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Do Better Business with a POS or ePOS System
A cashless society has a new meaning in our modern era, but when I was a kid, cashless meant that you were poor. Way back then, it also intrigued me to learn that although Queen Elizabeth always had a handbag on her arm, she didn't need to carry any money. Being queen enabled her to go about her daily duties without paying for a thing.
For the rest of us who are not royalty, cashless means we no longer require folding money in our wallets. We may carry around a few coins in our pocket, but for the most part all we need is a debit card. Many of us no longer use bank cards, preferring instead to conduct business by cellphone or make payments via the internet.
Gone are the days of making regular trips to the bank, depositing cash, withdrawing cash, wiring cash or paying extra to have a money order made up. The world became a much smaller place due to the incredible speed of communication, transportation, and the internet. With a few button clicks, we can buy information and simply download it, or buy a product and have it shipped to our door.
People all over the world are embracing home banking, e-commerce, and direct payment. In Canada for example, over 85 per cent of all consumer banking in 2000, was conducted electronically. Cash has become a virtual commodity that we simply do not see. We transfer it electronically from our bank accounts and store it on pre-paid smart cards.
Smart cards are increasingly being used for parking, grabbing a snack from a vending machines, or doing a load of laundry. Students in public school and university use their fingerprint to register for classes, access information at the library, ride the bus, or pay for cafeteria meals.
We make concert and travel arrangements online. Our loyalty and frequent flier points are magically credited to us, and we only have to show up for our flight or venue with a confirmation number. When Christmas rolls around we give our grandchildren what they want most. What else? Pre-paid telephone and gift cards, of course.
Independent retailers must get on board this cashless society train and provide their customers the service they demand. While the Amish lady, who sells homemade jam at the end of her lane, may not yet accept payment by credit card of debit, the quilters at a busy country market probably do.
There are Point of Sale and ePOS software systems scaled and priced appropriately for the small to medium sized company that come ready to use right out of the box. A merchant can start by barcoding merchandise which gets stored in the computer. Materials used to produce the goods for sale should also be entered. With an accurate database in place, the business owner can access information instantly, keeping track of sales, expenses, and when materials need to be ordered.
Combined with these advantages, the merchant can integrate human resources data for any employees, keeping records of hours worked, rates of pay, and all the statistics that go hand in hand with running a business and reporting to government. Then, when income tax time rolls around, all the totals will be there to make that task much simpler.
Most importantly will be the ability to take payment from customers by credit card or debit through a third party processor. This advantage alone can be enough to catapult a small business into the next level of success. As we have seen, most people don't carry around cash anymore. When a person is ready to buy, they want the deal done quickly and easily. A merchant who accepts major credit cards as well as debit, has a distinct leg up.
With a POS or ePOS system, the money is instantly and almost magically deposited in the company's business account. Some credit granting institutions take a day or two, but gone is the hassle of handling cash or the attendant problems of accepting checks.
Depending on the product or service, a company can now entertain the thought of selling outside their immediate area, to the rest of the country, or around the world. If expansion is in the cards, most point of sale systems are adaptable to more than one location. With the ability to accept payment electronically in this cashless society, your company can grow by leaps and bounds.
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