When it comes to POS vs EPOS, how do you know which is right for your business? And exactly what’s the difference between POS and EPOS, anyway?
Choosing the right point of sale (POS) system is a critical decision for business owners. But before you can decide on a POS or EPOS (electronic point of sale) system, you’ll need to know what they are, what they can do, and the differences between them.
In this article, we’ll take you through everything you need to know about POS vs EPOS systems and how to choose the right one for you.
New Payment Innovation has been a pioneer in the Irish payments landscape. If you’d like to learn more about our proprietary EPOS technology, easy-to-use card machines, or about payment processing in general, give us a call at 014475299 to talk to one of our payment experts, or fill out the free contact form and we’ll get in touch.
What are Merchant Services?
Contents
Merchant services are fundamental financial solutions designed to help businesses process various payment methods, including debit and credit card processing, digital wallets, and more.
These services are necessary for any business that accepts payments online, in person, or over the phone. Merchant services provide secure, compliant payment processing that allows business owners to focus on their operations and their customers.
These types of services include handling in-store payments with card machines, taking online payments, and even taking payments over the phone – plus a few more payment options. Merchant servcice providers supply payment technology, like card readers and payment gateways that businesses need to process payments safely and efficiently. They also offer important features like data analysis to help businesses understand their customers better and make data-driven decisions.
What are POS Systems?
A POS system, or point of sale system, is where goods or services are exchanged for payment. POS refers to the actual location and mechanism used for this exchange. For example, in a grocery store, the cash register is the point of sale. Traditionally, these POS systems included a stationary terminal, cash drawer, and card machine.
Benefits of POS
POS systems have been around for a long time, so there are certainly some advantages to using one. Below are some of the benefits of POS systems for business owners:
Efficient Transactions
POS systems make the sales process quicker and more efficient, benefiting both customers and employees. Customers get a faster checkout and employees can process transactions quickly, reducing wait times and increasing turnover.
Accuracy
Automated calculations in POS systems minimise the potential for human error when calculating prices and transactions. This ensures that customers are charged correctly and that financial records remain accurate.
Security
POS systems prioritise security, protecting sensitive customer data and maintaining the integrity of financial transactions. They often incorporate encryption and other measures to safeguard payment information and prevent fraud.
What are EPOS Systems?
Like a POS, an EPOS (electronic point of sale) is a place where sales are made. However, along with the hardware typical in a POS system, EPOS includes software as well. This software can be programmed to help businesses optimise their operations and encourage growth by making business-related tasks simpler to complete. Read more about what is an EPOS system.
How Does EPOS Work?
EPOS systems streamline the entire sales process, from the moment a customer selects their items to the final payment.
When a customer’s selections are input into the EPOS system at the time of payment, the system calculates the total cost, including any discounts or promotions specified by the business owner. Payment can be made with cash, card, or digital wallets and are processed securely so customer information is safeguarded and so you can take advantage of the benefits of contactless payment.
When a purchase is made, the EPOS system automatically updates the inventory, ensuring that stock levels are accurate in real time. This prevents overselling and stockouts. The EPOS system then prints a detailed receipt for the customer and records the transaction in the system, providing data for future analysis and decision-making.
Benefits of EPOS
There are tons of benefits of EPOS system use for business owners. More than being a simple point of sale, EPOS systems have capabilities that provide safety, management, and insights. Here’s what an NPI EPOS can do for your business:
Efficiency
EPOS systems enhance efficiency by speeding up transactions and reducing customer wait times. The streamlined process benefits both customers and employees. NPI’s proprietary EPOS software allows customisation of menus and prices, so everything you need for quick transactions is right there.
Inventory Management
Real-time inventory management is a game changer for businesses. EPOS systems ensure that you never oversell or run out of popular products, plus you’ll have a heads-up for when you need to restock or order more products.
Data Insights
NPI EPOS systems provide valuable data insights, enabling businesses to analyse customer behavior, sales trends, and product popularity. The data can inform marketing strategies and boost profitability. Learn more about how to use business payment data.
Security
EPOS systems prioritise security to protect sensitive customer data, reduce the risk of fraud, and maintain the integrity of financial transactions. They often incorporate encryption and other measures to safeguard payment information.
Employee Management
EPOS software can be customised to include employee management abilities like tracking hours worked, making schedules, and tracking sales. These capabilities make it easier to manage staff effectively and prevent scheduling issues.
Reduced Human Error
With automated calculations and inventory tracking, there is less room for error in record-keeping and sales processing, which significantly improves overall business operations and transparency.
POS vs EPOS
So, just what is the difference between POS and EPOS? Well, before we get to that, let’s discuss how they are similar:
Similarities
- Both systems make checking out faster and more efficient for customers, enhancing the shopping experience and reducing wait times.
- Modern POS and EPOS system can accept cash and have a credit card machine for card payments.
- Both systems can keep inventory records, though POS machines require a more complicated process.
Differences
- EPOS systems, especially when paired with a wireless card reader or mobile card machine, aren’t limited to just one location. Instead, payments can be taken from anywhere in the shop through EPOS.
- POS systems don’t offer as many advanced features as EPOS. These features include sales analytics and reports, integration with other business software, and support for omnichannel retail.
- EPOS systems are adaptable. They can be programmed to reflect changes in business operations, inventory, and staff easily.
POS vs EPOS: Questions for Business Owners to Ask Themselves
When considering POS vs EPOS, how do you as a business owner know which option to choose? We’ve gathered a list of questions to ask yourself that may help you decide.
What’s the nature of my business, and do I operate across multiple sales channels?
- If you have an online presence or plan to expand into online sales, an EPOS system may be the better choice to accommodate multiple sales channels.
Do I need advanced sales analytics and integration with other business software?
- If you require detailed sales analytics and seamless integration with other business software like accounting or CRM systems, an EPOS system can offer the advanced features you need.
How scalable is my business, and do I plan to expand or diversify my sales channels?
- Businesses with growth plans may find EPOS systems more scalable and adaptable to changing needs.
What hardware options do I prefer for my point of sale system?
- Consider whether you prefer traditional hardware or more versatile hardware choices. EPOS systems can run on various devices.
What’s my budget for implementing a point of sale system?
- Calculate the budget you have available for the initial setup and ongoing operational costs of your chosen system.
How tech savvy is my team, and what level of technical complexity can they handle?
- Assess your team’s comfort with technology and your organization’s capacity to manage and troubleshoot the chosen system.
What are my long-term business goals, and how does my point of sale system choice aligns with them?
- Consider the long-term vision and growth plans for your business and how your choice of system aligns with these goals.
How do I plan to adapt to market trends and changing customer preferences?
- Be proactive in considering how your chosen system can adapt to changing market trends and customer demands, especially in the ever-evolving world of business technology.
New Payment Innovation’s Approach to Merchant Services
NPI’s commitment to innovation and customer-centricity means we’re not just another payment provider – we’re your partner on the path to seamless payments – and success. 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 wired payment options. These methods ensure that you can accept payments securely through trusted and established channels.
In an era where speed and convenience are paramount, NPI embraces wireless technology for your face-to-face transactions. Our wireless solutions, including contactless payments, 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.
Recognizing the growing importance of mobile payments, NPI empowers businesses to tap into the mobile-centric world. With our support for mobile transactions, you can offer customers the flexibility to pay with their smartphones and digital wallets, making the payment process both efficient and user-friendly.
Online
NPI understands the importance of streamlining 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 payments online 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. Our system effortlessly manages the flow of transactions, ensuring a smooth experience for your customers.
Over Phone and Email
Our virtual 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 catalogs, or via email. By using virtual terminals, you can efficiently handle card transactions from anywhere, enhancing convenience and accessibility for your customers.
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 terminals adhere to industry standards for secure payments.
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. If you want to know more about our proprietary EPOS software and how it can help you grow your business, reach out to us at 014475299 or fill out the contact form and one of our payment gurus will get back to you.
POS vs EPOS: FAQs
What is the fundamental difference between POS and EPOS?
The main difference is that POS (Point of Sale) systems are typically location-based and are primarily used in physical stores, whereas EPOS (Electronic Point of Sale) systems are more versatile, designed for both online and offline sales.
Do both POS and EPOS systems offer inventory management?
Yes, both systems provide inventory management features, but EPOS systems typically offer more advanced inventory management capabilities, including real-time tracking.
Are EPOS systems more expensive than POS systems?
EPOS systems often come with more advanced features, making them more expensive upfront. However, the costs can vary widely based on the specific requirements of your business.
Which system is better for businesses planning to expand into online sales?
EPOS systems are better suited for businesses with plans to expand into online sales because of their ability to accommodate multiple sales channels, including e-commerce.
What hardware options are available for POS and EPOS systems?
POS systems often rely on specific hardware like cash registers, while EPOS systems can run on various devices, including computers, tablets, and smartphones, providing greater flexibility.
Do I need an EPOS system for my business?
EPOS (Electronic Point of Sale) systems are valuable for businesses seeking advanced sales and inventory management, making them ideal for retail stores, restaurants, and hospitality businesses.
Which system offers better sales analytics?
EPOS systems provide more advanced sales analytics, allowing businesses to access comprehensive data on customer behavior, popular products, and sales trends.
Can POS and EPOS systems integrate with other business software?
While both systems offer integration capabilities, EPOS systems are generally better at seamless integration with other software tools like accounting and customer relationship management systems.
How do POS and EPOS systems enhance security?
Both systems prioritize security by protecting sensitive customer data and financial transactions. They often incorporate encryption and other measures to safeguard payment information and prevent fraud.
POS vs EPOS - Which do I choose?
Which system you choose depends on yours and your customers’ needs and preferences. However, EPOS systems are much more versatile and efficient when it comes to managing multiple aspects of your business.
