The point of sales (POS) terminal is a medium for the cardholder and the merchant to complete a transaction successfully.
Usually sitting right on the check-out counter this bulky and heavy device is well known to all of us.
But as the technology is evolving inflecting changes in making payments, customers and in turn merchants are demanding to opt-out for a more convenient and seamless way to accept payments.
With POS and EPOS, merchants are opting to either one of them depending on the nature of the business and their customer bases.
Let’s get the facts straight and learn which payment acceptance method is more suitable with the help of this article.
First of all, what is POS?
Now, though a very very basic POS system might be nothing more than one cash register and the software necessary to collect sales data, a POS system is definitely more than that.
POS can be expanded and improvised upon by using additional hardware such as barcode scanners, card readers, or other software modules.
Depending on the software, merchants can track not only their sales but also inventory levels, gross revenues, profit margins, sales patterns, and a whole host of other data points.
Here is all you need to know about POS:
Businesses are increasingly adopting POS systems, and one of the most obvious and compelling reasons is that a POS system does away with the need for price tags.
Selling prices are linked to the product code of an item when adding stock, so the cashier merely needs to scan this code to process a sale.
If there is a price change, this can also be easily done through the inventory window.
POS can very well be the center of all of your business operations.
Moreover, a benefit of PoS is that marketers emphasize the PoS for their products or services because consumers often make buying decisions at POS locations.
Certain physical stores traditionally place their POS at store exits to increase impulse purchases by customers leaving the store.
Fintech, directly related to technological advancements, is constantly evolving bringing new services for making digital payments. This includes the evolution of the POS system.
Today, POS services offer high security, strong connectivity through 3G, 4G, WiFi, LAN, GPRS channels, troubleshooting, and analysis along with other benefits.
But even for all these benefits, the POS system has its own share of disadvantages.
The bulky system occupies more space and needs regular maintenance and upgrade, not only for hardware but also for software.
These upgrades are quite expensive. To operate the POS system, employees need to undergo professional training.
What is EPOS?
Electronic Point of Sales or E-POS is an advanced technology that provides you with a more convenient method for receiving payments from your mobile phone.
With various benefits offered, it is an application that is convenient to use and is available on the mobile play store for downloading.
E-PoS successfully caters to the need of an Omnichannel business since it sits in the mobile phone and conveniently reaches the doorstep of the customer along with the deliveryman.
The application generates a payment link which can be shared with the customer via a QR code or any communication channel (social media, email, SMS, etc.) to make on the spot payment from Cards, Net Banking, Wallets, and UPI.
Why you should choose EPOS?
EPOS has made the lives of people simpler with it being mobile in nature and also being customer-friendly.
It successfully caters to the need of an omnichannel business since it sits in the mobile phone and conveniently reaches the doorstep of the customer along with the deliveryman.
EPOS system surely helps improve customer experience in multiple ways. E-POS is known to create efficiencies across sales, operations, marketing, and many more areas. E-POS is an integral part of understanding your customers and the business alike.
An EPOS helps in running a physical retail store seamlessly with the cutting-edge app that makes retail sales a breeze.
It lets customers browse through full product catalogs, select products for purchase, enter customer-specific information, and process orders.
Swipe credit cards on the spot and print or email receipts.
With EPOS, the users feel privileged since it solves a majority of their payments’ related hassles with a single system/machine.
Furthermore, the advancement in the shape of EPOS has given hope of even more convenient e-payments related services in the near future.
Benefits of EPOS –
- Available right from your mobile play store.
- EPOS enables digitizing and streamlining the shopping experience.
- Integrated with popular payment methods.
- This solution eliminates the need for a physical POS terminal, saving cost and time for installation and training.
- On the spot and real-time payments.
- Contactless payment collection.
- Improvement in customer service
Lyra EPOS infographics