EPOS – electronic systems speed up payment processes
EPOS is the abbreviation for Electronic Point of Sale. Through EPOS, one can handle cashless payment for products or services using a debit or credit card. The term EPOS denotes both electronic checkout system for retail business as well as online businesses.
EPOS in retail
Electronic checkout systems in retail are often classified under the term EPOS. The electronic POS system is connected via an interface to a PC, which in turn connects to the EPOS control center via ISDN – to process a payment transaction. The card is swiped through the EPOS reader to deduct the transaction amount. The validity and plausibility of the card is then checked. After this, the customer enters the PIN. An authorization request is immediately sent to the bank on behalf of the cardholder. The amount is released once the query is completed. Successful completion of the transaction is displayed on the POS terminal and a receipt is printed automatically.
Additional functions of EPOS
In addition to billing, Electronic Point of Sale systems can perform other functions too. If a retailer sells a product and scans the barcode in the process, a computer system removes the sold merchandise from the electronically recorded inventory in the warehouse. The merchandise is then considered sold. Smaller banking services are also possible via EPOS.
EPOS on the Internet
Electronic Point of Sale, however, also refers to the electronic processes involved in making payments over the Internet. The technical processes are comparable to conventional checkout systems in the retail sector. But for online retailers in particular, EPOS is crucial for transactions, as cumbersome payment processes, long waiting times or a lack of confidence in the payment method can lead to customers abandoning their purchases. As with most business records, EPOS-generated receipts are subject to a 10-year legal retention period. They must always be available and immediately accessible. In addition, it must be possible to evaluate the receipts by machine. For this reason, retailers should ensure that the data is not stored in compressed form, as is the case with conventional cash registers.
