What's New About ePOS Systems?
If it is time for your business to incorporate a new ePOS system, there are plenty of options to choose from. First of all, it is important to consider the needs of your business. Based on these needs, you can choose whether to buy an ePOS system and which type, or a mPOS system.
It is also a good idea to compare a couple of ePOS manufacturers. The hardware needed in combination with the chosen POS system is equally important to consider - touch screen, cash drawer, printer and more.
Buying an ePOS system can be a costly matter, which many of the organisations, mainly startups and small businesses, cannot afford. One solution to this problem is a mPOS system, which is a cheaper solution to purchasing an ePOS system.
Market Inspector is here to help you in your research process. Fill in the contact form on the right stating your needs and preferences and we will do our best to connect you with the most suitable suppliers. They will provide you with up to four, totally free and no-binding quotes on the product of your choice for rental or where to buy an epos system.
Learn more about ePOS system
Types of ePOS Tills
EPOS systems come into several types you cac choose from and combine them in order to get the best out of your new technology. Heer you can find the most common types of ePOS tills, which can be rented:
Countertop ePOS system
It is the most spread till due to its multiple and flexible use, especially, when it comes to customer payments. Countertop systems are accurate, which reduces the chance of errors. Moreover, it is the main hub of a Point of Sale for a business.
Touchscreen ePOS cash registers
These systems are perfect for industries that require speed in services to maximise the profit opportunities. For example, restaurants and bars use touchscreen ePOS tills because both young and older employees can learn to use it. They do not need keyboards or mouses, which saves a lot of space.
A touchscreen ePOS cash register can handle splashes from drinks and apply deals, discounts or offers for its customers. More than that, it is a self-service style meaning customers can use it on their own to make orders.
Cloud-based ePOS systems
They became the perfect solution for shops and stores that use more static and fixed points of sale. Cloud-based ePOS tills allow you to access staff information, figures, data analysis and annual reports that can be accessed anywhere in the world. It is less stressful for the employees because the supplier can make on its own all the necessary updates and backups.
In addition to other mentioned benefits, you are able to change easily the product range, name, deliver dates or prices. The low technical demands make these ePOS tills less expensive comparing with other systems.
Handheld ePOS systems
Hand-held ePOS systems are great solutions for catering and hospitality industries where customers prefer to pay at their tables. Therefore, employees need to be more flexible and mobile. By pressing one button, workers can send customer orders or recommendations directly to the central hub.
These tills minimise the chances of wrong orders due to their concise and clear touch screen. Besides, they are more efficient because the kitchen can get orders quicker, staff has a smooth shift and saves your money by organising a smart schedule.
What is the Price for ePOS Rental and Purchase?
The service and price of ePOS systems offered varies depending on the ePOS supplier and the products needed. Some companies offer services such as customer support, on site installation, free software updates, security updates and many more.
It is possible to find an ePOS system rental for as little as £20 per week. However, the price depends on the needed ePOS solutions, what ePOS hardware and software is needed and the company. There are different bundles/packages to choose from, which include different combinations of software, terminals, printers and more. It is possible to rent the complete ePOS system.
EPOS systems are able to improve customer services and increase the retention rates. It has to give a return on investment, therefore, choosing the right system with affordable price is challenging. In the following table, we give average prices for systems that can boost your revenue.
|EPOS system options||Description||Price range|
|EPOS package system||- includes multiple components (software, touch screen monitor, keyboard, scanner)
- there are 3 levels of complexity (entry-level, introductory, advanced)
- extra offers (staff training, setup and onsite installation, maintenance)
|Terminal||- it is the most important part of ePOS system
- it allows to manage transactions and track prices
- the most popular brands are: Epson, Piccolink, J2, Glancetron, Jaritech, Posiflex
|Peripheral||- it includes barcode scanners, cash drawers, mouses and keyboards
- costs depend on number of transactions
- it allows edit prices and order products
9 Great Benefits of Renting an ePOS System
An alternative solution to buying an ePOS system is renting or leasing one. Lower upfront costs are the biggest advantage of renting, and suppliers may offer additional services to customers that choose to rent their systems.
There are several benefits to renting an ePOS system that encompass more than just the financial and servicing aspects:
1. Being up to date
It is possible to upgrade the ePOS system and to benefit from the latest updates and technology. It is predicted, that by 2020 70% of British consumers will be using Click & Collect when purchasing takeaway food and hot beverages. Keeping up to date with consumer developments like this will be a crucial way to stay competitive in the coming years.
If business needs are changing, having a rented ePOS system will give businesses the flexibility of changing their ePOS system and avoid unnecessary costs. This can help businesses quickly meet market changes and meet new customer needs.
Renting an ePOS system will allow businesses to quickly and easily scale their operations. Most suppliers will be able to offer flexible contracts that allow customers to add new accessories, features and training.
4. Experimenting with different systems
It allows you to discover which features work well with your business and which do not. Some businesses, for example, may benefit from having physical keyboards connected to their system, while others may have a better experience with touch screens ePOS systems
5. Payment amount
It is possible to tailor the monthly payments to the business needs and capabilities. It gives the opportunity to use cash more effectively.
Rentals are tax deductible, which adds to its financial benefits.
7. Finding the perfect fit
It is easier and cheaper with rentals to find the best cash register, the best hardware and the best ePOS system for your business. It is possible to exchange the rented ePOS system for different type, if it does not suit the business needs.
8. Lease to own
Some suppliers of ePOS systems provide the possibility for customers to lease a system for a set period of time with the prospect of purchasing the system at the end of the lease, at a reduced price.
This can be a suitable solution for businesses that are looking to make a long term investment in an ePOS system but either cannot afford it or would like to familiarize themselves with a particular system first.
9. ePOS systems for any business
It is possible to rent ePOS systems (or only cash registers) specialised for restaurants, pubs, retailers, spas, hotels and many more.
What Should You Know Before Renting an ePOS System?
Buying an ePOS system means high upfront costs. Another disadvantage to buying an ePOS system is inflexibility. If the bought ePOS system is not suitable for the business, it is very costly to replace it.
Buying an ePOS system requires research and thorough consideration of what your business needs are.
Buying a cheap POS system can result in more costs, as the cheap POS system might not be suitable for the business and its replacing will cost valuable time and finances.
Inflexibility can also be seen also in terms of POS software and hardware updates. Upgrades can be expensive, therefore it might be hard for businesses updating their own POS system. This might also include security updates, which are crucial to any business.
What Services Do ePOS Systems Offer?
Some companies also offer renting of one or more registers, called - cash registers rentals. It is possible to rent a cash register for a short period of time, which is useful for companies organizing an one time event, if they don’t need the cash register afterwards.
Short term leases
They are also useful for companies that need more cash registers, but where the upfront costs are too high to consider buying one.
Short term hire
It is suitable for businesses that take manage payments for very short or uncertain period of time. It can reinforce the present ePOS system during holidays and is a perfect solution for start-ups or any other business without a fixed location.
The disadvantage is that you will have to renew the contract each time you need an ePOS system. Besides, you will have to return it once the rental period is over, which can occur during the business process.
Long term hire
Long term ePOS is the best option for most of the businesses because they can upgrade the package by requesting a new software/hardware. The main benefit is builidng your own data depicting employee performance, stock management and customer buying behaviour.
Do You Need to Make a Research?
Yes. It is important to consider your business needs and to research your options before either purchasing or leasing. There are different bundles that suit different businesses. Choosing the right ePOS system might save you money and time.
Buying an ePOS system has certain advantages, however, it also has some disadvantages such as high upfront costs and no flexibility.
The way to avoid these disadvantages is to do a thorough research of your possibilities, and to lease or rent your mPOS or ePOS system instead of buying it.
What Are the Alternatives of Renting?
Due to the fact that technology is advancing, businesses are looking for more new opportunities to optimise the payment methods and improve their inventory management. As mentioned previously, ePOS rental has numerous advantages, however, it is not the only option to benefit from the system.
Leasing is another alternative for your business that involves full-service and long-term relationship with your potential supplier. A typical lease period lasts for 18 months and, afterwards, the company allows you to keep the ePOS system. It keeps a balance in your monthly expenditures.
Are You Interested in Getting an ePOS System?
If you want to know more about POS systems, you can find more information on our website, such as what POS/mPOS systems are used for, and what advantages and disadvantages you get with POS systems, mPOS systems and cash registers.
If you need help choosing an ePOS system that matches your business’ needs, you can receive up to four free quotes from us. Just fill out the contact form and we will send you quotes with no strings attached.