The word “Epos” stands for “electronic point of sale.” The point-of-sale (POS) system is a combination of hardware and software that lets businesses accepts many different kinds of payments from customers.
One of the most common misconceptions is that an Epos is nothing more than a Point of Sale (Pos) system with hardware and electrical parts.
On the other hand, an Epos system is much more useful and up-to-date than a Pos system. Since “electronic” is part of the acronym “epos,” we can assume that point-of-sale (POS) systems are mostly web-based and store data in the “cloud.”
In this section, we’ll talk about what an Epos system and a Pos system are, how they differ, and why it’s important for your business to use a current Epos system.
People often think that a point-of-sale system and a cash register are the same thing. We will also talk about the differences between the two.
When you’re done reading this article, you’ll be able to tell the difference between point-of-sale (POS) systems and electronic point-of-sale (ePOS) systems and know what features and functions you need in a modern ePOS system.
What’s a POS and EPOS System?
A point of sale system is where money is exchanged for goods or services (POS). This is just the cash register that you use at your favorite store.
An “ePOS” is an electronic point of sale system, which usually works on the web and stores information on a private cloud service.
Electronic point-of-sale (ePOS) systems come in a lot of different shapes and sizes, and some of them don’t even have any hardware. The program is easy to synchronize with portable computers like iPads and other tablets.
What is the difference between POS and ePOS systems?
All of your transactions are handled by your point-of-sale (POS) system. In the past, most cards had to be connected to either the internet or a phone line for the system to be able to handle transactions.
There are some electrical parts in these systems, but that’s not all they can do. An ePOS system can do a lot more.
ePOS is a newer type of point-of-sale (POS) system that stores everything on a server that is hosted in the cloud. ePOS stands for “electronic point of sale.”
Every transaction and operation goes through the system so that data can be collected, put together, and stored in a place that is both safe and easy to get to.
The typical cloud-based electronic point-of-sale (ePOS) solution offers fast, reliable service and makes it easier for your business to track and analyze sales.
What exactly is the difference between the two? Since ePOS systems came out, thousands of businesses all over the world have gotten rid of their old point-of-sale (POS) systems in favor of newer, more advanced electronic ones. Read on to learn the differences between standard POS systems and ePOS.
Security
Most electronic point-of-sale (ePOS) systems have higher-quality security features than their more traditional counterparts.
Because it was web-based, it was very important to improve the security of the software to make it safe and easy for people to use.
Increased security measures have made electronic point-of-sale (ePOS) systems easier to use and less likely to be hacked or otherwise broken into.
Flexible Payment Options
It is important for stores and other businesses to be able to take all of the different payment methods that are available now. This is because the way we make financial transactions is always changing.
Consumers in every part of the world have a wide range of ways to pay, such as contactless payments, online payments, and the more traditional use of credit cards.
Most of the time, traditional point-of-sale (POS) systems can only take cash, credit or debit cards, and checks.
Businesses that still use these systems are not only behind the times, but it also makes some customers less likely to buy their goods or use their services.
People like to know that their preferred method of payment is accepted at the places they go most often.
Because of this, it is important that your point-of-sale system can handle all the different ways money can be exchanged.
Older point-of-sale (POS) systems can’t handle contactless payments or online purchases, so they are considered to be out of date.
Hardware Flexibility
In the past, point-of-sale (POS) systems could only be used with the hardware that came with them. Most of the time, this part was a stationary terminal with a cash drawer and a credit card reader.
Electronic point-of-sale (ePOS) systems are more flexible when it comes to hardware than traditional POS terminals. For example, many models can be used with an iPad or other mobile device.
Because it is flexible, a traditional point-of-sale (POS) system doesn’t require you to buy expensive, often bulky hardware. Because of this, both the initial cost and the cost of keeping it up are much lower.
With cloud-based software, you can log in to your terminal from anywhere with an internet connection. Give it a shot using the old cash register you have!
Also, many ePOS systems can work both online and offline. This means that if your internet connection goes down, it won’t affect your whole network. It’s possible that this will be very frustrating for both you and your customers.
Inventory Management
Since an electronic point-of-sale system gives you real-time access to your inventory, we’re going to go ahead and say that this is probably the best choice.
Traditional point-of-sale (POS) systems don’t update very often and are nowhere near real-time. Here are some of the ways that ePOS can help you manage your inventory:
You can keep track of inventory right from your ePOS terminal, and the system will even send you alerts when it notices that your stock is getting low.
That way, you’ll never run out of the things your customers want most, but you also won’t have too much stock. Inventory management mistakes can lead to goods sitting on shelves that haven’t been sold. This wastes the business’s time and money.
Customer Profiles
Electronic point-of-sale (ePOS) systems collect and store customer information in a way that is both more efficient and safer than the current point-of-sale (POS) systems.
From the terminal, you can see what customers have bought in the past, as well as their phone numbers, email addresses, and names.
This lets the store learn more about each customer, which makes the relationship between the customer and the store better in the long run.
You can also use the ePOS terminal to manage loyalty accounts and cards, which lets discounts be automatically applied when they apply.
Analytics Tools
Does your older point-of-sale (POS) system give you sales charts, information about sales trends, or inventory numbers? Not likely at all.
Most electronic point-of-sale (ePOS) systems have analytics built in as part of their basic features. With these tools, you can learn more about your business and how it works.
You will learn how your profits have changed over the past few months, what kinds of products are selling well, and where your costs are eating into your profit margin.
Gaining this level of understanding can only help your management style, as it helps you find problem areas that need to be dealt with and improves overall efficiency.
Better Support
Customers of many ePOS systems can get help at any time of the day or night, but only a small number of traditional POS services offer this.
Have you ever had trouble with an older cash register and called the “tech support” number, only to find that it was disconnected or gave you wrong information?
The support for traditional POS systems is much worse than what ePOS providers offer. Since customer service is available all day and night, you can be sure that any problems you have will be fixed quickly and completely.
As is the case with all software, you shouldn’t buy anything that doesn’t come with a dedicated support team.
Make sure to check with the company you’re buying from to make sure they put a lot of time and money into giving their customers good technical support.
Conclusion
Traditional point-of-sale (POS) systems are usually less mobile, flexible, and secure than their digital counterparts, which are called ePOS systems.
Most of the time, the hardware takes up less space and the software are easy to learn and use. By choosing an electronic point-of-sale (ePOS) system for your business, you can make sure that you are getting the most out of your POS, turning it from a simple cash register into a tool for marketing, management, and analytics.
