Citing the prevalent circumstances of economic uncertainty, it has never been more imperative to rethink and upgrade existing processes to secure the profitability of your business.
The enhanced sophistication and affordability of modern technology is revolutionising business processes for small businesses owners. They are seen leveraging this technology in a similar way to their more established corporate competitors and consequently fuelling their growth to emerge as a force to be reckoned with. Such investments possess not only the potential to protect your business, but also accelerate its growth as well. There are a number of things that merit some consideration before making such a move, but it is best to start with the basics.
There are many things that a business can do to update themselves and optimise their growth and efficiency, but none can be more significant than integrating an EPOS system.
An EPOS, abbreviated for Electronic Point of Sales, system is a system created through the combination of hardware and software to achieve the goal of making your life easier and helping you to run your business more efficiently and effectively. Where a traditional till system is limited to the processes of merely recording sales, an EPOS system is designed to fulfil that task and subsequently use that data to create detailed reports that give the use a deep insight into his business. Allowing him/her to respond in kind with actionable changes to cut their costs and increase their revenues. The customisability of certain systems allows them to include a number of distinct features such as loyalty schemes, inventory management, staffing and CCTV POS overlay.
There is a vast array of hardware used in these systems, depending on the intensity of transactions, you may want to invest in a more heavy-duty system as opposed to the generic mail order one’s going around. Depending on the type of system you opt to buy, your data could be either be stored in the cloud or on servers present on your premises.
The core hardware consists of a terminal screen, which typically looks like a touch screen computer monitor. This is where the majority of your work takes place as you input orders and process payments. The other components that add to make up the entirety of an EPOS system are connected to this terminal via cables or wirelessly. These components are optional but necessary, and include;
- Barcode Scanner: An electronic scanner that can read barcodes, which allows you to identify products on the EPOS system.
- Receipt Printer: A small printing device that uses thermal paper or ink to create a customer record of the specific transaction.
- Cash Drawer: A metal drawer that stores cash and automatically locks up after a transaction.
- PDQ: A card terminal that is used to electronically transfer funds if a customer chooses to pay via a chip and pin card, contactless or Apple/Android Pay.
An EPOS system is dedicated towards providing you with a complete and thorough quantitative analysis of your business, equipping you with data so that you can take informed decisions to optimise the growth and efficiency of your business. There are softwares in the market that are essentially just glorified till systems that afford minimal insight and lacklustre functionality. So, the quality of your system is largely reliant upon the provider you choose.
Some providers offer industry-specific software that is tailored to your business needs such Convenience Store EPOS systems. These Epos systems for convenience stores are tailored to withstand the wear and tear that results from a high volume of transactions. In addition to the increased durability, these systems create a number of reports, specific to convenience store owners, that aid you in understanding and improving business at your convenience store.
One thing people should know is that legacy systems that come with on premise servers are rather expensive to update, as opposed to the more popular Cloud based EPOS systems that utilise the SAAS (Software as a service) payment system. This means that you pay a rather small monthly maintenance fee to your EPOS provider who then takes care of all the regular updates that are required to keep your system in prime condition.
If you have any questions pertaining to EPOS systems or wish to find the best EPOS system for your own business, get in touch with our support team by calling 0800 242 5360. We at MPOSSystem would be more than happy to help you with any inquiries you may have and will even elaborate upon the benefits that an EPOS system would afford your business.