The traditional shop till could be going the same way of the floppy disk, as the technology in the form of EPOS systems transforms the way we tap, swipe and fingerprint our way to purchase our favourite products. And for businesses like yours, embracing all things electronic could be a great way to modernise your offering. But what are EPOS systems and what are the benefits? Allow us to explain.
What is EPOS?
EPOS stands for electronic point of sale and refers to the modern tech we use in place of traditional cash registers. EPOS systems are designed to help you manage your day to day business more effectively. We might think of this in the form of a POS (point of sale) system for taking payments, but EPOS technology also comes in the form of hardware such as terminal screens, receipt printers, barcode scanners and EPOS software packages, which may enable you to set-up cloud-based payment systems.
How does an EPOS system work?
Electronic point of sale is no one-size-fits-all solution. EPOS is the technology behind many day-to-day operations, from taking payments online to contactless payments through a POS terminal. Modern EPOS systems are often digital, so you may not always see a till reader at your in-store counter as you can set up EPOS software through your iPad or smartphone, for example, or traditionally, take payments through a countertop or portable card machine.
Some EPOS systems can be integrated with the operational tech at your business premises. For example, a grocery store might have existing tech in place like barcode scanners, touchscreens and cash drawers that can connect via cables or wirelessly to an EPOS system. Tyl’s Clover Flex is our card machine that most closely resembles an EPOS system; it can handle payments with an in-built barcode scanner, has an app to manage cash and is touchscreen too (fees apply).
What are the benefits of EPOS?
These days, cash isn’t always king, and many customers expect to be able to make payments in different ways, from digital wallets to smartphone payments. By equipping your business with an EPOS system – or something similar like a Clover Flex – it gives you more options when it comes to getting paid than simply taking cash.
Here are some other potential benefits of EPOS:
- Faster payments. Cash payments take time – from waiting for a customer to get the exact change to punching numbers into a till. EPOS systems can enable simple transactions on devices like phones, bank cards and digital wallets. This may help cut queues and make the process of getting paid much speedier.
- Reduce mistakes. EPOS technology can connect automatically with your card machine and charge the correct amount for every transaction, reducing the chance of human error since you won’t be manually inputting numbers.
- Cost-effective. It costs money to repair and maintain a traditional cash register, not to mention the electricity costs of keeping it plugged in. EPOS systems may be a more low maintenance and less pricey option than you think.
- Analytics. Depending on which EPOS system you use, you may be able to track sales and view data like your busiest times, plus other admin support such as invoice management.
- Security. Having a PCI compliant EPOS platform, with the ability to take payments using Strong Customer Authentication (SCA), gives you a layer of protection in the fight against fraud.
How Tyl can enable electronic payments
As a business owner, we’re sure you’ll have plenty to keep you occupied, and we want to make your life easier by providing card machines that effectively operate like an EPOS system, like the Clover Flex. It’s an all-rounder that can help you take payments on the go, and features a central hub from which you can view everything from inventory to customer management. There are other benefits of the Clover Flex, such as the reporting app, which generates reports on your business activity, and other apps on the homescreen to help you manage cash flow and refunds, for example.
And after a long day making sales, the Tyl portal lets you view your transactions and customer behaviour at a glance.
Our tech guides
Technology is transforming the way we do business, and on Tyl Talks, we’ve put together some articles and guides to help you navigate your way around the latest innovations. Take a look!
This has been prepared by Tyl by NatWest for informational purposes only and should not be treated as advice or a recommendation. There may be other considerations relevant to you and your business so you should undertake your own independent research.
Tyl by NatWest makes no representation, warranty, undertaking or assurance (express or implied) with respect to the adequacy, accuracy, completeness, or reasonableness of the information provided.
Tyl by NatWest accepts no liability for any direct, indirect, or consequential losses (in contract, tort or otherwise) arising from the use of the information contained herein. However, this shall not restrict, exclude, or limit any duty or liability to any person under any applicable laws or regulations of any jurisdiction which may not be lawfully disclaimed.