Basic Considerations when Buying an EPOS Solution
Every organisation’s needs are unique and several factors should be considered before choosing the EPOS system to best meet those needs. Listed below are some of these key considerations:
Size of the organisation and volume of transactions
Your ideal EPOS system will be based on the anticipated number of transactions. The lower the volume of transactions and/ or customers, the fewer the number of EPOS outlets required which will have an impact on the overall cost of the system.
Type of business for which the EPOS system is required
The requirements of an EPOS system for a retail outlet will be quite different from that of a restaurant or leisure outlet.
Methods of payment supported
Depending on the different methods of payment accepted at the EPOS terminal, the hardware and software requirements will vary. For example, the requirements of an outlet taking only cash will be different from those that require debit cards, credit cards and gift certificates/ cards.
Integration with legacy systems
Ideally, the EPOS software and hardware you buy will be compatible with your legacy systems as this can contribute to much greater efficiencies. As a minimum, the systems should be reasonably easy to integrate with existing systems [unless the current systems are so outdated that they need to be upgraded].
EPOS system pricing
While the pricing for the system is a function of the choices made on account of all of the above, it is undoubtedly one of the key factors that needs to be considered when buying a system. Note that the pricing computed should take into account the cost of hardware, software, installation and integration as well.
Additional features and functions required
These are generally value-added items but quite crucial, particularly for larger organisations. These additional features that the organisation may want to consider to be part of their EPOS system includes:
- Inventory tracking and management. Keeping a good account of the items in the inventory and knowing the exact stock position of each item on the list will help in effective procurement (placing orders both on time and also as per the needs of the customer).
- Identifying customer choice. The customer undoubtedly is the king and all efforts of the organisation are targeted to please this very group. With maintenance of up-to-date and correct records at the point of sale, the business would be able to correctly identify the preferences of the customer and thus, cater to needs appropriately. This facility also lets the business identify the extent of success in advertising and making a sound purchase policy. Investment in slow moving or products for which there’s no demand can be completely eliminated. Identifying regular customers and providing them incentives to keep them for life are other advantages that the EPOS system offers.