An EPOS System (sometimes shortened to POS), or 'Electronic Point Of Sale' system, is the central component of your business, and can be so much more than just a hub where transactions take place.
A POS system allows you track transaction history, record information on sales and inventory, provides insight into customers and information on employees, allowing you to manage your business more efficiently.
Choosing to upgrade your POS can be a difficult decision, as there are many points to consider including budget, time, and possibly the worry of losing sales in the process of switching. However, selecting the right system can drastically improve several aspects of your business and ultimately increase profits if used correctly.
Upgrading Your POS
With many options available, upgrading your POS can be nerve-racking. From iPad based solutions to whole systems, as well as self-checkout systems, it can be challenging to select the right one.
You will first need to determine your specific business traits in order to choose one that works best for you. Carefully explore the options available and consider exactly what features your business needs, and you’ll minimise the risk of ending up locked into a contract with a poor system.
Upgrading can bring several benefits to your whole business operation, here are a few examples:
- Improved Efficiency – EPOS systems with a touchscreen interface in particular, eliminate the need to manually key in items and prices like you would with a cash register.
- Ease of Use – Having a system that is simple to use is crucial for a seamless customer experience, if staff can be trained quickly and navigate the system with ease, it will make each transaction run a lot smoother.
- Less Cluttered Space – All-in-one system saves space and provides a more aesthetically pleasing front counter that won’t look cluttered. It also increases employee satisfaction.
- Better Control – With cloud-based POS systems, sales reports and transaction data is securely stored and can be accessed from any compatible device allowing you to make business decisions from any location.
- Accuracy - With a digital POS, many allow different features to be customised. With an organised intuitive interface, it means orders can be processed quickly and correctly.
What To Consider When Choosing An EPOS
The benefits a POS system brings is obvious, however it's important to know what specific features you're looking for to ensure you pick the right one. The system you choose will depend on your business' individual needs, however it's wise to consider the below points before making the decision.
Customers
Consider how you interact with your customers, as they are arguably the most important aspect of your business.
If customer loyalty programmes are something you're thinking about implementing, then consider a POS system that makes it possible. If you often have promotions you want to display, consider a system that allows you to advertise your offers with ease. Additionally, if you wish to send updates to your customers' email consider a system that includes a built in CRM.
The SPARK terminal comes with a built-in customer-facing display, allowing you to enhance your user experience and engage your customers with your striking campaigns. It also allows the customer to see a breakdown of their bill before purchase, eliminating the potential for incorrect purchases.
Stock Management
Integrating stock management into your POS system will provide you with complete control. Particularly if you're a busy venue that often sells out of items, consider a POS that provides low stock alerts, ensuring you'll never sell out of your best-selling products. Many systems now also allow you to view this information in real-time, giving you complete control and accuracy.
Hardware
Think about your current system, what works and what doesn't. From this, you can determine what hardware you require. Smaller venues may only need one terminal and one card reader, whereas larger venues may require multiple with receipt printers and barcode scanners. Bear your customers in mind and choose a hardware package suited to you.
Reports
It is vital to know what data you need in order for your business to perform well. Many systems will allow you to track sales data in real-time by day, hour or specific time period. Consider what data you track currently and what you would like to gather and choose an EPOS system that provides it. Find out more on SPARK's cloud office reports.
Costs
Explore all the fine print before making a final purchase. Many EPOS systems offer a "free" point-of-sale system, however may charge you for ongoing software packages that mean your monthly costs are extortionate, and you're locked into a contract.
If you're a small business it might be wise to choose a product with a one-off cost, you'll know what you can afford to spend, and won't have the additional stress of trying to maintain sales to keep up with monthly payments.
Final Step
After you have determined the requirements for your business and have an idea of the system that will work for you, try to see them in action.
Request demos from companies and gather as much information as you can before making that final purchase. Carefully consider everything from cost, features, and ease of use to ensure you have a seamless switch.
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