Why It's Time To Trade In Your Cash Register For an All in One EPOS System

What is an EPOS System?

While it might not be the most flashy invention, the cash register is the perfect example of something that has stood the test of time. Invented by saloon owner James Ritty in 1879, this simple machine has helped businesses keep track of their sales and inventory for over 100 years.

But of course, technology has advanced dramatically over the years and has given the simple cash register a make-over, with more features and electronic and mobile avatars.

An electronic point of sale (EPOS) terminal integrates hardware like a computer, barcode scanner, and receipt printer with POS software. This technology can provide businesses with real-time data, which can be used to inform strategic business decisions. An EPOS system can process sales, track inventory, and be integrated with a cash drawer and business software, such as accounting and stock control systems. It is designed to be used with electronic payments like credit cards, debit cards, and other electronic payment modes. A traditional cash drawer, on the other hand, is typically only compatible with cash payments.

There are several models of EPOS systems available, and therefore, several factors to consider when shopping for one for a restaurant. Some key considerations include the size and type of restaurant, the number of transactions per day, the need for remote access and reporting, and overall cost.

How do Cash Registers Fall Short in the Restaurant Business Today?

First off, what can cash registers do?

Most businesses use some form of a cash register when transacting with customers. There are many different types and makes of cash registers in the market, but most perform relatively similar functions. A typical cash register has one cash drawer where money is stored and another where receipts are kept. The drawer usually has an automatic locking system to prevent theft and a keypad with buttons displaying different currency amounts. Once keyed in, the total sales figure is displayed on an adjoining screen above the keypad. Most modern registers print out a receipt for the customer. Cash registers may also keep track of the amount of money in the drawer and how much each employee has sold during their shift.

Now, why are cash registers not the perfect choice for a modern restaurant business?

Cash registers work on an outdated technology, which cannot keep up with the modern world of mobile commerce and digital payments. For example, if customers pay with credit cards, debit cards, or gift cards, the register may need manual help to keep track of these transactions, and it can be difficult for the business to reconcile every sale at the end of the day.

Cash registers are also not very user-friendly and often don't provide the level of customization that businesses need to optimize their operations. They don't have the features to give businesses an insight into inventory -- a critical need in restaurants. Another downside to using a traditional cash register is that they aren't flexible, and if a restaurant wants to change its menu items or pricing, it can be difficult and expensive.

They also don't offer security or fraud prevention features, which is a growing concern for businesses. Moreover, updates are expensive and disruptive. When new features or updates become available for cash register systems, they can be costly, and installing them often requires shutting down operations. In addition, restaurants that use traditional cash registers have no, or limited means to track customer data, making it difficult to build customer relationships or develop loyalty programs.

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What Can an EPOS System do?

An EPOS system can do a lot to help streamline a business and make it more efficient. It is much more than just a replacement for an old-fashioned till. Here are some of the important functions of an all in one restaurant point of sale terminal-

1. It can track inventory, so you always know what you have in stock and can quickly reorder items running low.
   
2. It can also keep track of sales data, so you can see which products are selling well and adjust your stocking accordingly.
   
3. Most new-age EPOS systems include features like loyalty programs and customer reward programs, which can help increase customer retention and drive repeat business.
   
4. It can simplify and speed up the payment process.
   
5. Since it integrates easily with third party software and restaurant computer systems, you can increase security by linking it with a CCTV.
   
6. It allows businesses to track real time sales data and patterns over time, which helps business owners make more informed decisions about marketing and pricing strategies. It can also be used for analysis or forecasting purposes.
   
7. It offers integrated payment processing capabilities so businesses can accept credit/debit card payments and alternative forms of payment, such as gift cards or mobile payments.
   
8. It allows businesses to add additional modules or plugins to customize their EPOS systems according to their specific needs. For example, it is easy to integrate modern EPOS with other software applications, such as accounting software or CRM systems.
   

What to Look for in an EPOS System

There are many features to look for in an EPOS system for your restaurant, but here are some of the most important-

1. Easy-to-use interface- You do not want a convoluted system that takes forever to learn and use. Look for a system with a user-friendly interface that's easy to navigate.
   
2. Cloud-based or web-based- A cloud-based or web-based EPOS system allows you to access your data anywhere at any time. It is especially useful if you have multiple locations or need to manage your business on the go.
   
3. Real-time reporting- You can track sales, inventory, and customers. It updates you on transactions and help you make better decisions and keep tabs on your business even when you're not physically present at the restaurant.
   
4. Customer management tools- Customer management tools allow you to keep track of customer data, including contact information, preferences, and purchase history. This comes in handy while strategizing marketing and promotional activities.
   
5. Inventory management capabilities- A good EPOS system will have built-in inventory management capabilities to help you keep track of items or ingredients running low and accordingly reorder them.
   
6. Order management- The system should allow you to manage orders quickly and easily, including taking payments and preparing invoices.
   
7. Menu management- The system should allow you to create, manage and alter your menu so that you can make changes as and when necessary.
   
8. Compatibility with other software programs- It is important to ensure the EPOS system you choose is compatible with any other software program you may already be using at your restaurant -- accounting software, customer relationship management (CRM) software, and so on. Integrating all your business management solutions will save you headache, time, and money.
   
9. Built-in security measures- To ensure your data is safe, security should be one of the top priorities when choosing any software for your business, including an EPOS system.

What is an MPOS System?

An MPOS or a mobile point-of-sale system is a variation of the electronic POS (point-of-sale) system that uses portable devices, such as tablets or smartphones, to process sales transactions. This is done through a connected Bluetooth device, the mobile device's built-in software and hardware, or a mobile app.

A mobile POS system offers increased mobility, which means you can take care of sales and transactions anywhere in your store without needing to be tethered to a fixed checkout station. This helps to improve customer service and increases efficiency. Another benefit of using a mobile POS system is that it provides more flexible payment options for customers. Rather than being limited to cash or credit/debit cards, customers can use their smartphone or another mobile device to make payments via apps like Apple Pay or Google Wallet.

In addition, MPOS systems often come with enhanced security features that can help protect your business against fraud and theft. Most mobile POS systems offer encryption capabilities that make it difficult for hackers to access sensitive data like credit card details. These systems also make data collection easier and hassle-free.

Intelligent, cloud-based reporting meets enterprise-class reliability.

Meet PLUM Point of Sale, an affordable and reliable alternative to traditional Point of Sale software.

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Top EPOS Systems for Restaurants

PlumPOS-
For a business that wants to scale up (well, every business aspires to!), implementing software solutions that simplify and streamline operations is very important. Plumpos does just that. It facilitates efficient payment processing, is easy to use and navigate, helps managers and cashiers reduce time spent on screens, and allows them to engage more with customers. PlumPOS is an all in one pos system that integrates touchscreen and cloud technology, making the customer experience seamless. In addition, PlumPOS syncs seamlessly with other Plum products like Plum Kiosk, Plum Handheld, and Plum Digital Signage. These peripherals help businesses plan advertisements and create customer rewards programs. Thanks to its cloud-based technology, the system allows business owners to access sales data in real- time, which helps them make quick decisions for the company.

Lightspeed Restaurant POS-
This restaurant POS is an iPad-run system, which makes the user experience for business owners smooth and trouble-free. Setting it up is incredibly easy. It can work with just a cash drawer, payment terminal, printer, and an iPad. Integrating this system with inventory management and workforce management software, self-ordering kiosks, and other add-ons, is also no hassle at all. Moreover, Lightspeed's open-source code lets a user modify the software as needed.

Square for Restaurants-
The features of this cloud-based POS system work well for all kinds of restaurants -- quick service, full service, fast casual, and mobile vehicles. In addition, it's easy to scale up with this point of sale system as it allows customization of the user interface, enabling management to add, alter, or modify menu items, pictures and descriptions any time. It also allows users to enter the restaurant's floor plan into the software to turn over tables quickly. It has advanced reporting tools, which help businesses with sales data analysis. Other features include trouble-free modification or cancellation of order tickets, integration with other software solutions and kitchen display units, and 24X7 customer support service.

Conclusion

If you're still using a traditional cash register to run your business, it's time to upgrade. An all in one pos system enables you to do much more than just process transactions. Keeping track of inventory, managing employee shifts, and generating detailed reports of your sales data are possible with a unified system. An EPOS system can streamline the entire operation, from how you take payments and manage stock to providing detailed real-time insights into your business performance.

In light of the COVID-19 pandemic, many customers now opt for contactless payment methods whenever possible. EPOS systems can cater to this demand and help keep your staff and customers safe.

An all in one EPOS system is a great investment for any business owner wanting to streamline their operations and improve their bottom-line. It is especially helpful for small businesses that are still scaling up. Not only does an all-in-one system save time, but it also helps businesses make better-informed decisions, thanks to its built-in reporting features. An EPOS system is the best way to expand and grow your business.

Intelligent, cloud-based reporting meets enterprise-class reliability.

Meet PLUM Point of Sale, an affordable and reliable alternative to traditional Point of Sale software.

Start my free trial