5 Reasons to upgrade your EPOS system
In business, it’s far too easy to overlook the importance of the technology you have in place. More often than not, small businesses tend to hang on to inadequate systems until they fail altogether. The old phrase ‘if it’s not broke don’t fix it’ might have kept you from upgrading for a while now, but it’s probably time to embrace modernity and reconsider your tech.
A modern EPOS system does far more than take payments electronically but forms a central hub for all your customer interactions in exchange for your goods. From linking to your e-commerce website, clarity of ordering with stock management, tracking your marketing sources etc, a modern EPOS system is really so much more than a till. So with such a fundamental role within your business, should your technology at the point of sale really be taken for granted?
1) Accounts Integration – Does your EPOS system integrate with your accounts software?
Why choose an accounts integrated EPOS system? Using a system that has no accounts integration can primarily cause significant data entry duplication. Not only is manual data input a massively inefficient use of your resources, but it greatly increases the risk of errors occurring. Secondly, no accounts integration means that your business isn’t capitalising on stock control and profitability functions; A modern EPOS solution will have a seamless synchronisation between both your point of sale and accounts software in real-time, ensuring a live feed of data and accurate information.
2) Modern EPOS – Is your system old or outdated?
An old EPOS system presents a much higher chance of failure. Over time, technology becomes unsupported on newer operating systems and hardware. As a result, the risk of downtime and interruption to your business increases significantly, this can come at a large cost both lost sales and more worryingly – your reputation.
3) Reporting – Can you evaluate your businesses performance from the point of sale?
Any business needs some platform of measuring their performance, and there probably isn’t a more efficient and accurate way than working directly from your point of sale. An old EPOS system may have no reporting functionality, and if a reporting function does exist, it will likely be very basic in nature. A modern system will really expand the transparency of your business data, which empowers your management team with accurate information to make informed strategic decisions.
4) Marketing Data – Does your EPOS keep track of your customers?
With the amount of useful information out there to be collected, and given the resources and financial investment that SME’s commit to marketing activities, keeping track of and collating your customer data can be a key to your success. When developing a marketing strategy and understand your revenue you will most likely be asking yourself these questions; who is visiting you? how did people hear about you? why did they choose your business? etc. A modern EPOS solution can answer all these questions with extensive data analysis and customer recording features.
5) Pricing – Can you change pricing with ease at the point of sale?
One of the most influential factors for anyone making a purchase boils down to the price, it’s just a reality of how business works. Very few businesses implement a linear pricing strategy, or a ‘one price fits all’. Flexibility of your pricing is key, which is a feature an old EPOS system just simply can’t take advantage of. Seasonal pricing, trade or public price lists, family or group prices, multi-buy’s, discounting, to name a few, are all variations that need to be achievable within your point of sale. Modern EPOS solutions do just that, allowing the customisation and complexity required for your business.
How do I know what the best EPOS solution for my business is?
Speak to one of our EPOS experts on 01724 400300 for further information or use our ‘live chat’ in the bottom right corner to be instantly connected to one of our team.