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What is ePOS and Why Does My Business Need It?

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When your customers spend their hard earned money in your store, what are they greeted with when they come to pay? A grey box which is nothing more than a glorified calculator? Or a sleek tablet computer which lights up your countertop like a trophy?

In the last 10 years, modern POS systems have revolutionised the way small and medium businesses take payments, manage stock and present themselves to their customers. Economies of scale and bounding advancements across the technology sector have unlocked mounds of potential ways small businesses can optimise their processes; ways which were previously reserved for only the biggest of businesses with the biggest of budgets. The POS system has truly become, the ePOS. 

So what exactly is an Electronic Point of Sale System? And how can it help your business? 

Read on, to find out. 

ePOS VS POS

Before the Electronic Point of Sale, there was the humble Point of Sale. Your average till. The workhorse of the storefront. It could (and still can) record sales figures, carry out basic stock management. And to a certain level, this is perfectly fine. But some, if not most, businesses will completely outgrow these systems, finding that this limited functionality will eventually hinder their growth. 

PoS systems allow these functionalities to be carried out from one single location, and if that system goes down then data such as stock updates will need to be manually updated, which can be quite the struggle when processing large volumes of sales; even more so at busier times of the year. 

An ePOS system allows for all of this, and so much more. First of all, ePOS software can be installed on virtually any device. This solely the reason why more modern businesses are opting for the sleek tablet computer “till”. This allows businesses to, not only appear progressive and modern, but also reinvent the shopping experience for their customers. Taking the “till(s)” around the store can alleviate queues, and make for a more fluid and dynamic checkout experience. Pair this with a mobile card reader, and there’s no reason for customers to ever queue again. 

The software can be installed on as many devices as you want, so you and your staff can serve customers in and around the store.

Although PoS systems can track sales volumes, they can rarely allow the user to conduct any degree of analysis whatsoever. However, ePOS systems allow the user to really dig their teeth into their sales data, and find out their busiest periods throughout the day, week month and year. This helps with stock allocation, staff rotors and a whole other host of business processes that could otherwise take up a larger portion of your time throughout the day.

Why Your Business Needs an ePOS System

 

Before the Electronic Point of Sale, there was the humble Point of Sale. Your average till. The workhorse of the storefront. It could (and still can) record sales figures, carry out basic stock management. And to a certain level, this is perfectly fine. But some, if not most, businesses will completely outgrow these systems, finding that this limited functionality will eventually hinder their growth. 

PoS systems allow these functionalities to be carried out from one single location, and if that system goes down then data such as stock updates will need to be manually updated, which can be quite the struggle when processing large volumes of sales; even more so at busier times of the year. 

An ePOS system allows for all of this, and so much more. First of all, ePOS software can be installed on virtually any device. This solely the reason why more modern businesses are opting for the sleek tablet computer “till”. This allows businesses to, not only appear progressive and modern, but also reinvent the shopping experience for their customers. Taking the “till(s)” around the store can alleviate queues, and make for a more fluid and dynamic checkout experience. Pair this with a mobile card reader, and there’s no reason for customers to ever queue again. 

The software can be installed on as many devices as you want, so you and your staff can serve customers in and around the store.

Although PoS systems can track sales volumes, they can rarely allow the user to conduct any degree of analysis whatsoever. However, ePOS systems allow the user to really dig their teeth into their sales data, and find out their busiest periods throughout the day, week month and year. This helps with stock allocation, staff rotors and a whole other host of business processes that could otherwise take up a larger portion of your time throughout the day.

 

How You Can Get an ePOS System

 

Now you know why you should have an ePOS system, it’s time to learn how you can get one. If you already accept card payments on a standalone terminal, you can upgrade to a fully integrated ePOS solution through your payment provider. 

A good payment provider will have a vast directory of partners which can provide you with an ePOS solution without having to change your gateway or merchant bank account. A wide array of partners means that you are virtually guaranteed to find a solution which is perfect for your business and your industry. 

However, let’s say that you don’t already accept card payments. How do you go about it then? 

Truth be told, it’s really quite simple:

1 - Shop around for the best payment provider: The payments industry is rather limited in terms of product offering and price variation. Two crucial elements you should consider are: Customer service and Gateway Uptime. It’s highly advisable to choose a payment gateway with virtually no downtime whatsoever; every minute that you can’t take card payments is a potentially missed sale. 

And if your payment gateway does go down, it’s crucial to have the best customer service; to ensure you get back up and running as soon as possible. Look for that coveted 5-Star rating.

Alongside this, your payment gateway will also be able to assist you in opening your merchant bank accounts. If you have never accepted card payments before, you can find out more about merchant bank accounts here

2 - Discuss ePOS solutions with your new payment provider: Once you’ve chosen the payment provider of your dreams, enquire about their ePOS solutions. They will be able to easily recommend which system is best suited and most cost effective for your business based on your size and the way you currently operate

3 - Set a “Go-Live” date: With the help of your new payment provider, you will be able to identify the perfect date to go live with your shiny new ePOS system. . They will also help you with getting your card terminals and tills set up, every step of the way. 

 

 

Conclusion

In the modern era of commerce, so much can be achieved and optimised with technology that was previously only accessible to large businesses, with even larger budgets. 

Economies of scale and technological advancements have meant that small businesses can provide a modern, sleek and smooth experience for their customers; all the while cutting down on time spent carrying out dull administration tasks and improving the efficiency of your business.