What is an EPOS System?
- POS September 23,2020
Every good retailer should use an EPOS system.
Cash tills won’t be great for many small businesses until you've got thousands of things purchasable. Tracking inventory takes up all the time you would like to try to other tasks. Cash till and traditional POS are not any longer efficient. That is where EPOS systems are available. Now retailers of all sizes can save their time managing stock with the seamless data synchronization between multiple sales channels, and between inventory storage and point-of-sales.
EPOS stands for Electronic Point of Sale system. It’s a mixture of EPOS Hardware and EPOS software that gives an efficient business operation. He also gets a far better understanding of his business performance. EPOS system is additionally connected to an eCommerce site.
EPOS Software is the key to successful retail management. It’s essential to possess EPOS software that suits your business needs. After choosing the best-fit EPOS software, the subsequent step is to settle on a compatible EPOS hardware.
Common EPOS till software features include, counting on specific business needs:
- Stock control and tracking
- Purchase and order processing
- Loyalty programs
- Promotions and discounts
- Integration with an e-commerce website
Some sorts of business may require different or extra functions to suit their specific needs. Many EPOS system suppliers are conscious of this and offer a scalable system that suits the business growth. And lots of providing customization service to make sure a best-fit solution.
Depending on specific needs, each business might need to possess different EPOS hardware components.
The core hardware comprises a terminal screen. This is often where you input orders and process payments. Within the recent years, the worth of touchscreen monitors has fallen and become affordable to several retailers. The touch screen display allows faster data entry at the purpose of sale and waives the necessity of a keyboard.
Cash drawer: A lockable metal drawer to store cash. Hence, this reduces employee theft.
Receipt printer: A printing device to make a record of the customer’s transaction.
Barcode scanner: A scanner that reads barcodes to spot product details on the EPOS system. There are 2 sorts of barcode scanner: handheld and multiline. Multiline scanners can read barcodes from different angles, which accelerates the method. They’re ideal for places with a high volume of transactions. In contrary, handheld barcode scanners are used where there's a smaller volume of transactions.
PDQ Terminal: A tool to simply accept MasterCard payment.
Tablet/ iPad EPOS: A transportable hardware utilized in addition to/ rather than the normal EPOS to help with business operations. This is often suitable for such businesses requiring higher mobility or commissary with limited space. For instance, mobile vendors, quick-service restaurants, coffee shops, gift shops, juice bars, sandwich shops, etc.
Report on how well your products are performing
An EPOS system captures all of your business’ transactional information, like card transactions and products sold, within its secure management system. This suggests you’ll be ready to see exactly how your business is working from one place. With its cloud-based back office management system, you'll have full visibility and control of your business at any time, from anywhere. You can also set-up and customize your dashboard to look at specific information, like your best-selling products, quickly and simply.
Track your stock and inventory
OK, so you'll see which products are performing well - but that doesn’t mean anything if you don’t have those items in stock.
EPOS has you covered. You’ll add all of your products onto the system to trace and monitor what you’ve sold and the way much stock is left. This takes away having to manually check this yourself, so you'll make sure you always have the proper products available. An EPOS system also features a minimum and maximum stock report available, saving you time when it involves stock takes. Plus, it’ll highlight any discrepancies available received and any missing stock, speeding up the method for you.
The reporting also will tell you which of them items you've got surplus of or aren’t selling, for instance – so you'll be proactive with regards to pushing products, or discontinuing.
Keep your data safe
Using EPOS, you’ll be ready to keep all of your data and knowledge safe and secure in one place, instead of using multiple separate systems or loose paperwork.
It uses a PIN code system for security, to assist confirm only you and your staff members have access to the info, and you'll set different priority levels for various members of staff too.
For example, if you would like to manage all the reporting, you'll set it in order that you've got full sight over everything. If you've got a staff that manages certain areas, like stock, you'll set it in order that they only have access to the stock management system.
Support together with your accounting
An EPOS system will offer you a moment overview of your business transactions, which is ideal for managing your business’ accounting. You can find out automated reports and schedule emailed reports for specific times and days, so you won’t need to create new ones whenever. for instance , you'll found out accounting reports, which may then be send straight to your accountant, saving you time.
You’ll even be ready to manage payroll effectively, as this may be pre-processed to assist accurately calculate your staff hours and what money is due