What is EPOS? 5 common mistakes when choosing an EPOS software

EPOS (or POS) is of importance in the retail revolution for processing sales and transactions.  Are you still using a cash register and traditional POS to manage and track the whole process of sales, inventory, and customer information? You are missing big chances to save time, optimize business efficiency, access more customers and level up numbers of sales for your stores.
While cash till and traditional POS slows down your transactions and increases the chances of errors, EPOS helps retailers of all sizes to save more time managing stock with the seamless data synchronization between your offline store and eCommerce website. This article will explain “what does EPOS mean”, its benefits, and everything you need to know to start with an EPOS.

What is EPOS?

EPOS stands for Electronic Point of Sale system. EPOS definition is another name of POS system, so basically they are the same. It’s a combination of EPOS hardware and EPOS software that provides an efficient business operation. With an EPOS, store owners can process, and track sales, and other procedures easier. They also get a better understanding of his business performance.

Electronic POS is also connected to an eCommerce site, and other software to streamline smooth store operations both online and offline. That is the reason why the online-to-offline integration provides customers with seamless stock information and shopping experience.

EPOS software

EPOS software is the key to successful retail management. It is essential to have one EPOS software that suits your business needs. After deciding on the best fit for EPOS software, the next step is to choose compatible EPOS hardware.

Common EPOS till software features include, depending on specific business needs:

• Speed up transactions in-store
• Sync data of orders, sales, and inventory both online and offline channel
• Control stock and inventory, avoid out-of-stock and over stock on sales channels
• Manage purchase orders and send requests to suppliers to stock up in time
• Manage loyalty programs for better customer experiences and sales performances
• Integration with an eCommerce website, and other systems for all streamlined retail operations

If businesses require different or extra functions to fit their specific needs, you can look for EPOS solution like Magestore that is scalable and customizable to craft the best fit solution for business growth. 

EPOS hardware

Depending on specific needs, each business may wish to have different EPOS hardware components.

The core hardware comprises a terminal screen. This is where you input orders and process payments. In recent years, the price of touchscreen monitors has fallen and become affordable to many retailers. The touch screen display allows faster data entry at the point of sale and waives the need for a keyboard.

The additional EPOS hardware components are connected via cables or wirelessly. They may or may not include:

• Cash drawer: A lockable metal drawer to store cash. The EPOS controls by whom and when a cash drawer is opened. Hence, this reduces employee theft.
• Receipt printer: A printing device to create a record of the customer’s transaction.
• Barcode scanner: An electronic scanner that reads barcodes to identify product details on the electronic POS. There are different types of barcode scanners, but the most common forms are handheld and multiline. Multiline scanners can read barcodes from different angles, which speeds up the process. They are ideal for places with a high volume of transactions. On contrary, handheld barcode scanners are used where there is a smaller volume of transactions.
• PDQ Terminal: A device to accept credit card payments.
• Customer Display/ Pole Display: a standing device to deliver price and advertising information to a customer at the POS.
• Tablet/ iPad EPOS: A portable hardware used in addition to/ instead of the traditional EPOS to assist with business operations. This is suitable for such businesses requiring higher mobility or small stores with limited space. For example, mobile vendors, quick-service restaurants, coffee shops, gift shops, juice bars, sandwich shops, etc.

You should buy both EPOS software and hardware from one supplier to ensure compatibility. This requires no extra integration and reduces your costs. As usual, after looking for a suitable EPOS software, solution providers will let you know some hardware choices that can work well with your system.  Thus don’t worry about POS hardware too much.

Don’t decide to buy a EPOS hardware before looking for an EPOS solution, chances are the system does not meet your expectations. Then, you have to throw everything away and start all over again as these hardware/software are mostly compatible with those of the same brand only.

EPOS payment

EPOS allows customers to pay for their orders with diverse payment methods such as cash, credit and debit cards, and even mobile payment. This improves transaction process and give customers more shopping and payment options. That is the reason why retailers need to integrate EPOS with payments to ensure to deliver better customer’s omnichannel shopping experiences.

What is EPOS data?

An EPOS system is like a cash till/ cash register that is connected to a computer. Electronic point of sale reads the product barcode via a barcode scanner and calculates the amount that the customer has to pay. This provides accurate pricing information while offers a faster service to buyers.

At the same time, EPOS records sales, update stock levels and customer data in the backend of the seller. Later, the store owner can extract different types of reports anytime. EPOS data reports cover customer loyalty information, sales, stock figures, and employee productivity, so reflect the real business performance, provide more insights for marketing activity and loyalty programs to drive sales.

What are EPOS advantages?

Compared to the traditional POS, electronic point of sale has a variety of benefits, especially in long-term:

For customers:

• Ensure correct product pricing and information on multiple sales channels;
• Speed up order processing and transactions;
• Allow customers to use promotions and discounts both online and offline;
• Deliver a smooth and convenient shopping experience via multiple payments and shipping methods.

For store owners:

• Centralize business operations and manage multiple sales channels from one place;
• Enhance customer satisfaction, multiple shopping options: online, in-store, click and collect;
• Make better, more accurate inventory forecasts based on demand forcast, suggest sending purchase order (PO) to suppliers;
• Keep track of business performance to provide insightful reports: sales reports, cash tracking, cash flow reports, staff performance, product reports, discount reports, inventory reports, and more;
• Increase sales performance with omnichannel selling;
• Reduce time and mistakes in manual processes;
• Enable correct, instant, and easy data update;
• Set tier staff permission to reduce potential employee theft.

5 Common mistakes when buying EPOS

Buy the cheapest EPOS

You may get tons of offers for low-priced hardware and software. Caution: resist the temptation to save yourself a few dollars before getting yourself into a potential nightmare.

By buying a cheap EPOS solution, you may put their business at risk. As a result, you may end up with more costs to fix the damages than your initial investment.

Again, my advice is to plan a few years ahead, prioritize the needed functions, and check your budget. Then, buy the best technology you can afford. A reliable solution will save you efforts and costs in years to come.

Choose the wrong supplier

A reliable supplier provides a reliable EPOS. Thus, do diligent research on potential suppliers before picking one.

Essential questions for the potential EPOS supplier may include:

• For how long has the company been in business?
• How large is the company? How many employees/ developers do they have?
• Does the company provide the EPOS or are they a reseller?
• What is their support policy and refund policy?
• Do they provide training or product guides?

Buy hardware first

Many retailers make mistakes when buying a POS hardware first, and look for a software to go with it later. Unfortunately, some software only integrates with specific hardware.

Therefore, it will be wiser to do the other way round.

Select a software that meets your business needs first. Then, get an epos hardware that is most compatible with the software you intend to use.

Overlook the future needs

An EPOS contains a tremendous amount of your business data. And you do not want a system just to be replaced after a few years.

Thus, look for a long-term solution that fits your potential requirements instead of addressing your current issues only. Start by planning ahead your goals in the next 5 years (at least!), prioritize your needs and match your plan with your budget.

Expect a one-size-fits-all system

Each industry has unique requirements and each business has its own, too.

For example, a clothes shop needs an EPOS that supports different sizes and colors of an item. The shop may want its EPOS to take a mix of different payments and offer custom discounts.

It’s hard to find an EPOS that meets all your requirements in the first place. Hence, you can consider an EPOS that can address about 95% and get customization for the rest. Most reputed EPOS providers also offer customization services to ensure the solution best fits business needs.