The EPOS system (Electronic Point of Sale) is a type of machine which is made to assist businesses in processing transactions. It also includes physical equipment and software that allows businesses to handle their inventory. Such systems can be used for accounting and setting work hours for staff.
How Does EPOS Work?
EPOS is comprised of three components, which are the hardware, software and financial processing. The majority of these EPOS functions are managed via software so choosing the correct type is important. Financial processing involves a contract between your bank and business which moves funds from your customers into your bank account and charges you for it.
The hardware comes in many forms and the newest is compatible with cloud technology. Since much of this equipment is proprietary, those that buy systems they don’t like will have to purchase a new one, which is why it is important to select the right one.
What Is the Role of EPOS Software?
EPOS software provides a number of transactional functions, which include the ability to return items, provide discounts, deduct merchandise from inventory, and manage different item formats. For instance, merchants that sell their products by weight can purchase software which is designed to handle output/input mismatches.
This software can also be used for businesses that provide table service. It can display a table map which the user can see on a screen and tickets can be sent to printers that have delay instructions, or they can be sent to different workstations. The most advanced software can process cash and cards and can handle complex tasks even in high volume restaurants and bars.
Accurate reporting is a crucial aspect of electronic point of sale systems. It can show business owners and partners what type of products are selling and when, and some are so advanced that they can specify which factors allowed certain products to sell better than others.
In additional to normal price scheduling, reporting can dig deeper into the data to determine how price schedules influence the performance of specific items so that their profitability can be better understood. Another thing which reporting covers is the time of day or night when sales take place. This information will inform entrepreneurs of whether or not their business should be open at certain hours or closed early.
Any business which sells physical merchandise will have inventory that needs to be managed. This management involves knowing how many items have sold, the number of items that remain on the shelves, and whether or not an item is in stock. Inventory management can be complex, especially for large retail stores which have hundreds or thousands of items.
This is why the most advanced EPOS includes things such as inventory mapping. That way, you will know what items are available and what stock is incoming. Some systems can create purchase orders automatically and might also alert you when their stock price rises. Deliveries can also be scheduled.