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How to Choose a POS System for Your Business

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You’ve started a new business, you’re daunted by tax, the prospect of staff, wondering which supply stores you can trust, and on top of all of that, you must decide which type of POS System will be best for your business.  Or maybe you already have an existing POS System and you’re wondering if it’s time for an upgrade. The answers with the myriad of tech pundits don’t make it all that easy to decide.

As I’m sure you’re aware, the technology is constantly evolving, making invoicing easier than ever before, and making the processing time quick and simple. But what features are vital, and which technological advancements are purely a gimmick?

Electronic Cash Registers VS POS Systems

What kind of POS system will work best for you depends on what kind of business you are currently running. Some small businesses have opted for electronic cash registers for the simple fact that they pose a minimal financial risk. When each asset is an investment, you’ll want to keep it simple at the start as some POS systems along with the hardware and software can be expensive.

Yet, whilst the financial costs of POS systems can be a disadvantage in comparison to Electronic Cash Registers, the innovative systems also have many advantages. This is crucial to understand for you to make an informed decision and investment. A suitable POS system will allow you to easily manage your inventory and minimize any errors in creating reports as well as a time clock for your employees.  A POS system can streamline efficiencies in your business and make running your business easier and more cost efficient.

Time to Upgrade?

When considering a POS system, it is vital that you check what kind of hardware and software is required to get up and running. There are POS systems available for every budget but, if you already have an existing system, why not consider upgrading your current system to keep costs at a minimum?

Another important consideration when it comes to upgrading is ensuring that you give yourself and your staff ample time to train with the new systems and adjust to the new software and hardware.

Trends in the Industry to Consider

If you’re investing in new software and hardware you are going to want to ensure that it is in keeping with the current technological commerce trends. Currently, retailers are contending with the popularity and ease of electronic wallets and mobile pay methods. Now, most banks and smartphones are integrating technology with banking via Apple Pay and Android Pay. These new advancements are more than just mere gimmicks, they are changing the shape of retail and restaurant businesses. Customers and retailers alike are keen to move away from the simple cash register to cloud-based systems which can be operated by their smartphone. We were always warned that the future is digital, but no one anticipated the introduction of mobile POS systems which allow payments from smartphones or tablets quite so soon. If you’re keen to stay ahead of the trend, you’ll be pleased to know that every internet-based POS system can now be accessed from any browser.

For information on the POS systems available from CoCard, head on over to our main website.

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New Year, Newer You: 4 Things To Remember As 2018 Moves Along

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As we find ourselves in the second month of 2018, we at COCARD would like to do a quick check in for any New Year’s resolutions you may have made this year, or things that you’d like to improve on for the upcoming year. From money management skills to planning, how have you been doing with these things since January 1st?

 

  1. Managing cash flow

 

How do you manage the money that goes in and out of your business? Money is the lifeline that keeps your doors open, and your business running. Without it, you and your business will have a difficult time existing. Did you know that 82% of startups and small businesses fail because of a lack of cash flow, according to a study from U.S. Bank, a financial services company? So take stock of where your money is coming from, and if needed, take stock of tip #2, reviewing your rates.

 

  1. Reviewing your rates and charging your worth

 

It is one thing to charge one rate as you start, but another thing to keep the same rate as you’ve gained more experience and can prove the value that you bring to another business or company. So look at rates in your industry, and make sure that you are charging a rate that fits your experience and worth. Anything less would be criminal, and would hinder your ability to bring in the right amount of money for your business and livelihood. So do your research, and even write down the value that you’ve provided to customers. Then set new rates.

 

  1. Staying on top of your industry-game

 

As a professional in your field, you should continue to learn. Learning doesn’t stop after you make a certain amount of money. It also doesn’t stop after you’ve reached a certain professional marker. To stay current and at the top of your game, you should read books, take courses, and attend events that will help you to keep developing your skills. In this way, your business will continue to evolve for the better, and can continue to compete in the marketplace.

 

  1. Focusing on what works

 

If you come up against obstacles or questions, you should focus on the things that work for you. If something isn’t working, toss it aside, and continue moving forward. This method allows you to make room for something else in the future, something potentially much better than what you had before.

As the year progresses, it is important for us as business owners to take stock of the roads we are taking and how we will get there, to our destinations. For all of us, “there” often means profitability along with a strong bond with our customers.

What else have you taken stock of as a business owner since this year has started?

 

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Let’s Talk About Food!!

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Have you got a favorite restaurant or maybe you are a chef and want to share your favorite recipe?  Let’s talk about it, share because I want to know and others do too.  I am into organic gardening, I have a garden and I love everything about it; the dirt in my toes, the fresh veggies in a basket, on the table and finally on a plate, I love it all!  I recently found this blog with some great organic recipes check it out and please share your loves, your favorites a little bit of you.  Nelda

http://www.sproutedkitchen.com/

 

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Restaurant POS Systems – What is the difference?

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This question was posed to me when I met with the owner of two Italian restaurants this past Friday.  What is the difference in all of these systems now?

My response was “All of these systems, what do you mean?”

I learned first hand from a very savvy business owner that there are a lot of companies reaching out to him to offer him a POS System.  I also learned that they were offering one single solution, be it a tablet or a traditional solution – and pushing what they offered hard.

None of the companies took the time to talk to this business owner about features, and features are what make the biggest difference.

These two restaurants needed reservation tracking, table clearing features, kitchen messaging, market price item setup, and much more.  I learned this because I sat and asked to be taught about the business.

Twice this business owner has purchased solutions that were not a fit for his business.

I can tell you, that wont happen again.  Now he will have a solution that does what his business needs, and nothing that it does not.

Would you like to talk about your business needs with me, and learn about the Restaurant Solutions my team has to offer?

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The First Year: Goals, Challenges, and Accomplishments with EMV

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It has been little more than one year since the liability shift began on October 1st, 2015, where merchants would be liable for fraudulent activity in their stores, as opposed to credit card companies.  And since then, small and large businesses alike have made the switch to EMV.  Here is a look at some of what the transition has been able to accomplish, along with some of the challenges we continue to work through:

The Main Accomplishment: The main goal was to take a bite out of fraud, and so far, the switch to chip-enabled cards is doing just that.  Mastercard, for example, in a press release last month, noted a 54% decrease in fraud between April 2015 and April 2016.

We do have a few areas where we continue to work on improving, and they include:

  1. During this transition, not all merchants use EMV-card processors.  So sometimes you might be required to swipe, while other times you may need to insert the card chip-first.  It can be confusing, but it is a necessary step to ease the transition.
  1. Speed of transactions. Some EMV payment processors are faster than others, and we want all of them to be quick, to get you in and out of a store swiftly.  With different card brands having different speeds for payment processing, we would like to eventually develop a more streamlined, efficient payment speed that everyone works within.
  1. Bottlenecks. With many merchants deciding to upgrade to EMV-supported payment processors, certification can be a lengthy process, along with lead time needed to manufacture chip cards.  Both can be a lengthy process, and Visa, for one, starting in July 2016, introduced initiatives to ease the certification process.  And the card manufacturer, Oberthur, can manufacture cards in five days, cutting lead time significantly from the traditional weeks-long lead time.

Overall, we are making strides towards eliminating fraud in the United States, chiefly thanks to the merchants and consumers.  We will continue to work on these items to ensure a better transition.  To learn how COCARD can work with your company to ease the transition from stripe cards to chip-enabled cards, call us today at 1-800-317-1819.

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