How Much Does an EPOS System Cost in 2023?

EPOS systems are used in business to take on a multitude of processes and procedures, from taking card payments and managing inventories, to looking after customer relations and providing cash flow data.

However, EPOS systems vary greatly in price. The overall EPOS system cost depends on the size and nature of your business and the features and functions you want from the EPOS system overall.

In this article, we will explore the advantages of using an EPOS system in your business and find out exactly how much an EPOS system costs in 2023.

What Is an EPOS System?

EPOS stands for electronic point of sale and is used in many businesses to make sales and store and use data. Effectively, it is a modern cash register that is linked to many software features.

An EPOS system is used in business to process customer transactions through a merchant account in addition to numerous other functions. The EPOS solution accesses the customer’s bank account details to process the payment.

Many EPOS systems will manage inventory, take care of customer relations management, and record transaction history for the benefit of your business, in addition to other features. 

An EPOS system is a combination of hardware and software that is used on a daily basis in your business. This is an enhanced version of the traditional POS system, as both EPOS and POS systems process payments. 

However, an EPOS system does so much more, accepting digital wallet payments and helping to monitor and manage other areas of the business.

Can I Access a Free EPOS System?

Some forms of EPOS system are free, although this type of software is typically suited to sole trader businesses and will not include some of the more favourable features.

For example, Square offers a free app that uses an EPOS system. Additional charges are required for add-ons, and a card reader can be purchased for a one-off cost of £16.

How Much Does an EPOS System Cost?

The cost of an EPOS system will vary according to the software and hardware you choose to purchase, as well as the size and nature of your business. The features that you want from an EPOS system will also determine how expensive your purchase will be.

Software

The software required for an EPOS system is usually a monthly subscription that requires a contract.

An EPOS system software purchase will cost anything up to £400 per month. Sole trader businesses could use free software found in an app, ensuring that the EPOS system can be used on the go from any location.

Starter software plans can be purchased for around £25 per month, with a standard plan costing around £60 to £80 each month. A starter plan is best suited to small businesses, especially new businesses that are working to establish the business. 

A standard plan is tailored to well-established small businesses, or medium businesses who require more features such as employee monitoring and customer relations management.

Advanced plans are suited to large businesses that require inventory management tools, costing over £100 per month and up to £400 per month. Enterprise plans can also be sought from service providers, with custom pricing plans and tailored features.

Hardware

You will usually purchase the hardware as a one-off cost from the service provider who you are purchasing a monthly EPOS software subscription from.

Hardware prices will vary according to the hardware item you are purchasing. You could purchase a card reader for as little as £16 or a pad reader for around £50. 

A barcode scanner will cost around £200 whilst a label printer will cost around £160 and a cash drawer £60. A register, however, will require a substantial cost at around £600.

Are EPOS Systems Cost Effective?

Using EPOS systems in business is cost effective, with the benefits more than outweighing any costs involved in the purchase of the software and hardware.

So, how are EPOS systems worthwhile in business?

Features

EPOS systems offer the user many features that make the purchase cost effective for your business.

• Payment methods — Take payments from customers with a wide range of accepted payment methods. 

You can accept chip and PIN card as well as contactless cards up to the £100 limit. Digital payments using a mobile phone device are also accepted, in addition to online purchases.

• Customer relations management — The EPOS system will maintain a record of customer data, helping you to market offers and promotions to customers.
• Inventory management — The inventory management features offered by EPOS are worthwhile to the business, helping you to monitor stock and even set automatic controls to re-order certain stock once stock levels have reached specific levels.
• Transaction history — All transactions that are processed through the EPOS system will be kept automatically as a record. 

These records will act as accurate references  that can be used in other aspects of the business.

• Integrations — EPOS systems can be integrated with other software applications, particularly management software and accounting software.

For example, when integrated with accounting software, the transactions processed through the EPOS system will be automatically uploaded to the accounting software. 

This data will be used for your accounting records, providing accurate and timely information that you can rely on, saving you time when completing admin tasks.

• Reports — A superb feature of EPOS systems is the ability to generate reports from the data stored in the system. 

For example, you can use your sales and inventory data to assess the success of some products or services offered by the business.

Costs

To set-up an EPOS system in your business, you will need to pay upfront costs that could cost several hundreds of pounds, depending on the hardware purchased.

The monthly cost for the EPOS software plan can cost from £25 up to £400, depending on the level of features you want for your business.

You will also need to pay maintenance costs to repair hardware if it breaks down. Further costs may arise when you need to upgrade the software and the hardware.

However, with the wide range of features offered by an EPOS system, the benefits soon offset the one-off costs as well as the monthly plan fees.

At a Glance, Pros and Cons

Do you want a clear list of the pros and cons of using an EPOS system in your business?

Take a look at this section for a succinct overview:

Pros

✔️ Taking customer payments — Providing the customer with the freedom to choose how they want to pay for a purchase enhances the customer experience. 

They can choose whether to pay digitally using a digital wallet, pay online, or pay in-person with a credit card or debit card.

✔️ Integrating software — Add additional software into your EPOS system to save time when completing other tasks. 

For example, instead of inputting transactions into your accounts, integrated web-based accounting software will automatically upload each transaction from the EPOS system. 

This decreases the employee time completing admin tasks whilst increasing accuracy and removing the possibility of human error.

✔️ Free software — You can assess whether an EPOS system will benefit your business by obtaining a free trial or a free software app. 

However, the most desirable features are not usually included with free software.

✔️ Additional features — Monitor inventory, assess cash flow and manage customer relations using the EPOS system.

You can also use the data to download reports so you can use reliable data to inform your business decision-making.

Cons

❌️ Costs — When securing an EPOS system plan, you will need to pay a sizable amount each month for the software. This is in addition to any hardware that you will need to purchase, which are one-off costs.

❌️ Over reliance — Relying too much on technology can lead to disaster if the technology breaks down. 

Ensure you have a back-up plan should the software fail or the hardware break so your business operations can continue regardless of the technology.

❌️ Fraud — Even though technology can add a layer of security to your assets, all technology is still vulnerable to hackers so it is important to protect fraud vulnerabilities.

❌️ Training — All employees will require adequate EPOS system training so they can use the hardware and the software in their daily employment. It will take time and money to train all employees.

Best EPOS Systems — Reviews

To find the precise cost of EPOS systems for your business, here is an expert review for you to digest.

We have compiled a review of our favourite EPOS systems and their relative cost, providing you with the information you need to choose the most suitable EPOS system for your business.

1. Shopify — Best for Clear Costs

Software Costs:

• Basic plan: £25 per month
• Shopify plan: £65 per month
• Advanced plan: £344 per month

Hardware Costs:

• WisePad 3 Reader hardware: £49 
• 1D barcode scanner hardware: £199 
• Zebra label printer hardware: £159

Visit Shopify

The Shopify EPOS offers a point of sale system with a clear costing so you know exactly how much you will pay for the service. Although this is not compulsory, you can choose to use a Shopify store to access further features of the EPOS system.

Choose from a basic plan for £25 per month, a recommended Shopify plan for £65 per month, or the Advanced plan for a substantial £344 each month.

The hardware options you can choose from include a WisePad 3 Reader for £49, a 1D barcode scanner for £199, and a Zebra label printer for £159.

If you were to opt for all three hardware tools and the recommended Shopify software plan, the Shopify EPOS system will cost £407 in one-off costs plus a monthly fee of £65.

2. Square — Best for Free Version

Software Costs:

• POS app: Free
• Paid plan: £49 per month

Hardware Costs:

• Card reader: £16
• Terminal: £149
• Register: £599

Visit Square

The Square EPOS system is a good choice if you are looking for lower prices, although the lower costs typically suit a sole trader business.

You can access a POS app for free from Square, costing no monthly fee, although transaction fees will still apply. Purchase the card reader as a one-off cost of £16 to expand the system used in your business.

However, if you opt for the paid plan and purchase a terminal and register, you will pay £748 upfront for the hardware and then pay a monthly fee of £49.

3. SumUp — Best for Add-Ons

Software Costs:

• Monthly fee SumpUp Pro: £49
• Monthly fee POS Enterprise: £69
• Add-on advanced stock management: £18
• Add-on kitchen display screen: £9

Hardware Costs:

• Air card reader: £39
• Solo card reader: £79
• POS Lite: £429

Visit SumUp

SumUp EPOS offers a superb EPOS system tailor made to your business needs. The monthly fee for the EPOS software will cost you £49, yet you can add-on additional features if you need them.

For example, you can add-on advanced stock management capabilities for £28 per month or a kitchen screen display for £9 per month.

Hardware from SumUp will vary according to your plan, with a monthly fee of £49 resulting in a solo card reader purchase of £79.

However, if you opt for the POS Lite solution, you will pay a one-off cost of £429 and you will not pay any monthly fees. 

You will receive a SumUp Solo card reader, with the only additional fees charged at 1.6% of the transaction value when a customer makes a purchase.

4. Zettle — Best for Transparency

Software Costs:

• Monthly fee: £29

Hardware Costs:

• Reader: £29
• Terminal: £149
• Full EPOS system: From £189

Visit Zettle

Zettle EPOS offers transparency when pricing the EPOS system with a monthly fee of £29 and a transaction fee of 1.7% of the purchase value.

When buying hardware, you can tailor the hardware you need according to the type of business you are operating. You can purchase a card reader for just £29, or a terminal for £149.

However, Zettle offers a full EPOS hardware system for you to purchase, with prices ranging from £189 to £599.

5. ShopKeep by Lightspeed — Best for Scalability

Software Costs:

• Lean plan: £69 per month
• Standard plan: £119 per month
• Advanced plan: £199 per month
• Enterprise plan: Custom

Hardware Costs:

• Quote on demand

Visit Lightspeed

ShopKeep by Lightspeed is an EPOS system that encourages scalability for your business. Progress to a different monthly plan as your business grows and grows.

The Lean plan is the basic option and is charged at £69 per month, whilst the Standard plan will cost you £119 each month. If you want to go for the Advanced plan, you will need to pay £199 per month, whilst custom prices are provided for the Enterprise plan.

However, the hardware options from ShopKeep are not readily available and you will need to contact the provider for a specific quote, stating what items of equipment you want for your business.

6. Talech — Best for Low Monthly Fees

Software Costs:

• Starter plan: Free
• Standard plan: £49.99 per month
• Premium plan: £69.99 per month

Hardware Costs:

• Quote on demand

Visit Talech

The Talech EPOS system offers some great options for businesses looking to save money. You can access the Starter plan for free, with the Standard plan only costing £49.99 each month.

The Premium plan offers a low-priced £69.99 per month, providing the best software service at a budget price.

A wide range of hardware choices are available with the Talech EPOS system, although the prices of each hardware option are subject to a quote.

Leading EPOS Systems: The Verdict

Whether you are looking for a hospitality or retail EPOS system, you want value for money and heightened customer satisfaction.

An EPOS system enables much of your business operations to be completed automatically, providing a paper trail of evidence and real time data. The entire business can track sales and implement contactless payments in seconds as you reduce the queue time for your customers.

Our favourite EPOS system is the Shopify option, features which are enhanced if you also run a Shopify store. Software fees and hardware pricing are clear so you can choose the best EPOS system and combination for your business.

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