What are EPOS systems and how do they work?

 

EPOS or POS is an acronym for (electronic) point of sale. It’s commonly referred to as a till point where customers can pay for physical items, make orders or pay for a service.  EPOS system for hospitality  are very flexible and depending on business types they can be adapted to suit business requirements.

 

Most companies introduce EPOS systems to aid mainstream operations to help increase profit margins – they are even able to help with end of year accounts. The vast number of options available from iPad or could based systems to complete solutions means that there is a lot of choice but also a lot of confusion over which EPOS system the right one for your business.

 

When researching an EPOS System, it’s vital to consider your business as it stands now and where you plan for it to go – ensuring you find a system to work for you both in the short and long term. At Merchant Advice Service, clients across various industries often ask what to look for in a EPOS system. There are a number of considerations, so we have broken down the most important to make it as simple as possible.

 

Back Office

Information is power when it comes to creating or growing a company and having simple reporting and back office systems at your fingertips can save time, and therefore money for businesses. More recently, thedevelopment of EPOS systems has meant access to real-time statistics such as sales and employee performance, stock levels and retention has revolutionised the way companies operate.

 

Whether it’s cloud based or a physical system, you can access information from anywhere in the world – if needed.

 

Security

Implementing a POS system that is safe and secure should be paramount. A secure system reduces risk of theft but, more crucially, confidential business or customer information.

 

For larger corporations, systems with staff pins or swipe cards enables businesses to restrict or monitor access to provide both accountability and peace of mind for business owners.

 

Customers

Making a purchase or transaction as smooth as possible is a big factor when it comes to business retention and positive customer reviews.Whether you are adding clients to a database or emailing receipts for their ease, an efficient process – quick and simple – is a must.

 

If the customer is providing you with data or money for goods or services, the value exchange needs to be measured in cost and time as they are both important.