online store in one place.
When you purchase an EPOS system, you will be able to seamlessly integrate your EPOS system with accounting software such as Sage ,Xero and Quickbooks. This will enable you to export your information from your EPOS system directly into your accounting software. This will prevent you from having to manually keep your books balanced. It is important that not all accounting software will be supported by your EPOS system.
What will I receive with my EPOS package?
There is a wide range of EPOS providers on the market. However, not all of them will provide you with the same components. Some providers will only supply you with the hardware or software. Many EPOS providers will offer you an EPOS bundle which will include the hardware and software. The components that you require will depend on certain factors of your business. The factors of your business which will determine the components you need is the size of your business and the industry that your business is in. The functions that you will require your system to have will also affect the components that you need. For example, if you wanted to be able to manage different aspects of your business, you will need back office for your EPOS system.
What a standard EPOS package includes:
Additional EPOS components you may need:
- Touch screen terminal
- Cash drawer
- Card machine
- Receipt printer
- Barcode Scanner
- Back Office
- Weighing scales
- Customer Display
How much it will it cost?
The cost of your EPOS system will vary on the components that is included in your system. For example, a basic retail bundle will cost less than an EPOS system, which includes modules or a barcode scanner. You should purchase a system which will enable you to add components in the future because you will be able to improve your EPOS system as your business grows.
When you choose your EPOS provider, you should be wary of monthly costs that you may be charged. Many EPOS providers will charge you monthly costs and some providers will charge you for the annual licence fee of your software.
Before you decide on an EPOS system, you should ensure that you are purchasing an EPOS system which has all of the components required to satisfy your needs. Even though you may be looking for a cheap option, you should ensure that you purchase all of the components that your business requires. This is because if you didn’t have the components you needed to serve your customers, you would be unable to satisfy your customer’s needs. This will limit the number of customers that your business receives.
You should also decide whether you want to buy, lease or purchase your system. If you decide to purchase your system, you will have to pay a large fee to your EPOS provider, but the EPOS system will be yours and you will have the opportunity to customise your system with certain accessories. If you rent or lease your EPOS system, you will have to pay for your system every month, but support and installation are included in the price.
What do I do next?
If you want to find out more about EPOS systems and want to find out about the prices of a wide range of EPOS providers, please fill out the form on this page. Once you have filled out the form, you will be contacted by the EPOS providers who will be able to satisfy your needs. You will be provided with quotes for free and will not be obliged to purchase a system.