EPOS for Retail Shops: Everything You Need to Know
The most recent data from the Central Statistics Office reveals that there are over 23,000 retail shops in Ireland. 99% of them are SMEs.
If your business fits into that 99%, an EPOS for retail shops can help you attract (and retain) more customers and stand up to the 23k-strong competition.
At New Payment Innovation, we understand how challenging it can be to run your own business. That’s why we design all our payment solutions with you in mind. Every piece of hardware and bit of technology is crafted to facilitate fast payments, easier operations, and better business. That includes all our merchant services for retail, especially our EPOS for retail – the last in-person payment system you’ll ever need.
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Contents
What is EPOS?
What does EPOS mean, anyway? What is it?
EPOS stands for electronic point of sale. It includes software and hardware that can process payments quickly. In other words, this is how your customers pay for their goods. But it does more than that, too. A complete EPOS system takes payments, but it can also help you operate other aspects of your business. We’ll get to that in a minute.
Aren’t POS and EPOS the Same Thing?
While EPOS may be new to you, you’ve likely heard of regular old POS. This is simply a point of sale system. So, what’s the difference?
Since the “e” in EPOS stands for “electronic,” it’s clear that the digital aspect of the point of sale isn’t as pronounced in a POS. A point of sale system is essentially just the place where people trade money for goods or services. A century ago, this would have been a manual cash register.
And while you may still find one of these antiques in use somewhere, modern business owners are looking toward a digital payment future, opting for a more suitable POS solution – EPOS.
EPOS systems introduce faster ways to take even more payment methods. Credit cards, debit cards, digital wallets, and yes, even cash, are all accepted by even a basic EPOS system.
And because they’re so ubiquitous in establishments around Ireland (and the world), POS and EPOS are pretty interchangeable. You might see some merchant service providers use one or the other, but they most often refer to electronic point of sale.
What can EPOS for Retail Do for Me?
So, we know that EPOS can take fast, safe payments of all types, but is that all? And if so, why should you bother with an EPOS for retail shops?
You could, technically, get away without an EPOS system designed for retail, but having one can make a substantial difference in your business and your quality of life. Here’s how an EPOS for retail shops can help:
Encourage Customer Loyalty
Around 65% of an average business’s revenue comes from repeat customers. If you’re not working to encourage loyalty and a positive experience, you could be missing out on growth potential.
Here’s another fact: Over 83% of consumers say that membership in a loyalty program encourages them to make another purchase.
Adding a loyalty program to your retail shop is clearly a great way to boost profits. But if you’ve never created one before, you may not know where to start. And this is where EPOS for retail shops comes in. With customised EPOS software designed for your establishment, you can easily create discounts and loyalty programs that encourage spending in your store while offering real value to your customers.
Manage Stock
Regardless of the type of retail shop you run, keeping track of inventory takes time, and sometimes, an employee that you can’t really afford to lose.
An EPOS system can take the pain out of stock management through automation. In other words, the machine does the thinking for you. This frees up your time, effort, and staff for other endeavours while the EPOS for retail shops automatically tracks what you’re selling and when you need to order more.
An added bonus? You’ll start seeing shortage and dead stock fall now that you have digital eyes looking out for your inventory, preventing some serious monetary losses.
Take Safe Payments
Of course, taking safe payments is what makes EPOS a point of sale – and an essential part of doing business. An EPOS solution allows retailers to accept all types of payments – cards, digital wallets, cash. Plus, they’re totally protected and PCI compliant, which means there’s less risk for you and your customers.
EPOS systems seamless integrate with card readers for IRL payments. Choose from mobile card readers or portable card readers to take fast payments wherever you do business.
Managing these payments is a breeze, too. The EPOS software records all sales and does all the math for you. This means fewer errors at the end of the day.
Integrate with Ecommerce
Offering safe online payment options is an excellent way to expand your customer base, increase brand awareness, and boost profits. So, if you don’t yet have an online retail shop, it’s a good idea to get started.
And if you already have an ecommerce shop, EPOS for retail will integrate smoothly with your chosen platform. This prevents interruptions in sales and lets you keep business moving without delay.
Get Detailed Insights
Using data to drive your business decisions could increase profits by up to 6% more than competitors.
One of the most impressive aspects of EPOS for retail shops is its ability to give in-depth reports and insights. Sales reports, for instance, can help you identify your most popular products and assign prices and make orders accordingly. You can also use this information to make an accurate forecast of future sales. Check out cost price, sales price, profit margins, and more on all your available products in the product reports.
But it’s not just sales and products you get reports on. You’ll also get insights on employees, making it easier to create schedules and determine shifts.
Is an EPOS for Retail Shops Really Different from Other EPOS Systems?
An EPOS for retail shops is specially designed to help retailers sell more products. It’s simply built differently from other EPOS solutions. Indeed, the system will include all the technology necessary to perform the above tasks, like inventory management and reporting. EPOS systems designed for other industries will be able to perform similar functions but be customised to those sectors, like hair and beauty, healthcare, hospitality, and even completely unique establishments.
This all means that an EPOS system for retail shops is designed, coded, and delivered to foster growth and success in a retail environment.
Do I Need EPOS for a Small Retail Shop?
An EPOS system is a perfect accompaniment to retail businesses of any size. In fact, one of the great things about a retail EPOS system is that it is completely customisable. EPOS providers will generally offer different packages to suit the majority of shops’ needs, but the best providers will also offer a flexible option for very specific requirements, which may increase with the size of the business.
Even for a smaller business, like a convenience store or local flower shop, an EPOS system can help save time and money. And really, what could be more compelling than that?
NPI’s Approach to EPOS for Retail Shops and Other Merchant Services
At NPI, we’re passionate about providing the absolute best products and services to Irish businesses. And our EPOS for retail shops stands out among our offerings. Our in-house tech experts communicate directly with merchants to set up their products and initiate reports. We believe that the right tools and technology can make all the difference in running a small, medium, or large business anywhere in Ireland. As an Irish company ourselves, we pride ourselves on providing those tools.
NPI’s commitment to innovation and customer-centricity means we’re not just another payment provider – we’re the best merchant service provider in Ireland. Whether you’re a business looking for diverse payment methods, integration with your existing systems, or real-time insights, we’ve got you covered. Here’s how we do merchant services:
Face to Face
For businesses that rely on the stability and familiarity of traditional card transactions, NPI offers seamless card reader options, including wired, wireless, and mobile. These methods ensure you can accept payments securely through trusted and established channels.
In an era where speed and convenience are paramount, NPI embraces advanced technology for face-to-face transactions. Our solutions, including contactless payments and customised, complete EPOS systems, enable quick and secure transactions. Customers can simply tap their cards or mobile devices for swift and hassle-free payments, whether they’re shopping in a store or at a vendor’s stall.
Recognising the growing importance of mobile payments, NPI empowers businesses to tap into the mobile-centric world. With our card machines for business, you can offer customers the flexibility to pay with smartphones, digital wallets, and cards, making the payment process both efficient and user-friendly.
Online
NPI understands the importance of streamlining safe online payments for businesses and ensuring a secure and convenient experience for customers.
Our integrated solutions are designed to seamlessly connect with a wide range of e-commerce platforms and payment gateways. This means that whether you’re a business looking to accept online payment or a customer making a purchase, the process is straightforward and secure.
For businesses, NPI’s integration with e-commerce platforms allows for a hassle-free setup, enabling you to accept payments on your website or digital storefront. Not to mention, our system effortlessly manages the flow of transactions, ensuring a smooth experience for your customers.
Over the Phone
Our virtual payment terminals are at the heart of over-the-phone payments. They provide a secure platform where businesses can process transactions remotely. This is especially useful for businesses that offer services or sell products over the phone, through catalogues, or via email. By using virtual terminals, you can efficiently handle card transactions from anywhere, enhancing convenience and accessibility for your customers.
Furthermore, security is paramount in over-the-phone transactions, and NPI takes this responsibility seriously. Our systems are designed to ensure the utmost security for both businesses and customers. Card data is handled with care, and our virtual payment terminals adhere to industry standards for secure payments.
You can learn how to take card payments over the phone here.
Contact NPI Today
Explore the NPI difference by getting in touch with our expert team. We’re here to provide guidance, valuable insights, and tailored solutions that align with your unique needs and goals. Reach out to us at 01 4475299. Or, fill out the contact form, and one of our payment gurus will get back to you.
Want to see our EPOS systems and card machines for yourself? Come down to our Citywest HQ and look around the Experience Suite.
EPOS for Retail Shops: FAQs
What does EPOS stand for, and how does it differ from traditional POS systems?
EPOS stands for Electronic Point of Sale. Unlike traditional POS systems, EPOS is electronic, offering a comprehensive solution that goes beyond processing payments, incorporating advanced features like inventory management and detailed reporting.
How can an EPOS for retail shops encourage customer loyalty?
EPOS systems can facilitate the creation of customized loyalty programs and discounts, helping boost customer retention. Around 83% of consumers are more likely to make additional purchases when part of a loyalty program.
How does EPOS for retail help manage stock efficiently?
EPOS systems automate stock management, saving time and resources. With digital eyes on your inventory, it tracks sales, identifies popular products, and alerts when restocking is needed, reducing shortages and dead stock.
What types of payments can be accepted with EPOS for retail, and how is the security ensured?
EPOS solutions allow retailers to accept various payments, including cards, digital wallets, and cash. They are PCI compliant, ensuring secure transactions. The system records all sales, minimizing errors and providing a secure payment environment.
Can EPOS for retail shops integrate with e-commerce platforms?
Yes, EPOS for retail seamlessly integrates with e-commerce platforms. This ensures a smooth transition between in-store and online sales, preventing interruptions and allowing businesses to keep operations running without delays.
Is an EPOS for retail shops different from other EPOS systems, and how is it designed for growth?
An EPOS for retail shops is specifically designed to foster growth. While other EPOS systems can perform similar functions, a retail EPOS is tailored, coded, and delivered to meet the unique needs of retail businesses, focusing on sales growth and success.
