The Top 5 Myths About BIR CAS-Ready Cloud Accounting Software: Debunked
By Johnny Kawa Introduction In recent years, cloud accounting software has gained…
Businesses, especially small and medium-sized businesses, are looking for reliable business solutions to operate successfully.
One cutting-edge technology that businesses are employing these days is the retail POS.
Considering the shift from traditional payment services like cash payments via cash registers and the like, there are now payment services provided by banks that are digitally powered and that they are happily benefitting from it.
Banks nowadays are making the most from the growing demand for smart retail POS systems and this is the way it will go in the next couple of years.
Now you might ask, how does a retail POS work and how do banks make good money from the retail POS machine?
First, let us discuss how the retail POS works.
Retail POS terminals have slowly turned to become the central point of most retailers’ business operations.
What started out as a simple terminal at the checkout counter accepting card payments has transformed into something more enhanced over time.
Retail POS devices have now been improved and enhanced to take into account other methods of contactless payments like mobile wallets.
This was proven to be very effective when the pandemic struck.
Today, there have been technological modifications that have led to having ePOS, meaning there is software that does payment acceptance and it is being run coming from a smartphone.
Imagine what else can arise with these modes of payment in the future!
Today, modern retail POS systems come in various shapes and sizes, and are capable of accepting all forms of payments that would include the following:
There are ways in which a retail POS accepts card payments from issuing banks. These are:
After swiping, inserting, or tapping and when a payment is initiated in a retail POS terminal, this is what transpires:
These things happen when we purchase and make a transaction.
So how can the issuing banks make money from POS and inventory management software?
The answer is simple. Every time a shop cashier accepts payment by credit card, he or she agrees to pay to the card issuing bank around 2% of the swiped amount.
Of the 2%, a certain percentage goes to the bank, another part goes to Visa or Mastercard and the rest goes to the bank that has installed the retail POS terminal.
The amounts and percentages mentioned are not as accurate as charges vary depending on the volume of transactions that the seller can generate.
But basically, this is a rough estimate.
The bank charges the merchant. That is how they earn.
And the bank gets its share at the end of every cycle.
So, this would mean that banks would want to promote themselves to be reliable card issuers.
While business owners and sellers are looking for a trusted bank partner that can help them with their business, banks are also preparing sales teams for value creation to help strengthen their relationship with their business clients.
Banks can now use their expertise in payment services and partnerships with technology companies to help their business clients automate their services.
Banks need to provide this technology that is resilient and workable enough to meet the growing needs of different customers and integrate with their IT departments.
In turn, they can also assist their clients to choose the most suitable application to use for their retail POS.
With the growth of retail POS happening in the market today and with the rising demand of business owners for new digital services, banks are exploring new things and forge partnerships.
Are you looking for a BIR-accredited POS and inventory management software that is user-friendly and reliable?
Here is EasyPOS, the best POS system for retail in the Philippines.
Avail of the 65-day free trial or schedule a demo to find out the amazing benefits it can bring to your business.
Check out, https://human-incubator.com/easy-pos/.
EasyFIS is a Software-as-a-service (SAAS) sales, inventory and Accounting system designed for Micro, Small and Medium (MSME) Enterprises.
If you want to manage your business in real-time and in a WFH Work from Home Setup, EasyFIS can provide a turn-key solution to your most common business problems to effectively monitor your sales, checking your LIVE inventory stock quantity and most importantly the status of your business’ financial health.
On top of that EasyFIS is CAS (Computerized Accounting System) compliant ready for government taxation in the Philippines.
EasyHR is a Software-as-a-service (SAAS) web application that helps to manage your Payroll and Human Resource Tasks easily and effectively.
Whether you are handling less than ten (10) employees or up to more than ten thousand (10,000) employees, EasyHR can do the job for you and saves you a lot of time in computing your Payroll and managing your Employee 201 Records anytime and anywhere.
But not only that, EasyHR further has an Employee Portal that allows your employees to access it online and check their own Payslips, Overtime, Leaves and Time Records. It saves a lot of time and money in printing these Payslips and paper wastage.
EasyPOS is a standalone Sales and Inventory system designed for businesses with Physical Stores and does not necessarily need an Internet or cloud solution.
The software is very easy to use yet already fully loaded with the necessary daily functions in running a store.
It already has a complete Sales and Inventory system with Item components.
Barcode and Touchscreen Interface that can be used for both groceries and restaurant setup respectively. Plus it is already BIR Accredited to legally issue Sales Invoice (SI) and Official Receipts (OR).