The Benefits Of An EPOS System For Your Business
Even if you’ve never heard the term before, just about everybody will have encountered an EPOS system at some point in their shopping or dining experiences. The days of manual cash registers are long gone, with most businesses nowadays incorporating some kind of electronic option to help with their sales.
Read on for more on what an EPOS system is and the benefits of integrating one into your business. Then shop for a solution with iOResource.
What Is An EPOS System?
An Electronic Point of Sale (EPOS) system is an essential piece of equipment for businesses that help to create simpler and more efficient payments. As technology booms and the coronavirus pandemic is on people’s minds, fewer customers carry cash, opting to pay with card or contactless payments instead.
That is why many modern businesses take advantage of using an EPOS system to take payments. EPOS systems can link card payment devices to a till or centralised computer to allow payments to be integrated easily. EPOS systems can also help with inventory management and communication between departments.
Now you know about how they work, here are some of the benefits.
Efficiency & Accuracy
An EPOS system can be your one-platform solution to a number of tasks your business may need to complete. This way your staff members don’t have to navigate a bunch of different programs, which can easily lead to confusion and mistakes being made. By removing human error, an EPOS system will make your business more efficient and accurate, especially when it comes to inventory count and payment.
EPOS systems increase efficiency by automating tasks, saving the time it might take to manually complete a task. This could be instead of individually entering prices for items or writing down an order, a staff member can easily select a product and be presented with the correct price or add it to an order.
An EPOS system can be portable, so a worker can take the tablet or other device on the go. This way they can check stock, input orders and process payments instantly, without having to return to a centralised system to input the data or start the payment process.
Cloud-Based Backups
Some people prefer manual systems in case of a software crash losing all their data. But most EPOS systems utilise the cloud, making backups often so even if there is an issue, you’ll still have up to date data. Most can even run without access to the internet, so you won’t lose business if your internet goes down and you can’t get online.
Better Communication
EPOS systems work to unite a workforce, especially important if there are two distinct areas of your business, such as front of house and kitchen staff. Front of house can process orders using their EPOS technology and then the order can be instantly sent and displayed on a connected display or printed on a receipt. This also minimises the chance of human error during communication between the departments, streamlining the communication process.
Another example of how it can help is communication between two separate branches of a business, such as a warehouse and a retail store. Retail employees can get accurate stock levels from the warehouse and the ability to arrange delivery of items to the store, while the warehouse can find out how in-demand items are and prepare deliveries to the store without having to pester a staff member for order numbers.
Insights
An EPOS system is able to provide you with insights and data analysis for your business. It records all of your sales data, which it can then arrange for you in graphs, charts or financial reports. This is useful as it can inform an owner how well the business is performing, as well as to see projections for the future, vital for the growth of a business.
You can also add other data not related to sales, such as staff wages and tax rates.
Ease Of Use
Once set up, an EPOS system is usually very straightforward to use, allowing all employees to make the most of the system without being bogged down by technical jargon that is hard to understand.
Inventory Management
In a business not using an EPOS system, you will have to keep an eye on your inventory by writing down what is being sold and deducting it from how much existing inventory you have. An EPOS system can track your stock volume by automatically updating your inventory when an item is sold. This way you can easily see what needs replenishing automatically without having to spend time working it out manually.
Some systems can also be synced up to automatically order more stock when you are running low, saving you from going through the hassle of organising the resupply of stock.
In many stores, customers might ask an employee about item availability. Instead of taking ages to search the shop floor by hand or go check a stock room, an EPOS system can give you instant information about whether the item is in stock and where it is located in the store.
Customer Satisfaction
Customers love using EPOS systems because of how quick and easy they are to use. Scanning and paying for items can be done without delay, while payment in a restaurant will take only seconds to complete. Speed of payment has always been a high priority in customer satisfaction, and an EPOS system will ensure their happiness.
Saves Time & Money
An EPOS system takes tasks that usually require an employee to do and automates them, saving a business time and money by freeing up staff to focus on tasks that aren’t automated instead. This also allows you to invest the money you save into other areas of the business, altogether allowing for improved performance and business growth.
Versatile Retail POS
EPOS systems are so popular because of how versatile they are, with a product type to fit whatever your business’s needs are. Kiosks are standalone options that are tailored to suit your business’s floor space, either as floor-standing pedestals, on a countertop or mounted on a wall. They can be tailored to be used by employees, customers or both for a number of purposes, such as making payments, providing information, inputting an order or searching for a product.
Self Service systems are great for businesses who want to improve their customer’s experience, allowing many to make payments at once without having to go through individual manned tills. This way you can have a bank of 10 self-service tills that only need one employee to check they are being used correctly and to assist with any issues.
Mobile POS allows you to take your EPOS on the go, perfect for active workplaces where you need instant access to inventory, payment or more. This could be to help a customer who is asking if an item is in stock, or a warehouse worker locating items to fill an order. An employee can use the Mobile POS they have on them to instantly look for the information they need without having to go to a static EPOS.
There are also plenty of Peripherals that can be combined with an EPOS system to improve the experience. If your business also accepts cash, you can connect a cash drawer to your system, or a receipt printer for those who desire one. Other things you may need are a hand scanner, customer display or signature pad, all of which can easily be integrated into an EPOS system.