What is an EPOS System? A Retailer’s Guide to Smarter Selling
Technology is not merely convenient In the fast-paced world of retail today, it’s a differentiator. If you operate a retail business in the UK, it’s likely you’ve heard the phrase EPOS system. But you might have a question sometimes about what is an EPOS system?, and how it can transform your sales, stock, and customer management.
Let us break it down for you in this complete guide.
What is an EPOS System?
The word EPOS stands for Electronic Point of Sale system.
An EPOS system is a contemporary digital tool that is used in retail outlets, eateries, and service businesses to handle transactions and maintain day-to-day operations. But yeah, it is different from cash registers since it not only keeps track of sales but also combines software and hardware into one platform. This automates everything for your business from payment processing and inventory tracking to customer information and reporting.
In short, you can call it the digital mind of your store, all the strengths of sales, stock, and service in one smart package.
Types of EPOS Systems
The EPOS system is not any standard tool for all. You can select one based on your business requirements. Several types of what is an EPOS system are:
- Cloud-Based EPOS Systems:
- They are accessible by using any internet-enabled device.
- You can get real-time updates and remote reporting.
- It is suitable for multi-location retailers and mobile sellers.
- On-Premise EPOS Systems:
- This needs to be installed on your local servers or PCs.
- Provides full control over your data.
- It is best for businesses that have stable infrastructure.
- Mobile/Tablet EPOS Systems:
- It runs through iPads or Android tablets.
- It is portable and easy to use.
- It is popular among pop-up shops, events, and small stores.
- Multichannel EPOS Systems:
- It can be seamlessly integrated with your in-store layout, marketplaces, and online stores as well.
- Maintains balanced stock and price across platforms.
- It is critical for omnichannel retailing businesses.
You can select the ideal What is an epos system based on your:
- Retail model,
- Number of staff,
- Inventory complexity, and
- Scalability aspirations.
After understanding what is an EPOS system and what are its types. Let’s move towards how the EPOS system works.
How Does an EPOS System Work?
An EPOS system operates by linking front-of-shop hardware (e.g., barcode scanners, receipt printers, and card readers) to back-end software that captures and processes data. Here’s a detailed explanation of what happens in a standard transaction:
- Product Scanning: First of all products are scanned through barcode or chosen manually from a touchscreen.
- Price & Discount Application: In the second step, the software automatically deducts the price, discounts, and tax.
- Payment Processing: Next, the payment is processed. The customer can pay by card, contactless, mobile wallets, or cash.
- Inventory Update: It provides instant updates of your stock levels.
- Reporting & Analytics: At last, your sales data is retained and utilized for analysis of performance.
The modern EPOS systems can also be integrated with accounting softwares, loyalty schemes, eCommerce sites, and CRM softwares. So, it can provide you with a 360-degree view of your retail business and what is an epos system.
The Benefits of Using an EPOS Till System in Retail
An EPOS till system brings many more advantages than speedy checkouts in your retail business. Some of the most important advantages are what is an epos system:
1. Boosted Efficiency
Your employees spend less time at the till and more serving customers due to its automated stock updates, quick payment processing, and easy-to-use interfaces.
2. Better Sales Tracking
It records all your transactions that enables you to track sales patterns, monitor top-selling items, and make informed decisions.
3. Improved Inventory Management
Monitoring inventory in real-time prevents overstocking or stockouts of trending products. So, activate low-stock notifications and automate ordering now.
4. Improved Customer Experience
It provides an easier and more compelling shopping experience with the help of faster checkouts, loyalty cards, and targeted promotions.
5. Increased Security
EPOS software records every transaction, refund, and discount in contrast to manual systems. So, it reduces fraud and human error.
6. Remote Access & Insights
Cloud-based EPOS systems enable you to view your business remotely, with real-time dashboards and detailed reports.
7. Integration Capabilities
EPOS systems seamlessly integrate with your operations whether it is integration with your webstore, integration with accounting software like Xero, or with your marketing platforms.
Now, you should be clear about what is an EPOS system, what are it’s benefits, etc. the next thing is how to choose the perfect EPOS system for your business.
How to Choose the Best EPOS System for Your Retail Business
Be clear that not all EPOS systems are created equal. Here’s what you should think about when choosing the best one for your shop:
1. Business Type and Size
Your business type and size matters a lot. For example, a fashion boutique and a hypermarket have very different requirements. So, always opt for a system that is specific to your sector be it fashion, electronics, food & beverage, or convenience retail and what is an epos system.
2. Ease of Use
Make sure to opt for easy-to-use interfaces. So that your staff should be able to master the what is an epos system with minimal training.
3. Customisation
Alway remember! Flexibility is paramount. You can include features such as loyalty programs, promotions, or table management (hospitality)?.
4. Hardware Compatibility
Make sure your EPOS is compatible with your current devices or find out if the vendor has an all-in-one solution.
5. Support and Maintenance
To provide the best customer service, select a vendor with 24/7 support, frequent software updates, and transparent service-level agreements.
6. Scalability
Your EPOS must scale with your business. Consider solutions that offer multiple users, locations, and integrations.
7. Cost Transparency
Watch out for sneaky charges. Ask about a monthly subscription, hardware expense, transaction fees, and cancellation charges.
For further details and assistance in selecting the right EPOS system for your business, you can use Burrak Payments services. We assist retail companies in selecting the right EPOS solutions to suit their requirements whether you are operating one shop or an expanding retail chain.
Final Thoughts!
An EPOS system is no longer an option, it’s essential in the modern-day competitive retailing landscape. It enhances transaction speed, minimizes manual errors, and provides insightful business analysis, enabling you to sell smarter, not harder.
Burrak Payments is committed to support you as you navigate the changing retail tech landscape. Our individually designed EPOS solutions are built for success whether you’re refreshing your till or opening a new store.
Ready to future-proof your retail business? Get in touch with our team to find the right EPOS system for your needs.
FAQs
Q1. How is a POS different from an what is an epos system?
A standard POS (Point of Sale) is essentially a cash register.
An EPOS (Electronic Point of Sale) incorporates smarter software and cloud functionality for improved efficiency and data handling.
Q2. Is it possible to use an EPOS system with my online store?
Yes, it is 100% possible. Most of the EPOS systems are integrated with eCommerce platforms such as Shopify, WooCommerce, and Magento for integrated inventory management and customer handling.
Q3. How much is an EPOS system going to cost?
The prices of what is an epos systems depend on hardware, software, functionality, and assistance. You can keep an approximate budget of £30/month or more for simple systems through to £100+/month for comprehensive packages.
Q4. Do I need training to work with an EPOS system?
The modern EPOS systems are intuitive, but training can help your staff in fully using advanced features and increase productivity.
Q5. Am I able to use an what is an epos system for more than one store location?
Yes. Cloud-based EPOS solutions are best suited to handle multiple locations from a single master dashboard.
