Point-of-Sale (POS) devices are one of the leading factors towards the growth of digital payments in Australia. We have the most POS terminals per million occupants of all Bank of International Settlements (BIS) member countries.
Statistics from auspaynet.com.au give you a comprehensive number of the EFTPOS terminals in our country. We had around 975,866 terminals in March 2019 and the number increased to 981,244 in June 2019. The numbers have decreased this year and the sole reason for that is the pandemic and operations being shut down due to COVID-19.
These statistics are a pure reflection of consumers' choice for contactless and other card-based transactions. And as the digital economy continues to gather pace, consumers are using ATMs less often.
For all of you who might not know, POS refers to Point of Sale. This is where consumers make payments for the goods and services purchased. In the hospitality business, POS is the time when consumers pay their bills.
i-Pay’s POS system refers to the entire system that makes this transaction possible. To run a POS, you would need the software and hardware too. POS system complies with hardware and software too.
Hardware: the hardware required for the POS framework to work (sales register, card reader, EFTPOS terminals, customer-facing screen/monitors, receipt printers, iPad/other touchscreens, and more)
Software: the applications the hardware uses to run the POS framework (cloud-based, mobile applications, offline apps that are installed directly on the hardware)
POS back in the day used to do just:
Back in the day business owners had to manually use different tools and software for accounting, reporting, employee management, and marketing. This meant double handling of data and information.
If you talk about POS now, then, it's changed and it has become the BACKBONE of the hospitality business.
The present cloud-based POS functions and features have developed over the years to incorporate the key elements of maintaining a business.
POS frameworks now integrate flawlessly with different technologies to help business tasks. They connect frameworks that organize admin (for example, building reports), representative administration, bookkeeping, accounting, marketing, and that’s just the beginning.
Take orders precisely how your client places them. Cloud-based POS frameworks let you alter your menu to incorporate alternatives, modifiers, variations, and extraordinary requests. i-Pay’s POS systems offer your staff versatility. Giving them the choice of handling orders from anyplace in your venue – from orders placed in the dining area to those made straightforwardly at the counter. You can view live table status with GUI representations of floor plans. Ability to toggle table status for reserved, occupied, vacant, settled, unsettled, unclean, and more.
You can input your purchases into the interface and see stock levels automatically deduct upon sale. Quickly set up complex recipes and plan daily prep. You can record wastage when items expire or damage. Also, you can access instant and real-time reports on your inventory to know exactly what and when to reorder without any hassle.
With i-Pay’s POS, you can get access to an advanced set of reports which cover sales, purchases, inventory, profit and loss statements, etc which can be integrated on a daily, weekly, monthly, quarterly, semi-annually, and annually basis.
i-Pay’s POS will completely advance your business and in case you need more information or speak with our executive you can visit our Contact Us page for more
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