If you’re new to the world of taking card payments, then there’s a lot of terminology to get to grips with quickly. One common confusion is the difference between iPOS systems and ePOS systems. Both use card terminals and both can appear to be fairly similar at first glance.
The answer is that an iPOS system is a form of ePOS system. If that answer has left you even more confused than you already were then don’t worry, we’re here to make things clear for you.
An ePOS system is simply a way of accepting electronic fund transfers (known to most people as credit or debit card systems) in return for goods and services. In some cases, this can be completely separate from the system that you use to monitor your stock or run your business from day to day.
Generally, this will mean that you’ll have to take care of a fair amount of manual paperwork to ensure that all of the transactions that you make using your ePOS system are correctly reflected in your accounts and stock management system.
Using an iPOS system means that this task will be automated for you. You’ll not have to transfer data from one system to another as both will be one and the same. Any transactions that are processed will automatically be noted for you.
Depending on the level of integration that your chosen system offers, it may even be possible to pass these numbers straight to your accounting system so that the relevant details are available when the tax authorities ask for them. It may also be possible to pass sales details to a stock control system so that any necessary inventory can be re-ordered automatically, avoiding lost sales caused by stock shortages or other issues.
In general, iPOS systems are the simplest and easiest to use form of ePOS. If you’re new to the world of selling, then it’s recommended that you choose an iPOS system to reduce paperwork and other headaches, to allow you to focus on running your business.
How to safely accept card payments during the pandemic
The coronavirus pandemic has brought us even closer to the cashless society that we’ve been approaching for a while now. [Read more...]
Service announcement: Caring for inactive card machines
Unfortunately, following the government’s recent announcement of a national lockdown, many UK businesses have been forced to close their doors [Read more...]
Why online business for SMBs isn’t just for Black Friday
It is absolutely no surprise that consumers are more focused on online shopping than ever before due to the outbreak [Read more...]