Key Takeaways:
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EPOS machines and wireless POS systems make it easier and quicker for customers to buy products and services, leading to better customer satisfaction.
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Because the EPOS machines are electronic, they allow for faster transactions and less paperwork which can be cumbersome to process.
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Using EPOS systems at festivals and events helps both customers and vendors alike as it reduces wait times and streamlines the payment process.
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The advent of 5G and Private LTE provides opportunities to create new solutions for high-capacity connectivity for densely populated festivals and large-scale events
What is an EPOS System?
EPOS stands for ‘Electronic Point of Sale‘, with an EPOS system essentially being a modern fixed or mobile till connected to a computer or cloud service.
Gone are the days of cash tills, EPOS card machines allow customers to make transactions with ease, simplifying the payment process while providing greater security than a traditional till.
EPOS systems have begun revolutionising the way cashless payments are made at festivals and events, but first, we must ask:
How Do EPOS Systems and POS Systems work?
POS Systems:
A traditional Point of Sale (POS) system functions as the central hub where sales, inventory and customer management come together. Here is a simple explanation of their operation.
- Sales Transactions: The primary function of a POS system is to handle sales transactions. When a customer wants to make a purchase, the items are entered into the system either by scanning a barcode or manually entering the item details. The POS system calculates the total cost, including tax, and processes the customer’s payment.
- Inventory Management: Each time a sale occurs, the inventory level is automatically updated in the system. This allows businesses to have a real-time understanding of what is in stock. It can also send alerts when stock is low, and some systems can even automate reordering.
- Customer Management: Many POS systems include Customer Relationship Management (CRM) features. They can track customer purchases, allowing businesses to understand buying patterns and preferences, which can inform marketing efforts.
- Employee Management: Traditional POS systems often include time-clock functions, so employees can clock in and out directly on the POS system. This makes it easier to manage employee hours and payroll.
- Reporting: POS systems generate reports based on sales, customer, and inventory data, all of which can provide valuable insights for business decisions.
- Integration with Other Systems: Depending on the system, a POS can integrate with other software like eCommerce platforms, accounting software, or email marketing tools, enabling a seamless flow of data between systems.
EPOS Systems:
An Electronic Point of Sale (EPOS) system is a blend of hardware and software which handles sales transactions and monitors stock levels instantly. Here are their main operational mechanisms:
- Sales Transactions: Just like traditional POS systems, the EPOS system’s primary function is to process sales transactions. The items are entered into the system by scanning a barcode or manually entering the item details. The system calculates the total cost and processes the payment. The key difference is that EPOS systems often support a wide range of payment methods, including credit/debit cards, mobile payments, and sometimes even cryptocurrencies.
- Inventory Management: EPOS systems automatically update inventory levels each time a sale is made. This feature gives businesses an accurate, real-time understanding of what’s in stock. It can send alerts when stock is low and can often automate reordering.
- Customer Management: EPOS systems can track customer purchases, which helps businesses understand buying patterns and preferences. This data can be used for creating personalized marketing campaigns and loyalty programs.
- Employee Management: EPOS systems can also manage employees by tracking their hours, calculating wages, and even assessing sales performance.
- Reporting and Analytics: EPOS systems generate detailed reports based on sales, customer, and inventory data. Because the data is collected in real-time, businesses can respond quickly to trends and make data-driven decisions.
- Integration with Other Systems: EPOS systems can often integrate with other software like eCommerce platforms, accounting software, or email marketing tools. This integration enables a seamless flow of data between systems and enhances business efficiency.
EPOS machines use a system of secure identifiers to regulate payments electronically. After the customer has entered their PIN, used Face ID, or scanned their finger, the machine will securely process the payment and send an electronic receipt to both the customer and the merchant.
Through using an EPOS system, storeowners (and events and festival managers) can process and track purchases, leading to a better understanding of their business’s performance.
Using IoT (Internet of Things) technology, an EPOS terminal can be linked to a central database, allowing merchants to analyse customer data as well as transactions.
Difference Between EPOS software and POS Systems
EPOS (Electronic Point of Sale) and POS (Point of Sale) systems are both essential tools for businesses, especially in retail, hospitality, restaurant industries and marker stall. They have a lot in common, but there are also some key differences between them:
- Technology: The most significant difference lies in the technology they use. POS systems can be traditional ones that use local servers and hardware to process transactions. On the other hand, EPOS systems are typically digital and use cloud-based software, which allows for data access and management from anywhere.
- Data Management and Reporting: EPOS systems often have superior data management and reporting capabilities. They can track inventory, sales trends, and customer data in real time and provide valuable insights that can be used for strategic decision-making. Traditional POS systems may not offer the same level of detailed analytics.
- Integration: EPOS systems are designed to integrate smoothly with other digital tools like accounting software, CRM systems, and e-commerce platforms. This connectivity can streamline numerous business processes. POS systems, particularly older models, may not provide such seamless integration.
- Mobility: Since EPOS systems are cloud-based, they offer more mobility. They can be accessed from tablets, smartphones, or other devices, which is useful for businesses like restaurants that may benefit from mobile ordering. Traditional POS systems are usually fixed to one location.
- Cost: Traditional POS systems often involve a higher upfront cost as they require purchasing hardware. EPOS systems, on the other hand, have lower upfront costs, but they usually require a monthly or yearly subscription fee for the software.
- Updates and Maintenance: EPOS systems are often easier to update and maintain as the updates are usually automatic and the software provider often handles the maintenance. Traditional POS systems may require manual updates and more hands-on maintenance.
The choice between EPOS and POS will depend on the specific needs of your business. EPOS systems often offer more advanced features, but traditional POS systems can still be a viable choice for many businesses.
While both EPOS and POS systems (point-of-sale) are payment processing systems, the main difference between them is that EPOS systems are more leaned towards being online and cloud-based. EPOS systems have the ability to store more information securely in the cloud and in turn, offer more flexibility, mobility & security.
Examples of EPOS Systems Include:
- PDQ Terminal
- POS terminals
- Tablet EPOS
- Receipt Printer
- Barcode Scanner
How Are EPOS Systems Helping Festivals and Events?
The use of EPOS card machines has completely changed the way payments are made at festivals and events.
With cashless transactions, festival managers can track purchases in real-time with ease, leading to a better understanding of the customer’s behaviour when it comes to spending money.
Moreover, since the payment process is electronic, it makes the process of refunding customers easier and more secure, as their details are stored with the EPOS system.
For customers, cashless payments offer a faster and more secure alternative to traditional payment methods such as debit or credit cards.
Many festivals and events have introduced cashless wristbands, where attendees use an online app to upload money to their band to pay for food, drinks and other items. This eliminates the need for traditional payment methods such as cash or cards, allowing customers to make secure payments quickly and conveniently (https://smallbiztrends.com/2019/09/billfold-pos-cashless-payment-bracelet.html, 2019).
Studies have shown that the faster a queue moves, the more likely you are to get a sale. Fortunately, the use of an EPOS payment terminal helps reduce queues at events and festivals as transactions take far less time to process, meaning more sales can be made (https://www.retailsensing.com/people-counting/sales-queue, 2023).
Because of EPOS card machines, events and festivals can now provide a much smoother and faster checkout experience for their customers, enabling them to get back to the business of enjoying themselves.
What are the benefits of an EPOS system?
Using EPOS card machines at festivals and events offers numerous benefits, some of which include:
- Enhanced security: One of the key advantages of EPOS is its enhanced security. With secure identifiers regulating payments, customers can be sure that their money is safe.
- Reduced queues: EPOS systems reduce waiting times as transactions are processed in seconds.
- Increased accuracy: EPOS card machines provide more accurate data than traditional cash tills, allowing merchants to analyse customer behaviour.
- Increased speed: Since payments are electronic, they can be processed in seconds, allowing customers to save time and get back to enjoying the festival or event.
- Easy refunds: EPOS payment systems make it easier to process refunds, as customers’ details are securely stored with the system.
Disadvantages of EPOS at Festivals
The introduction of 5G offers many festival-goers a far greater local capacity for connectivity than 4G. However, it’s hard to ignore the swamp of mobile phone signals demanding a connection at large events and festivals.
This enormous wave of consumer traffic can severely interfere with EPOS systems, slowing down payments and potentially compromising the systems.
Fortunately, festival and event organisers can apply for a Private LTE network.
Referred to as a “non-public network”, a Private LTE is a private 5G network where only authorised users of that organisation have access to it. These 5G networks offer higher data speeds, signal prioritisation, technical flexibility, and increased security for EPOS systems.
Pretty much any private landowner can create their own Private LTE or 5G network, as long as the network does not exceed beyond their private land limits or interfere with one of the public licence MNOs.
While this isn’t a cheap option, a Private LTE is currently the best way to combat and counteract the sea of mobile phones at festivals and events.
Ultimately, both IoT and consumer SIM cards use the same local radio infrastructure and Radio Access Network, so it’s important to take pre-emptive action to ensure your EPOS system can run smoothly and securely at events.
Do Businesses Need EPOS Payment Solutions?
One of the key advantages of EPOS is that it allows customers to make purchases without having to carry cash or rely on traditional payment methods.
This helps keep costs down while streamlining the entire process, making it much easier and faster for customers to pay for their items all while protecting their personal information from being stolen.
Furthermore, EPOS supply chain and ordering systems also provide businesses with the ability to track inventory and orders more effectively, saving time and money. Using an EPOS supply chain can help merchants better manage their supply chain and improve customer service by ensuring that products are delivered on time and in perfect condition.
Additionally, using an EPOS ordering system in your business helps you stay ahead of the competition by providing customers with an easier and faster way to order items. This helps build loyalty and increase customer satisfaction, which can lead to more sales in the long run.
Get Connected Retail with Caburn Telecom SIM Cards, Mobile Connectivity and Routers
In conclusion, EPOS systems offer a host of benefits for businesses looking to improve their payment process, from enhanced security and reduced queues to increased accuracy and speed. If you’re looking to make your event or festival more efficient, then Caburn Telecom can help.
We offer a range of secure and resilient mobile connectivity, router and satellite solutions for wireless PoS systems and EPOS terminals which can include multi-network operations (ePOS SIM cards) and more specific hardware and systems.
For more information on how Caburn Telecom can upgrade the connectivity and efficiency of selling goods at events or festivals, please get in touch with us today. We look forward to hearing from you!