What is the Difference Between POS and EPOS?
The primary difference between POS (Point of Sale) and EPOS (Electronic Point of Sale) lies in their technological capabilities and scope of functionality. A POS system typically refers to a basic, standalone system used for processing transactions at the point of sale, typically in retail stores or restaurants. It includes hardware components such as cash registers, barcode scanners, and receipt printers, along with software to process transactions and record sales data.
If you would like to read more information or learn more about the pricing of EPOS Systems, you can do so here.
What is the Difference Between POS and EPOS?
POS:
Scope: POS systems are basic, standalone systems primarily focused on processing transactions at the point of sale.
Functionality: They typically include hardware components like cash registers, barcode scanners, and receipt printers, along with software for transaction processing and sales recording.
Features: POS systems are limited in functionality and primarily handle transaction processing without additional capabilities like inventory management or advanced reporting.
EPOS:
Scope: EPOS systems are advanced versions of POS systems, leveraging electronic technology and integrating with other business systems for broader functionality.
Functionality: They offer a wide range of features beyond transaction processing, including inventory management, CRM, reporting and analytics, employee management, and integration with online sales channels.
Flexibility: EPOS systems provide businesses with greater flexibility, efficiency, and insights into their operations compared to traditional POS systems.
Sophistication: EPOS systems are more sophisticated and adaptable to the evolving needs of modern businesses, offering enhanced capabilities to streamline operations and improve overall efficiency.
Increased Security
EPOS systems typically boast significantly enhanced security protocols compared to their traditional counterparts. This heightened level of security is imperative considering that EPOS systems operate in a web-based environment.
The inherent safety of EPOS systems means there is minimal risk of them being hacked or compromised. Cloud-based security primarily serves to safeguard against data loss, such as in the event of a server failure leading to the loss of a month’s worth of sales figures, rather than protecting against hacking attempts.
While the potential for hacking exists, the primary aim of cloud-based security is to preserve data integrity rather than prevent data theft.
Integrated Payment Processing
One of the most critical differences between POS and EPOS is how they process payments. While POS systems are more traditional, EPOS systems are more flexible.
Many are compatible with mobile devices, which are very common in restaurants. This eliminates the need for bulky hardware and reduces upfront costs. They also use cloud-based software, which can be accessed on the go. An EPOS system is also more flexible regarding the payment methods it accepts.
While traditional POS systems typically offer only cash, debit cards, and credit cards, they often limit the number of customers and business types they can support. With modern ePOS systems, you can accept payment via various methods, including credit, debit, or contactless.
Flexible Payment Options
The landscape of monetary transactions is in a constant state of evolution, demanding that hospitality providers and businesses remain adaptable to accommodate diverse payment methods.
From conventional credit card transactions to contemporary contactless payments, consumers exhibit a range of preferences when it comes to purchasing goods and services. Traditional POS systems, which primarily accept cash and card payments, fall short in meeting the varied demands of modern consumers.
Businesses reliant on such systems may inadvertently limit their customer base by excluding those who prefer alternative payment methods. With no capability to process online or contactless payments, older POS systems are deemed outdated in today’s dynamic market. Thus, embracing more versatile payment solutions becomes imperative for businesses to remain competitive and cater to evolving consumer preferences.
Flexible
Most growing businesses use a traditional POS system. This setup has served them well for several years, but it may be time to upgrade. In this case, EPOS can offer a more flexible and adaptable solution.
EPOS systems have many advantages. One of them is their ability to be used on mobile devices. Unlike traditional POS systems, EPOS systems can be easily upgraded or adapted to meet future needs. They are easy to use, require little or no training, and generate accurate sales reports.
In addition, EPOS systems do not age like traditional POS systems and often offer minimal or no-cost upgrades. They also capture data automatically rather than locally and have low maintenance costs. EPOS systems can be customised to the needs of a business. For instance, a touchscreen terminal will allow for easy configuration of features. Another benefit is that EPOS systems can handle various payment methods. The systems can also handle deposits and gift cards.
Analytics
Are you still relying on an older POS system ? While it may process transactions, does it provide you with valuable sales trend information or charted sales figures?
With EPOS systems, these features come as standard, offering a wealth of functionality beyond basic transaction processing. Modern EPOS systems include a range of analytics tools that enable you to accurately assess your business performance.
With our EPOS systems, you gain insights into expenses at the point of product input, allowing you to specify the cost price and gross profit margins to calculate wholesale prices. This level of insight eliminates guesswork and empowers you to make informed decisions for the benefit of your business.
What is the Difference Between POS and EPOS & related articles
Hi, I’m Ally Cox, one of the leading Copywriter/Bloggers at CompareYourBusinessCosts.co.uk, a platform renowned for its in-depth analysis and comprehensive comparisons of business services. With over a decade of experience in the industry, I bring a wealth of expertise in areas such as leased lines, VoIP, business energy and office solutions, HR solutions, accounting, and payroll services, among others.
My journey in the industry began over 10 years ago, and my extensive knowledge enables me to provide invaluable insights to our users and customers. Prior to joining CompareYourBusinessCosts, I’ve been involved in various business ventures, gaining hands-on experience in HR and copywriting across a multitude of different sectors, gaining valuable knowledge about everything from clocking in systems to card machines, EPOS systems, payroll services, and so much more.
My mission is to simplify the often-complex buying process for businesses, helping them streamline their product and service comparisons effectively. By leveraging the expertise I’ve acquired over the years, I aim to assist businesses in making informed decisions that enhance their efficiency and bottom line.