Category Archives: Pos System

Options in Retail Point of Sale Using a POS System and POS Software Today

Options in Retail Point of Sale Using a POS System and POS Software Today

Making choices to help you maintain your inventory can be very helpful these days. Options for a POS system with POS software can help any organization with their retail point of sale transactions as well as maintaining their inventory. Making a decision for the right system for your business will be influenced by several factors.

Things such as the amount of inventory and number of products that you have need to be considered for today’s POS system choices. There are various options which can make it very easy to track the inventory you have on hand as well as know when you need to reorder specific products. At the same time, the use of these systems can greatly improve customer satisfaction as well.

Today the available systems allow for many different choices. There are many different options for the programming as well as the number of things that can be dealt with through the system. Options might include an automatic reorder level as well as notifications for overstocked items.

Making the right choice for your business will be determined by the number of items you carry as well as the size of your business. Organizations that service thousands of customers will likely have a larger system and different programming than a business that only has a few hundred customers. Today though, just about every business will use a system of some type to manage inventory and track sales.

Determining which system will work best for you will be a process of finding the one that fits best. There are many different programming options as well as a variety of manufacturers that can help you with customization as well as implementation. In the world of retail today, customer service is the number one factor to success.

By installing this type of system, your employees will have more time to focus on the customer. As a result the customers will feel better about coming into your store. When your employees are busy trying to find items or scrambling to reorder products, there can be many different problems that customers might face.

If your organization is trying to determine the right choice of this type of system, you can find information about many different options. There are many choices for large or small businesses today. Installing the system will take some time, but it will be well worth it in the end.

In the ever-changing environment of the retail industry, customer service is rapidly becoming the largest focus of many companies. Because retail environments need a fast, efficient and accurate method for processing transactions and ordering inventory, many use a retail point of sale system system that processes the sale as an inventory reduction and then sends notification when the product levels reach a certain point. Infinity RMS has the perfect solution for any retail business today. Visit them today at http://www.infinityrms.com to learn more about the POS software and programming solutions that they offer.

http://www.sooperarticles.com/technology-articles/software-articles/options-retail-point-sale-using-pos-system-pos-software-today-969743.html

Tesco Stores Malaysia – Service Marketing Mix

Tesco Stores Malaysia – Service Marketing Mix

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Tesco Stores Malaysia Sdn. Bhd.

SHAIKH MOHAMMED FAISAL, Matrix 012010110114

MSU Graduate School of Management, March 2011

Introduction

Tesco History

Tesco originated in 1919 when Sir Jack Cohen used his gratuity from his Army service in the First World War to sell groceries from a market stall in the East End of London. By the late 1920s, Tesco (or TES from TE Stockell, a tea supplier that he used, and CO from Cohen) was selling from open-fronted shops in London high streets, the first store being at Burnt Oak, Edgware. Cohen’s motto was “Pile it high, sell it cheap,” referring to the idea that customers wanted inexpensive products at convenient locations and that volume would drive profitability. Sir Jack Cohen concentrated on growing the business, vigorously pursuing expansion. Tesco Stores (Holdings) Ltd was floated on the London Stock Exchange with a share price of 25 pence. Until the 1970’s, Tesco operated on the ‘pile it high, sell it cheap’ formula Cohen had imported from the USA. However, the market was changing, leaving the company with slim margins and a serious image problem. Under the leadership of Ian MacLaurin, who succeeded Jack Cohen in 1973, Tesco decided to try something dramatic and different which to become an ‘inspirational mass retailer’. Tesco decided to modernize itself, closing 500 unprofitable stores, and extensively upgrading and enlarging others. At this time, Tesco prioritized the development of large out-of-town stores where parking was convenient, the selection of goods broad, and where a higher volume of business could be generated at increased margins while reducing overheads.

Tesco Stores Malaysia Sdn. Bhd.

Tesco Stores (Malaysia) Sdn. Bhd. was incepted on 29 November 2001, as a strategic alliance between Tesco Plc UK and local conglomerate, Sime Darby Berhad of which the latter holds 30% of the total shares. Tesco opened its first store in Malaysia in February 2002 with the opening of its first hypermarket in Puchong, Selangor. Tesco Malaysia currently operates 33 Tesco and Tesco Extra stores. In 2004, Tesco Malaysia launched its own house brand, Tesco Choice. In December 2006, Tesco also acquired Makro Cash & Carry in Malaysia, a local wholesaler which was rebranded to Tesco Extra and provides products for small local retailers. In 2007, Tesco launched ‘Club Card’. This acts a way to say thank you to customers by giving back their money to them. Club card has received an overwhelming response from customers with nearly 2 million household members signed up to date. As of January 2009, Tesco have rewarded nearly RM10 million worth of Club card Cash Vouchers to the customers. Later in year 2008, Tesco introduce Green Club card and Green bags making Tesco Malaysia to be the first Tesco International business to introduce the Green Club card scheme. As part of its global commitment, Tesco Malaysia is market leading on tackling climate change in techniques of energy saving, launching Green Club card Points to incentivize customers shopping with their own bags, introduce degradable carrier bags, promote positive behavior among staff though Energy League competition intra stores and a recycling centre to facilitate customers to do their part for the environment. Apart from that, Tesco has launched new promotion campaign to the consumers, 50 basic needs guaranteed not beaten on price. 2009 has embarked Tesco as the number 1 Hypermarket in Malaysia.

Strengths

Own brand value

Tesco has a strong own brand value which is becoming known throughout Malaysia due to existing expansion program.

Competitive Pricing Strategy

The targeted price cuts enabled Tesco to attract more shoppers from competitors and capture the volume that supported the lower prices. Tesco has extended its low price positioning in core groceries across non-foods lines to undercut competition which actually Tesco selling with low price but provide high volume.

Customer loyalty/relationship

Tesco gained customer loyalty or relationship by launching Club Card scheme. Customers like the Club card program mainly due to the personalized treatment they receive and the relevance of rewards.

Acquisition of Makro

Tesco acquire Makro and convert it to Tesco Extra. What Tesco does is they operate it similar to Makro, but more flexible. For example, Makro do not allow customer to buy in small quantity, but Tesco Extra allow but charge higher than those buy in bulk. By doing so, Tesco could earn profit from those SME as well, besides individual customers or family type customers.

Strong hypermarket format

The expansion of new stores by adding space to existing locations has contributed to the growth of Tesco supermarket. Besides that, Tesco runs two type of hypermarkets format which Tesco Hypermarket and Tesco Extra Hypermarket.

Weaknesses

Dependable of UK business

Since Tesco Stores Malaysia is one of Tesco PLC UK market in Asia, all the business decision has to follow UK. This could be the weaknesses for Tesco Malaysia to expand their business widely. Since Tesco is foreign brand hypermarket in Malaysia, Tesco PLC has to adapt to local business. Although international business is still growing, and is expected to contribute greater amounts to Tesco’s profits over the next few years, Tesco Stores Malaysia is still highly dependent on the UK market (73.8% of 2003 revenues). Any changes in the UK supermarket industry over the next year for example, will somehow affect the Asia market such as Malaysia.

Burden of higher advertisement cost

Since Tesco Stores Malaysia is launching Everyday Low Price campaign, all the cost including papers, printing, people and distribution and marketing promotion has to be borne by Tesco.

High turnover rate of employees

Tesco experienced high turnover rate with their employees especially in the operation department. Many of their employees resign after only working one or two months in their supermarket, which is not good for them as they will need to find and employ new employees. The cost of training and development for new staff will burden Tesco.

Company’s Core Business

The UK is the biggest market and the core of TESCO business. The aim is to provide all of the customers with excellent value and choice. It has been innovative and energetic in finding ways to expand, such as making a large-scale move into the convenience-store sector, which the major supermarket chains have traditionally shunned. Tesco has 702 stores and is the largest food retailer in the United Kingdom. Tesco continue to increase market share through their policy of cheaper prices, offering better value and providing more choice and convenience for customers. Market share of the UK has grown steadily since the early nineties as a result of our customer focused strategy.

Company’s Supplementary Business

Non-food business

The aim is to be as strong in non-food as in food. This means offering the same great quality, range, price and service for our customers as in the food business. Many supermarket chains have attempted to diversify into other areas, but Tesco has been exceptionally successful. By late 2004 it was widely regarded as a major competitive threat to traditional high street chains in many sectors, from clothing to consumer electronics to health and beauty to media products. Tesco sells an expanding range of own-brand non-food products, including non-food Value and Finest ranges. It also has done quite well in non-food sales in Malaysia.

Community

Making Corporate Responsibility integral to our business is essential in applying our values as a responsible business. We believe it is also an opportunity for growth. Tesco Malaysia is committed to stay close to the heart of the communities Tesco Malaysia is part of. We responded and worked with many local communities including NGOs such as the National Cancer Council (MAKNA) to raise RM450, 000 through fundraising and Walk for Life series to raise cancer awareness. Tesco has also raised funds for the Malaysian Nature Society through the sales of its designer green bag and carrier bag sales and Walk for Schools donation to local primary schools. Tesco Malaysia’s Charity partner of the Year 2010 is Nur Salam, and we aim to help improve the quality of life for these children through customer and staff fundraising activities at all its stores nationwide.

Personal Finance

Tesco has followed its customers into the growing world of retailing services, aiming to bring simplicity and value to complex markets. Tesco Stores (Malaysia) Sdn Bhd is making it easier for customers at 22 of its stores nationwide to do hassle-free banking within 10 minutes through Easy by RHB at Tesco stores, collaboration with the RHB Banking Group. Following the successful launch of its first two financial products in January 2009, the co-brand Tesco-RHB Credit and Debit Cards, there are now five new, instant banking products being offered to existing and new customers expanding the range of products that customers can access quickly and conveniently while shopping at Tesco. Whether it’s opening a savings account, applying for a credit or debit card, buying life and personal accident insurance, arranging Amanah Saham Bumiputera financing or applying for personal loans up to RM50, 000, everything is quick and convenient at Tesco. Background checks and approvals are completed on the spot at conveniently located kiosks in Tesco stores. This signifies another important milestone for Tesco in expanding its financial services in Malaysia. This is Tesco’s way of showing that TESCO are looking into the needs of their customers by bringing them a more convenient way to get financial services and this new concept of banking allows our customers to get banking services during weekends and after office hours. They will consider any move to make shopping at Tesco an enjoyable and beneficial experience for our customers. Customers are of utmost importance and Tesco want to be able to give them as much benefit as they can. This may include entering into collaborations with other companies so that Tesco can offer the best in the market for their customers. It is a matter of keeping the interests of customers at heart. Easy by RHB @ Tesco is a revolutionary banking concept that offers simple, fast and convenient banking. Customers just need to bring their MyKad for on-the-spot approval and instant cash or loans up to RM50, 000, all without the need to fill-up any forms as details are captured electronically and a unique biometric verification system is used. This concept of being the first and only hypermarket in Malaysia to provide banking to their customers is exclusive to Tesco. The Easy by RHB @ Tesco kiosks are now available at 22 of Tesco’s 33 stores nationwide daily, open from 10am to 10pm. The RHB Banking Group is appreciative to Tesco in bringing Easy into their stores, and concern that this step will further strengthen our partnership and cooperation. There are 33 existing Easy outlets in operation, 26 standalone, 5 Easy by RHB @ Pos Malaysia, and 2 kiosks at LRT stations and now with Tesco as the distribution channel, which will make the total number of Easy by RHB outlets 55 hope to reach out to more customers and give them value-add services that they do not get from other financial providers. In addition to that, this easy banking concept, touted to be the first-of-its-kind, also empowers the people to take control of their finances in a simple, convenient and affordable manner.

Tesco’s Service Marketing Mix

Product Element

Tesco aim to:

– build strong relationships with our suppliers

– get the best value for our customers

– give our customers confidence that we maintain good standards throughout our supply chain

At Tesco their aim is to buy and sell products responsibly – so that customers know that everything they buy is produced under decent conditions, and everyone involved is treated fairly. They believe firmly in the benefits of trade. For customers, they use trading to put products within the reach of ordinary people, and ensure economic growth. For suppliers, they have a wide influence on the way they treat their workforce.

They want the right values in supply chain, good animal welfare, and decent prices and conditions for suppliers. At the same time, they also need to provide good value products to customers, many of whom are currently struggling to make ends meet.

Place & Time Element

Tesco Malaysia operates 36 stores and in two formats following the acquisition of the Makro Cash and Carry business in Malaysia in December 2006. Tesco Stores Malaysia Sdn Bhd has been separated into 2 formats which are Tesco Hypermarket and Tesco Extra Hypermarket.

Tesco Hypermarkets

The hypermarket format offers customers a complete one stop shopping for their needs from fresh food to groceries, from household needs to apparel. It carries more than 60,000 lines of products including nearly 3,000 own brand of products ranging from food to non-food items.

Tesco Extra Hypermarkets

The Tesco Extra format serves the needs of small businesses, families and individuals all under one roof by providing a comprehensive range of products and services focused for small businesses including bigger pack sizes, special trolleys and checkouts as well as a dedicated business development team to support small business owners with their orders. Tesco Extra, the newest business format in Malaysia opens its first store on 30th April in Seremban, with the conversion and refurbishment of what was once Makro Cash & Carry Seremban. Now, 7 other Extra stores are in operation. There are 3 Extra stores located in Klang Valley which is Extra Cheras, Extra Shah Alam and Extra Selayang. The remaining Extra Stores are located in Ipoh, Plentong Johor Bharu and Extra Sungai Dua in Penang. The new concept store will combine the best practices of both Tesco and Makro businesses. The Tesco Extra store will also cater to all the needs of individual customers and families through its services and extra range of food and non-food products as well as the unbeatable prices that have become the hallmark of Tesco in Malaysia. Tesco Extra also has enhanced facilities in the store including disabled parking and toilets, parent and baby parking, all credit cards accepted, customer loading facilities, and different types of trolleys and checkouts to cater to the varying segment of customers.

Promotion & Education Element

In order to attract customer, Tesco stress daily and weekly promotions. They use various methods like, Marketing Communication Tools which includes print pamphlets, retails advertising and internet promotions. Huge billboards attract crowds, free parking are some of the lures used by Tesco seems to work in their favor. Tesco is very good at using design across their own label, especially strategically. Tesco is often used as one of the best examples of own brand label in the retail industry. Majority of consumers buy the basic Tesco brand as it is cheap and good value for money. The use of Tesco logo is consistent in each of the products design. Brand values of Tesco are successfully throughout Tesco own brand ranges demonstrated through experience and way finding system. Tesco uses design to give something back to customers for shopping at Tesco. As competition is so intense retailers such as Tesco use design to differentiate from the competitors.

Price & Other Outlays Element

An Every Day Low Pricing (EDLP) strategy of Tesco is more popular with shoppers than one driven purely by promotions, according to a recent survey in the UK. But a combination of the two is the best means of keeping shoppers happy. Pricing was a key strategy and selling point for Tesco. Low prices were adopted to maximize sales. Tesco’s value-added products at low prices attracted many customers. After the launch of ‘unbeatable value’ campaign in 1996, Tesco went in for massive price reductions. The company adopted the strategy of ‘Everyday Low Pricing’ (EDLP), while continuing its other promotional activities. The EDLP program aimed to regularize low prices for Tesco customers. Low prices were not merely a strategy used for the occasional sale, but on a regular, daily basis. Adopting the EDLP strategy demonstrated Tesco’s commitment to its customers, putting customer interests first.

Physical Environment Element

Tesco ensures that the moment the customer enters their stores; they should have a personal experience which amounts to proper lighting, proper sign boards, and neat employees who are educated about the products they sell, clear prices marked on the product. Special attention is given to cleanliness of both the employees as well as the stores. Special emphasis is given on training the staff whereby staffs are evaluated and rewarded according to their performance.

Process Element

Some of the key indicators that shows how strong their operation process is determined by the following,

– We try to get it right first time

– We deliver consistently everyday

– We make our jobs easier to do

– We know how vital our jobs are

– We always save time and money

People Element

The company’s Values are ‘No-one tries harder for customers’ and ‘We treat people how we like to be treated’. These values are interlinked and underpin everything employees do at Tesco. It understands that by managing our people well – in a culture of trust and respect – they will in turn try their hardest for customers.

By offering competitive pay and benefits and an opportunity to develop a long-term varied career with good training, they are able to keep employees motivated, committed and excited about working at Tesco.

They believe that people are the most important asset and it is essential that they feel rewarded for the work they do and supported in their development. They offer good pay across all our businesses, as well as benefits in each market that reflect employees’ priorities.

As a leading global company, Tesco aims to offer the very best training and development for all its employees. The Tesco Academy helps provide an opportunity to get on for all our people. It develops thousands of world-class leaders through excellent training in leadership, management and technical skills.

Productivity and Quality Element

Tesco believes that having strong, well trained professionals, better pay, strong process and good leverage on negotiation with supply chain, great products can deliver efficiency and quality through which ultimately the customer will benefit.

Improvement Needed

The company should start thinking towards online presence, as more people are becoming net savvy. They should build up a strong virtual warehouse where people can buy non perishable goods which can be shipped directly to the customers. This will reduce Tesco’s footprint, both from assess as well as environment point of view. Reducing the warehouse footprint due to virtual stores can derive monetary benefits to the company.

Comparison Study with Competitors

In this retail industry there is stiff competition between hypermarkets. Name such as Giant, Carrefour and Jusco are the biggest rival for Tesco Stores Malaysia to compete in the industry. This report will explain further regarding the Tesco Stores Malaysia rival.

Giant Hypermarket
In Malaysia, the name Giant has become synonymous with everyday low prices, big variety and great value. This has been underscored by few surveys conduct in Malaysia, which showed that Giant was perceived as the cheapest place, in Malaysia, to shop for everyday groceries beside Tesco. Giant holds second biggest share market in retail industry in Malaysia for the year of 2010 after Tesco.

Jusco

In order to be successful, it is vital for a shopping centre to have the right environment and tenant mix. Only then will customers be willing to spend endless hours here in pursuit of activities that entertain and help them to relax. Jusco provide laid back environment in their shopping complex. Customer feels free to shop not just that, they can also spend time with their family eating at the food court provided by Jusco. Jusco holds 22% of market shares and the third biggest after Tesco and Giant for the year of 2010.

Carrefour Malaysia

Carrefour’s success is based on the talent and motivation of its staff. To increase efficiency and competitiveness, and in order to improve as a retailer, the Carrefour Malaysia is about to transform themselves and redesign its organization, enhance synergies between sales and purchasing, and create new relationships between head offices, countries and stores. Carrefour still sustains in the market in Malaysia and has 15% of market share in retail industry for the year of 2010.

Conclusion
The success of the Tesco Stores Malaysia shows how far the branding and effective service delivery can come in moving beyond splashing one’s logo on a billboard. It had fostered powerful identities by making their retailing concept into a virus and spending it out into the culture via a variety of channels which are cultural sponsorship, political controversy, consumer experience and brand extensions.

In a rapidly changing business environment with a high competitors pressure Tesco have to adopt new expansion strategies or diversified the existing in order to sustain its leading market position in an already established retailing market. The company must constantly adapt to the fast changing circumstances. Strategy formulation should therefore be regarded as a process of continuous learning, which includes learning about the goals, the effect of possible actions towards these goals and how to implement and execute these actions. The quality of a formulated strategy and the speed of its implementation will therefore directly depend on the quality of Tesco’s cognitive and behavioral learning processes.

In large organizations as Tesco strategy should be analyzed and implemented at various levels within the hierarchy. These different levels of strategy should be related and mutually supporting. Tesco’s strategy at a corporate level defines the businesses in which Tesco will compete, in a way that focuses resources to convert distinctive competence into competitive advantage.

References

http://www.tesco.com.my

http://www.tesco.com.

Johnson, G., Scholes, K., Whittington, R., (2005) Exploring Corporate Strategy Text and Cases, 7th Edition, FT Prentice Hall

M.E. Porter, Competitive Advantage: Creating and Sustaining Superior Performance, Free Press, 1985

Jeannet, J., Hennessey, D.H, Global Marketing Strategies, 6th Edition, Houghton Mifflin

Video Source: Youtube

http://faisalshaikh.articlealley.com/tesco-stores-malaysia–service-marketing-mix-2166849.html

Inventory Control

Inventory Control

The goal of inventory control is to reduce the cost of warehousing surplus products without negatively impacting a company’s sales by not having adequate inventory to fulfill orders. With proper supervision of product supply, warehouse storage, and easily accessible items, the company can maintain enough supply without raising the overhead costs.

Processes for managing products and locating materials throughout the warehouse facility can be developed and managed with computer based systems. RFID and bar coding technology allows a company to monitor inventory levels to meet current customer demands. Data collected in these processes can be used to identify trends and predict future demands. The company can use this information to manage manufacturing processes, raw materials acquisition, and control shipping costs.

Current systems using bar codes and RFID tags send data automatically to the management software. Well performing systems can reduce inventory Out of Stocks. Automatic tracking can include a wide collection of physical assets. Bar codes and RFID tags can be attached to merchandise, raw products, components used in manufacturing, or anything over which the company wishes to maintain physical control.

All transactions or movement of inventory feeds into the inventory management system. Movement can be identified according to the physical plant, work stations, or handheld and mobile computers. Remote viewing and counting technology allows the company to visually monitor asset movement and maintain quality standards. These systems also allow visual verification of data sent via the wireless control system.

Good inventory control must also include loss prevention procedures. Since inventory loss in warehouse facilities can come from employees, a good control system will include loss prevention as part of the system. Employee theft is on the rise and can eat into a company’s profits as easily as lost sales due to not having enough products to ship. SOPs should include having different employees handling receiving, inventory, disbursements, and adjustments.

The combination of modern technology and well trained employees is essential for creating effective inventory control system. Physical inventory counting can be a thing of the past. Companies can reduce the cost of labor, monitor and control inventory loss, and maintain a steady flow of products through the warehouse system and on to the customer. The more data compiled, the more effectively the company can control costs and profits. The control of inventory should be made part of the design of the entire warehouse management system. The capabilities of the management software should be evaluated in its ability to handle incoming data and the required reporting. The IT department should work closely with the directors of warehousing and manufacturing as well as vendors being evaluated for supplying the system.

Real time systems combine a wide array of components including asset tracking software, Radio Frequency ID tags, bar code tags and readers, and cameras, all with a wireless link together on the company’s network or on an internet based system. Companies with multiple locations can combine data and control capabilities to apply efficiencies across the entire organization.

http://inventory.ezinemark.com/inventory-control-7d2ff274ded1.html

Can a POS System Help my Restaurant

Can a POS System Help my Restaurant

Many restaurant owners wonder what the big deal is about POS systems. POS, or point of sale software offers many benefits not provided by cash registers and other solutions. A good POS system will enable your restaurant to take orders more efficiently, quickly process credit card transactions, track inventory and reduce shrink, manage employee hours, track and order supplies, implement customer loyalty and discount programs, and more.

A POS system can help you run your restaurant more profitably and more efficiently. Since your entire restaurant’s information is stored and managed by one system you can quickly see the big picture in terms of what your restaurant needs.

* Processing credit card transactions on your POS system enables you to maintain records of each transaction you process in one location.

* Most restaurants lose money due to human error. Mistakes can cost your restaurant money. With a good POS system it will be easy for your restaurant to track sales, food costs, employee labor, taxes, and all the small details that affect your profit margin.

* A point of sale (POS) system gives you more control over your restaurant, helps you increase efficiency, maximize profits, and perfect your inventory management.

* Effective POS systems should reduce the amount of time your wait staff spends in the kitchen and expedite your order process. A POS system provides the added savings of less shrinkage since your servers can’t give free food to their friends without entering the order in the POS system.

* POS systems generate very detailed reports to assist you in making more informed business decisions in addition to the direct cost savings they provide. POS-generated sales reports help you track and predict sales volume and schedule your employees accordingly. POS-generated inventory reports help you order the proper amount of ingredients which reduces waste. Additionally, order reports show you which menu items are the most popular and which generate the most profit.

There is considerable benefit to using point of sale software and systems in your restaurant business. When shopping for a POS system, do your homework and make sure you purchase from a supplier that can answer your questions and assist you with selecting the right software or system for your restaurant. Each restaurant has different needs and there are many different POS systems out there.

When your restaurant uses a POS system there’s little room for human error. All information is entered and recorded accurately which reduces mistakes and re-orders. Your guests get the correct order faster improving staff productivity as well as your customer service. Profitable restaurants that are known for the level of service they provide almost inevitably rely on a great POS system to help them manage their business operations. In fact, if you ask the manager of one of these restaurants, they’ll probably admit they don’t know how they managed before they implemented their POS software! If you are wondering whether a POS system is right for your business you may want to take a better look at the benefits available through the use of a good restaurant POS system.

To, buy, and to find out more about point of sales, please visit restaurant POS systems.

http://www.sooperarticles.com/business-articles/retail-articles/can-pos-system-help-my-restaurant-58202.html

Credit Card Statement Abbreviations

Credit Card Statement Abbreviations

This list will explain the meaning of the abbreviations on the credit card processing billing sheet of the monthly charges for processing credit cards. At first glance, the customer print out may be difficult to understand. Take a time to study the layout of the statement. Each merchant services provider has an assorted format for the monthly statement. Look at the sections first and then look at the columns. The columns usually list things currency volume, number of transactions, individual purchase fees, discounts percentage and discount paid.

Here is a list of the meaning of abbreviations and meaning of some of the words found on the credit card processing print out.

Meaning of Abbreviations on Merchant Services Statement

* ADJ = adjustment

* AMEX = American Express

* AUTH = authorizations, and is usually related with dealings fees

* AVG TKT = average ticket

* AVS = address verification system, and is a dealings gift surcharge.

* BTCH HDR = batch header. Most processors calculate a small dealings gift for each batch

* CHG = charge

* CHGB = chargeback

* CNP = bankcard not present

* DISC = discount, which is the discount evaluate or percentage evaluate being charged

* DSCV= = Discover

* “MC” effectuation MasterCard

* “NABU” is MasterCard’s dealings fee

* “PCI COMP” effectuation commercialism bill industry compliance. This is an annual fee

* “POS”= location of sale

* QUAL = qualified. The evidence might list the eligible rate, mid-qualified rate, and non-qualified rate

* REF NO = reference number and is assigned to each batch

* STMT FEE= billing fee

* TRANS= transaction

* VS= Visa

* WAT =is a type of dealings fee

Description of Types of Cards

Here are some examples of the types of abbreviations found on the credit card processing print out that are used to describe the assorted credit bill types in the market:

* COMM CNP = commercial, bill not present

* Rewards 2=is a type of credit bill with a rewards program and is charged a mid-qualified rate

* CORPDATA is a corporate credit bill that falls into the non-qualified percentage category

* EIRF=is a type of non-qualified card

* DB or DBT= debit

* ENH MER 3= enhanced merit 3

* MCW= MasterCard World Card

Merchants and business owners should be open to getting quotes from other merchant services companies, as the rates go up twice a year. The merchant services industry is very competitive, so merchants should have a firm sense of understanding of the rates and fees related with accepting credit cards.

http://accountmerchant.articlealley.com/credit-card-statement-abbreviations-1519617.html

Using a Retail POS System For Your POS Solutions

Using a Retail POS System For Your POS Solutions

The retail industry today is becoming more and more customer service based as they move into using a retail POS system that allows for automatic tracking of inventory and notifications when the levels get to a certain point. As these POS solutions are used, more retail stores are finding their employees have more time to help the customers and provide better customer service because they are not forced to deal with inventory issues on a regular basis.

A retail POS system will be helpful for reducing inventory as sales are made, tracking the receipt of inventory when it comes into your warehouse as well as informing you when orders need to be placed for certain products. While there will be a time period when you are adjusting to this retail POS system POS solutions, as you work out any problems you will find that the process is simple and easy to use.

These POS Solutions are based on usually a barcode found on each product. The information that is stored on that barcode will range from number of pieces on hand, retail price and ordering level. As the code is scanned for a sale, the number of pieces are removed from inventory and the price is put into the register or hand held scanner for totaling the customer’s order.

When these products are received, the barcode is scanned using the POS solutions and the number in inventory is increased by the amount that was received in the retail POS systems. If there is a problem with a product, it isn’t returned to inventory but rather placed on a hold list within the POS solutions program where a decision will be made whether to throw it out or if it is in good condition and can be resold.

POS solutions also can give you the ability to see how much of a product you have at any time by looking up the product on the Retail POS system. You will not need to go out onto the sales floor and search for the products. While there are sometimes issues with the accuracy of the retail POS system, you will find that over time many of the problems will work themselves out.

In addition to the inventory issues such as not having product on hand when you need it, a Retail POS System can avoid issues such as increasing the supply of ice cream in the middle of the winter rather than in the middle of the summer when customers are looking to buy that type of product. Using these POS solutions can help with decreasing inventory loss as well as helping you have the products the customers are searching for when they are searching for them.

In the ever-changing environment of the retail industry, customer service is rapidly becoming the largest focus of many companies. Because retail environments need a fast, efficient and accurate method for processing transactions and ordering inventory, many use a retail point of sale system that processes the sale as an inventory reduction and then sends notification when the product levels reach a certain point. Infinity RMS has the perfect solution for any retail business today. Visit them today at www.infinityrms.com to learn more about the programming solutions that they offer.

http://www.sooperarticles.com/technology-articles/using-retail-pos-system-your-pos-solutions-620415.html

Some Great Benefits of Making Use of a POS System In Your Enterprise

Some Great Benefits of Making Use of a POS System In Your Enterprise

In line with the National Museum of American History, the world’s first cash register was invented in the United States by a person called James Ritty. Ritty, the owner of a saloon in Dayton, Ohio, put together the Ritty Model I in 1879 in order to prevent his workforce from pilfering from his day’s product sales. This precursor to the contemporary cash register, and the modern POS system, was motivated by way of the rotations of the propeller connected to a steamship. Today, this ostensibly innocent device is just a smaller section of a store, nevertheless is a vital element inside a even larger POS system employed to virtually run the organization simply by itself.

A cash register is a tiny yet vital section of a greater POS system Australia is seen to offer. Browse around in virtually any retail business throughout the world and you will locate a cash register employed by the store’s personnel to receive payment for merchandise bought and making statements. A cash register nevertheless, is actually simply one portion of a greater retail platform being utilized in practically every retail business located around the world these days, a system that is now as necessary as products a retail business offers.

This retail platform can be viewed just like any regular POS system Australia gives. These systems are incorporated electronic platforms made up of an amount of advanced software and hardware bundled into a specific package. This is actually joined with the whole business’ operations, the product being handled by the company owner or even the store’s staff members.

The typical POS system has many valuable features, among them are:

Real Time Information Systems – point of sale systems are generally linked towards the Internet by having a sole main database to ensure that all retail particulars (sales, customer, and other pertinent info) is stored instantly and may be accessed immediately.

Clever Stock Management System – modern point of sale systems now have the power to track the inventory levels/quantities not just in one store, but also from every one of the outlets of a retail business. This clever inventory capability is able to keep track of which specific item is depleted and the speediest selling. Consequently logistical and warehousing problems of the past that cost businesses large amounts of cash can now be warded off.

Remote Access With the Internet – The system is plugged into a main server permitting businesses to get into their POS system from anywhere in the world. The convenience of easily being able to access the product frees company owners to focus on other business efforts along the lines of enlargement and diversification. Comfortable access is made possible via the internet, more specifically with the use of cloud technology, the web-based tool to operate any POS system Australia is offering. It is convenient as opposed to cumbersome large programs you have to install.

For any individual out there looking to strengthen the way they manage and operate their retail business, they must have a look at these POS systems, systems that are known as the present and future of the retail industry.

Christina Evans operates a tiny line of grocery stores being run by a pos system, and swears by any pos system Australia offers, because these systems have been helping him bring in more cash for less effort given.

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Stock Control Software Is A Must For Small Businesses

Stock Control Software Is A Must For Small Businesses

If you operate a small business, then you might have thought that you don’t need all of the sophisticated tracking systems and software that all of the major retailers use every day. You may have thought that you want to keep your business simple and efficient, without spending a large sum of money to invest in a stock control system. However, this may be a decision that is costing you thousands of dollars per year in lost revenues and in customer frustration.

Perhaps you feel that stock inventory software is too complicated or unnecessary for small businesses. While this may have been true in the past, there have been some exciting new developments in the past few years. Today, more than 250,000 small businesses use stock control software in order to more easily manage their business. Let’s take a closer look at inventory software and whether or not it can help your business.

One of the primary benefits of good inventory software is that you will be able to keep your shelves stocked much easier. With a stock control system, all of your items will be identified with their own unique barcode. When you receive a delivery of new inventory, you will use laser barcode scanners to enter the newly arrived items into your database.

You will always know exactly how many units you currently have in stock for each particular product that you carry. Without a good system like this, your business is prone to running out of stock of items from time to time. Not only does this result in lost sales, but it also results in an unhappy customer who may think twice before coming back to your store.

While scanning all of your incoming items into your database is a crucial component of stock control software, the other most important aspect of this system is your POS or Point of Sale equipment. The latest inventory software includes many excellent products to meet all of your business needs.

You can have a fully modern and computerized cash register, and you can even use a wireless barcode scanner to checkout what your customers purchase. Every time you scan the barcode of an item with your cordless barcode scanner at the POS, it will be deducted from your inventory. When your inventory levels begin to get low for a certain product, then you will be alerted so that you can reorder it.

A good stock control software system can also help you to better manage other aspects of your business, such as the time that your employees work. Keeping track of time can be one of the most tedious aspects of running a business, but stock control software can make the process much easier and more efficient.

Stock control software is no longer just for large companies. You can now implement a modern system with excellent barcode scanners and the most up to date software. Start looking into getting this software for your business if you want to simplify it and increase your profits.

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Own POS System Now to Enjoy Improved Efficiency in Your Business

Own POS System Now to Enjoy Improved Efficiency in Your Business

In order to automate workflow, improve efficiency and minimize paperwork, modern technology is widely used by most businesses. This way, they enjoy easy communication and simplicity in tracking various business operations and personnel and financial records. Later on, such kind of benefits become increased profit and sales. In order to streamline sales and customers and staff checkout process, POS equipment has been introduced in the market.

One of the major focal points for both hospitality and retail business operations is cash register. When it comes to increase the population of satisfied customers in your organization, it conducts business operations efficiently, tenders cash and processes all the business transactions successfully and efficiently. These days, all you need is efficient POS System that can fulfill all of your business needs. If you are running a hospitality business like a spa or salon, then you need Salon Iris POS system that can efficiently automate your business process.

A POS system not only eases daily business operations, in fact, it generates the reports in a way that it efficiently cut down costs and time to be indulged on daily monitoring tasks. According to many business owners, POS system is so efficient that it generates profits, revenue and orders drastically for their business. Here’s why you cannot start a fastest-running business without POS system.

The Significance of POS System

Improves Efficiency With an efficient POS System, your staff can easily leverage the process in order to improve your business efficiency and assist the customer in a way that there is no way without coming back to your outlet. Apart from eliminating cash register disparities, it reduces the requirement of double checking the inventory.

Keeps Control on Everything When the boss is away, the efficiency of staff and customer service can greatly be affected. But with an efficient POS system, you can gain the power to keep an eye on performance on everyone.

Eliminates Under-Stocking POS System makes all of your inventory functions so easier and user-friendly that you can pinpoint the cases of inventory shrinkage and eliminate “out-of-stock” conditions.

Generates Reports Accurate and Timely It analyses sales data and enables you to determine the effectiveness of your ad campaign and pricing. By quantifying all the items on stock in hand, it shows all the items that are required to be ordered. In addition, cost and profit and day-to-day gross income can easily be calculated. You can also forecast future needs of your business with historical data analysis provided by it.

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Types of Point Of Sale Printers – PoS System Australia – GunPoS

Types of Point Of Sale Printers – PoS System Australia – GunPoS

GunPoS offers you a range of Point of Sale Printers, PoS Receipt Printers and Accessories. We can provide you a premium range of receipt printers like Impact & Thermal Printers, Portable Print Solutions, Kiosk and Panel Printers & more to suit your need.

Starting a new business? Need to issue receipts? The type of business you own will dictate the type of PoS Printer you need.

Dot Matrix or Impact printers are the ideal choice where you need a second or even third copy of your receipt. An Impact printer is ideal for small Cafe’s, with Barista and Kitchen ordering and Dry Cleaners for use with special papers

Cons of owning Impact printers, they are generallyslow printing between 3.5 and 5.5 lines of text per second. Another drawback is the noise an Impact or Dot Matrix printer will produce when printing. Impact printers have more moving parts and will require replacement ink ribbons.

Thermal receipt printers are the most popular printers in use today. Thermal printers are fast, between 42 and 57 lines per second. They are quiet with few moving parts and are therefore more reliable. Thermal printers have a longer warranty period

A thermal printer is ideal for fast service retailers, larger Cafe’s, retailers where a quiet ambience is needed.

The only con to owning a Thermal printer is its initial cost but this is balanced out by its reliability and longevity of service.

GunPoS.com.au is a privately owned Australian point of sale (PoS) and information technology reseller. We specialise in PoS for retail, providing hardware, software and support services for any size deployment including nationally recognized retailer brands.

GunPoS brings to you value added services and support through their Australia wide network of Business Partners. We go beyond simple product distribution range and by offering a range of professional services that support hardware and software components of a solution.

GunPoS – Retail Point of Sale (PoS) Solutions and System is the best choice of the point of sale companies in Australia. We specialise in PoS for retail, PoS Products and providing hardware, software and support services. Our products include POS Terminals, Receipt Printers, Label Printers, Cash Drawers, Customer Displays, Programmable Keyboards, Touch Screens, Barcode Scanners, Consumables and more.

For more details: http://www.gunpos.com.au/category-s/5.htm

GunPoS – Retail Point of Sale (PoS) Solutions and System is the best choice of the point of sale companies in Australia. We specialise in PoS for retail, PoS Products and providing hardware, software and support services. Our products include POS Terminals, Receipt Printers, Label Printers, Cash Drawers, Customer Displays, Programmable Keyboards, Touch Screens, Barcode Scanners, Consumables and more.

http://www.sooperarticles.com/technology-articles/hardware-articles/types-point-sale-printers-pos-system-australia-gunpos-847156.html