Technology to boost small business; will it work? AccuPOS says ‘YES’.

Is it time to move on from the electronic cash register? Are we holding ourselves back by holding on to older technology?

Since 1883, people have been using electronic cash registers for calculating and recording sales transactions; but now, after almost 130 years, companies like Google, Square and PayPal are developing devices that seem likely to replace the now obsolete traditional electronic cash registers currently on the market.

This year, Square launched a new app that gives business owners the ability to accept credit card payments with their handheld devices, such as tablets or smartphones. This new technology offers a huge variety of different opportunities for businesses using electronic cash registers, as it allows merchants to accept credit card payments wherever they are, not just from a bolted down credit card terminal. Inevitably, the customer wait time will be reduced significantly as there is now incredible versatility which may ultimately wipe out the need for ‘lines’.

Features gained when upgrading from an electronic cash register

In addition to this, the new devices offer a number of opportunities that can help business owners save time and money while increasing customer satisfaction, which cannot be done with a plug ‘n’ play electronic cash register. Another important factor is the cost, as the inexpensive devices allow even small businesses to accept credit card payments without having to purchase an expensive electronic cash register system with credit card readers and other bulky peripherals. The new technology offers a high degree of accuracy compared to traditional electronic cash registers, as an internal computer system keeps track of every single transaction; this allows managers to get an overview of sales and recognize discrepancies much easier and much faster.

The system also includes features that give business owners the ability to apply discounts and promotions without having to worry about additional manual calculations.

But it is so simple to use an electronic cash register…

When it comes to employee training, the smartphone and web-based payment systems have increased automation, which makes it a lot easier for employees to get familiar with register duties, thus reducing the expense of time and money for the retailer. The new technology also supports merchants with their inventory management as it has real-time inventory reporting capabilities that assist in avoiding overstocking and under-stocking.

In terms of accounting, traditional electronic cash registers can calculate how much money a business has taken in through the course of a day, but it cannot show how much of this money is profit since it does not show any margin. With the most modern forms of electronic cash registers, managers are able to calculate easily which products have the greatest margin and place more focus on selling these items to increase their profits.

The last advantage worth mentioning is that this new technology enables the tracking of which products are purchased by individual customers, helping businesses to personalize their advertisements; this feature will not only help increase sales but it will increase the number of repeat customers, which inevitably leads to successful word of mouth marketing.

And on top of all of it, Visa Inc. started investing in this technology, further lending confidence that this approach can and will change the world of electronic cash registers.

A traditional electronic cash register served its purpose but with the plethora of new technologies available today that have the ability to support business growth, we have no choice but to categorize these electronic cash registers as obsolete.

Is it time to move on from the electronic cash register? Are we holding ourselves back by holding on to older technology?

Since 1883, people have been using electronic cash registers for calculating and recording sales transactions; but now, after almost 130 years, companies like Google, Square and PayPal are developing devices that seem likely to replace the now obsolete traditional electronic cash registers currently on the market.

This year, Square launched a new app that gives business owners the ability to accept credit card payments with their handheld devices, such as tablets or smartphones. This new technology offers a huge variety of different opportunities for businesses using electronic cash registers, as it allows merchants to accept credit card payments wherever they are, not just from a bolted down credit card terminal. Inevitably, the customer wait time will be reduced significantly as there is now incredible versatility which may ultimately wipe out the need for ‘lines’.

Features gained when upgrading from an electronic cash register
In addition to this, the new devices offer a number of opportunities that can help business owners save time and money while increasing customer satisfaction, which cannot be done with a plug ‘n’ play electronic cash register. Another important factor is the cost, as the inexpensive devices allow even small businesses to accept credit card payments without having to purchase an expensive electronic cash register system with credit card readers and other bulky peripherals. The new technology offers a high degree of accuracy compared to traditional electronic cash registers, as an internal computer system keeps track of every single transaction; this allows managers to get an overview of sales and recognize discrepancies much easier and much faster.

The system also includes features that give business owners the ability to apply discounts and promotions without having to worry about additional manual calculations.
But it is so simple to use an electronic cash register…

When it comes to employee training, the smartphone and web-based payment systems have increased automation, which makes it a lot easier for employees to get familiar with register duties, thus reducing the expense of time and money for the retailer. The new technology also supports merchants with their inventory management as it has real-time inventory reporting capabilities that assist in avoiding overstocking and under-stocking.
In terms of accounting, traditional electronic cash registers can calculate how much money a business has taken in through the course of a day, but it cannot show how much of this money is profit since it does not show any margin. With the most modern forms of electronic cash registers, managers are able to calculate easily which products have the greatest margin and place more focus on selling these items to increase their profits.
The last advantage worth mentioning is that this new technology enables the tracking of which products are purchased by individual customers, helping businesses to personalize their advertisements; this feature will not only help increase sales but it will increase the number of repeat customers, which inevitably leads to successful word of mouth marketing.

And on top of all of it, Visa Inc. started investing in this technology, further lending confidence that this approach can and will change the world of electronic cash registers.
A traditional electronic cash register served its purpose but with the plethora of new technologies available today that have the ability to support business growth, we have no choice but to categorize these electronic cash registers as obsolete.