Elly Financial Technologies Limited
54 Poland Street, London, W1F 7NJ
54 Poland Street, London, W1F 7NJ
The advancement of technology has impacted the way we do business. Businesses across virtually any industry are now implementing more and more technological solutions to facilitate their operations. In the UK, small retailers are starting to notice the rising importance of implementing digital solutions to increase sales.
One of the most popular solutions which was created to make transactions between the seller and the buyer easier is the EPOS card machine. Currently, it is a must for any small UK-based retailer. But before you invest in it, it is worth understanding what it is, how it works, and what are the pros and cons of using it. This is exactly what we will cover in this article.
Rapid Adoption of Cashless Payment Technology in the UK
Advanced technology and innovative systems are present in almost every area of our lives, such as shopping, paying bills, or even cleaning. In the past, we’d carry out most of our daily activities by walking into a physical store or business and paying for the products or services in cash. However, thanks to modern systems and devices that allow us to take our activities offline to online, our lives have not only become easier but also more cashless.
What’s more, in the aftermath of the coronavirus pandemic, businesses all around the world had to digitise their operations and adapt to cashless payment technologies. As a result of these rapid changes in consumer shopping and payment preferences, businesses quickly implemented payment solutions that allow their customers to make their purchases without cash.
Are Retail Stores in the UK Switching to Cashless?
In the UK, cash payments in-store across the country accounted for only 13% of all purchases in 2020, compared to 27% in 2019. According to the 2021 Global Payments Report by Worldpay from FIS projects, by 2024, only 7% of all in-store purchases in the UK will be made with cash. What’s more, in 2020, the percentage of online shoppers in the UK increased to 87% from 78% just two years before.
Following this movement, by 2024, retail stores in the UK may go completely cashless. This means that there is an increasing need for both small and big UK-based retailers to adopt modern POS and EPOS solutions to keep up with this trend.
What is an EPOS System?
EPOS stands for electronic point-of-sale, and it is a system that consists of POS (point-of-sale) software and hardware. Essentially, an EPOS system is the evolution of the traditional POS, offering more sophisticated features and benefits suitable for operating in a modern retail environment. So, no matter if you have a brick-and-mortar store or you’re operating online, the EPOS system will help you efficiently manage your entire business.
An EPOS system consists of hardware and software configured to handle large amounts of data and transactions. For brick-and-mortar stores with their own inventory, the EPOS equipment may consist of peripheral devices, such as barcode scanners, receipt printers, cash drawers, card machines, etc.
What is an EPOS Card Machine?
So now that you know what an EPOS system is, you may be wondering what an EPOS card machine is. It is essentially a card terminal integrated with an EPOS system that uses an internet connection via Wi-Fi or a mobile SIM card.
In other words, it’s a handheld, portable, all-in-one toll combined with a card machine that allows you to accept payments and perform all types of business operations. These operations include coordinating marketing activities efficiently, conducting promotions, tracking sales, and managing inventory. In addition, it will enable you to process all types of payments, print receipts, manage, and print coupons, gift cards, or promotional offers used for customer retention.
The Pros & Cons of Using EPOS Card Machines
An EPOS card machine is a perfect solution for all retailers who want to guarantee their customer's comfort and trouble-free transactions. One of the main benefits of implementing it is its versatility and adaptability. Thanks to this software, the customer can customise additional services and options to their individual needs.
What’s more, EPOS card machines are portable devices with a reliable internet connection that can be used anywhere at any time. Another important benefit of these devices is that the collected data can be stored locally in the retail environment via servers or cloud-based systems. An EPOS card machine adjusted to your business needs can help you optimise and control various business operations, such as inventory management, sales tracking, and data collection.
Using an EPOS card machine can also improve your customer’s perception of your store, offering them an innovative, modern, and almost futuristic approach to both in-store and online transactions. It also keeps your customer up to date when it comes to the availability of an item or getting answers to their questions.
Without any doubt, the advantages of using an EPOS system outweigh the disadvantages. However, EPOS systems have one significant drawback: their high cost. Due to their innovative, advanced technology, as well as all the integrations and adjustments, EPOS may turn out to be more expensive to implement than traditional POS systems.
Elly EPOS Card Machine - A Smooth Transition to Cashless
As cashless stores are becoming closer to reality, you may be looking for the best EPOS solutions for your business. If so, look no more! Elly EPOS Card Machine is the ultimate device that will allow you to transition into the cashless world smoothly. Elly’s mission is to help retailers streamline their digital operations through an efficient, all-in-one point-of-sale system.
Performing your business’s activities on one single device can help you significantly optimise your operations and, as a result, increase sales. Elly EPOS Card Machine enables you not only to accept all types of payments from your customers, but also to implement cost-saving and revenue-creating activities.
If you’re a small UK-based retailer looking for the best and most innovative solution to accept payments with the lowest transaction fees on the market, check out Elly’s offer. Get in touch with the Elly team now!