When Is It Time to Move from Cash Registers to EPOS Systems?

Running a small cafe or retail store is a completely different ballgame compared to what it was a few years ago. Customer expectations are high, transactions are quick, and insights play a huge role in the growth of the business. Traditional cash registers eventually become a bottleneck when they hit their limit. At this time, the right business decision is to switch to a new and better technology – an EPOS system. 

Has Your Business Outgrown a Cash Register?

The first sign that your business has outgrown the cash register is the volume of sales. If there is a delay in serving your customers, or you see a queue at your cash register during rush hours, then it means it is time to upgrade your cash register. 

Another sign is the complexity of inventory management. Basic cash registers lack real-time stock tracking, resulting in manual inventory counts, missed reorder opportunities, and periodic stockouts. Businesses operating both online and physical stores experience even greater challenges, as reconciling sales from these disparate channels with a simple till is a slow and error-prone process.

Another point of consideration is the cost of upgrading from a cash register to an EPOS system. While the upfront cash register cost may seem low, frequent repairs, paper roll purchases, and the time lost to manual work add up over the year.

What an EPOS System Brings to the Table?

Modern EPOS systems offer an extensive range of features, which differentiates them from simply accepting payments using a cash register. They combine hardware and software and give small businesses powerful tools to increase their productivity. Here is what they offer to SMEs in the UK:

• Complete sales and stock management: EPOS systems track every transaction across all kiosks in real time and automatically update inventory levels. This helps businesses efficiently plan inventory and keep a check on stock levels for reordering.
• Staff performance monitoring: Detailed sales reports show which products and team members are the top drivers of revenue. Businesses can manage their staff easily, as compared to manually keeping track of team schedules and roles.
• Customer insight and loyalty: EPOS systems provide built-in analytics for businesses. These insights show customer buying patterns, popular products, and peak shopping times. Many systems also provide an option of linking loyalty programmes, so customers keep coming back.
• Integrate multiple channels: Hybrid businesses with both online and physical stores can easily connect their platforms with EPOS solutions. Cloud-based solutions help keep track of delivery platforms, accounting software and give a single view of sales across all locations. 
• Flexible payment options: EPOS systems support multiple payment options ranging from contactless cards to mobile wallets, and all kinds of cards. This helps you meet customer expectations and match their preferred payment method.
• Scalability: Businesses can conveniently grow their business along with their EPOS because it is all cloud-based. Adding new tills and locations is just a matter of making some software changes.

Making the Transition Smoothly

If you are a cash-based business and looking to expand your payment options by switching to an EPOS system, then now is the time. The process gets easier if you follow some important steps prior to making the decision. 

You should always start by assessing your current business needs and setting a realistic budget. Once you know your budget, choosing the system itself will become simpler. Do not settle for the first option you see on the market, as it is better to look around and compare your options. The best way to accomplish that is by comparing hardware and software bundles from different providers. This will help you find the right fit for your business size and sector.  With careful preparation, you can easily upgrade your system smoothly without any disruption.