Legacy solutions at the point of sale are quickly being replaced with the next generation of card readers.
No longer are terminals and EPOS systems being thought of as separate inclusions to the point of sale offering, but instead, even the smallest merchant is able to offer a fully scoped out offering within their card reader device.
Accelerated by Covid-19 pandemic, the next generation of card readers can make a merchant's in-store offering sit more seamlessly and unified across their whole commerce offering.
What is a Card Reader?
A card reader, also known as a POS terminal, enables businesses to take payments in-store from major card schemes like Visa, Mastercard, AMEX and more. Advancing far beyond simple chip and pin capabilities, the majority of card readers can now take payments via NFC, QR and barcode technology. Today, businesses can accept a range of contactless payment methods such as Apple Pay, Android Pay and Alipay.
What is an EPOS Solution?
To upgrade a card reader, which is typically a merchant's standard point of sale (POS) solution to an EPOS (Electronic Point of Sale) solution, involves either the addition of hardware - such as a cashdrawer and receipt printer - and/or EPOS software. Today, merchants can commonly find an all-in-one device with minimal additions required. As a result of these changes, the overall operations of a merchant's business can become more effective.
Upgrading to an EPOS solution will involve both payments and software DNA to help facilitate an optimised solution that scales a merchant's current business practices. With the guidance of a payments provider, merchants can access a service that helps them streamline and manage daily service and transactions with insights that are both actionable and trackable.
Reasons to install an EPOS solution within your business:
Nothing is solely in-store anymore. Accelerated by the pandemic, merchants that once had in-store shopfronts began launching their online presence, looking to cater to both a remote and more dynamic service that was sought out by more than 58% of customers.
As restrictions lifted, these same businesses are now looking to unify their commerce channels with the consolidated intake of data and business management becoming a key focus of 59% of businesses.
Arduous device set ups and updates can soundly be associated with legacy devices. With the majority of EPOS and POS systems now running on cloud-based technology, set ups and installs are quick to allow merchants to support new payment methods.
Keely Jinol, Global Brand Marketing Manager for Infrastructure for Toshiba, supports the investment in upgrading to newer devices, stating: “For systems that aren’t easily serviceable, worn-out components can lead to big expenses and downtime”. In fact, it is expected that 50% of restaurants will have upgraded to a cloud-based POS solution by 2022.
Scaling a business via an EPOS solution and the flexibility in which a merchant can operate their day-to-day business operations, can vary from a small hand-held device to larger EPOS Suite.
The benefits of EPOS:
Even with the base model EPOS solution, merchants can access their business backend from just about anywhere with an internet connection, managing multiple store locations at once.
Some benefits include:
• Variable staff permission levels that can be customised and monitored to track efficiency and productivity.
• Loyalty scheme support that can be consolidated with consumer shopping.
• With 91% of shoppers more likely to buy from stores that offer a personlised service, an updated EPOS solution can provide merchants with customer management tools that enable merchants to continuously track and analyse customer behaviour, in order to build smarter marketing campaigns via integrated apps.
• A majority of EPOS devices support popular alternative payment methods with QR, NFC and barcode scanning functionalities.
• Merchants can remotely access and manage their EPOS solution and business backend with support across desktop and mobile devices.
• Native and third-party app integration allows merchants to tailor their EPOS solution to the specific business vertical that they operate within i.e. supporting delivery and hospitality services and other business management needs.
• Merchants can effectively manage inventory and product orders in real time whilst serving customers.
• Reporting and data insights allow merchants to receive actionable data over transactions and employee productivity.
• Omnichannel reporting consolidates transactions from all commerce channels, allowing merchants to manage the sale of a product online to pick-up in-store.
• Merchants can continue their brand through to their EPOS solution with a tailored front and back office look that has the facilities to carry through to any customer facing screens and receipts that they may offer.
• Merchants can often find scalable business tools with a secure and fast cloud-based services ready to integrate with the majority of new EPOS solutions.
• An EPOS solution can become a covid safe solution for merchants with the diversity that mobile terminal options offer to dilute congested in-store service. By taking payments to the queues - shopping capacity is maximised whilst maintaining customer preference and safety with safer, contactless checkout options.
• By upgrading to a modern EPOS solution, increase customer engagement and expenditure with popularly demanded payment options and a dynamic payment solution.
• Improve upon the speed and delivery of service by removing the restrictions of fixed legacy systems and payment method limitations.
Businesses that can benefit from an EPOS solution include most face-to-face merchants such as:
• Hospitality businesses including pubs and restaurants
• Fast-food businesses
• In-store retailers
• News agents
Whether you’re new to taking payments or looking to switch, an EPOS solution is a scalable service available to every merchant, allowing you to deliver the best customer experience possible and maximise revenue.
Get in touch to discover our range of devices across the Ingenico, Clover, Pax and Poynt Smart Terminal ranges.