Know The Differences Between Point Of Sale And Electronic Point Of Sale
Why exactly is electronic point-of-sale (POS) software somehow more effective than the more conventional POS systems? What exactly differentiates the two from one another? Thousands of companies all around the world have abandoned their antiquated point-of-sale (POS) systems in favour of their newer, more advanced electronic counterparts ever since the advent of ePOS systems.
Continue reading to get an understanding of the distinctions between standard POS systems and electronic point of sale. Your company can run more easily and effectively with the help of an all-in-one solution known as a point of sale system (often abbreviated as POS). It integrates several distinct facets of your company into a single solution that is straightforward to utilize.
POS vs ePOS: Which one to choose?
POS systems are utilized by numerous types of businesses, including traditional retail stores, restaurants, and especially online retailers. They are essential for a wide variety of tasks, including the processing of payments, the administration of inventories, and the reporting of sales.
What is POS?
Traditional point-of-sale (POS) systems are probably already familiar to the majority of you because you may be using one of these for your company at the moment. A legacy POS, often known as a classic POS, is primarily a computer with associated software. Traditional point-of-sale (POS) systems are built with the primary purpose of facilitating the completion of sales transactions. This is the most important fact about these systems that you need to understand. Traditional point-of-sale (POS) systems are fairly prevalent and have been utilized for a significant amount of time.
What is ePOS?
An electronic point-of-sale system, often known as an EPOS system, is a mix of hardware or software that is designed to assist you in managing your company more effectively. Your electronic point-of-sale data may be stored in servers located on your business’s premises or in the cloud, depending on the kind of EPOS system you choose. Traditional point-of-sale (POS) systems and electronic point-of-sale (EPOS) systems differ primarily in that traditional POS systems enable accurate stock control, while electronic point-of-sale systems for more complex sales transactions in which offers or specials can be applied. In contrast to traditional point-of-sale (POS) systems, electronic point-of-sale software can run on mobile devices such as tablets.
Difference between POS and ePOS
When we compare traditional point-of-sale systems with electronic point-of-sale systems, one of the primary concerns of business owners is security.
- Electronic point-of-sale (EPOS) systems provide a higher level of security than their predecessors. Because electronic point-of-sale systems are web-based, improved security methods need to be used while storing and managing data. The information on customers needs to be safeguarded.
- On the other hand, whenever it comes to classic point-of-sale (POS) systems, there is a greater risk of losing information as a means of an attack just on a local server or a failure of the hardware. Because they are less likely to be compromised, Electronic point-of-sale systems are safer to operate. Additionally, there is a function for the administration of security known as the “Security cash drawer.” This feature allows the cash drawer to be opened only during the billing process rather than at any other time. Because of this, access to it is denied to users who are not permitted.
POS terminals come with a variety of built-in analytics tools and payment processing choices that are far more adaptable. In most cases, only cash, debit cards, as well as credit card payments are accepted by traditional point-of-sale (POS) systems. This makes it difficult for certain clients who would like to utilize a different way of payment because it creates barriers for them. Because an earlier POS system is unable to accept online payments or purchases made with contactless technology, it is regarded as being out of date. The old point-of-sale system seems to be a very fundamental type of sales system.
Management of Stock and Supplies
Because an electronic point-of-sale system gives you access to your inventory in real time, we are going to go ahead as well as state that this is most likely the choice that you should go with. Traditional point-of-sale (POS) systems have a very poor update rate and are not even close to being real-time. The following are some of the ways that ePOS can assist you in inventory management:
You can track inventory directly from your electronic point of sale terminal, and the system will even send you alerts when it detects that your supply is getting low. That way, you’ll never run out of the things that are most popular with your consumers, but you won’t have excess stock, either. Inventory management mistakes can result in unsold goods being on shelves, which is a waste of both money and effort for the business.
We have high hopes that you will find this article to help increase your awareness of the differences between these two point-of-sale (POS) systems. Conventional point-of-sale (POS) systems might work for your company in the short term, but to achieve the full potential of your company, you will ultimately have to make the transition to something more modern.