Image by: WageIndicator – Paulien Osse
Modern businesses are increasingly looking for ways to save money, speed up productivity and increase sales. Any business or retailer nowadays has to have their finger on the pulse of what is the quickest, best and most cost-effective way to run their business on a day-to-day level.
That’s where the EPOS system comes in. Its combination of up-to-the-minute technology, reliability and efficiency have made it an increasingly popular choice for businesses up and down the country. Here’s a bit about it.
WHAT IS AN EPOS SYSTEM?
Recommended for YouWebcast: Growth at a Scale Up: How to Grow When You're No Longer a Startup
EPOS stands for Electronic Point of Sale digital system and is a computerised system used in shops, restaurants and other retail outlets. Essentially it’s an electronic way of letting people pay for goods or services. EPOS systems have a variety of uses such as –
- Helping to improve the way a business performs
- Allows information and stock to be stored securely
- Information can be retrieved immediately as and when needed
- Allows a business to see what products are in demand
- It can print out receipts and vouchers for customers
- It can also be linked to a company website or any terminal within the business
HOW DO EPOS SYSTEMS WORK?
EPOS systems comprise of computer hardware, peripherals and software perfectly suited to a point of sales environment. For example, some of the most common components to an EPOS system are cash draws, chip and pin, customer displays, keyboards, printers and weighing scales.
It’s a system that can support data entry through a variety of devices such as computer keyboards, touchscreen monitors and barcode scanners.
It gives the retailer tremendous flexibility in choosing specific peripherals for their business – ie: in a high demand environment such as a supermarket, an EPOS system can be configured to work in tandem with barcode scanners to ensure price accuracy and allowing the staff to work quickly.
EPOS systems can also be adapted to suit a variety o different working environments to ensure that the system is uniquely suited to a particular business. It can be used for –
- Recording sales
- Updating stock levels
- Providing accurate pricing information
- Enable fast and efficient customer service
- Keeping track of sales and taxes
WHAT ARE THE BENEFITS OF USING AN EPOS SYSTEM?
There are a number of long-term benefits to using the system. These include –
- It ensures accurate pricing
- Faster transactions
- Reduces human error
- Improves data integrity
- Prices can be changed easily for special offers
- Provides accurate sales reporting
- Enables constantly updated inventory for accounting, marketing and sales
At a time when companies and businesses are trying to be as cash-savvy and save as much money as they can, it’s also important to consider the long-term cost-saving that using an EPOS system can glean. It can create noticeable savings on employee time and accounting, improve efficiency of stock control, and be the starting point to create a database for customers and their behaviour.
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 is another vital addition in the list of multi channel retailing that ultimately offers benefit after benefit for your company and your customers.
Does your business use EPOS systems and what advantages have you found from using it?