What is EPoS and how can it help you?
In today’s uncertain economic climate, it’s crucial that you do everything possible to secure business efficiency and profitability.
New technology has begun to truly revolutionise the convenience retailing industry in the last five years. These new technologies allow retailers to achieve all sorts of exciting ways of growing footfall, sales and profits – with one of the most powerful pieces of technology being the EPoS system.
What is an EPoS system?
EPoS stands for ‘Electronic Point of Sale’. Combining both hardware and software, EPoS allows retailers to maximise their ability to buy goods, sell and promote to consumers, accept digital payments and record sales for analysis and accounting.
There are varying levels of EPoS systems
EPoS tills have come a long way in the last few decades, initially viewed as expensive luxuries, but now seen as an essential tool for running a modern store. When it comes to choosing an EPoS system, there are various levels:
1. Traditional standalone cash register
Using a cash register is the most basic method of taking customer cash payments and recording sales. With older generation cash registers, the person operating the till manually enters the price of the purchased item, often with the help of price tickets. In some cases, the only record of transactions is the paper copy of the till roll.
2. Till system with a scanner
As point of sale systems have moved on, they have become more sophisticated with the ability to store and itemise products. These systems can also make use of a scanner for reading barcodes to identify the products, so there is no need for manual price entry and transaction details are stored electronically.
3. EPoS till system
More sophisticated EPoS systems are computerised, making use of software databases. These are delivered through a combination of hardware and software that can be customised for your individual needs.
Here we explore what hardware and software are:
Hardware is often referred to as the front-end, because it’s the equipment that sits on the counter which you process transactions through. Nowadays they make use of devices such as tablets or touchscreen computers which are complemented by peripherals, such as cash drawers, receipt printers, barcode scanners, customer displays and card payment terminals.
Software is the application and database server that connects the front-end to the back office, providing essential business data around your store sales including:
- Flexible product pricing
- Consumer promotions and special offers
- Stock / inventory management
- Reporting and analytics
- User access and management controls
And much more…
Cloud enabled EPoS
With the introduction of modern-day cloud computing, POS systems can connect online to any internet enabled device such as phones or tablets. This means retailers can manage their store on the go from anywhere at any time, freeing them from the limitations of being chained to the store.
The cloud also provides the benefit of data recovery and offers peace of mind, as hardware can often be supported and serviced in faster timeframes than traditional systems.
What are the benefits of having an EPoS system?
Implementing a cutting-edge EPoS solution automates the myriad of routine tasks carried out in store, to deliver instant benefits for your business such as:
Increased profits - EPoS systems that offer advanced reporting functionality help you make better-informed decisions in key areas like ranging, pricing, stock management and promotions, increasing your bottom line.
A more efficient counter service – Some systems offer integrated EPoS, bill payments and card services in one machine, meaning you can offer a quick and efficient counter service to your customers. And with everything connected through one device, it means reconciliation is error free.
Saved time - With the costs to serve increasing, cloud based EPoS systems offer real-time business management on any internet enabled device, meaning that you have more freedom to operate your business efficiently.
Learn more about PayPoint One
More and more retailers are investing in EPoS systems to increase their profitability and save time. If you would like to grow your business, we can help. Read about how our future-proof EPoS system, PayPoint One, can give you more control over your business performance.
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