The main difference between an electronic point of sale (EPOS system) and a cash register is the efficiency and communication it gives the user. The cash register will purely manage sales, however, an EPOS system will not only do this but also completes real-time tracking of everything related to that purchase.
Essentially, the EPOS system acts as the centre of your small business and can integrate sales in a simplistic way to help you understand important things i.e. what people buy the most and what is running low on stock etc.
Cash registers used to play an extremely vital role in small shops, but EPOS systems have proved to be more cost-effective in many cases. However, a store that primarily accepts cash and card payments may find a cash register suits their needs more. It really depends on your specific needs.
What is a Cash Register?
A machine that has the capability to record sales transactions, give customers back their change and hold money securely, normally in a locked drawer. Most cash registers will come with a keyboard, barcode scanner, cash drawer, receipt machine and scales.
At present, many cash registers are digital and feature a double sided visual display and a manual keypad. If you have a business that requires a whole lot of manual input and time-consuming processes, the cash register is right for you.
What is an EPOS System?
An EPOS system is a computerised system that handles financial transactions, tracks inventory, and records many types of business data
Similar to a cash register, however rather than exclusively monitoring sales, it incorporates the data with your business so you can keep track of vital information to do with your sales. The system uses a mix of hardware and software and centralises your transactions.
EPOS systems improve a business’s efficiency because of the machine’s ability to track, analyse and interpret more information. They will also provide deeper insights that lead to better-informed decisions.
Main differences between the cash register and an EPOS System
In a nutshell, a cash register only has the ability to tell you how much money you’re making, an EPOS system will give you more of an insight into your sales i.e. what sells best, what is low on stock, what staff performs best and cutting back on products that don’t sell well.
Information from an EPOS System
- What your most popular products are
- Who your most loyal customers are
- Which products are becoming low in stock and need to be reordered
- Which of your employees achieve more sales
- What your customers think of your business
- Which areas of your business are and aren’t working in general
Benefits of EPOS Systems
- Detailed reports
- Inventory management and control
- Improved accuracy
- Loyalty programs
- Gift cards
- Easily grow with the business
Benefits of Cash Registers
- Low cost for startups
- Most models easy to use
- Fewer components
- Basic functions and reporting
- Simple X and Z readings, including readings of stock sold
- Longer life since it does not need to be updated constantly like an EPOS
Software, equipment and price differences:
Choose the right system for your business
Here at Cash Tills, we sell a wide range of both cash registers and EPOS systems for businesses at very competitive prices. To purchase an EPOS system from us, please take a look here and give us a call or fill out our form and someone will be in touch.