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What is an EPOS system?
EPOS stands for Electronic Point of Sale. An EPOS is a system which is used by retail and hospitality business of different sizes to process transactions quickly and to effectively manage their stock. An EPOS system is a combination of hardware and software which enables you to provide your customers with a better experience within your store.
An EPOS system is more than just a till as you will be able to invest into a module which will enable you to manage your stock, produce reports, create a customer loyalty scheme and manage your employees. When you purchase your EPOS system, you will receive the hardware and the software which will enable you to serve customers. The typical hardware elements of an EPOS system will include a touchscreen monitor, black cash drawer and thermal receipt printer. Retailers may decide to purchase accessories such as a barcode scanner or customer display. Restaurants may need mobile tablets to take their customer’s order.
Depending on the size of your business, the amount of features that you need will vary. Many third party software such as Sage and Xero can be integrated with your EPOS system, which enable business owners to manage their whole system directly through their toil. Many EPOS providers will give you the opportunity to add accessories and modules as your business grows.
Benefits of an EPOS System
Take Payments
The main function of an EPOS system is processing payments for a product or service. EPOS systems will include a cash till and a card machine to allow you to accept a wide range of payment methods. In order to process payments, the business owner will need a merchant account. You will have the opportunity to connect multiple EPOS systems in one location with a single back office. This will enable you to create reports for the overall sales of your business. EPOS systems have been designed with fast processing speeds so that you can process transactions and print receipts quicker.
Inventory Management
The majority of EPOS systems will include a feature called inventory management. This will automatically count your stock for you. When a product is sold, it will be automatically subtracted from your stock number. You will also be able to check your stock level at any time. When your stock reaches the minimum level, your EPOS system will automatically email an order to your supplier.
Staff Management
An EPOS system will give you increased control over your staff as you will be able to create individual accounts for your employees. When an employee is using your till, they will be able to sign into their account. You will be able to monitor the sales of each employee. If money is missing, you will be able to identify which account it is missing from. You will also have access to employee information such as working hours and salary. Read More
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