Retail Business: 4 Roles of a POS System

June 14, 2022 | 143 views

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Alice POS offers a multitude of advantageous features for retail merchants. These can lead to concrete improvements in store, which can be felt in time gained or even in increased revenue. In this article, we will explore the ways Alice POS can help you do that.


We will section off this article into 4 roles to give you a clear overview of the features:

  • Sales: Optimize Your In-Store Sales
  • Control: Completely Track your Store
  • Growth: Expand your Business
  • Multi-Store: Manage your Franchise Efficiently

Alice POS is a cloud-based point of sale system designed for store networks such as franchises, purchasing groups, and corporate networks. Alice is also an excellent starting point for individual stores looking to gradually scale their operations for future expansion. Alice POS was developed to help increase business revenue while also diminishing the workload of operations.

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GD HUMAN CAPITAL is a consultancy for selection specialized in Recruitment 2.0.The Social Networks are our means of attracting and locating the most talented individuals. Join our Community on Facebook: facebook.com/gdhumancapital: job offers, video tutorials, interesting articles. We locate the most talented individuals, wherever they are, in the world’s largest database.

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POS SOLUTIONS

POS System Essential for Omnichannel Retail

Article | March 23, 2022

“Software-led payments is more than just ecommerce or online invoicing, as many software platforms are starting to offer solutions for card present transactions.” - Caleb Avery, CEO of Tilled The omnichannel retail marketplace has been witnessing a surge in recent years. A buyer has a natural tendency to check the details of the products or services on the internet. But a single purchase may involve different channels like apps, websites, store walk-ins, etc. For example, a customer may conduct online research and purchase an item before picking it up from a retail store; or, conversely, he may go to a nearby mall and inspect the product first before purchasing it online. Therefore, retailing has become increasingly about providing multi-channel or cross-channel experiences to customers. If the merchant misses out on his goods being offered on any channel, it will harm the customer experience (CX). In such a circumstance, deploying a POS system built for multi-site store networks that takes care of the maintenance of the website and all the locations in the chain simultaneously is a blessing for the retail sector. The point of sale is now an important part of an eCommerce plan for a business and a key part of its ongoing marketing strategy. Drive Loyalty and Sales Using Your Omnichannel POS A retailer's point of sale is the hub of every business action, wherein sales, marketing, inventory, customer management and customer service merge. But what many still don't realize is its powerful role in unlocking customer loyalty and higher revenue. With a modern and adaptable point-of-sale system, lengthy transaction times are minimized and may be boosted while simultaneously processing more consumers, enhancing the customer experience. Your omnichannel POS should permit the configuration of several payment methods. Customers can choose various payment methods, such as credit cards, digital wallets, PayPal, and cash. POS data should be utilized in all company decisions in today's society. Additionally, POS data is essential for merchandise planning. For example, if a product is not selling quickly enough, sell-through and sales-by-margin analytics can influence your pricing decisions and allow you to adjust accordingly. A common misconception about POS is that it is only a point of contact between your clients and your business. However, when its tremendous capabilities are utilized, it becomes a tool that helps you understand your clients, enhance their experience, and guarantee you are prepared to meet their demands. Importance of Using POS and Ecommerce Integration Combining CRM and POS software enables staff members to review and update client information instantly. You can develop new sales methods based on customers' interests and previous purchases. The omnichannel point of sale integrates with Tally, Quickbooks, etc. You may export order receipts from all channels directly. With omnichannel POS, your firm is accessible to customers 24 hours a day. Customers can purchase at one store and receive delivery from another, as well as other choices designed to improve the shopping experience. A retail eCommerce platform with seamless integration benefits both businesses and customers. Bottom Line Innovation in omnichannel retailing and investment in the POS system's digitization helps track and fulfill online, and offline customer needs. It goes without saying that the future of POS and retail are closely intertwined. In the coming years, POS will see a radical shift. Now is the optimal time for laggards to catch up or risk falling behind.

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POS SOLUTIONS,CLOUD BASED POS

A pivot to customer and supporting the shopping journeys

Article | July 14, 2022

ABC Fine Wine & SpiritsOracle Retail Cross Talk is our favorite event of the year. Across the 2.5 days, we create authentic connections across our retail community so you can learn from each other. We recruit 25-30 global retailers to share their experiences in case studies, panel discussions, or fireside chats. We are thrilled to host a panel discussion with ABC Fine Wine & Spirits and Estee Lauder. Delivering a great omnichannel retail experience takes the right people, process, and technology to earn shopper loyalty by offering engaging and seamless experiences across more than 70 unique customer journeys. Widespread curbside pick-up, flexible store environments, buy online, pick-up in-store (BOPIS) protocols–these new norms have dramatically accelerated in-store adaptation and innovation. As brands dive deeper for new ways to maximize the customer experience—and adapt to the rapidly changing world—they must lean into agile technology. Join this discussion to hear how ABC Fine Wine & Spirits and Estee Lauder are tackling today’s challenges and planning for the future. Estee Lauder Platform Discussion: Stores and Omnichannel As customers continue to evolve the omnichannel retail journey, you can provide them with engaging, seamless experiences while refining operations across point-of-service, ecommerce, and order management systems. Join us at Cross Talk to learn how Oracle Retail’s omnichannel modern retail solutions bridge the productivity gaps between the online and traditional point-of-sale functionality, improve store associate effectiveness, increase sales, and ultimately personalize the customer experience.

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POS SOLUTIONS

Digital Payments – Preferred Way To Exchange Money

Article | June 30, 2022

In the past several years, the evolution of the payments industry has been remarkable. The digital payment business is expanding fast and is an open area for competitors. Globally, the emergence and implementation of digital payment solutions results from diverse requirements. The digital payments ecosystem is being propelled by three significant factors: technology, customer demand, and regulations. Insights Into Digital Payments Evolution The Internet of Things, APIs, point of sale (POS), mobile wallets, and tokenization create a seamless payments ecosystem by digitally connecting every industry with the payments environment. Consumer demand drivers can be broken down into subcategories, such as real-time payments, a better user experience, and personalization. In 2021, the market for digital payments was estimated at USD 7.36 trillion. It is expected to reach USD 15.27 trillion by 2027, with a CAGR of 12.38% between 2022 and 2027. The technical improvements of smartphones, digital payment cards, and point-of-sale terminals in retail stores are driving the expansion of the industry. According to American Express, the COVID-19 pandemic significantly impacted cardholder spending. Companies are offering contactless payment options to attract customers. This has made the contactless function a global competitive advantage for companies. In light of the preceding progress and development, let's explore what 2022 has in store for you. Look closely at any changes to digital payment methods that could be important in 2022. The Most Prevalent Digital Payment Trends – 2022 Biometric Authentication In 2022, biometric authentication will increase as a trend in the digital payment industry. Biometric authentication utilizes a person's biological and anatomical traits. In addition to fingerprint scanners, face recognition, iris recognition, heartbeat analysis, and vein mapping, the verification process also incorporates fingerprint scanners. It is a very secure payment system based on the unique qualities of each individual. Additionally, it helps establish consumer loyalty and trust. Contactless Payments Customers may make contactless payments by just waving their smartphone in front of the reader. Thus, the payment method becomes faster and more convenient than card insertion. Contactless payments are more secure due to the rapid transfer of encrypted data to the point-of-sale gadget. Mobile Point of Sale Mobile-point-of-sale (mPOS) is a breakthrough technology since it liberates retailers from storefronts and in-store payments. Instead, it is a portable register that operates on a tablet, smartphone, or mobile device. Mobile POS has significantly altered a store's payment procedure by making it more efficient and adaptable. According to Global Market Insights, mPOS will grow at a 19% CAGR between 2020 and 2026. Mobile Wallet Transaction According to Juniper Research, digital and mobile wallet usage will surpass 4.4 billion by 2025. Mobile wallets do not require a real bank account and keep all payment information securely and compactly. This is enabled through Near Field Communication (NFC) technology, which allows devices in close proximity to communicate and share data quickly. With the rise in demand for contactless payments, NFC has become a prominent term in digital payments. Final Word There are many proven ways to send money around the world. It is essential to consider how money moves across borders. The answer depends on the payment's context. Today's businesses want diverse and straightforward methods for international money transfers. The choices available to enterprises range from SWIFT and ACH transfers to digital wallets and cheques to credit cards and even crypto money. Digital payments enable organizations to conduct money transfers efficiently, transparently, and cost-effectively. This will encourage the global economy to continue expanding and strengthening further.

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POS RETAIL

Top Reasons Businesses Choose Cloud-based POS Systems

Article | May 20, 2022

Digital innovations make a significant impact on the payment business. Point-of-sale is one such innovation that eases the payment mode. Traditional POS systems face several obstacles, such as data storage on local servers, higher upfront payments, limited access to the data, and higher costs. On the contrary, a cloud-based POS system is easier and offers more agility and access, making the payment process seamless and less time taking. Customer expectations are constantly changing regarding seamless online and offline payment processes. Cloud-based POS systems ensure the best possible customer experience while staying relevant to the rapidly evolving technology. Making the lives of the customers easier is the primary goal of the payment service provider. Deciding Between Getting a Traditional or A Cloud-Based POS System? POS software has improved over the past decade, and many firms have hopped on the POS system bandwagon. There are different types of POS systems available, and you may get confused, especially if you are new to POS. Purchasing a POS system is a long-term investment and should not be made without extensive research and knowledge. It would be best to compare the pros and cons of traditional and cloud-based POS options. Identify your business's needs and select the right POS system. On-site or existing POS is an old method. The data is stored on local servers and in closed networks. It is commonly known that standard POS systems can be complex and time-consuming. Also, installing large hardware adds to the cost of getting started. If you use older methods, you might be able to access data on-site, but you could lose it. A cloud-based POS is easy to use and easy to get to. The cloud-based POS system is adaptable and can easily add new modules or apps from other corporates. The software is rented by the month or year. Methods that use the cloud allow mobile access which means you can leverage the functionality of mobile POS without fully implementing a mobile POS system. POS software that runs in the cloud is also automatically backed up. Cloud-based POS software offers incredible benefits for your business. Reasons for Opting for a Cloud-based POS System Cloud POS Systems Are More Secure A cloud-based POS system lowers all types of risks due to stringent security standards. Cloud technology allows the POS software to automatically backup the data and sync via remote servers. The regular updating of the system increases the security level of the software. Remote System Access Switching to a cloud-based POS system allows you to access your back-office functionality from anywhere. This capability gives you the ability to receive important updates regarding inventory or vendor issues on your mobile or home computer. You will also benefit from the security of cloud backup for your data. Cost-effective Cloud-based POS may appear to be more expensive than conventional POS systems. Nevertheless, cloud-based technologies are preferable for SMBs. In contrast to traditional POS systems, cloud-based SaaS has no upfront costs and has low monthly rates. Automatic software updates are delivered, and the system can update itself. Better Customer Service Cloud POS is compatible with various payment options and can send invoices through email or SMS. This enhances the purchase experience for your brand's customers. Customers interested in simple technology like simple processes are thus satisfied with the commercial services a POS system delivers. By choosing a cloud-based POS system, you'll always be able to meet customer needs quickly. Also, remember that you can get updates, which are meant to change some features to fit how people use them. Conclusion We’ve seen a few reasons that why you should consider transitioning to a cloud-based point-of-sale system, but the list is unlimited. If you have not considered implementing a point-of-sale system, now is the time to do so. The most prominent upside is that a sound POS system facilitates sales and increases the capacity to attract more clients.

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Spotlight

GD Human Capital

GD HUMAN CAPITAL is a consultancy for selection specialized in Recruitment 2.0.The Social Networks are our means of attracting and locating the most talented individuals. Join our Community on Facebook: facebook.com/gdhumancapital: job offers, video tutorials, interesting articles. We locate the most talented individuals, wherever they are, in the world’s largest database.

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POS SOLUTIONS,POS RETAIL

HiStone Launches New ERA HK960 POS Device to Revolutionize the Retail and Hospitality Markets

HiStone | August 08, 2022

ERA HK960, its next-generation POS model, built to drastically improve customer satisfaction via enabling businesses with more flexible, efficient, and secure POS services. Enhanced feature-rich functionality of HK960 coupled with high-end design are geared to meet employees' and customers' expectations while driving better user and shopping experiences. The flagship HK960 POS product has been developed to achieve the core retail and hospitality business goal — to avoid long hours of operations making the customer service faster than ever. "Customers evolve as they need more secure and personalized services that drive more value to their shopping experiences, This new paradigm stimulates us to deliver the most efficient, market-ready POS solutions that generate business growth and bring customer satisfaction." -Alex Barannik, Business Development Director at HiStone. Ultra-thin bezel combined with high brightness The ultra-thin bezel of just 1.1 cm makes the screen look stylish and corresponds with the time. The model edges are 1cm and 1.5 cm only; this is why the screen ratio is 82% — HiStone offers your staff the highest possible field of view. The technology update is more comfortable for the eyes Next-level power features inside a small, elegant box The model gets Intel Tiger Lake UP3, the 11th generation of Intel's CPU. The i3-1115G4E with a clock speed from 2.2 GHz to 3.9 GHz is powerful enough, being much more efficient for everyday operations in the long run. HK960 has one of the highest turbo speed (up to 4.2 GHz). Furthermore, the tech innovative model receives enhanced DDR characteristics: clock speed of 3200 MHz and bandwidth of 31 Gb/s. The response speed is among the core characteristics of POS machines - a few seconds are entirely enough to open the app, display pages, and complete settlement. Ultra-secure usage HiStone understands the importance of the highest, watertight security; this is why the flagship model utilizes a dual LAN Port connection. HiStone equipped its ultramodern POS machine with 50 000 hours of Mean Time Between Failure. And that sounds quite impressive. About HiStone: HiStone is among the top world-known developers of retail and hospitality solutions with more than 30-year-experience on the market. All-in-one POSs, box and mobile POS systems, self-checkouts, and other products are available for business.

Read More

POS RETAIL

HungerRush Launches OrderAI Talk to Deliver an Engaging Phone Ordering Experience, While Flexibly Transforming Phone Ordering

HUNGER RUSH | August 16, 2022

HungerRush™, the leading cloud software provider for the restaurant industry, today announced the general availability and early pilot results of its OrderAI Talk product.OrderAI Talk allows restaurant consumers to place phone orders with an artificially intelligent phone bot. It supports increased restaurant efficiency and customer satisfaction through improved order accuracy, accurate and complete voice recognition, full-menu integration, no hold times and a fully integrated POS system with order confirmation and delivery and payment options. OrderAI Talk is the ideal solution for multi-unit restaurants with at least 10 locations, and a high phone order volume. Key benefits of OrderAI Talk include the following: Increased order accuracy: Complex menus can be easily integrated with OrderAI Talk so that phone-in customers can customize their orders just as they would if they were in store or talking to a live person. Ability to upsell every order: The intelligent AI system learns consumer behaviors to engage in smart upselling and smart targeted marketing with each call. Alleviate challenges from staffing issues: Whether it’s small staffs or overworked team members, OrderAI Talk decreases stress on staff by allowing them to forget the phone and focus on what matters most, making great food. Opt-in to Text Marketing & Ordering: Providing the ability to expand marketing reach and transform analog customers to digital. Automatically send OrderAI Talk customers a text marketing message one week later giving them the ability to quickly respond and place that order via text. 29% of customers who received OrderAI Text marketing placed at least one or more repeat orders. Improved customer experience: No more busy signals or hold music. Customers can place their orders quickly and seamlessly through the automated attendant from order placement through payment. Of customers that start an OrderAI Talk order, 92% result in completed orders. “We are continually working toward creating more streamlined services that benefit both the restaurant and customers, “By innovating and improving the existing technologies in place, we can free up more time for employees to focus their time on customer satisfaction and food quality.” Perry Turbes, CEO of HungerRush. About HungerRush HungerRush is a leading provider of integrated restaurant solutions that make it easier to delight guests, drive loyalty, and manage restaurants from anywhere. HungerRush 360 is our flagship all-in-one cloud POS system that integrates digital ordering, delivery, customer engagement, restaurant management, and payment processing features with flexible software designed to give operators of all sizes more insight into their customers, more control over their operations, and more power to profitably grow their business. HungerRush OrderAI Text is an innovative text-to-order AI solution, which allows customers to place orders via text without application downloads and user acquisition.

Read More

POS SOLUTIONS

GrubMarket Acquires IOT Pay to Enter Financial Services Sector for the American Food Supply Chain Industry

GrubMarket | August 08, 2022

GrubMarket today announced it has completed the acquisition of Vancouver, Canada-based IOT Pay, a leading fintech company that provides omnichannel payment services that allow merchants to accept payments both in-store and online on a global scale. GrubMarket will leverage IOT Pay's technology and payments infrastructure to address the food supply chain industry's accelerating need for faster, more flexible, and more robust digital payment and financing opportunities. Founded in 2018 by fintech veteran Leo Chen, IOT Pay's payment platform now powers thousands of notable merchants across industries in North America, including popular online food delivery platforms of North America, emerging online courier platforms of Canada, and offline merchants such as BMW, Mercedes Benz, Arby's, HMart, Sungiven Foods, Rolex, and more. Today, IOT Pay facilitates tens of thousands of transactions each day and hundreds of millions of dollars in transaction value per year. IOT Pay has built a comprehensive fintech ecosystem that includes services such as POS terminals, mobile payments, eCommerce, cross-border payments, CRM, and order management software. IOT Pay is also launching an innovative digital banking system, which will provide superb B2B financial solutions for small and medium-sized merchants. After the acquisition, the business will continue to be managed by its current leadership team. "We work with many companies in the foodservice and grocery space and have seen firsthand how impactful it is to build effective fintech solutions for one of the oldest industries in the world. GrubMarket originally invested in us to help accelerate our vision to be a top payments solution provider. Now, we are thrilled to join the GrubMarket team and deeply integrate with GrubMarket's best-in-class eCommerce and software ecosystem to create more value with our payment solutions and financial services for companies operating throughout the food supply chain." -Leo Chen, founder and CEO of IOT Pay. According to Mike Xu, CEO of GrubMarket: This is a huge milestone in GrubMarket's history. It reminds me of the old days when eBay acquired PayPal. Every great eCommerce company has offered seamless payments solutions to their customers, and we have now acquired the capability to do so as well. Leo and the IOT Pay team have done a wonderful job building a leading fintech company validated by thousands of top-tier customers. Millions of transactions have been completed through IOT Pay's products. Their robust payments platform and new digital banking solution will be a game changer for produce wholesalers who will be able to access credit card solutions for offline payments and digital banking services. We will also be expanding our proprietary ERP system, WholesaleWare, with the introduction of a new payments module. We look forward to broadening our software and services offerings to bring more value to our suppliers and customers. IOT Pay's fintech and payments offerings will be integrated into GrubMarket's eCommerce and software product family, which already includes the innovative and proprietary WholesaleWare software suite, the company's software-as-a-service platform that provides food industry wholesalers and distributors with seamless financial management, powerful sales, and online ordering features, precise inventory management, lot traceability, grower accounting, and automated routing and logistics, as well as Orders IO, GrubMarket's custom branded mobile eCommerce solutions. About GrubMarket: Founded in 2014, GrubMarket is a San Francisco-based food technology company operating in the space of food supply chain eCommerce for both business customers and end consumers, as well as providing related software-as-a-service solutions to digitally transform the American and global food supply chain. Currently, GrubMarket operates in all 50 U.S. States; Ontario and British Columbia (Canada); Argentina, Chile, and Colombia (South America); India, Mexico, South Africa, and Spain, with plans to expand to the rest of the U.S., Canada, South America, and other parts of the world.

Read More

POS SOLUTIONS,POS RETAIL

HiStone Launches New ERA HK960 POS Device to Revolutionize the Retail and Hospitality Markets

HiStone | August 08, 2022

ERA HK960, its next-generation POS model, built to drastically improve customer satisfaction via enabling businesses with more flexible, efficient, and secure POS services. Enhanced feature-rich functionality of HK960 coupled with high-end design are geared to meet employees' and customers' expectations while driving better user and shopping experiences. The flagship HK960 POS product has been developed to achieve the core retail and hospitality business goal — to avoid long hours of operations making the customer service faster than ever. "Customers evolve as they need more secure and personalized services that drive more value to their shopping experiences, This new paradigm stimulates us to deliver the most efficient, market-ready POS solutions that generate business growth and bring customer satisfaction." -Alex Barannik, Business Development Director at HiStone. Ultra-thin bezel combined with high brightness The ultra-thin bezel of just 1.1 cm makes the screen look stylish and corresponds with the time. The model edges are 1cm and 1.5 cm only; this is why the screen ratio is 82% — HiStone offers your staff the highest possible field of view. The technology update is more comfortable for the eyes Next-level power features inside a small, elegant box The model gets Intel Tiger Lake UP3, the 11th generation of Intel's CPU. The i3-1115G4E with a clock speed from 2.2 GHz to 3.9 GHz is powerful enough, being much more efficient for everyday operations in the long run. HK960 has one of the highest turbo speed (up to 4.2 GHz). Furthermore, the tech innovative model receives enhanced DDR characteristics: clock speed of 3200 MHz and bandwidth of 31 Gb/s. The response speed is among the core characteristics of POS machines - a few seconds are entirely enough to open the app, display pages, and complete settlement. Ultra-secure usage HiStone understands the importance of the highest, watertight security; this is why the flagship model utilizes a dual LAN Port connection. HiStone equipped its ultramodern POS machine with 50 000 hours of Mean Time Between Failure. And that sounds quite impressive. About HiStone: HiStone is among the top world-known developers of retail and hospitality solutions with more than 30-year-experience on the market. All-in-one POSs, box and mobile POS systems, self-checkouts, and other products are available for business.

Read More

POS RETAIL

HungerRush Launches OrderAI Talk to Deliver an Engaging Phone Ordering Experience, While Flexibly Transforming Phone Ordering

HUNGER RUSH | August 16, 2022

HungerRush™, the leading cloud software provider for the restaurant industry, today announced the general availability and early pilot results of its OrderAI Talk product.OrderAI Talk allows restaurant consumers to place phone orders with an artificially intelligent phone bot. It supports increased restaurant efficiency and customer satisfaction through improved order accuracy, accurate and complete voice recognition, full-menu integration, no hold times and a fully integrated POS system with order confirmation and delivery and payment options. OrderAI Talk is the ideal solution for multi-unit restaurants with at least 10 locations, and a high phone order volume. Key benefits of OrderAI Talk include the following: Increased order accuracy: Complex menus can be easily integrated with OrderAI Talk so that phone-in customers can customize their orders just as they would if they were in store or talking to a live person. Ability to upsell every order: The intelligent AI system learns consumer behaviors to engage in smart upselling and smart targeted marketing with each call. Alleviate challenges from staffing issues: Whether it’s small staffs or overworked team members, OrderAI Talk decreases stress on staff by allowing them to forget the phone and focus on what matters most, making great food. Opt-in to Text Marketing & Ordering: Providing the ability to expand marketing reach and transform analog customers to digital. Automatically send OrderAI Talk customers a text marketing message one week later giving them the ability to quickly respond and place that order via text. 29% of customers who received OrderAI Text marketing placed at least one or more repeat orders. Improved customer experience: No more busy signals or hold music. Customers can place their orders quickly and seamlessly through the automated attendant from order placement through payment. Of customers that start an OrderAI Talk order, 92% result in completed orders. “We are continually working toward creating more streamlined services that benefit both the restaurant and customers, “By innovating and improving the existing technologies in place, we can free up more time for employees to focus their time on customer satisfaction and food quality.” Perry Turbes, CEO of HungerRush. About HungerRush HungerRush is a leading provider of integrated restaurant solutions that make it easier to delight guests, drive loyalty, and manage restaurants from anywhere. HungerRush 360 is our flagship all-in-one cloud POS system that integrates digital ordering, delivery, customer engagement, restaurant management, and payment processing features with flexible software designed to give operators of all sizes more insight into their customers, more control over their operations, and more power to profitably grow their business. HungerRush OrderAI Text is an innovative text-to-order AI solution, which allows customers to place orders via text without application downloads and user acquisition.

Read More

POS SOLUTIONS

GrubMarket Acquires IOT Pay to Enter Financial Services Sector for the American Food Supply Chain Industry

GrubMarket | August 08, 2022

GrubMarket today announced it has completed the acquisition of Vancouver, Canada-based IOT Pay, a leading fintech company that provides omnichannel payment services that allow merchants to accept payments both in-store and online on a global scale. GrubMarket will leverage IOT Pay's technology and payments infrastructure to address the food supply chain industry's accelerating need for faster, more flexible, and more robust digital payment and financing opportunities. Founded in 2018 by fintech veteran Leo Chen, IOT Pay's payment platform now powers thousands of notable merchants across industries in North America, including popular online food delivery platforms of North America, emerging online courier platforms of Canada, and offline merchants such as BMW, Mercedes Benz, Arby's, HMart, Sungiven Foods, Rolex, and more. Today, IOT Pay facilitates tens of thousands of transactions each day and hundreds of millions of dollars in transaction value per year. IOT Pay has built a comprehensive fintech ecosystem that includes services such as POS terminals, mobile payments, eCommerce, cross-border payments, CRM, and order management software. IOT Pay is also launching an innovative digital banking system, which will provide superb B2B financial solutions for small and medium-sized merchants. After the acquisition, the business will continue to be managed by its current leadership team. "We work with many companies in the foodservice and grocery space and have seen firsthand how impactful it is to build effective fintech solutions for one of the oldest industries in the world. GrubMarket originally invested in us to help accelerate our vision to be a top payments solution provider. Now, we are thrilled to join the GrubMarket team and deeply integrate with GrubMarket's best-in-class eCommerce and software ecosystem to create more value with our payment solutions and financial services for companies operating throughout the food supply chain." -Leo Chen, founder and CEO of IOT Pay. According to Mike Xu, CEO of GrubMarket: This is a huge milestone in GrubMarket's history. It reminds me of the old days when eBay acquired PayPal. Every great eCommerce company has offered seamless payments solutions to their customers, and we have now acquired the capability to do so as well. Leo and the IOT Pay team have done a wonderful job building a leading fintech company validated by thousands of top-tier customers. Millions of transactions have been completed through IOT Pay's products. Their robust payments platform and new digital banking solution will be a game changer for produce wholesalers who will be able to access credit card solutions for offline payments and digital banking services. We will also be expanding our proprietary ERP system, WholesaleWare, with the introduction of a new payments module. We look forward to broadening our software and services offerings to bring more value to our suppliers and customers. IOT Pay's fintech and payments offerings will be integrated into GrubMarket's eCommerce and software product family, which already includes the innovative and proprietary WholesaleWare software suite, the company's software-as-a-service platform that provides food industry wholesalers and distributors with seamless financial management, powerful sales, and online ordering features, precise inventory management, lot traceability, grower accounting, and automated routing and logistics, as well as Orders IO, GrubMarket's custom branded mobile eCommerce solutions. About GrubMarket: Founded in 2014, GrubMarket is a San Francisco-based food technology company operating in the space of food supply chain eCommerce for both business customers and end consumers, as well as providing related software-as-a-service solutions to digitally transform the American and global food supply chain. Currently, GrubMarket operates in all 50 U.S. States; Ontario and British Columbia (Canada); Argentina, Chile, and Colombia (South America); India, Mexico, South Africa, and Spain, with plans to expand to the rest of the U.S., Canada, South America, and other parts of the world.

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