The way businesses make money (and how we spend it) has come a long way since the days of cash registers and cash only. That’s why Modern World has decided to write a series of articles over the coming weeks to offer guidance on what you have and what you need to make the most of your business.
What is EPOS?
EPOS stands for Electronic Point of Sale, it is a computerised system that is traditionally used in retail or hospitality but can be used anywhere customers are paying for goods or services.
- These systems have many advantages:
- Assists in your business decision by allowing you to have up to date information on hand such as when you need it
- Improves customer experience
- Allows for better stock control and forecasting
- Prevents loss of revenue due to human error
How does EPOS work?
An Epos system is made up of two main elements – hardware and software. Many different components can be combined into a system, most solutions consist of different components including:
- A computer to run the software, anything from a mobile phone to a tablet or a dedicated touchscreen display
- Cash Drawer
- Receipt printer
Other add-ons include barcode scanners, kitchen printers, or mobile devices to take orders at tables but a card machine is the most popular that connects you directly to your EPOS.
The software is the brains of the operation recording all the transactions and storing data that you can use later such as product trends. Loyalty programs, accounting packages, and ordering apps can be integrated – to be re-visited in a later edition.
A good quality EPOS system will not only be an asset to your business it will also help improve your profitability and make life as a business owner that little bit easier. Stay tuned in for the next instalment to find out how.
Get in touch and one of our friendly experts will talk you through great ways to save money and provide you with a great business tool.
Next week we will be looking at how to keep better control of your stock.
