Know how it can help your restaurant and what’s the best type for your business.
EPOS System is one of the technologies that supports the Restaurant Industry. Its integration into a restaurant business helps with the improvement in management and customer’ satisfaction.
EPOS System stands for ‘electronic point of sale system’, is designed to ease up business processes such as accounting, inventory management, sales performance, and staffing. It’s a powerful economical tool that has different types and could be optimized and updated to correspond to the needs of the daily operations of a restaurant.
EPOS System is a user-friendly interface that allows a restaurant staff to be responsive, and produce well-made reports.
The idea of the UK Takeaway EPOS System comes from the late 1800s. Based on the concept of traditional cash registers, which mainly aims to stop internal theft, it is a system that functions to help businesses monitor the transactions and sales they make.
Through the years, this concept was improved into a POS System which provides more managing abilities but businesses demand for more. To meet the demands of a digitally-driven population, POS providers have developed systems that allow businesses to use features that yield flexibility and personalization.
POS SYSTEM VS EPOS SYSTEM
EPOS Systems are basically POS systems that come in electronic format. POS Systems are approximately the cash registers while EPOS Systems relies on the Internet, processes and stores data securely online.
Since EPOS Systems tends to be more web-based, it requires a higher security protocol than the traditional POS System. This is to prevent cyber-attacks, theft and hacking.
With Traditional POS Systems, there is a higher chance of inventory management errors that costs money and time at the end of the day. EPOS Systems updates your inventory automatically, and provides real-time reports about your inventory. This helps restaurateurs to never overstock and out of stock of ingredients and products.
POS Systems are only able to process payments through cash, credit cards and debit cards. While EPOS Systems can swiftly process payments through cash, credit cards, debit cards, mobile wallets, and online payments.
EPOS Systems provides analytical and systematic tools as its basic features. It provides charted sales reports, updated sales trends, and information. Many features of EPOS Systems help with the improvement of functionality which the traditional POS System cannot provide.
SUPPORT AND MAINTENANCE
EPOS Systems providers usually provide 24/7 support which allows them to address concerns and problems right away. Only a few of the vendors of POS System offer this type of support.
HOW EPOS SYSTEM WORKS
EPOS System functions just like a traditional till system but with the proper EPOS Software, it could support the restaurant business even more by providing comprehensive reports that gives a restaurateur a better understanding of its business.
Its software should be connected to a device or hardware to fully integrate to a business. From here, a restaurateur would be able to operate and manage multiple sales channels. It speeds up business transactions which leads to better customer experience.
BENEFITS OF A EPOS SYSTEM
Having an EPOS System integrated with your restaurant will surely support your business to achieve its highest potential. Here are the main points where a restaurateur can benefits should it decided to get an EPOS System :
- Improve Inventory Management
EPOS Systems stores inventories of all your products and stocks digitally. This prevents human error from taking place with the manual process of updating the inventory.
- Accurate Analysis of Internal Financial Data
EPOS Systems allows you to have a straightforward accounting process. The software you’ll integrate will automatically update your financial data and manage your invoices, payrolls, tax, bills and more.
- Provide Comprehensive Sales Reports
As all the transactions are saved online, restaurateurs can now produce reports and useful outlines for their business. It can be modified by daily, weekly, monthly, and annual reports. It can also produce reports when you have the lowest and highest revenue.
- Better Staff Management
EPOS Systems has software that allows you to manage and monitor staff’s performances. With this result, it allows managers to tailor reward schemes that would boost the team’s morale.
- Boost Customers’ Satisfaction and Loyalty Programs
Restaurateurs would be able to customize their marketing programs in accordance with the data and information they’ve gathered from their EPOS System. Reports about what your customer’s ordered and how frequently they visit is one of the many features of an EPOS System.
- Swift Order Processing
The elements of EPOS System would help improve the process for both cash and card payments.
- Adapt the Product Range
Provided reports about your customers, restaurateurs would be able to monitor what product/s works best for the restaurants. This would help you to modify and improve your product offers in the future.
- Security of Data and Assets
EPOS System provides secured and precise software that minimizes the risk of human error to business processes. It also reduces the possibility of internal theft as you can monitor your staff more closely.
- Conserve Time and Money
Investing for a better customer experience is always a worthwhile investment. It saves time as it helps every manager, staff, and owner to get through the complexity of the daily operation of the restaurant business.
- Streamlined Workflow
EPOS Systems allows everyone to stay in the lead of the competition by working more efficiently. It adds mobility to both owner and staff, and it’s easy-to-use feature helps both your employees and customers.
COMPONENTS OF AN EPOS SYSTEM
Tip : The two go hand in hand, but it is ideal to choose a software that’s suitable for your restaurant first before purchasing a hardware. It is because there are softwares only works for specific hardwares.
TYPES OF EPOS SYSTEM
EPOS Systems could be classified differently, here are the different types of EPOS Systems according to its category : Business Type Set-Up Type
- Hospitality Industry Traditional EPOS System
- Retail Industry Cloud-based EPOS System
- Fashion and Beauty Industry
- Service Industry
- Traditional EPOS Systems are not dependent on the Internet because it uses internal servers to store the business’ data. Maintenance and support are usually done and provided by the supplier within the premises.
Using cloud as a metaphor for the Internet, Cloud-based EPOS Systems store and process your data online. Unlike the Traditional EPOS Systems, you can access your system anywhere as long as you have a good internet connection. For updates, as long as you’re using the latest version of the app, it can be automatically done by the supplier.
TYPES OF BUSINESS THAT UTILIZES EPOS SYSTEM
The digital revolution leads businesses of different industries to transfer their transactions and processes with the EPOS System.
- Hospitality Industry
Establishments such as Cafes, Restaurants, Hotels, Bars, Fast foods, Takeaways, Hostels, B&Bs, Pubs, and many more.
- Retail Industry
Establishments such as Supermarkets, Grocery Stores, Pharmacies, General Stores, Convenience Shops and many more.
- Fashion and Beauty Industry
Establishments such as Clothing Stores, Fabric Stores, Bespoke Shops, Shoe Shops, Salons, Spas, Gym, Massage Parlors, Treatment Rooms, and many more.
- Service Industry
Establishments such as Shoe repair shops, Laundry and Dry Cleaners, Watch Repairs, and many more.
HOW TO SET UP AN EPOS SYSTEM
- Setting Up the Hardware
Traditional EPOS System requires a stable and fast internet connection. It also requires a local server where it stores data, though there are systems that ask for local servers but save the data to the cloud or online.
For Cloud-based EPOS System, once you have a tablet and associated an internet connection with it, you’ll be good to go.
- Setting Up the Software
You may start to pattern the settings according to the daily needs of your restaurant. You have to input your floor plan, menu, contact information, and other items and services you offer.
HOW TO HAVE AN EPOS SYSTEM AND HOW MUCH IT COSTS
You can acquire an EPOS System by renting or buying the item. There’s also an option of lease-to-buy in order to minimize the impact of the upfront cost on your cash flow.
With different components and software requirements, prices for a complete set up of EPOS System vary. To provide a simpler explanation, you can pay in the within the estimate of the following :
Note : Prices may vary depending on the supplier, contract, and needs of your business.
FACTORS YOU NEED TO CONSIDER IN FINDING THE RIGHT EPOS SYSTEM
- Industry or Nature of the Business
- Required Components of the EPOS System
- Size of the Business
- Training for Employees
- Customer Support and Service of your Vendor
WHAT IS AN ALL-IN-ONE EPOS SYSTEM
It is believed as the most cost effective EPOS Package in the market. A modern technology designed to connect your front of the house with your kitchen and sync all the orders coming from multiple channels in a single EPOS Terminal.
It’s equipped with all the hardware and software components needed to take control of the whole restaurant business in a single EPOS Terminal.
WHAT’S THE FUTURE OF THE EPOS SYSTEM
It is expected to develop more systems that are customer-centric. Market segmentation is now not enough for modern consumers, and they crave for a much specific and personalized service which can only be achieved if the businesses would be more focused into their data.
There’s also an observed increase in the self-service kiosks. The trend of the consumers wanting to have more sense of control with every transaction they made, combined with the new safety protocols, would lead for developers to improve self-service options with EPOS Systems.
The very concept of EPOS System for takeaway was born due to the demand of businesses to have a better experience with their restaurant management. As we move forward, with the digital revolution and new normal protocols, it is important to know what tools could be useful and worth the investment to improve the daily operation of your business.