by Michael Roche - October 28, 2020
Whether or not you’ve heard the acronym, you’re likely quite familiar with EPOS systems by now…
EPOS, which stands for electronic point of sale, is the system by which merchants collect and track payments using a combination of hardware and software. Nowadays, EPOS systems are used in some form or another, with differing levels of sophistication, in just about every merchant space, both virtual and on-site.
Here’s a quick trip down electronic payments memory lane…
To start, it’s helpful to understand how people generally differentiate the EPOS system from its predecessor, the POS system.
Though the “E” in EPOS system is indeed short for “electronic,” nowadays it’s more common for the term to serve as a categorization for web-based point-of-sale systems.
One of the first digital platforms to accommodate merchant transactions came from Microsoft Windows in 1992. Since this landmark achievement in the payments space 28 years ago, it’s an understatement to say that EPOS systems have come a long way.
Some of their most disruptive achievements, as you may well know, include freeing businesses from native software reliance and making it so that orders can be processed and stored directly online, just like an ecommerce store.
Today, additional improvements in Cloud computing, as well as integrations with contactless card readers, are helping businesses and customers transact with more ease than ever before.
At Arcane, we sync up with some of the latest advancements in EPOS with our Virtual Terminal. Our cloud-based PCI-Compliant Virtual Terminal POS pairs with two contactless readers: VerifoneP400 and BBPOS Chipper (coming October 2020).
For WooCommerce merchants, we also offer our PCI-compliant plugin Stripe Terminal.
Some additional ways merchants have enjoyed better transaction experiences since the advent of EPOS systems include:
Speaking of hardware, our Virtual Terminal is one of only a few options directly integrated to card readers with browser-based transactions. Square can’t say the same!
Another critical advantage of EPOS systems is the robust ways they collect purchase data to create key business insights for your company: with just a few clicks, you can gauge the performance of your products against each other, then pivot your business plan to tailor future product offerings accordingly.
But even before you pivot your product offerings for the future, your cashiers will have real-time access to past customer purchase history at time of purchase. Not only does this allow them the opportunity to personalize the selling experience to each customer; it also allows them to make targeted upsells increase sales for your business.
Unsurprisingly, EPOS systems also offer better-integrated ways of making sure your products are always in stock – with our Cloud-based virtual terminal, you can keep a more up-to-date record of your product inventory by having your orders processed and stored directly online.
When you’ve got a turnkey and managed solution that integrates your EPOS needs effectively, you’re maximizing your sales potential for your business in so many ways…
Interested in Arcane’s Virtual Terminal POS? You can explore plans here.