Top Reasons Businesses Choose Cloud-based POS Systems

Sneha Hull | May 20, 2022 | 181 views

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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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‘E-PoS’ is an OEM Manufacturer and Retail Technology Distribution Company, with operations spanned over the entire Middle East, CIS Region, Africa and India, with nearly 2 decades experience,

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How POS Solutions Assist Restaurants to Increase their ROI?

Article | December 24, 2021

Introduction The hospitality industry has always been challenging and full of obstacles, such as low-profit margins, high competition, and turnover management, irrespective of the type of restaurant or level of owner experience. However, rapidly changing business dynamics and current conditions have increased these challenges enormously. Changing customer preferences, including high customer service expectations and an emphasis on the sourcing of ingredients and nutrition values, affect the entire operation. Also, the growing importance of reviews and word-of-mouth referrals makes brand management both more crucial and complex. Thus, several restaurant owners are increasingly investing in innovative solutions, such as restaurant POS systems, to improve the consumer experience, empower business owners to manage restaurant operations more efficiently, and increase ROI. Top 5 Ways How Restaurant POS Integration Can Boost ROI Due to the fast-paced nature of the restaurant sector, coupled with ever-changing customer needs, business owners encounter numerous challenges in keeping up with the changes and meeting customer expectations while maintaining perfect control over all aspects of their operations. As restaurant POS systems provide solutions for these challenges while also improving workplace efficiency, automating several tasks, monitoring employee performance, and enhancing security, these systems are gaining massive popularity in the hospitality industry. Out of all the new features that restaurants can get from POS integrations, such as delivery management, accounting, and more, these are the most important ones that help owners get the best return on their investment: Create Data-driven Campaigns Modern POS solutions enable restaurant owners to collect valuable data about their customers, such as their preferred food choices, their addresses, how often they visit the establishment, and others. These actionable insights can be used to create personalized campaigns, increasing their chances of responding to a customized offer and improving ROI. Support Omnichannel Communications and Payments With the advent of e-commerce, food can now be ordered and paid for via multiple channels, including the restaurant's website, third-party applications, the phone, and others. Therefore, it has become essential for restaurant owners to increase contact with their customers. Integrating a restaurant POS system enables owners to facilitate omnichannel communication and payments and discover the optimal way to communicate with consumers, thereby increasing food order flow from both offline and online channels. Improves Customer Relationship As the restaurant sector continues to become more competitive year by year, it is becoming crucial for restaurant owners to improve their relationships with customers. With restaurant POS systems, customers can make the payment using their preferred methods, such as cash, credit or debit card, QR code, UPI, and others. These systems also reduce the time for placing food orders as well as decline the chances of order misplacement. This results in providing better customer service, improving customer relationships, and increasing customer inflow. Streamline Restaurant Operations From front-of-house to back-of-house operations, modern POS technology assists restaurant owners in streamlining various business operations such as inventory control, labor management, payment getaways, and order tracking and delivery, among others. Thereby reducing the overall cost, declining the chances of errors, and improving profit margins. Final Thought Today, POS technology is clearly a necessity for the hospitality industry, irrespective of the type of establishment, such as fine dining, fast food, cloud kitchen, hotels, and others, to enhance restaurant operations, provide a smoother customer experience, and improve ROI. With the introduction of customizable POS solutions and a growing shift towards cashless payments, modern restaurant POS systems are anticipated to transform the ways of food ordering and payment in the forthcoming years.

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Top 5 Reasons Why Modern Restaurant Needs Integrated POS Solutions

Article | July 8, 2022

Introduction Due to the dynamic nature of the industry and the ever-evolving demands of its customers, restaurant business owners are facing a unique set of challenges. This is compelling them to streamline their operations to meet customers' rising expectations while maintaining perfect control over all aspects of their establishment. In addition, emerging innovative technology solutions are rapidly changing the world of payment systems, and the restaurant industry is the best example of it. Today, opening a restaurant is more than just serving food and making money. It is about providing a memorable experience to the customers and retaining them. As a robust restaurant point-of-sale (POS) solution assist in delivering a better customer experience, pacing up the ordering process, and managing inventory, among others, it is gaining huge popularity in the sector. Why Does Restaurant Need to Invest in Modern POS Systems Today? As the trends of online food ordering at dine-in and competition in the hospitality industry continue to deepen, it is becoming imperative for restaurant owners to efficiently manage the point of sale for their eatery. Also, the growing need for faster customer food service, efficient employee scheduling, and effective inventory management is encouraging business owners to adopt innovative restaurant technologies, such as restaurant POS systems. Here are some of the main reasons restaurants should integrate modern POS solutions. Effective Ordering Processes The ordering process, being the nerve center for restaurants, is one such aspect that needs serious attention. As food ordering processes that take a long time can significantly hamper the customer experience and satisfaction, owners of food establishments are aiming at leveraging novel restaurant POS systems to streamline and ease the food ordering processes. Increase Cash Flow Optimum cash flow is the backbone of any business. If restaurants are unable to maintain enough cash flow, they will have difficulties staying in business in the long run. Since restaurants are able to serve more customers per hour with fast-paced POS technology, allowing for greater sales and increased cash flow, business owners are aiming to deploy these modern POS solutions. Organize and Track Profit and Loss Keeping an accurate track of the income and expenses is of great importance for understanding the financial position of the eatery and creating an effective strategy to increase its revenue. A POS system can assist business owners in preparing a settlement at the end of each day, week, and month, keeping track of the ROI, and organizing profit and loss. Offer Security to Customers Customers or guests are increasingly using various cashless modes for transactions, such as credit cards, online banking, and others, for making payments. With increasing instances of customer data theft, guests are increasingly concerned about their data privacy and payment credentials. Hence, several food establishments are emphasizing embracing restaurant POS software to offer enhanced security to customers. Build Customer Database In today's highly competitive world, engaging and retaining customers is crucial for the success of businesses, especially in the restaurant industry. As the latest POS solutions aid restaurants in enhancing customer communications and loyalty, along with improving customer relationship management by building a customer database, these solutions are increasingly being sought in the sector. The Ending Thought With the emergence of innovative trends in the hospitality industry and the ever-changing needs of customers, it is becoming difficult for restaurant owners to keep the customers happy and build credibility in the long run. Since modern restaurant POS systems with advanced integrated technologies, such as artificial intelligence, can assist these restaurants in overcoming these obstacles along with providing numerous advantages, including cost reduction and increased ROI, these systems are anticipated to become a necessity for restaurants in the coming years.

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Cashless Restaurants: A New Frontier in Hospitality Industry

Article | March 16, 2022

Introduction The restaurant sector is facing constant transformation with the emergence of new hospitality industry trends and technologies, along with numerous challenges. Even with the roadblocks, the industry continues to grow at a staggering rate. According to the National Restaurant Association, the size of the restaurant industry in the U.S. is anticipated to increase from US$799 billion in 2021 to US$899 billion in 2022. From fast food to fine dining, food delivery to contactless tech, well-known restaurateurs are investing in new technologies to build meaningful relationships with their staff and customers, improve the customer experience, and meet changing expectations of guests. The hospitality industry is seeing the emergence of a new cashless restaurant trend as a result of the widespread adoption of advanced contactless POS technologies and rapid digital transformation. Furthermore, restaurants are moving away from accepting cash payments since more and more customers are embracing contactless payment alternatives like credit cards, UPI, and QR codes. What Are the Features Driving the Cashless Restaurant Trend? Dine-in establishments, such as restaurants, bars, and cafes, have become increasingly popular among the population today, leading to longer wait times for orders, slower service, and more difficulty processing cash payments. Furthermore, increasing hygiene concerns and rising incidences of internal theft across food spaces are deepening the cashless restaurant trend in the hospitality industry. Let’s see some of the attractive features further encouraging restaurants to go cashless: Convenient for Guests As digital currencies are paving the way of payment, guests are increasingly looking forward to visiting locations where they can make the payment swiftly without the need to carry physical money. Cashless restaurants make it easy for guests to pay with their mode of choice: credit or debit cards, net banking, payment gateways, QR code scanning, and others, offering the convenience customers and guests are looking for. Reduces Risk of Internal Theft One of the significant problems that the majority of restaurants face is theft, which negatively impacts both profits and expansion opportunities. Theft has been commonplace in the eatery, especially when employees, rather than the owner, are in charge of the cash register. The National Restaurant Association estimates that staff theft costs quick-service restaurants between 5% and 7% of their revenue. However, a cashless restaurant operates entirely on the latest POS solutions and only accepts digital currency, eliminating the possibility of internal theft. Reduces Wait and Transaction Time Transaction time is one of the crucial aspects that can impact the customer experience, especially across quick service restaurants. Difficulty completing a transaction due to lack of change and related issues can result in lengthening the wait time and creating a hassle. The adoption of electronic POS solutions by cashless restaurants resolves this issue, reducing the potential for such incidents to occur. This assists in speeding up the transaction process and decreasing wait times. Increase ROI Cashless eateries with their modern restaurant POS solutions enable owners to track and record every digital payment transaction made by guests, providing essential data on who buys what and when. This opens up a new window for eating establishments to gain insight into their patrons' tastes and tailor their services accordingly, resulting in increasing footfall in the restaurant and an accelerating return on investment. Modern POS Solutions: The Future Need of Cashless Restaurants With the rise in the use of digital currencies and electronic payment solutions, food establishments are increasingly investing in deploying cashless restaurant POS systems to improve the customer experience while boosting their ROI. As per a survey, 94% of restaurants stated that they have invested in cashless payment solutions. As the trend of cashless restaurants continues to gain popularity across the hospitality industry, food establishments accepting only cash are looking for ways to go cashless. This is anticipated to create a massive demand for modern restaurant POS software in the upcoming years.

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Retail ,Wholesale Trade,Ecommerce,Retail,E-commerce,point of sale.

Article | February 10, 2020

Last July, a small group representing the giants of the tech industry gathered in the seat of US government, Washington DC. They probably didn’t want to be there. Congress had summoned their employers Apple, Facebook, Google, and Amazon to answer questions about the command they hold over the markets they operate in. On Amazon’s behalf, associate general counsel Nate Sutton spoke in defense of his employer’s role in US retail. Throughout, he argued that Amazon isn’t so powerful as to be able to control prices and stifle competition. Amazon, he pointed out, makes up less than 1% of retail globally. In the US, it accounts for around 4% of retail. In fact, Walmart is much larger than Amazon, he said. In terms of sales, Sutton is right. Walmart reported $510 billion in total sales across its US and international segments in the 2019 fiscal year, versus Amazon’s $233 billion in roughly the same period.

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Givex Canada Corporation Announces Partnership with Enactus Canada

Givex | December 02, 2022

Givex Canada Corporation announced today its partnership with Enactus Canada, a national charity and the country's largest post-secondary experiential learning platform, to help shape entrepreneurial leaders who are passionate about advancing the economic, social and environmental health of Canada. Having had the privilege of judging both International and Canadian Enactus competitions it became very clear to me that Canada has a new generation of brilliant and motivated young leaders in our universities," said Don Gray, CEO of Givex. "I believe it is important to give these young leaders a platform to test their ideas and learn what it takes to not only have an idea or a dream but how to do the work needed to make it a reality. Enactus Canada is doing this for Canadians, and as part of a global organization, it is helping young leaders in many countries gain this same experience. Givex is proud to support Enactus Canada as a Gold Sponsor. Givex joins other leading Canadian companies in supporting Enactus Canada's mission of shaping generations of entrepreneurial leaders who see business as a way to address social issues. "We are thrilled for Givex to join the Enactus Canada community,Not only are they a leading global fintech company, but their focus on diversity and inclusion is paramount in all that they do as an organization." Allyson Hewitt, Enactus Canada President and CEO. About Givex Givex is a global fintech company providing merchants with customer engagement, point of sale and payment solutions, all in a single platform. We are integrated with 1000+ technology partners, creating a fully end-to-end solution that delivers powerful customer insights. Our platform is used by some of the world's largest brands, comprising approximately 118,000 locations across more than 100 countries. Learn more at givex.com. About Enactus Canada Enactus Canada, a national charity and the country's largest post-secondary experiential learning platform, is shaping entrepreneurial leaders who are passionate about advancing the economic, social and environmental health of Canada. Guided by academic advisors and business experts, more than 3,000 post-secondary students led 188 community empowerment projects and business ventures last year in communities coast to coast, directly impacting over 30,000 lives.

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