Businesses must rely on a card machine to sustain themselves in this age where card payment solutions are most popular. In such an age, it’s extremely unlikely for a businessperson never heard about POS and EPOS systems.
For many retailers, managing sales, inventory, employees, and customer information can take a lot of time. With an outdated point of sale (POS) system, much of this labour is done manually, including handling customers and verifying inventory between the shop floor and the warehouse.
Running a retail company can be difficult when handling many branches and an online store.
What is POS?
A POS (Point of Sale) system is more than just a cash register that collects sales data. POS can be improved and expanded by using extra hardware like card reader, barcode scanner, and other software modules. A wide range of data points can be tracked, including inventory levels, gross receipts, profit margins, and sales trends, depending on the program.
The EPOS system: what is it?
An EPOS system is an updated version of the conventional point-of-sale system that combines hardware and software to process transactions and simplify business management. With the help of cutting-edge technology known as Electronic Point of Sales, or E-POS, you may now accept payments via mobile devices more easily. It is a user-friendly program that offers a variety of benefits, and you can download it from the mobile play store.
E-POS successfully meets the needs of an Omnichannel firm because it is integrated into a mobile device and simply delivered to the customer’s doorstep by the delivery person. To make on-the-spot payments from Cards, Net Banking, and Wallets, the program generates a payment link that may be shared with the consumer via a QR code or any other communication channel (social media, email, SMS, etc.).
What distinguishes POS systems from EPOS systems?
It is critical to understand how the two systems differ when considering a switch from a conventional POS to an EPOS system.
Methods of Payment
A physical cash register and card reader that accepts debit and credit cards are commonly used in POS systems to process payments. A more all-encompassing approach will be used by an EPOS system. Along with all popular credit and debit cards, they will go even further and accept contactless payments, internet payments, mobile wallets, and integration with all popular merchant gateways, opening the door for any payment system imaginable.
A new system must be installed and connected to your till systems when using a traditional point-of-sale system to add new features like gift cards or loyalty programs. When gift cards need to be used online or at multiple branches, the situation becomes more complicated. A modern EPOS system will connect to the tills at all your branches as well as online and will include gift cards and loyalty programs as part of its offerings. With integrated customer and order management, you can send email-based paperless gift cards to customers.
Stock Management
In addition to managing your reporting, sales, and stock software, a fully integrated EPOS system connects with all major payment processors. In this way, every time a sale is made, or an item is returned, your whole organisation may be instantly updated with the current stock level. Stock management with POS systems can be done manually regularly, which is prone to human mistakes, or it can be done by integrating a different system.
EPOS systems also provide real-time inventory and sales statistics to determine if items are running low and need to be restocked. Real-time inventory management enables your consumers to browse products on an integrated e-commerce website, increasing customer satisfaction because you can supply them with the items they require.
With conventional point-of-sale (POS) systems, inventory management mistakes could result in shelves full of dead products, too much stock, or not enough stock, which would make more time to rectify. Integrated stock management and reporting can help reveal products that need to be restocked or that aren’t selling well by displaying trends in such products. Price adjustments can be performed from one central location and applied in real-time to your entire organisation using a single comprehensive system.
Effective Management
The amount of time and money your organisation can save by switching to an EPOS system is one of the key advantages. Your firm can operate more cost-effectively and efficiently if you automate a significant portion of it. Many organisations still use manual, human processes, and paper systems to monitor their financial health, probably because of employing an outdated point-of-sale system, whether it be for stock-taking, producing reports, or handling client returns.
With more precise real-time data, an EPOS system connects all your outdated systems into a single, interconnected system that can be accessed from any place. This gives you better insights into the operation of your company with less manual work, enabling you to address problems as they come up.
POS vs EPOS: Which is best for your business?
When deciding between POS and EPOS, a few variables might help you make the best decision for your company.
Price
Small and medium-sized businesses are unable to make significant investments in new hardware to support their conventional point-of-sale system. For instance, you must set up several terminals in the store if you wish to add more bill counters using a POS system. While with an EPOS system, you can allow your employee to complete the billing on their mobile devices and let your clients complete the process using digital invoicing.
Therefore, there is no need for more bill counters. However, there is a considerable cost associated with EPOS accessories. After a while, some accessories might not even be useful for you. While the upfront cost of a standard POS is not extremely high.
Internet Connectivity
In a lot of cases, EPOS needs a reliable internet connection. Even though many EPOS suppliers enable offline charging, this does not guarantee real-time data changes. Traditional POS may be a suitable option if your store is unable to use a reliable internet connection.
Software Updates
Software updates are required frequently for EPOS systems. Traditional POS requires no training for you or your staff to operate its hardware and software.