An EPOS system is a must-have to efficiently run a retail business. The conventional POS system no longer yields desirable results as tracking thousands of items manually is a very time-consuming task. With the use of an electronic POS system, retailers of all sizes can manage their inventory and supervise their offline stores as well as the eCommerce website.
What is EPOS software?
EPOS or Electronic Point of Sale system uses EPOS hardware and EPOS software to provide an effective tracking system to seamlessly run business operations. An EPOS software UK provides the owner with transparent business performance and lets him process, track sales, and do other procedures effortlessly. The EPOS system is also connected to the business’ eCommerce website making it more uncomplicated for the buyers to get all the information they need. It gives them a better user experience and increases business goodwill.
An EPOS system that fits your business needs is crucial for thriving retail management. It’s one thing to choose the best EPOS software, but finding compatible EPOS hardware is an even more challenging task.
Some businesses may require advanced features to meet their diverse business needs. They usually opt for customizable services to make the most of the system.
The EPOS system offers the following features:
● Quick Drop
● Telephone Validation
● Item Tracker
● Workload Management
● Staff Clockwork
● Price Matrix
● E-Mail Tickets & Receipts
● Staff Holiday and Absence
● Shift Management
● Invoicing & Account Management
● Management Alerts
● Expense Management
● Review Orders
● SMS Customer Notifications
EPOS hardware: The exact components of the EPOS hardware can change according to the specific needs of different businesses. However, there are a few core components like a terminal screen which is used unanimously by all retailers opting for different EPOS systems.
It is a screen that displays the order information and allows you to make payments.
Additionally, businesses may or may not opt for cash drawers, receipt printers, barcode scanners, tablets, PDQ terminals, and more.
To maximize the compatibility of the system, it is generally advised to buy both software and hardware from one supplier. This way you can also reduce your costs significantly as it requires no extra integration.
How does EPOS software work?
You can think of an EPOS system as a cash register connected to a computer that records sales, and customer data whilst updating stock levels. Let’s break down the working of an
EPOS system into three simple steps:
1. The system is connected to a computer that meets the system’s requirements.
2. The EPOS software reads the product’s barcode via a barcode scanner.
3. It then computes and tells the precise amount to be paid by the buyer.
These three easy steps provide faster service to the buyers whilst making the management
easier for the retailers.
Advantages and Disadvantages of an EPOS software
An EPOS software UK has a variety of merits both for the customers and retailers. Unlike the traditional POS systems, it makes managing a large inventory a painless task.
Advantages of an EPOS system
EPOS system for customers
– Reduces wait time on transactions and order processing
– Enables customers to use promotional/ discount codes in offline as well as online mode
– Provides accurate information about pricing
– The multiple payments and shipping options enhance the customer shopping experience
EPOS system for store owners
– Effortlessly manage multiple sales channels in one place effectively centralizing business operations
– Helps in making more accurate inventory forecasts
– Helps in tracking business performance to generate insightful reports
– Limits the scope of manual errors
– The date update is correct, easy, and fast
– Sets up impenetrable security measures to eliminate potential employee theft.
Disadvantages of an EPOS system
The initial cost for setting up an EPOS software UK is higher than a traditional POS system.
For small businesses, it might look like an extra and avoidable expense. The price also varies depending on the kind of system you require, an advanced system is going to cost you much higher than a basic one.
Are you also ready to take your retail business to new heights? Get in touch with Axcess IT today to get a tailored system for your business.