What is EPOS? The fundamentals explained

epos system

An EPOS system may be a machine designed to assist you to run and manage your shop or hospitality business. An EPOS system is fundamentally a till (or tills) – but it’s also the software that comes with those tills, including your login as a manager.

You’ll understand how your shop is doing, where your inventory is, and the way many of products X and Y you’re selling – during your EPOS. You’ll even manage your staff, set hours, and integrate with things like your accounting software or online shop.

An EPOS system is formed from three things: software, hardware, and payment processing. Most of the functions of the EPOS, including all of these described above, are dictated by the software.

So it’s important to settle on the proper one! Then, the payment processing may be a contract between you and a bank and moves money from customer cards to your account, for a fee.

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Your EPOS system is there to supply you with far more than ringing sales. These solutions for your business have existing technology meaning you've got vital elements of each aspect of your business at your disposal, beat one place.

Below we've picked out a number of the simplest basic tools an EPOS system can bring back your business:

Invoicing

EPOS systems offer you the prospect to possess your customers presented with the choice of ordering something before time and paying for it later. Why? Well, because some EPOS solutions enable you to send an electronic invoice.

The inventory management helps you to stay the shelves nicely stocked, and when it’s the manufacturers who are struggling to stay up with demand, you’ll be ready.

Another example, if you’re launching a replacement product soon, but you recognize it isn’t available purchasable just yet, you'll let your customers beat the push by pre-ordering.

Rewards Programs

Any EPOS system worth its salt will offer you good inventory tracking, but you'll also expect it to stay track of your customers also. Simply record a customer’s information once and you’ll be ready to view their buying habits, which may be useful for targeting any rewards programs to different consumer needs.

You’ll also take your service to subsequent level by recommending future purchases supported their buying history.

Because the EPOS systems have the potential to stay track of customer purchases, you'll follow and record their rewards on the system so you'll offer them their prize as soon as it’s time.

Inventory Management

In the past, the POS system in most businesses would have given you tons more work to try to regarding inventory management. But today, with EPOS software, you'll enter the inventory once, at which point the EPOS system does what you acquired it for and completes inventory management on your behalf.

Simply scan the barcode of any product into the system, enter what percentage you've got available and therefore the price per unit and from now onwards, the EPOS system will keep track of each sale, also as what proportion more you would like to order. You’ll be an SME or a bigger business with an inventory of stores, your EPOS system has you covered.

Total Business Coordination

With the extent of shoppers now so readily active online, you would like a robust and reliable presence there, not just through your physical store. EPOS systems help to streamline that process for you.

In fact, the solutions available here at CES Software is available to help retailers in capitalizing on local business online, making it possible for people to shop for local without losing the convenience of shopping online.

Reporting

Reporting can get really interesting – so it depends how nerdy you would like to urge about what’s making your business successful. Every EPOS, including “freepos” software, should show you an easy log of what products you’ve sold and when.

That said, you would possibly find the cheaper software flexible with how it presents the reports, and it won’t break down what factors affect your product performance. Better software will.

Let’s take a glance at those factors. The foremost important lens through which software can report your performance is that the sales data of the business.

Meaning, additionally to cost scheduling, it must be ready to probe how the worth scheduling affects individual performance of individual items in order that you'll determine how profitable the sales are.

Equally, time of day obviously affects your business – but to what extent? How late wouldn't it be profitable to remain open for is that the quite question you'll answer with an honest EPOS system; and the way peak is “peak”, really? When will you like extra staff supported the last time this festival was in town, last year? What quite surge did you experience?