1.5.2018

What is EPOS?

retail florist

In the face of economic uncertainty, it has never been more important to secure the profitability of your business. The increasing sophistication and accessibility of affordable technology is allowing small business owners to leverage this technology in the same way as their corporate competitors. An investment of this kind has the potential to not only protect your business but also to fuel growth. There are a number of considerations to make but firstly, letโ€™s start with the basics...

What is EPOS?

Electronic Point of Sale (EPOS) is a combination of hardware and software designed to help you run your business more effectively. Where traditional till systems record sales, EPOS systems not only record this transactional information but can then generate detailed reports in response to the input data. This affords owners and managers more insight into their business, allowing them to make actionable changes to increase revenue and cut costs. Some systems can be customised to include a number of features to improve business operations including loyalty reward schemes, staffing and inventory management and marketing facilities.

EPOS Hardware

Depending on the type of EPOS system you choose, the data input into the system is either held in servers on your premises or in the cloud. The core hardware comprises a terminal screen, much like a touch screen computer monitor. This is where you input orders and process payments. The additional hardware pieces that make up an EPOS system are connected via cables or wirelessly. These additional hardware pieces are optional and include;

  • Receipt printer- Small printing device using ink or thermal paper create a customer record of the transaction.
  • Tablet- Portable hardware used instead of traditional EPOS or as an additional mobile device to assist with business operations.
  • Barcode scanner- Electronic scanner that reads barcodes allowing you identify product items on the EPOS system.
  • PDQ- A card payment terminal used to electronically transfer funds via chip and pin, Contactless or Apple/Android Pay.
  • Cash drawer- A lockable metal drawer used to store cash

EPOS Software

EPOS software provides a full quantitative analysis of your business, allowing you to make fully informed decisions to optimise efficiency and growth. The quality of software can vary on your provider. Some software packages are very basic, affording you minimal insight and functionality. Other software is industry-specific, and some can be customised to meet specific business needs.

Legacy systems, where the server is kept on your premises are costly to update. Cloud-based EPOS utilise SAAS (software as a service) payment system. This means you pay a monthly fee to your EPOS provider and your system will update automatically when a software update is released.

Questions?

If you have any questions or would like more information on how EPOS could benefit your business, get in touch with our specialist EPOS consultants by calling 0800 2 945 945. They'd be happy to talk you through any queries you may have or arrange to call you back at a time convenient to you.

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