Terms like EPOS or POS can be intimidating if you’re not familiar with them. But behind the acronyms lie incredible solutions to help you manage your business and increase your sales. If you’re looking for a safe, all-in-one system that supports all payment types, and helps you manage your business – you’ll want to know what an EPOS system is.
What is an EPOS and how is it different from a POS?
EPOS stands for “Electronic Point of Sale”. Imagine one tool that acts as your till, helps with your accounting, displays what’s left in your inventory, manages your customers, calculates your employees’ hours, tracks your sales data, and so on. Now imagine this tool being cloud-based and accessible everywhere at any time. That’s an EPOS! A piece of software that manages all your daily business tasks in one place.
So what’s a POS?
In the past, merchants would have a heavy cash register machine that sat on the counter. The cash register held money, recorded sales transactions and gave change. Customers had to go to this machine to pay for a good or service. This is called a “Point of Sale” or POS. With the introduction of new technologies, POS changed a bit: goodbye noisy, cumbersome cash register machine and hello computerised, portable systems.
Nowadays, since most points of sale are electronic, the terms POS and EPOS are interchangeable and mean the same thing.
What you should expect from an EPOS system
Effortless and time-saving
An EPOS system operates online and is very intuitive to set up and use. You don’t need the help of a technician to set it up for you as it’s cloud-based, and can even be installed from a phone or a tablet. If you encounter any difficulties, online support is always available to help you get set up seamlessly. Modern POS systems are designed to be simple and time-saving. Which means more time to focus on the core of your business.
Because it’s “just” a software, you can find EPOS systems that are free to download and run. However, free options often have limited features. If you need advanced features, like extra support, multiple locations or additional services, it can add up.
Process all payment types
The smart combination of hardware and software allows you to be extra flexible and let your customers to choose the payment method that suits them best: card, contactless and even mobile like Paypal QR codes. EPOS systems benefit from advanced technology to help you deliver excellent customer service and keep you on top of every sales.
- High security: since it’s a web-based solution, EPOS systems benefit from strict security protocols.
- Smart inventory: EPOS systems allow you to check stock in real-time, get notified about low levels and even streamline your stock management process with automatic orders – so you never run out of your bestsellers.
- Customer loyalty: an EPOS system can offer loyalty programmes and customer accounts and thus increase return visitors – and your sales.
- Reporting capacity: an EPOS system can take care of your accounting, data reporting, sales tracking, your workforce’ working hours. This information is precious for the strategic planning of your small business.
Easy to enhance
EPOS systems offer the opportunity to integrate apps of your choice for extra functionalities. EPOS systems allow, for example, accounting integration and restaurant ordering systems to make managing bookkeeping and home delivery easier.