An EPOS (electronic point of sale) system is an investment that can change the way you do business – streamlining your admin processes and making it easier to meet customer needs. The question many business owners ask is: when is the right time to make that investment? In this article, we explain when it’s a good time to invest in a new EPOS system.
When till and cash register is holding you back
The most basic point of sale (POS) setup you can have is the classic till and cash register combination, usually with the addition of a card payment terminal.
Many small businesses make this work, but it leaves you with a long list of manual administrative tasks. When you want to grow your business, this setup gives you very little time to take the steps to push it to the next level. With little in the way of automated tracking, you’re also likely to miss out on data insights that could inform your business decisions going forward.
When your business is growing, or you want invest in your success, an EPOS system can give you the tools to grow and expand.
At the point of start-up
Many start-up businesses include a modern EPOS system as part of their initial outlay.
Why? Because it means they immediately have a system with a pleasing design that is going to create a good first impression with customers, and they have access to the most accurate data and statistics from the get go.
For start-ups, getting it right straight away gives you the maximum chance of success. That’s why making the investment in a modern EPOS system makes sense – it means your business will be optimised from the beginning, meaning you don’t have to work on making it more efficient down the line.
When you outgrow MPOS
MPOS, or mobile point of sale, is seen by many as a cheap alternative – a way to get the functionality of an EPOS system while softening the blow of the initial outlay.
However as your business grows, you start to see that you get what you pay for. With higher payment rates, MPOS systems start to cost you more as the volume of card payments you’re taking goes up. A lack of processing speed can also make MPOS a frustrating customer experience.
If your MPOS system is causing these kinds of problems, then it’s time for your business technology to step up – by upgrading to a modern EPOS system you can get better functionality to match your growing business needs.
When your old EPOS is causing you problems
Many businesses stick with an outdated EPOS system due to the initial outlay, worrying about spending out on a new system.
However, hanging on to an old system that causes you problems isn’t worth it in the long run. If it takes your staff longer to deal with customers due to dealing with your POS system, or if training times are long and take big chunks out of your time, it’s a false economy to think this is saving you money.
Letting technology hold you back is never a sound strategy. If it makes life easier for staff and customers alike, then the upgrade is definitely worth the investment.
Get the information you need
To make a decision about the importance of EPOS to your business, and whether it’s a good time to invest – either in your first EPOS system or in an upgrade to your existing set up – you need to be informed.
That’s why we’ve put together a guide to EPOS systems, to help business owners find out how EPOS systems have changed and what they can do for your business.