An EPOS, or electronic point of sale system, is the modern-day version of a till system, designed to make your business life easier. It is a digitally run platform that collects a large amount of useful data alongside your sales records. As a small business, it is vital to understand what EPOS systems are, how they work and how they benefit your business.
What is an EPOS system?
You can think of an EPOS system as a modern version of a checking account system that’s designed to simplify business operations. The data collected by an EPOS system allows business owners to better understand their customers and easily check how well their business is performing. An EPOS system is a powerful piece of software that allows you to get a complete overview of your business’ performance while you are on the go, storing all the data in one secure location, simply by connecting it to your card machine.
The EPOS system is made up of three elements:
- A central terminal that has a touchscreen display. This comes complete with software that’s bespoke to your industry.
- The card machine. At Inspire Payments, we have a range of countertop, portable and mobile GPRS card machines, all of which accept the major credit and debit cards as well as Apple Pay and Google Pay.
- You also need to be able to connect the above to a printer and a till.
How do EPOS systems work?
EPOS systems use a mix of hardware and software to help businesses to process sales more efficiently.
- The hardware features a central touchscreen terminal and a card machine and receipt printer, which both connect to your central terminal.
- The software can be installed directly, or sit in the cloud, which is ideal for multi-site businesses looking to analyse data across several locations.
By installing an EPOS system, you make it easier to monitor your business performance accurately. It enables you to track sales, where they’re made and who by, and which employees are performing best. It is also a great way to keep track of stock in real-time.
The EPOS software varies depending on your business needs, but common features include:
- Keeping control of stock
- Processing purchases
- Tracking stock
- Processing online orders
- Keeping tabs on promotions and discounts
The hardware or terminal screen is where you are able to process orders and payments. As technology has advanced, so have the different ways in which this can be done. For instance, in local newsagents or independent clothing shops, you may have a till or cash drawer with a receipt printer that allows you to record customer transactions. In a restaurant or coffee shop, you may find devices such as tablets or iPads being used as a way to allow movement within the premises and enhance the customer experience by allowing orders and payments to be taken at their table.
If you are unsure which hardware or software option would be best for your business, a member of our experienced team would be happy to assist you to ensure your EPOS system has the functionality you need.
Benefits of the EPOS system for small businesses
Speeds up your services
Whether you run a takeaway or a clothing shop, there will always be a time of the day when you get incredibly busy and queues are long. Your employees are stressed as they try to work through the busy period, while your customers become agitated wondering how long service will take. Some may even get fed up with waiting and leaving without making a purchase, so you miss out on valuable sales. Using an electronic point of sales system speeds up sales transactions, reducing the queues considerably, and allowing you to capture customer data while maintaining a high level of customer service.
A business accepting cash payments is prone to making more mistakes. You might give out the wrong change or the customer may take longer to find the correct money, holding your other customers up. Using an EPOS system and card machine cuts down the risk of these mistakes. It is more efficient for your customer at the point of sale and also helps you to balance the books with ease at the end of the month.
No more cashing up mistakes
Using a card machine and allowing card payments mean you have less cash to collect from the till at the end of the day. This saves you from having to make long-winded trips to the bank, prevents miscalculations from occurring, and reduces the risk of theft taking place on the premises. Using an integrated EPOS payment service can also save you time cashing up.
Quick and easy set-up
At Inspire Payments, our expert team will talk you through the entire set-up process. From the first call, we aim to make the process quick and easy for you. To find out more and speak to a member of our team, please contact us on 0113 532 66 55.
Connect your EPOS system to your online store
If your small business also has an eCommerce site, an EPOS system will enable you to integrate both online and offline information to give you an overall picture of your stock intake and customer information. You will be able to find out useful information quickly and accurately, such as which products do well online and where most customers make their purchases.
Enhances customer experience
Having the correct electronic point of sale system in place means the pricing of products across all platforms online and offline is updated correctly. The point of purchasing will also be sped up so customers do not have to wait longer than necessary when making a purchase. Both of these features enable you to deliver a smooth shopping experience for your customers enticing them to return to make repeat purchases.
Reach even more customers today
Interested in electronic point of sale systems and how they work? Our card machines work with a wide range of EPOS systems, so if you have one in place or are looking to integrate your existing card machines, Inspire Payments is the perfect place to look. Our team is on hand to help you find the solution that suits your business best. All our systems are secure and compliant, in line with the Payment Card Industry Data Security Standards.
Begin the journey and transform your business’s EPOS system with a free quote today.