Which Businesses Benefit Most From EPOS Systems?

What are EPOS Machines?

The age of the internet, of information, of data collection, has led to huge changes in the way commerce takes place. EPOS is a key part of that. New technology, now increasingly sophisticated and accessible, allows small and large businesses alike to benefit from greater flexibility, sales data, and security that EPOS provides.

EPOS for Small Businesses

The reason businesses upgrade to EPOS over a till, is for the powerful software that runs on the system. It uses industry-specific tools and apps to improve your business operations and growth, and of course, can still accept card and cash payments from your customers.

For example, where a traditional till can only record a sale, an EPOS system collects a host of information to populate detailed reports that allow you to make informed business decisions on sales, stock management, staff performance and customer behaviour.

When do you need a POS System?

If you want to accept credit and debit card payments and have a streamlined system for tracking sales, it’s probably a good idea to invest in a POS system and integrate the POS system with your online store. Even very small businesses benefit from a good POS system.

Unless you have a solid system for recording each sale electronically, it’s hard to have an accurate understanding of what you’re selling. Basically, the more data you have about your business, the better able you are to make informed decisions. Plus, having a small business POS system helps your business appear more legitimate, which is especially important if you’re just starting out.

Important factors to consider when choosing a POS system:

• Initial setup cost (time and money)
• Payment processing costs (e.g., % of sale + charge per transaction)
• Other monthly processing fees
• Equipment costs/rental fees
• POS software fees
• PCI compliance (i.e., how you process payments, connect your systems and manage customers’ data securely)
• Level of mobility
• Ability to accept chip and PIN cards
• Ability to accept NFC payments like Apple Pay, Android Pay and contactless cards
• POS software features (e.g., invoices, ability to store customer data safely, inventory management, customer loyalty programmes, appointment management)

Industries that should use epos systems for small businesses

Retail

When it comes to point of sale, your mind probably jumps to retail first. Many industries classify as retail including those that sell:

• clothes
• shoes
• food
• entertainment
• books
• electronics
• pet supplies
• beauty supplies
• home goods,
• tools
• alcohol

Retail presents the clearest example of point of sale in action. These retail businesses can take advantage of EPOS software that offers price management, margin measurements, and advertisements to draw in new business not to mention keep a comprehensive watch on all inventory.

Hospitality

Any restaurant where you dine, bar where you drink and hotel where you stay counts as an example of point of sale in the hospitality sector. A few more hospitality industries include:

• travel agencies
• flight attendants
• drivers and chauffeurs
• valets
• housekeeping
• wedding services
• coffee shops
• bakeries

Cafes, for example, can use EPOS software’s database management tools to store transactions, keep track of customers, and target those customers for rewards.

Consumer Services

This sector references any service that you receive rather than a good. For example, if you go out to get your hair and nails done or get your car washed, these count as consumer services. Other categorisations include activities like receiving a massage or a haircut as well as visiting a spa. These services can use EPOS systems to manage inventory, save money through spending reports, and cut back on the time that a consumer has to wait for their service.

Multi-Service Businesses

These companies offer, as the name suggests, a variety of services, including for health, nutrition, and entertainment. You probably have never thought about it but your own hospital uses a multi-service point of sale system. Other multi-service businesses that do as well include theatres or any sort (for movies, plays, or concerts) and hotels can also be classified as multi-service businesses. You may consider a stadium, venue, or arena as a multi-service business, and indeed, this serves as a great example. These venues can use EPOS software to access a large database that you can log onto wirelessly anywhere around the arena. This database can house product information, spending reports, and even the amount of customers coming through for an event.

No matter what type of industry you may work in, you very likely use point of sale on a near-daily basis. This system fuels companies and businesses, allowing them to procure commerce that can promote longevity. In return, the consumer receives a product or service of such quality that this consumer feels inclined or obligated to engage in repeat business.

To find more information about what is the best EPOS for your small business feel free to view our business services for more information.