EPOS systems are rapidly emerging as a viable alternative for POS systems. An EPOS system is an electronic point of sale system combining hardware and software.
The system uses cash draws, customer displays, keyboards, printers, weighing scale etc., for processing payments and orders electronically. However, quite a few retailers often perceive the EPOS system merely as a payment acceptance system and are unaware of its multiple features.
Here are some features in an EPOS system that are critical and can enable a firm to take its business to the next level:
Contactless Payment and NFC
An EPOS system is essential in today’s era where post COVID contactless and digital payment has become the new norm. The system can process a payment through contactless mode allowing for a quick, hassle-free, and efficient invoicing method for the customers.
Through NFC, the customer can do the same through their mobile phones and providing such measures increase customer satisfaction for a retail store. In addition, EPOS integrates all types of online payment platforms and offers multiple options for a customer
Integration with Accounting System
An EPOS system can allow for integration with the accounting system of the store. For example, this would allow for the direct posting of sales data and payments accepted through the EPOS, allowing quicker and faster financial statements.
As a result, a retail store owner can quickly gather data about receivables on the same day as data are entered simultaneously.
An EPOS system with RFID technology can integrate and transform the inventory management of a business to the next level. As opposed to UPC used in the traditional barcode system, RFID allows for the storage of more data and scans faster than barcodes.
This technology allows for the storage and collection of a large amount of information which can be then converted into actionable data. In addition, RFID chips are also reusable, resulting in the implementation of more efficient technology in a cost-effective manner.
The usage of technology and digital modes of payments have undoubtedly made life easier for both owners and customers. However, with digital payment methods and new technology, security threats and cyber risk have also increased.
An owner must be careful about the level of security in the system to ensure that data or money is not lost. An EPOS system allows a dual-mode of protection on the digital and physical levels that will provide a secure system for the retail business owner. This will reduce the risk and security threat for the users of the system
Integration of Latest Technology
An EPOS payment system can integrate the latest technology with your accounting systems, inventory management, and CRM to enable better and more efficient decision-making for an organisation. The system also consumes less power than a POS system allowing for energy saving and conservation in an increasingly environmentally conscious world.
An EPOS system can be integrated to store and manage information related to employees, allow for online ordering through the store’s website, and offer integration with third-party software to better manage data.
Retailers who adopt technological innovations faster than their peers end up surging ahead. These innovations can also enable smaller retailers to compete with larger firms. The optimal usage of the EPOS system can allow a retailer to modernise and experience business growth.