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What Are Epos Systems?

You've probably heard a lot about EPOS systems, but how do they work? and how could they help your business? 

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What Are Epos Systems?

No matter your size or industry, an EPOS till system can benefit both the way your business operates and your bottom line.

But what is an EPOS system?  How can an EPOS system benefit your business? What are the differences between a retail EPOS system and a hospitality EPOS system?

To find out the answers to these questions and more, keep on reading.  

Get A Quote Today

What Is an EPOS System? 

EPOS stands for Electronic Point of Sale and these are state-of-the-art systems that are designed to make running your businesses easier than ever. 

EPOS systems are broken down into two key parts. 

EPOS Hardware 
These are the actual things you can touch. The screen, the cash drawer, and any add-ons you may want to include such as card readers, barcode scanners, and weighing scales.

EPOS Software 
The software is what powers your system. It's where you will be able to process transactions, manage your inventory and view insightful reports through one device. 

EPOS systems are able to operate standalone or integrate with others to form a larger network and their versatility makes them perfect for multiple business environments. 

For example, if you're running an online retail business then you can set your EPOS system to easily integrate with eCommerce software and include add-ons such as barcode scanners and scales. 

If you need an EPOS system for your busy bar then you can tailor the software to your venue's specific seating plan, create different menus such as happy hour deals, and pair them wirelessly with card readers to offer table payments. 

What Is an EPOS System Used For?

EPOS systems are able to carry out a variety of tasks to help you run your business more efficiently. 

Processing Transactions 
Probably the most obvious use for an EPOS system is to quickly take and process payments. This centralises the ability to accept electronic payments, calculate costs and print a receipt for your customers. 

EPOS also allows you to take payments in person, online, over the phone, and even directly through social media and more traditional online marketplaces. 

Managing Your Inventory
With real-time inventory management built into the system, you will know exactly how much inventory you have, what your hottest-selling products are, and identify ones that aren't so popular. 

Tracking Customer Data 
Your system will store valuable customer data allowing you to build a profile on them which can then be used to personalise your marketing directly towards them.  

Generating Insightful Reports
With the amount of data your EPOS system collects you will be able to dig down into what makes your business tick and gear future strategy around your findings. 

Staff Management 
Every staff member can be given their own unique login which can then be used to track clock-in and out times, timesheets and performances. 

What Are the Advantages of an EPOS System?

So now you know what an EPOS system is and what it can do, but how exactly can it help your business? 

Grow Your Profits

EPOS boosts your profits in many different ways, some less obvious than others. 

Firstly, if you're upgrading from a cash register you will see that it hugely improves the speed you can take and process sales. More sales = more profit.

As everything is computerised, costly errors will be kept to a minimum as correct pricing and required change will be built into the system and clearly displayed to your staff.

With EPOS you will also be able to tap into new revenue streams and diversify your audience. 

EPOS can connect directly to leading food delivery apps and with food delivery in the UK alone being worth a staggering £10.5 billion, is this really a market that you can afford to miss out on? 

eComm software can also be easily integrated and some EPOS systems will even allow you to sell directly via social media platforms as well as more traditional online marketplaces. 

Improve Your Staff Management 

Each staff member can be given a unique log in which is going to help improve overall staff management in numerous different ways.  

The clock-in-clock-out feature will help you track how many hours each staff member has worked with pinpoint accuracy. You can also integrate accounting software into your EPOS system making payroll a breeze.

This can also help you effectively track any extra pay your staff may be entitled to such as overtime, bonuses, commission, or tips. 

Some EPOS systems come inbuilt with the ability to manage staff rotas. 

The reports that your EPOS system generates can give you some deeper insights into your staff being able to see who your top performers are and who may need some extra support. 

With insightful and easy-to-access reports, you will be able to identify peak hours which can help you staff smarter and prepare certain items that are popular at these times. 

Boost Your Efficiency 

Long, laborious and tedious, stock takes are now a thing of the past as everything is centralised through your EPOS system.

Real-time inventory reporting gives you accurate insights into your inventory letting you know the value and the location of items. 

If you have 6 bottles of chardonnay on the bar with another 10 in your stock fridge then the EPOS system will be able to identify where they are and when they need replenishing keeping all of your staff members informed at all times. 

Some EPOS systems can even be programmed to automatically re-order stock that is running low.

Increase Customer Loyalty 

With just a few pushes of a button, you will now be able to easily see information about who your customers are, what they are buying and how much they are spending. 

All of this data can be used to create personalised marketing emails and SMS messages which are going to grab the reader's attention and make them take action.

Does Sarah the vegetarian love your margaritas? Why not let her know that Friday happy hour is two-for-one cocktails? Maybe don't send her your promos for Wednesday's steak night though. 

You can even build your loyalty scheme directly into your EPOS system without the need for physical loyalty cards. 

Integrate Your Payments With Ease 

People now have an expectation when it comes to how they want to pay. 

EPOS systems typically come with card terminals as part of the package which seamlessly allows you to take electronic payments from cards, phones and other electronic devices. 

Serving a table of 8 who all want itemised bills? No problem. Hospitality-focused EPOS systems make splitting bills a simple task, keeping things running smoothly and your guests happy. 

Having all of this already linked to your EPOS system, combined with the already-mentioned accounting software means that your end-of-day cash-up is now as simple as ever. 

What Are the Different Types of EPOS Systems?

Not all EPOS systems offer the same features and one may be more suited to your business than others. 

Below are the three main types of EPOS systems available. 

Traditional EPOS Systems 
Perfect for businesses with a larger workforce and for those that have a bigger inventory and process a lot of daily sales. 

Tablet EPOS Systems 
Tablets offer more flexibility allowing you to utilise EPOS technology in your venue or on the move and can still integrate with additional hardware. 

Mobile EPOS Systems 
If your business is mobile then these systems are perfect for you. They may even come integrated with a card reader combining payment and EPOS technology in one handheld device.

Be sure to check out another one of our posts if you want to learn more about the different types of EPOS systems. 

How Can I Get an EPOS System?

Now you're a bit more clued up on EPOS systems you might be wondering how you can get one. 

Luckily we can help you compare a range of EPOS quotes from some of the UK's leading providers for FREE. 

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FAQs: Your EPOS Questions Answered

EPOS systems can help increase your efficiency in several ways, some of which are listed below:

  • Serve more costumers faster 
  • Automatically re-order low-quantity stockCentralise hours worked and wages owed to staff
  • Streamline stock takes 
  • Identify peak hours and staff accordingly 

This will all depend on what system and provider you choose to go with. Some providers will charge you upfront installation costs whilst others won't.

A smaller, more basic singular system will come in far cheaper than multiple top-of-the-range with additional hardware add-ons. 

Cloud computing in EPOS is where the information collected by your EPOS system is stored online as opposed to locally on the system itself or self-hosted servers. 

This can be quite a difficult task as each business is different is unique as are its needs. Some things you may want to consider though are: 

  • Costs - Are there any additional monthly fees?
  • Support - Is it 24/7?
  • Features - Do they meet your specific needs? 
  • Contract Length - How long do you have to commit to the provider?

Remember that it pays to shop around. To get a range of free, non-committal quotes from some of the UK's leading providers just tap here.

If you're a small business then an EPOS system can help you in many ways. EPOS systems allow businesses to:

  • Grow their profits 
  • Enhance their customer service & loyalty 
  • Boost their efficiency 
  • Adopt more accurate inventory management 
  • Improve their overall staff management 

Get Your Quote Today