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What are retail EPOS systems?

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Zara, Staff Writer

Tuesday, 8th June 2021

EPOS

What's a retail EPOS system?

  • A retail EPOS system is an electronic cash register that allows businesses to accept card and cash payments from customers.

  • EPOS stands for electronic point of sale and is also known as POS. Put simply, electronic point of sale is a method of processing customer transactions.

  • It works via hardware such as cash registers, payment terminals, barcode scanners, tablets etc. The hardware is operated by corresponding EPOS software, which can be tailored to your particular business type. 

  • Most businesses can benefit from EPOS, especially if you take customer payments in person or over the phone. This makes EPOS perfect for retail environments.

  • As well as secure payment, EPOS can uncover helpful insights about your retail business, making it easier than ever to understand your customers. 

Here’s what you need to know about retail EPOS systems to get started. 

Out with the old, in with the new: EPOS cash register vs regular cash register

EPOS

As a business owner, you might be wondering why you can’t just use a regular cash register, instead of the cash register you’ll get with a retail EPOS system.

The reality is that times have changed and fewer people are relying on cash payments, which older cash registers were designed for. To be able to accept credit card payments, you need a way of connecting your cash register with the payment terminal. Retail EPOS is therefore the easiest and most secure way of facilitating all forms of electronic payment.

Retail EPOS will still allow you to accept cash, as you can manually enter how much cash was handed over. In response, the system will tell you the correct change to give. The difference is, retail EPOS systems create a much sleeker experience for your employees operating the till point as well as your customers. 

Plus, unlike a regular cash register, retail EPOS will give you more information about the nature of purchases made. All of which will make running your business so much easier, with features that benefit everything from your accounting to your marketing. 

EPOS for retail features

  • Ability to add discounts or notes on items

  • Accounting simplification 

  • Cash management

  • Custom receipts

  • Easy staff training 

  • Individual user accounts

  • Refunds

  • Returns

  • Store credit

  • Sync with inventory

EPOS software for retail

All of the hardware that comes with an EPOS system is operated by software. EPOS software can be obtained for free, though will be very basic in what it can do. For a small monthly cost, it’s worth upgrading to EPOS software that is tailor-made to the retail industry. Here are some of the features you could benefit from with EPOS software for retail:

Inventory management

Inventory management is really useful. Instead of having to manually check whether something is in stock, your employees can find out the answer in seconds. Plus, it can warn you when certain items are getting low so that your stock levels remain optimum at all times. 

Accounting

Your accounting is easier to manage, as dedicated reports will clearly show your income without having to spend hours slumped over a spreadsheet.

FAQ

How much will I pay for an EPOS system for my business?

Want to get your business up and running with an EPOS system but confused about costs? Let us do the legwork. Read our detailed price guide to find out how much you can expect to pay for an EPOS system in the UK.

What is the best EPOS for retailers?

While every business has different requirements for a retail EPOS system, it should never fail to deliver two things - profitability and efficiency. You also want features that are specifically designed for retailers, including:

  • Ability to scan barcodes

  • Ability to print receipts

  • Stock management

  • Track sales

  • Staff rota organisation

If you're a small business looking to scale, you also want an EPOS system that allows you to transition smoothly from a single system to a multi-site solution. In other words, you want an EPOS system that grows with your business.

EPOS
What's the benefit of using EPOS systems for E-Commerce stores?

Epos systems aren't just great for physical stores, they provide endless benefits to E-Commerce stores too!

EPOS

Benefits of EPOS for E-Commerce businesses:

  • Faster order processing

  • Consistent pricing across different online platforms

  • Minimises risk of manual mistakes

Benefits of EPOS for E-Commerce customers:

  • Faster order processing

  • Ensures accuracy of product pricing

  • Accepts multiple payment types

Ready to take the leap to retail EPOS systems?

EPOS

Are you looking to set up an electronic point of sale system for your retail business? It couldn’t be easier to get up and running when you find EPOS system providers near you with Bark.

Whether you are starting from scratch or looking to upgrade your existing retail EPOS system, we can match you with the best professionals to help. 

With the best retail EPOS system by your side, you’ll be in a better position to maximise your business performance. Plus, your customers will get the best experience too. 

Find an EPOS System Solution near you

The average rating for Bark EPOS System Solutions is 4.96, based on 19,396 reviews.

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