Compare POS (ePOS) Systems

An Introduction to POS or EPOS Systems

Let’s start by clearing up the terminology. Point of Sale (POS) or Electronic Point of Sale (ePOS) mean the same thing. POS has generally superseded ePOS, but you’ll find them used interchangeably. POS has become much more than a modern cash till. For UK businesses, particularly small to medium-sized ones, it’s now a comprehensive system for managing sales, inventory and customer data. Unlike a traditional cash register that simply records transactions and provides a receipt, an POS system acts as a central hub for your entire business operation. It is a combination of hardware (like a terminal, card reader and receipt printer) and software that helps you process payments, track sales and gain valuable insights into how your business is performing.

The shift from cash based payments to cards and digital wallets has been significant in the UK, making a robust payment system an even more essential part of business. An POS handles transactions securely but also automates many manual tasks that once took away a business owner’s time, such as stock taking and financial reporting. For larger businesses, an POS system offers scalability and the ability to manage multiple locations from a single dashboard, while for a small business it provides a level of professional oversight and efficiency that can help them grow.

The Components of a Modern POS System

A complete POS system is made up of various elements that work together to create a streamlined operation.

Hardware

The hardware is the physical equipment you interact with.

• POS Terminal: This is the main unit, often a touchscreen tablet or a dedicated terminal where sales are processed and orders are placed. It’s the central interface for the user.
• Card Reader: This is the device that accepts card payments, including contactless, chip and PIN and digital wallets like Apple Pay. Many modern POS systems have card readers fully integrated, which helps to speed up the checkout process.
• Barcode Scanner: A scanner looks up product prices and details which reduces the chance of human error and makes the checkout process much faster.
• Receipt Printer: A printer generates physical receipts for customers.
• Cash Drawer: For businesses that still handle an element of cash, a cash drawer is also connected to the system, ensuring all types of payment can be taken.

Software

The software is the intelligence behind the system. Most current POS software is cloud based, which means data is stored securely online and can be accessed from anywhere with an internet connection. This is particularly useful for business owners who want to check on sales or manage stock when they’re not on site. The software is what enables the system to do far more than just process sales, offering features like inventory tracking, customer management and in depth reporting.

Key Features and Benefits for Businesses

The true value of an POS system lies in its ability to provide features that go beyond a simple transaction.

Inventory Management

An EOS system provides real-time stock tracking. Every time a product is sold, the system automatically updates the stock count, so you always know what you have on hand and what you need to reorder. It can also be set up to send low-stock alerts helping to prevent you from running out of popular items. This level of oversight helps to reduce waste and improve cash flow.

Reporting and Analytics

An POS system provides detailed reports that give you a clear view of your business’s performance. You can see which products are selling well, identify peak trading times and track sales trends. This data helps business owners to make informed decisions about pricing, staffing and marketing strategies. Cloud based systems allow you to access this information remotely, giving you control even when you’re away from the premises.

Customer Management

Many POS systems include features for securely managing customer data, which can be a valuable asset for marketing. You can capture customer details at the point of sale and use this information to create loyalty schemes or targeted promotions. This helps to build a database of returning customers and encourages repeat business.

Integrations with Other Business Tools

An advantage of POS systems is their ability to integrate with other software that you may already be using. This includes accounting software like Xero or QuickBooks, e-commerce platforms like Shopify and even staff management tools. This level of integration streamlines your operations, eliminates the need for manual data entry between systems and provides a unified view of your business. For a business with both a physical shop and an online store, this is particularly useful as it ensures that your stock levels are always consistent across both channels.

Choosing the Right System

When you’re looking for an POS system, consider your specific business needs. The size and nature of your business will influence your choice.

• Cost: Look at the total cost of ownership, including the initial hardware purchase and any ongoing monthly fees. Some systems are more affordable upfront but may have higher transaction fees, while others have a higher initial cost but lower fees in the long run.
• Flexibility and Scalability: A good system should be able to grow with you. This means being able to add more terminals or locations as your business expands without a complex overhaul. Cloud-based systems are usually well suited to this kind of scalability.
• User Friendliness: The system’s interface should be intuitive and easy for your staff to learn and use. A user-friendly system can help to reduce human error and speed up transactions.

Support: Check what kind of technical support is offered by the provider. Knowing that help is available when you need it can provide peace of mind and prevent costly downtime.