What questions should you ask before investing in EPOS?

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What questions should you ask before investing in EPOS?

The ways in which people manage their money have transformed beyond recognition in recent years - and that's certainly true when it comes to making payments.

Instead of rummaging around for change, many people are happy to embrace the latest digital solutions and use electronic point of sale (EPOS) systems.

Businesses therefore need to be equally willing to adopt new payment processes, so they can keep up with people's demands and expectations.

So how do firms identify what EPOS system is right for them?

Work out what you need

You'll know what your customers' priorities are when it comes to making payments. Often, they'll value speed and convenience over a hands-on customer service and personal interaction.

Conduct some market research and poll your customer base to find out exactly what approach they prefer.

These findings could be invaluable in determining the decisions you take when you purchase EPOS?

What questions should you ask before investing in EPOS?

Communicate your wishes to suppliers clearly

Once you know what your customers want when they're making payments, identify your own priorities and precisely what you want to achieve by using EPOS. 

When you've worked out what you're aiming for, you can then communicate these objectives to your supplier clearly, thereby reducing your chances of adopting a system that doesn't quite hit the mark.

While priorities will vary from firm to firm, suppliers will be used to hearing certain things. For instance, a wish to speed up customer transactions is far from uncommon, along with making it easier to manage returns more efficiently.

Alternatively, you might want EPOS so you can better monitor your internal performance, perhaps by measuring the average amount sold by different members of staff.

By knowing what you wish to achieve, you can pick the technology with these specific goals in mind to make sure it is possible.

Can you afford it?

Paying upfront for EPOS might seem prohibitively expensive for many businesses, particularly small and medium-sized enterprises. However, leasing could be a good alternative for those with limited resources, as it allows payments to be spread over a long period of time.

It also means you aren't necessarily stuck with a piece of technology that might perhaps be outdated in a few years' time - and you'll have the freedom to switch to a newer option. 

Alternatively, once the lease has expired, you will have the option of purchasing the technology you've been using at a relatively small cost. This could be a highly affordable option for businesses that don't foresee a need to change their EPOS two or three years down the line.


Don't underestimate your customer base

If you're unsure about whether your customers will be willing or able to adapt to a new payment process, look at the bigger picture.

Recent years have seen people adopt countless new tech innovations and make them an indispensable and routine part of their lives.

They are used to adapting to technological changes, particularly with managing money and making payments, so there's no reason to think they can't get on board with a new EPOS.