11 May 2020
EPOS, sometimes written as ePOS or EPoS, stands for Electronic Point of Sale. As a merchant, you will probably come across this term quite frequently, so this article will go into more detail about what defines an EPOS and how it can be advantageous to your business.
The key difference between a traditional point of sale system and an electronic one is the software that links the physical hardware to payment processing. An EPOS acts as an ecosystem of connected devices that links physical payment terminals with networked card processing in real time.
Companies that use a fleet of EPOS systems can even brand their systems in company colours, customise and tailor the functionality and look to fit their business needs.
Hardware is equipment you can see and touch, for an EPOS the main piece of hardware you will be in contact with is the terminal. This is usually a monitor display that allows for input, very similar to a streamlined version of a desktop computer. Depending on what industry you’re in, additional input equipment can be tailored to the needs of your business.
For example, in a retail store selling clothes, your EPOS would require a barcode scanner, whereas for a supermarket or food services, a weighing scale would be advisable for loose fruits and vegetables. The list below details the hardware that most businesses may require:
The central part of an EPOS system is the software, linking everything together in a user friendly interface. Most modern EPOS systems don’t just process transactions, many of them have added functionality through their advanced record keeping and data collection. This means an EPOS can also help your business to:
EPOS software usually requires a license to run on a system, with many providers operating in the cloud on demand. This is based on the Software-as-a-service (SaaS) model where a subscription will allow a business to fully equip their EPOS systems with everything they need to process payments. Most subscriptions will include routine maintenance, software upgrades, and ongoing tech support.
As a merchant, deciding to opt for an EPOS can be a big decision but comes with several tangible benefits that can take a lot of stress and consideration from the day to day functioning of your business.
As a business if you are still collecting payments manually, and have no day-to-day visibility on your cash flow, a merchant cash advance can help you to invest in systems like EPOS to help take your business to another level.