An Electronic Point of Sale or EPOS machine is a digital hub which processes all your transactions, maintains all your inventory, and give you insight about your sales. It eliminates any manual labour of filing receipts or maintaining excel sheets. It enables your business to accept credit card and virtual payments too. The EPOS app processes transactions virtually by itemising sales and recording payments accurately. It not only allows your business to take a step-up virtually but is also incredibly useful in giving real-time assessment of inventory and sales.
A standard POS machine price includes
- A laptop/computer/tablet with EPOS app installed.
- Card machine
- Cash drawer
- Receipt printer
- Barcode scanner
- Credit card terminal
An EPOS billing machine is essential for your business to grow. It can help you in the following ways:
1. Increase in Revenue: A POS machine saves you significant losses by giving you the below benefits:
- Convenience: An EPOS app allows your customers to use the payment method of their choosing. They can choose debit and credit cards, instead of only making cash payments. Such payment methods also allow customers to make impulse purchases because they don’t have to look for the available cash in their wallets.
- Ease of use: A POS machine can be a big system or a simple EPOS app on your smartphone. This ease allows you to conduct transactions anywhere. Whether it is your store or a pop-up showcasing your goods, you can offer ease of payments to your customers anywhere.
- Secure: Since all the payments are made virtually, all the amount is transferred to your bank account directly. It eliminates any chances of fraudulent payments, manual mistakes or robberies. It offers enhanced security of customer data too.Accurate Sales Metrics: You don’t have to sit at the end of the month to count how much money you made. An EPOS billing machine offers you real-time data and analytics of your sales. With a POS machine, you can
- Track your sales: You can easily track your transactions, your revenues per transactions, data of refunds and returns, and analyse which payment method is most preferred by your customers.
- Performance of Products: With the analytics, you can find out which of your products are bestselling and which fall behind. You can track the time and days of the sales and how they perform at various prices.
- Performance of Employees: Since all your employee information is fed in the system, the machine tracks their performance. You can identify the employees performing well, set their schedules and goals through the POS system itself.
2. Better Management of Inventory: If you have multiple locations, you can track the inventory at all the places at one place through your POS billing machine.
- Restock Alerts: The EPOS system allows you to set up alerts when your inventory reaches below a set mark. Some POS machines also have a feature of automatically ordering stock when they are running low.
- Returns: You inventory is updated automatically when items are returned.
- Theft and Mistakes: You can track the loss of inventory due to theft and mistakes. You can even view the items sold at lower prices than set by you.
Customer management programmes: Your POS machine will gather data to help you personalise the experience of your customers, hence, driving more sales. You can send order updates to your customer, make deliveries and identify their preferences. You can even create targeted campaigns based on their purchase history, demographics and purchasing patterns. You can create loyalty programmes and reward your customers for returning to your store by maintaining a record on your EPOS system.
So, without thinking about a POS machine price, buy one that perfectly suits the needs of your business.