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What is an ePos System and what does it stand for?
EPOS or Electronical Point of Sale Systems are the modern day cash register. With an EPOS system businesses can take transactions via cash or by credit card and print receipts in-store. By getting a EPOS system for your business you receive both the till that is used to take the payments as well as the software needed to run it. They are widely used in retail, hospitality, cafes and restaurants.
Whilst the main function of an EPOS system is to take payments there are many other important features that make EPOS systems a much better alternative to historic cash machines. These include:
- User friendly touch screen
- Barcode scanning, item searches
- Integrated chip and pin card payment solutions
- Detailed Reports on stock, sales etc
- Staff Tracking
- Stock management
- Barcode creation and printing
- Customer management
- Reward/Loyalty schemes
- Stock lookup in multiple locations
- Feeding information into your website
How does an EPOS work?
EPOS systems are highly flexible – they comprise of hardware, software and other peripherals that are suited to a point of sales environment. A touch screen cash draw, scanner and printer are common components that you can expect to find in a modern day EPOS System. In high demand environment such as supermarkets EPOS systems are configured to work with barcode scanners to enable pricing to be scanned with high accuracy giving the huge range of products available. This allows staff to work quicker.
What are the benefits a EPOS System for retail, hospitality and takeaways?
The most important thing about EPOS systems is that they can be tailored to your individual and specific business needs. Along with store purchases, online ordering, telephone sales, catalogues and the like, EPOS ultimately offers benefit after benefit for your company and your customers.
The Difference Between Cash Register and EPOS System
If your business is growing, you might need to process hundreds of transactions daily. To handle such a volume, you need to equip yourself with the right tools, both software and hardware. With this said, you can either use the traditional cash register or the Point of Sale (POS) system to process your sales. How are they different from each other?
What is a Cash Register?
You might know the cash register as the machine which holds money, records the amount of each of the sale you make, and indicates the money you receive.
This machine was invented by James Ritty in 1879 as a way to prevent employee theft. Back in those days, employee theft was one of the leading causes of retailer shrinkage. Of course, cash registers have come a long way since then.
Now, the cash register is used to record all the money coming in and out of your shop. You can also use it to calculate tax, create receipts, and track sales. If you want to add additional features like a barcode scanner, credit card reader, etc., you will need to invest in additional hardware.
Benefits of Using a Cash Register
There’s a reason cash registers have been used for years. The machine works. Here are the many benefits you can get from using it:
- Makes transaction processing efficient
- Is a low-cost investment
- Stores money securely
- Straightforward and simple to use
- Follows tax regulations of the state
- Has few components– display, keyboard, and printer
- Does not experience virus infection and other PC problems
- Has low power consumption
- Covers the basic reporting and processing functions
What is a Point of Sale (POS) System?
The Point-of-sale is a system that allows you to execute purchases. It’s like an upgraded version of the cash register as you can use it to perform cash transactions and other things a cash register can do. However, you can also get a more detailed reporting.
The first POS system was introduced in the 1970s. However, it was not used in retail environments until the 1980s and 1990s. As of 2013, it has made about £36.38 billion.
A POS usually comes with more components namely the server, computer, barcode scanner, chip reader, card scanner, and a touchscreen device. You can integrate into it the accounting management software, the inventory management system, and more. It can handle everything, from sales to customer management.
The POS system is necessary if you manage multi-channel sellers. It can sync and track data across different store locations and warehouses. They can function as a centralized data location so that you can monitor all your stores and channels in one platform.
What are the Benefits of an ePOS System
The Point of Sale System is better than the cash register in more ways than one. Here are the benefits you can get from it:
- Can handle great product sale volumes
- Understands and simplifies complex business logic
- Allows refunds, sales tracking, revenue maximisation, and more
- Comes with advanced functionalities like reservation management
- Greatly efficient in enhancing savings
- Comes with high-class analysis and reporting features
- Integrated with Back Office system
- It ensures accurate pricing
- Faster transactions
- Reduces human error
- Improves data integrity
- Prices can be changed easily for special offers
- Provides accurate sales reporting
Comparing Cash Register Vs. POS System
Do you need a POS system or can you settle with the cash register? In order to answer these questions, you need to understand your business first. Here’s a rundown of the differences between the cash register and POS system.
You can buy a cash register for £100 to £800. On the other hand, the POS costs an initial £1000 and another £1000 for your annual fee.
Ease of Use
A cash register is a simple machine. Using it is easy to learn, so you can teach all of your employees about it.
The POS system, like any other apps, is user-friendly. If you are to integrate more complex systems on it, however, you need to train your staff on how to use it.
The cash register can only make basic sale reporting. However, the POS comes with multiple reporting options that you can use to improve accuracy. It also comes with advanced retail analytics that will track sales, customers, inventory, etc.
The biggest advantage of the cash register is its reliability and durability. However, it has limited functionalities and is a bit archaic.
The biggest advantage of the POS system is its functionality and features. However, it requires regular software updates and subscription fees.
EPOS Systems vs Cash Register?
There’s no perfect system that can work for all businesses. So in choosing your business cash rgister, you need to consider the unique needs of your business. Here are questions that you need to ask yourself before you make a decision:
- What are the biggest pain points in your business?
- What types of payments do you accept?
- Do you need to collect tax for each sale, store, customer, or product?
- How busy is your store?
- How many departments do you have to track?
- How many products do you sell?
- How many registers do you need?
- How do you administer receipts?
Once you know the answer to these questions, you can take note of the hardware that you need. Do you need scales, barcode scanners, and receipt printers? Then, set a budget. Can you afford a POS system?
If your business is relatively small, you might want to settle with the cash register first. However, if the growth of your business is steady and consistent, getting a POS system is a more worthy investment.
Final Thoughts on EPOS
Today, the market is getting more and more competitive. You can’t afford to be inefficient. You need to get the right hardware and software for your business. It might be that a budget-friendly electronic cash register is all you need to handle payment needs and retail checkout. However, if you want to run your retail operation more efficiently and drive growth data, then you might want to get a Point of Sale system. Either way, both tools can help you improve efficiency, streamline record keeping, reduce administrative cost, and enhance customer service.