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As the world advances day by day, machines have come to serve our needs better than actual humans. Compared to conventional registers, they make it is easier to keep track of and record important sales data. Electronic point of sale (EPOS) systems allow retail shops and restaurants to easily record and calculate all of the goods and services purchased by customers.
This system offers an efficient and a relatively fast way to serve customers and handle all sales calculations, including totals and change, as well as issue receipts to customers. The systems also integrate with credit and debit card payment systems, and help business owners track their stock levels and customer information. Patrons can also access cash if necessary. In short, EPOS is a complete store management system that tracks sales, inventory, and workforce.
Pros of an EPOS System
EPOS systems offer a variety of advantages that help improve the way businesses perform, maintain customers' data securely, and control stock levels. Information stored in an EPOS system can easily be retrieved as soon as the business owner needs it. The system includes optional features that allow business owners to track their stock or sales and determine which products are in high demand.
The system also prints vouchers and receipts for customers and can be linked to the business's website and social media networks. An EPOS helps businesses ensure accurate pricing, reduces human errors, improves the integrity of data stored in the system, and guarantees faster transactions. At the same time, it also reduces the human capital needs and allows you to focus staff towards more constructive and productive jobs.
Points to Consider before Choosing an EPOS System
- Features: EPOS systems come with a variety of optional features, and not all vendors offer the same choices, or within the same packages. Popular features include sales records, updated stock levels, enable faster and more efficient customer service, provide accurate pricing data and information, and track business taxes and sales.
- Value for money: Not all businesses need the sophistication of an EPOS system. Look carefully at the features offered and compare these to your business needs. Look also at your current costs and whether the greater efficiency with electronic system, and the extra features, are worth the upgrade.
- Speed: A faster system ensures your customers do not wait long to be served and that the system receives product information quickly, promoting increased productivity and efficiency.
- Cloud-based or self-hosted: Which is best depends on your particular needs. A cloud-based system typically suits smaller businesses while an in-house system may be more appropriate for a larger business. It is always a good idea to consult with a company representative to ensure that the system you choose serves all your needs.
Sample Prices of EPOS System
Pricing varies greatly by vendor, the number of users, the number of registers you operate, whether you choose cloud-based or self hosting, and the features you select. You may also see charges for shipping, installation, hardware, software, training, and technical support.
When talking to your vendor rep, ask what exactly goes into the quote. Vendors employ vastly different pricing structures. For example, some include hardware and some don't. You need to be sure you're comparing comparable proposals.
The following rough estimates give you a good idea of what to expect and whether a vendor's quote seems reasonable. Again, pricing varies widely, so only use these as estimated costs.
- You can rent your EPOS system on a weekly or monthly basis. The average weekly price ranges from $120 to $150. A monthly rental averages between $280 and $300.
- If you decide to purchase, the system averages around $2,800 to $3,000.
- An electronic point of sales terminal with integrated MSR, integrated VFD, customer display, space pole, printer tray, and arm averages between $800 and $900.
- An EPOS system with a TFT Active Matrix LCD, sealed resistive membrane, 20 GB internal hard drive, and 3.5" IDE averages between $900 and $1,000.
- An EPOS system with 22 silicon rubber keys developed for a host environment and radio network for data transmission averages between $1,300 and $1,500.
- An EPOS system with touch-screen display, customer facing price display, printer compatibility, and cash till averages between $2,300 and $2,500.
- An initial set up fee may cost between $50 and $100 per terminal.