How does Payment Processing Work?

The Digital Payments Market boasts outreach of US $513.10bn transaction value in 2024. That’s massive! To remain competitive and provide customers with seamless, secure, and convenient payment options, businesses, regardless of their size, need to grasp the intricate mechanics of payment processing.

For businesses, handling customer payments holds immense importance. Payment processing not only facilitates cash flow management but also bolsters customer satisfaction and safeguards against fraud risks. In today’s dynamic landscape, marked by rapid technological progress and evolving consumer habits, businesses must remain abreast of industry trends, regulations, and security protocols to remain adaptable.

In the following sections, we’ll delve into various facets of payment processing, elucidating its components, operational mechanisms, recommended practices for businesses, and the critical role of selecting the right provider. Armed with this knowledge, businesses can make informed decision regarding their payment-processing strategies and solutions, thereby fostering growth through an optimized payment experience.

What is payment processing?

Payment processing is like a series of steps that safely move money from one person to another. It includes checking if the payment is allowed, making sure it’s correct, and then finalizing the transfer using electronic systems.

These systems handle different kinds of payments, such as credit cards, bank transfers, and mobile payments. Many groups, like banks, companies that process payments, and regulators, work together to make sure these systems work smoothly. It is convenient to process payments with smart POS systems like EPOS. Explore it with What is a Point of Sale (POS) Transaction?

Payment Processing Steps: How does payment processing work?

Payment processing involves many steps and people. Here’s how it works:

1. Starting the transaction: You give your payment info, like a card, in a store or online.

2. Using a payment gateway: Your payment info goes to a secure place called a payment gateway. It makes sure everything is safe and sends your info to the right places.

3. Checking if it’s okay: The payment processor gets your info and checks if it’s right. Then, it asks your bank if it’s okay to pay.

4. Checking with your bank: Your bank checks your account to see if you have enough money. If it’s all good, they say yes. If not, they say no.

5. Getting an answer: Your bank tells the store if it’s okay to take your money or not.

6. Finishing the transaction: If everything’s okay, the store gives you what you bought. If not, they might ask for another way to pay. Don’t you want to learn how to improve cash flow in business?

7. Paying the store: At the end of the day, the store sends all the approved payments to their bank. The bank asks your bank for the money, and if everything’s fine, they send it to the store.

8. Checking the records: The store checks all the payments they got and any fees they had to pay. You and the store get records of what happened.

Best Practices for Payment Processing

Following good practices for handling payments can make customers happier, reduce fraud, and keep your business following the rules. Plus, it helps you manage your money better and make fewer mistakes.

Here are some important things to do when handling payment process in business:

1. Keep things safe

safe & secure payment - Axcess IT epos

Use strong security methods like encryption and SSL certificates to protect payment info. Follow rules like PCI DSS to keep payments safe.

2. Offer different ways to pay

Give customers choices like credit cards, debit cards, and digital wallets to make shopping easier.

3. Use a trusted payment system

Pick a reliable payment processor (like CleanTouch EPOS) that offers good services, helps prevent fraud, and gives good support.

4. Keep everything updated

Make sure your payment systems are always up to date with the latest security and technology improvements to keep things running smoothly and safely.

5. Train your team

Teach your employees about how to handle payments safely and what to do if they spot any problems.

6. Use tools to stop fraud

cvv - axcess it

Use tools like AVS and CVV checks to help spot and prevent fraud when taking payments.

7. Keep an eye on things

Regularly check your payment records (be it online payment processing or cash) for anything unusual that might be a sign of fraud, and set up alerts to tell you about any problems quickly.

8. Have clear rules for refunds and chargebacks

Make sure your customers know what to expect if they want a refund or if there’s a problem with their payment. Learn more about electronic funds transfer at the point of sale.

9. Make payment-tracking convenient

Have good processes in place to keep your payment records accurate, get your money quickly, and watch out for any issues.

10. Stay updated

Keep learning about new payment methods, the best ways to handle payments, and any changes in the rules to keep your business running smoothly and legally.

The Takeaway

Processing payments is an integral part of any business and when done right, it is not a hassle anymore. In case you are hunting for accurate payment processing systems, Axcess IT CleanTouch EPOS could be the right choice. Our team is ready to assist, get in touch today!

FAQs

1. Why might a card transaction be declined and what actions should be taken in such instances?

A card transaction can be declined due to various reasons. Errors, insufficient funds, or technical issues are common causes. If declined, retrying the transaction is advisable. However, if the issue persists, overdraft fees may be incurred if swiping again for insufficient funds.

2. What defines a credit card association?

A credit card association, like Visa or MasterCard, is a network facilitating debit and credit card transactions. They don’t issue cards directly; instead, banks do. Associations process payments, charging fees per transaction. However, some companies, like American Express and Discover, issue cards directly.

3. Is payment processing secure?

Payment processing poses risks like identity theft. However, secure devices encrypt user data, minimizing risks. PCI-compliant devices further enhance security. Despite precautions, data breaches may occur. In such cases, issuing banks typically provide new credit cards to affected customers.

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How do Thermal Printers Work?

Thermal printers are handy tools for printing labels, receipts, and barcodes fast and without breaking the bank. In this guide, we’ll explain how thermal printers work and what features to consider when choosing the perfect one for your business.

What do you mean by a ‘Thermal Printer’?

A thermal printer is a special kind of printer that uses heat to make black text or pictures on paper. It works by heating a printhead and pressing it against a special paper or ink ribbon. This creates the text or pictures. Thermal printers are often used for making labels, receipts, barcodes, ID badges, and more in many different industries.

How Does a Thermal Printer Work?

How Does a Thermal Printer Work

To understand how a thermal printer works, you should know there are two main types of thermal printers: direct thermal printing and thermal transfer printing.

1. Direct Thermal Printing

  • Uses heat-sensitive paper and doesn’t need ink or toner.
  • The printhead heats up and presses onto the paper, making it turn black when heated.
  • It’s cheap to maintain because it doesn’t need ink, but prints may fade over time.
  • You can only print in one colour because the paper determines the colour.

2. Thermal Transfer Printing

  • Uses ink ribbons pressed onto the printing material by the printhead.
  • The ink transfers onto the material and dries there.
  • Prints are less likely to fade and you can use multiple colours at once.
  • However, it needs ink ribbons which can increase maintenance costs and may have more operational issues.

| Do you wish to learn how to do ThermoTex Integration? This read will be worth stopping by!

Uses of Thermal Printers

Thermal printers are widely used across various industries due to their energy efficiency, speed, and portability. Here are some common applications:

Dry-cleaning and Laundry Business: Utilized for printing tags and labels for garment tracking and management.
Government: Utilized for printing ID badges, supply chain labels, emergency management, and admin purposes.
Manufacturing: Used for quality assurance, compliance labels, maintenance or parts management, and progress tracking.
Healthcare: Employed for printing labels for lab or pharmacy samples, patient wristband IDs, and asset management.
Retail and Hospitality: Used for POS or mobile POS receipt printing, inventory management, printing price tags, guest cards or passes, ID badges, etc.
Logistics and Transportation: Used for inventory management, shipping, receiving, packing slips, and return labels.

Top Benefits of a Thermal Label Printer

1. Cost-effective: Thermal printers keep costs low as they do not rely on ink to print.

2. Minimal supply replacement: No ribbons, cartridges, or other supplies need to be replaced to ensure continued use. Only the media is needed to keep the printer running.

3. Portability: These compact printers are portable and convenient to use on the go. A lightweight design makes them easy to take with you anywhere, whether in the office, warehouse, tradeshows, or on demos.

4. High printing speeds: Thermal printers offer quality results with high printing speeds. Expect smudge-free results that tend to be highly legible and long-lasting, with prints taking milliseconds to complete.

5. Low maintenance: Thermal printers have few moving parts, reducing the risk of breakage and making them easy to maintain. Thermal printer printheads last about 10 years on average.

How Barcode Scanner Work?

Making the right choices: How to pick the Thermal Printer by Model?

Once you know what you need from a thermal printer, you’ll find a variety of models to pick from.

The main difference is their size. Here’s a quick breakdown:

Mobile Thermal Printers: These are small, handheld printers that are portable and wireless.
They’re great for printing on the go, like in warehouses or rough environments. Look for durability features like waterproofing or temperature resistance. Choose this if you need something sturdy but lightweight.

Desktop Thermal Printers: These are a bit bigger than mobile printers but still compact enough for a desk. They come with wired or wireless connections and can handle moderate printing volumes. They’re reliable and low-maintenance, ideal for retail settings.

Industrial Thermal Printers: These are larger and tougher, built to handle heavy printing loads 24/7. They’re perfect for big operations like logistics or manufacturing. Some even come with advanced features like IoT software for easier control. Choose this if you need constant and reliable printing for a large-scale operation.

Make a Smart Upgrade by linking Axcess IT Cleantouch EPOS to Thermal Printers!

Thermal printers use special thermal receipt paper, unlike impact printers which use standard paper. Make sure to get the right width for your printer. If your printer isn’t working, try flipping the till roll. Thermal printers are popular for their quality and reliability, saving money on expensive paper. You can even print company logos on your receipts.

It’s great if you are already using an EPOS Till System. You can upgrade to a fuss-free chore by linking your Axcess IT Cleantouch EPOS with a thermal printer for better receipts. Feel free to drop an inquiry right away if you want an EPOS Till System installed first!

FAQs

Should you invest in thermal printers?

If you need to print signs, shipping labels, barcodes, or receipts, consider using a thermal printer. Unlike inkjets, thermal printers are more portable and have lower consumable costs. Although they may cost more initially, you’ll save money in the long run due to lower consumable costs and better durability.

Are thermal printers ideal for colour prints?

Thermal printers utilize a monochrome printing method by heating specialized thermal paper to create images. Unlike inkjet or laser printers, they cannot print in colour. Thermal printing is typically used for tasks where colour is not required, like printing receipts and labels.

Do you need special papers for thermal printers?

Yes, thermal printers need special thermal paper coated with a heat-reactive chemical. This paper changes colour when heated, allowing the printer’s thermal printhead to create text or images. Regular paper won’t work and might harm the printer.

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What Is a VAT Receipt?

VAT is a common charge we see on receipts. As a business owner, keeping VAT receipts is a legal requirement. These receipts are needed to claim back VAT on business purchases. Let’s understand what a valid VAT receipt looks like and how to keep good records. In addition, we’ll be checking out VAT exemption, VAT charges, and more.

What is a VAT Receipt?

VAT receipts detail your purchases and the VAT paid. In the UK, VAT-registered businesses must provide VAT receipts upon request. It’s crucial to store these receipts safely for your VAT return. They prove the VAT paid and ensure accurate tax calculations. Some transactions under £25 allow VAT claims without a receipt.

How to improve cash flow in your business?

What is VAT?

What Is VAT

VAT, or Value Added Tax, is a tax on things you buy, like goods and services. If your suppliers are VAT-registered, they charge you VAT on your purchases. If your business is VAT-registered too, you charge your customers VAT on what you sell. You keep track of the VAT you pay and collect. At tax time, you calculate the difference. This determines if you owe a VAT refund.

What is EFTPOS?

How does a VAT Receipt and a VAT invoice differ?

In general, they’re pretty much the same, but VAT invoices are typically used more for recording business expenses. For instance, if you buy a laptop for personal use, you’ll get a receipt showing the VAT paid. But if it’s for business, you’ll also get a VAT invoice. For purchases under £250, retailers can give a simplified VAT invoice. A full one is only needed if asked for.

What are VAT invoice requirements?

What are VAT invoice requirements

To reclaim VAT, you need to show the original purchase receipt, also known as the VAT invoice, to HM Revenue and Customs (HMRC). Thus, your invoice can also be termed as an HMRC invoice. A valid VAT receipt should have:

  • Seller’s VAT registration number
  • List of purchased items
  • Unique invoice number
  • Business addresses of both buyer and seller
  • Tax date (date of supply)
  • Business names of both buyer and seller
  • Receipt issuance date

These HMRC invoice requirements should not be missed. Missing or incorrect information may prevent VAT reclaims. Delivery notes, letters, or emails aren’t valid VAT receipts. Check your invoices carefully to avoid issues. Alternatively, our accountants can assist you.

What’s in your VAT Receipt?

Not all VAT receipts need to include every detail. Retailers can issue simplified VAT invoices for sales under £250 including VAT, if requested. A simplified VAT receipt must show:

  • Supplier name and business address
  • Supplier VAT registration number
  • Date of supply or tax point
  • Description of goods or services supplied

If the sale includes items with different VAT rates, the receipt must show each item’s applicable VAT rate and the total price including VAT. VAT-exempt supplies, like postage stamps, shouldn’t be included on simplified invoices or modified VAT invoices.

How does a Barcode Scanner Work?

Best Practices for VAT Recordkeeping

Holding onto valid VAT receipts is crucial for proving how much VAT you’ve paid and claimed back on your VAT returns during inspections. Remember to check your receipts for VAT charges, as they might not always be included. Keep a VAT account to track output tax on sales, acquisitions, reverse charge procedures, error adjustments, and other VAT-related adjustments.

FAQs

What if I lose my VAT receipt?

Losing VAT receipts is common, especially for small purchases or from local shops. In such cases, you can support your claim with alternative proof of payment, like a bank statement or credit card record. Good record-keeping practices can help minimize lost receipts. That’s included as basic VAT receipt rules.

How to store VAT receipts?

You must retain copies of every VAT invoice and receipt for up to 6 years.

Are VAT receipts and regular receipts different?

Yes, a VAT receipt itemizes the Value Added Tax (VAT) applied to the transaction, providing a breakdown of the total cost and associated tax, unlike a regular receipt.

Why do people request a VAT receipt?

People primarily request VAT receipts for business or reimbursement purposes. These receipts enable individuals and businesses to track and reclaim the VAT portion of transactions, which is important for accounting, tax reporting, and expense reimbursements.

VAT laws Under UK law, VAT-registered businesses must provide customers with VAT receipts upon request. If a supplier fails to provide one, you are legally entitled to request it. Similarly, if you fail to provide a VAT receipt to your customers, they have the right to request it. Additionally, all VAT-registered businesses must maintain transaction logs for at least six years, ensuring records are kept in good condition and easily accessible.

Supercharge your business with AXCESS IT EPOS!

Ready to elevate your VAT management? Let’s discuss how Axcess IT EPOS can revolutionize your business. Make a Valid VAT Invoice and kick the risks of VAT without a receipt on the go. Give us a chance & see how your business potentials excel.

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How does a Barcode Scanner Work?

Ever wondered about the magic behind a barcode scanner? This blog unveils the intricate process that powers this seemingly simple yet highly impactful technology. Barcodes, often underestimated, have significantly transformed daily life, especially in the retail sector. The features of barcode readers are impressing small to large businesses and it has thus become a basic need to install Barcode Scanning Systems.

Come, let’s see how does a Barcode scanner works?

What is a Barcode Scanner?

A Barcode Scanner, or barcode reader, is a device equipped with essential components:

  • Light Source: Illuminates the barcode for readability.
  • Lens: Reads the code.
  • Photoconductor: Converts optical information into electrical signals.
  • Decoder: Interprets signals and transmits data to the business’s system.

Together, you can call it a Barcode Scan Engine that scans/reads the code via hardware to software. Barcode solutions are thus a combination of physical devices and software.

Varied Types of Barcode Readers

Depending on business needs, various types of barcode readers exist:

  • Handheld: Corded or wireless, the most common type.
  • Mobile Computers: Cordless with an in-built computer for code processing.
  • Presentation: Hands-free scanners for swift multiple-item scans.
  • In-counter: Set into kiosks or counters for seamless integration.
  • Fixed-mount: Sensor-based readers in factories and processing centres.
  • Wearable: Mounted on the body, often on fingers or arms.
  • Mobile: Modern invention using mobile phones and barcode reader apps.

What are Barcodes used for?

Barcodes encode product details using bars and alphanumeric characters, streamlining the process of item checkout at stores and facilitating efficient inventory tracking in warehouses.

what are barcode used for

Beyond enhancing ease and speed, barcodes offer significant business advantages such as enhanced accuracy, effective inventory control, and substantial cost savings.

How does a Barcode Scanner work?

While using a barcode scanner may seem straightforward, its functionality is remarkably sophisticated. The process involves five key steps:

  1. The scanner emits light, usually LED or laser, onto the barcode.
  2. Reflected light, captured by a specialized component, distinguishes black and white colours on the barcode.
  3. Moving along the barcode generates an on-off pulse.
  4. The pulse is interpreted and converted into numbers.
  5. Numbers are transmitted to the computer and matched to the corresponding item.

This seemingly simple process has revolutionized both business and customer experiences, streamlining transactions and inventory management.

Barcode Scanner Advantages

Barcode scanners offer a plethora of advantages for businesses, making processes more efficient and cost-effective. Let’s delve into some key benefits:

  1. Easy Implementation

Installing and using barcode scanners is a breeze. Simply plug & play, make them operational swiftly. Employee training is quick, saving on training expenses.

  1. Wireless Convenience

With the advent of wireless barcode scanners, mobility within the store becomes seamless. No more worries about entangled wires!

  1. Error Prevention

Barcode scanners eliminate human errors associated with data encoding. Scanning a barcode is foolproof, reducing the risk of costly mistakes.

  1. Efficiency at Its Core

Barcode scanners simplify tasks such as product history inquiries. Customers can obtain information within seconds, enhancing satisfaction.

  1. Time Consumption Reduction

Counting inventory and processing transactions becomes significantly quicker with barcode scanners. Automation saves time and effort, making customer service faster.

  1. Real-Time Updates

Updating data with barcode scanners is instantaneous, reducing delays and enhancing overall efficiency.

  1. Resource Conservation

Barcode scanners allow businesses to go paperless, saving on unnecessary resources and expenses.

Types of Barcode Scanners

Understanding the different types of barcode scanners is crucial. Here’s a glimpse into some common ones:

  1. Pen-type or Wand-type Readers: Inexpensive with LED lights and a photodiode.
  2. Laser Barcode Scanners: 
    laser barcode scanner
    Popular, accurate, and effective in retail.
  3. CCD Barcode Scanners: LED scanners, popular in Point of Sale applications.
  4. Imager Barcode Scanners: Camera-based, offering faster transactions.
  5. 2D Scanners: Capable of scanning 2D barcodes and QR codes.
  6. Anti-Microbial Barcode Scanners: Equipped with agents to minimize the spread of viruses.
  7. Bluetooth Barcode Scanners: 
    bluetooth barcode scanner
    Wireless freedom with Bluetooth technology.

How to use a Barcode scanner?

Using a barcode scanner enhances speed, accuracy, and overall efficiency in various industries, from retail and logistics to healthcare and manufacturing. Familiarizing yourself with these simple steps ensures seamless integration into your operational processes. Here is how you use it:

  1. Power On: Ensure the scanner is turned on and connected to your device.
  2. Aim & Trigger: Aim the scanner at the barcode label and press the trigger button.
  3. Align & Wait: Keep the scanner parallel to the barcode; wait for the beep indicating a successful scan.
  4. Verify Output: Check the device screen for the scanned information.
  5. Repeat or Store: For multiple items, repeat or use batch processing if applicable.
  6. Power Off: Turn off the scanner when done.

POS Scanner offers a multitude of benefits beyond what you can imagine & if you wish to experience the best of it, you are just a step away!

Cleantouch EPOS by AxcessIT: Where Business Simplicity Meets Barcode Scanning Ease!

Behind every efficient barcode scanner lies powerful EPOS systems. Cleantouch EPOS by AxcessIT is the key to a thriving business, offering comprehensive features like:

  • Profitability reports based on product performance.
  • Sales analyses on profit margins, cash flow, and expenses.
  • Invoicing and VAT calculations.
  • Scheduled emails and SMS messages for impactful communication.
  • Ease of inventory management  (Stocktake)

If you’re keen on learning more about Cleantouch EPOS, connect with our team today.

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Laundry Security with Axcess IT – Cleantouch EPOS

As the owner of a laundry business, prioritizing the security of your establishment is paramount. This includes safeguarding your customer’s data, ensuring secure payment processing, and actively monitoring staff activities. As a business owner, the responsibility lies with you to fortify defences against data breaches and unauthorized access. Building confidence and trust in both your employees and the technology utilized for daily operations is crucial.

At Axcess IT – Cleantouch EPOS, we not only streamline the management of your laundry business but also place a significant emphasis on ensuring the security and efficiency of your establishment. Continue reading to explore the array of security tools Cleantouch EPOS offers to enhance the safety of your laundry business.

Axcess IT – CleanTouch EPOS is your 360-Degrees Laundry Security

Point-of-Sale System Security (Laundry POS Security)

In the laundry industry, a reliable Point of Sale security system is a lifeline. CleanTouch EPOS takes it a step further by backing up your data daily to independent servers. This safety net ensures your data remains intact, protecting you from potential disasters like hard drive crashes or theft. All data transmissions are encrypted, fortifying our commitment to thwarting unauthorized access.

Online Payments

In an era of online transactions, payment security with POS is a basic necessity. We’re PCI Compliant, the gold standard in credit card security. Embrace the convenience of online orders while keeping your customers’ information safe.

CleanTouch Staff Security: Empower and Trust Your Team

When you’re running a laundry business, it’s crucial to trust your team. With Cleantouch EPOS, you can ensure that each team member has the right tools and permissions for their role.

Staff Permissions

Whether you’re bringing in a new team member or adjusting the role of an existing one, our EPOS system allows you to choose from various permissions for your staff. Let’s explore some key options:

Edit Orders

Team members can create, edit, and even duplicate orders. This includes adjusting details like items, payment types, and delivery dates. Granting this access to trustworthy staff ensures that each customer order is handled correctly.

Discounts & Credits

If your business offers special discounts or credits to customers, you can give employees the ability to apply these to orders. This permission makes it easier to track which staff member is applying for discounts or credits, helping you assess the effectiveness of your promotions and prevent misuse.

Product Management

From handling the cash drawer to managing product listings and prices, Cleantouch EPOS has it covered. Since the cash drawer often holds a significant amount of money, limiting access ensures that only trained individuals handle cash, reducing the risk of theft or mishandling. Granting access to a select few team members ensures consistent pricing, avoiding potential mistakes.

Invoices & Data Export

Control who can handle invoices and business metrics like revenue and sales. Cleantouch EPOS provides permissions for exporting reports. Since this information is sensitive, restricting access to qualified and trained individuals is crucial. Invoices, and legal documents detailing transactions, require careful management to avoid disputes or legal challenges.

The Cleantouch EPOS system allows you to customize these permissions to match each user’s role and responsibilities. It’s all about ensuring a secure and efficient operation for your staff in your laundry business! Make it a crucial part of your dry-cleaner’s security.

Track Petty cash (Miscellaneous sales & cost)

Monitor staff activity with precision. Know who accessed the cash drawer and when fostering responsibility and transparency within your team.

PIN Prompt

Enable the PIN prompt feature to protect your POS data during inactivity. Each employee can have their PIN, providing an extra layer of security.

Two-Factor Authentication

Elevate security with two-factor authentication on your CleanTouch account. Even if a password is breached, this extra verification step adds a layer of protection.

Embrace Security from Start to Finish

From the beginning of the laundry day to its end, CleanTouch EPOS ensures paramount security. It is your SMART POS System. Focus on delivering clean laundry with peace of mind, knowing that every aspect of your digital security is covered. The security feature does not end here. You can switch to advanced-level security with our exclusive vein-reading security feature & RFID watch.

Ready to experience the security revolution? Ping us for more about CleanTouch EPOS today, and let’s secure your laundry business together!

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What is EFTPOS & How Does an EFTPOS Work?

Among the myriad acronyms that permeate the business landscape, EFTPOS often stands out as an unfamiliar one. However, once its intricacies are unraveled, it transforms into a valuable tool. Let Cleantouch EPOS shed light on this enigma.

As you delve into the intricacies of the technology essential for running your business, you’re likely to find yourself surrounded by a plethora of lengthy and perplexing acronyms. The complexity might make you yearn for the simplicity of the bygone era, characterized by cash, coins, and straightforward over-the-counter sales.

Yet, technologies like EFTPOS play an indispensable role & thus becoming a necessity for every business. Understanding these technological nuances not only demystifies their complexities but also makes navigating the business landscape significantly smoother.

What is EFTPOS? What does EFTPOS stand for?

EFTPOS translates to electronic funds transfer at the point of sale. This acronym encapsulates the seamless system of on-site electronic payments. Whether it’s the payment card, referred to as an EFTPOS card, or the device itself, commonly known as an EFTPOS machine, the essence remains the same – facilitating electronic transactions within a business.

What is an EFTPOS machine?

When someone mentions the “EFTPOS machine,” they’re talking about the devices instrumental in processing payments via bank cards. These machines, intricately connected to Electronic Point of Sale (EPOS) systems, create a symbiotic relationship that streamlines customer transactions. Notably, Epos Payments exemplifies this synergy with a design harmonized for optimal compatibility with EPOS till systems.

Emerging in the 1980s, these devices gained full prominence in the 2000s, becoming a staple for customer-facing businesses. In the modern era, businesses relying solely on cash transactions experience substantial losses, alienating cashless customers, especially the wallet-less younger generation.

Exploring the EFTPOS Advantages/Benefits

  • Advantages

Streamlined Transactions: EFTPOS streamlines the transaction process, reducing the need for cash handling. This efficiency benefits both customers and merchants, offering a seamless and convenient payment alternative.

Enhanced Security Measures: The security protocols of EFTPOS transactions provide a robust defense against fraud and financial crimes. Authentication and verification processes ensure a secure environment for financial interactions.

Cost-Effective Transactions: Many EFTPOS providers present businesses with the advantage of low and consistent merchant fees. This allows for accurate forecasting of processing costs, contributing to financial planning.

Card Compatibility: Modern POS terminals boast versatility by accepting a wide array of card types, including global standards such as Visa, Mastercard, and American Express. Additionally, these terminals facilitate hassle-free contactless payments.

How does EFTPOS look like?

EFTPOS devices manifest in two primary forms, each catering to distinct business needs. The traditional hardware, though bulkier, boasts versatility by operating in standalone mode or in conjunction with an EPOS device.

This conventional EFTPOS juggles tasks seamlessly – from processing contactless payments to swiping or inserting cards. It manages payment totals, generates z-read reports, handles refunds, and caters to customers even in their absence.

In contrast, a more contemporary, streamlined EFTPOS has emerged, thriving on portability, practicality, and a sleek design. While these devices often require integration with an EPOS system, their modern aesthetics appeal to businesses and consumers alike.

How does an EFTPOS work?

Initiating an EFTPOS transaction involves the utilization of an interconnected EFTPOS machine, linking multiple networks to facilitate a successful payment.

The key players in this network include the buyer’s bank, the merchant’s bank, the EFTPOS machine provider, and point-of-sale technology. Collaboratively, these components orchestrate a series of steps that encompass authentication, verification, and the transfer of funds. This meticulous process is designed to guarantee the secure and expeditious completion of transactions.

While settlement times may exhibit variability, potentially influencing business cash flow, the overall procedure is characterized by its streamlined and user-friendly nature. EFTPOS transactions, by virtue of their well-coordinated network interactions, offer businesses a secure and efficient means of processing payments.

Stepping into the Future with Cleantouch EPOS

If you’re eager to delve deeper into the realm of EFTPOS systems, alongside discovering tailored payment options for your business, connect with Axcess IT Cleantouch EPOS today. Explore a spectrum of possibilities and find the perfect payment system that aligns seamlessly with your business needs. Your journey towards enhanced efficiency and seamless transactions starts here.

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How to Improve Cash Flow in your Business?

Efficiently managing cash flow is crucial for the smooth operation of your business. While we all enjoy seeing money come in, keeping a close eye on what’s going out and what’s in hand is equally important. Neglecting this aspect could lead your business to face potential issues without your awareness.

Cash flow stands out as a vital metric, especially when forecasting the future growth of your business. But what exactly is cash flow?

What is Cash Flow?

Cash flow is the movement of money within your business. It’s essential to note that having a profitable business doesn’t automatically translate to positive cash flow—a common misconception, especially for new or small businesses. It’s entirely possible to have a profitable business with a negative cash flow, a situation that can pose significant challenges.

How to Improve Cash Flow in your business?

To avoid such pitfalls, invest the necessary time and effort into cash flow management effectively. Here are practical measures and tips to enhance your business’s cash flow:

  1. Utilize Point of Sale (POS) for Tracking: Employ AxcessIT EPOS for a straightforward approach to monitoring your business’s cash flow. This system can automate various processes, providing a comprehensive overview of your cash flows at any given time. Especially beneficial for small businesses, EPOS helps organize and record all sales, serving as the initial step toward improving your business’s cash flow. Get customized POS Reports with our EPOS that serves what you seek, be it for in-house improvements or customer management.
  2. Prompt Invoicing: Send out your invoices promptly to expedite payment. In cases where delays occur, utilize your EPOS System to issue payment reminder letters. If needed, a quick call, facilitated by the handy customer details stored in the EPOS, can serve as an effective reminder. Ensure your invoices are clear, concise, and specific, particularly regarding the payment due date.  Also, Batch invoicing can be done through our EPOS Systems which means sending invoices to multiple customers at one go.
  3. Diversify Payment Options: Simplify the payment process for your customers to expedite transactions. Offering various online payment options, such as credit cards, debit cards, BACS payment increases the likelihood of faster payments. With Axcess IT EPOS System, you can have your bank account details on the invoice. EPOS also facilitates payments via card readers.
  4. Trim Operating Costs: Review your expenses meticulously and identify areas for cost reduction. It is one of the most underrated cash flow problems. Avoid unnecessary expenditures and focus on areas that won’t adversely impact your business. Be judicious in cutting costs, ensuring it aligns with your financial capacity and doesn’t harm your business. Likewise, In our EPOS Systems, one of our feature ‘miscellaneous cost’ will help you in doing cash flow effectively.
  5. Promote Early Payments: Encourage early payments by offering customers a cash discount as an incentive. This strategy often motivates customers to settle their payments promptly, positively impacting your cash inflows. For overdue payments, consider sending out reminder letters. Customers can also do the pre-payment through our Axcess EPOS so that the cash-flow improves.
  6. Experiment with Pricing: Boost your cash flow by experimenting with pricing. While adjusting prices may seem daunting, it’s worth exploring. There’s no guarantee of sales loss; instead, it could result in increased cash inflow. Experiment with pricing to gauge your customers’ price sensitivity and find the optimal balance. In Axcess IT EPOS systems, we have a feature call ‘Price Matrix’ where the cost is variable or fixed depending upon the customers.

Implementing these strategies will not only help with business cash flow solutions effectively but also contribute to its overall financial health. You can also avail cash flow forecasts & Stock takes with the tool.

Before you go…

Investing in a tailored POS system crafted for your industry holds the potential for a remarkable return on investment. Opt for software that comprehensively addresses all your business requirements. For instance, EPOS by Axcess IT could be the best match as it offers extensive features beyond How to improve cash flow.

Get in touch If you’re prepared to transition into financial success and enhance your business’s profitability and cash flow immediately.

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What is POS Data?

Laundry and dry-cleaning Businesses are experiencing a digital transformation in the ever-evolving market. This shift involves the adoption of Point of Sale or POS systems, replacing traditional cash registers. These advanced systems bring efficiency, convenience, and data-rich opportunities to laundry and dry-cleaning establishments, much like they do for other businesses. Let’s explore how these businesses are leveraging technology for enhanced customer service and growth.

In this article, we’ll explore What is POS Data, POS Data types, and more.

What is POS Data?

POS data comprises information gathered during customer sales transactions, whether in-store, online, or via mobile apps. For Laundry and Dry-cleaning businesses, this data includes product transactions, inventory details, customer insights, and staff performance. Utilizing this data can significantly enhance decision-making within these establishments.

Following a customer’s payment, each POS system accumulates substantial volumes of unprocessed transactional data. Differing from payment data, which only reveals the amount and timing of purchases, Point of sale data provides a more comprehensive view. This rich data source allows Laundry and Dry-cleaning businesses to understand customer order patterns and efficiently manage their services, in-house stock & marketing campaigns. Furthermore, Customer POS data is efficiently utilized for business analytics, growth & other operations crucial for thriving Laundry and Dry-cleaning businesses.

Types of POS Data

1. Payment Token Data

POS data doesn’t collect personal info about individual customers for security reasons. However, it does gather data like payment card type and the last four digits of the card during a transaction. Although it never records full card details, this info can help create a non-unique payment token. Laundry and Dry-cleaning Businesses can use this token to recognize returning customers, their purchases, and payment methods, with about 97% accuracy.

2. Customer POS Data

Customer data consists of the information derived from a loyalty card. When a customer decides to enroll in a loyalty program and scans their card during a transaction, it provides you with comprehensive POS data. Notably, unlike payment token data, this kind of data is directly associated with the individual customer.

3. Location Data

POS data can reveal the sale location, going beyond just the country. You can access detailed information about customer orders, including their region, town, specific outlet, and even the individual POS checkout.

4. Promotion Data & Coupon Data

Promotion data offers insights into the effectiveness of your in-store promotions. It shows if a customer is using a promotion and which specific one they’ve chosen. This helps Laundry and Dry-cleaning Businesses gauge the effectiveness of their marketing strategies, understand customer preferences, and identify which products benefit most from promotions.

Customer coupon behavior reveals important data. Your Smart POS system tracks coupon details like source, popularity, and customer usage. It also helps measure coupon impact on repeat visits and purchase sizes, often compared to a control group for accuracy.

5. POS Staff Data

Whenever a store associate utilizes your POS software to complete a sale, that sale gets linked to their user profile. This feature is particularly beneficial for store managers as it allows them to monitor the sales performance of their teams, ensuring that every team member is actively contributing towards achieving the store’s sales targets. Staff Clock In and clock Out is also included in the reports. Such POS Reports are crucial in designing future business goals.

Why Launderers should analyze POS data?

These days, POS data providers deal with large amounts of information collected via POS terminals. This aids in drilling down individual customer’s data to determine Point of Sale Market Size. Being in the Laundry business, you should access this data smartly as it serves as a major untapped resource. When gathered properly and analyzed well, it unlocks a great value. It tells you all the minute details about your customers, thus leading to better personalized experiences.

Explore Your Business Insights with Axcess IT CleanTouch EPOS

For over a decade, Axcess IT CleanTouch EPOS has been dedicated to offering point-of-sale systems featuring customized, in-depth reporting designed to suit your business requirements. Whether you’re in the Laundry or Dry-cleaning business, we facilitate user-friendly EPOS software, making it simpler than ever to harness the power of technology. From POS data analysis to smarter management of POS terminals, you’ll feel the difference.
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Laundry & Dry Cleaning Equipment: Must have items to get started with

Are you intrigued by the booming laundry and dry-cleaning industry? If you’ve ever considered diving into this profitable business or pondered automating your existing laundry processes, you’ve landed in the right spot.

In this blog, we’re here to simplify things for you. We’ll be your guide, sharing insights about essential laundry and commercial dry cleaning equipment. And if you’re already running a dry-cleaning business, stay tuned! We’ll help you ensure you’re on the right track.

Taking the first steps: Dry Cleaning Equipment

If you’re venturing into the world of dry cleaning, your first step is investing in the right dry-cleaning business equipment.

Essential Laundry and Dry-cleaning Equipment

Let us share the essential list of dry cleaning equipment you’ll need as you proceed.

1. Washers: Your Laundry Workhorse

When setting up your laundry and dry-cleaning business, one of your first considerations should be washers. These machines play a crucial role in your daily operations. Here’s what to keep in mind:

  • Holding Capacity
  • Cycle Length
  • Drum Size
  • Key Features
  • Space Efficiency
  • Warranty and Service
  • Energy Consumption

Invest wisely in washers to prevent excessive repair and maintenance expenses.

2. Dryers: Efficient Drying with Cost in Mind

Dryers are another essential piece of equipment, but they can drive up operational costs due to electricity consumption. To make the right choice:

  • Holding Capacity
  • Key Features
  • Energy-Efficiency
  • Fabric Protection

Selecting efficient dryers can significantly boost your business’s productivity.

3. Cleaning Chemicals: The Right Solutions for Every Fabric

Different fabrics and stains demand specific cleaning chemicals. Here’s what you should know:

  • Quality Matters
  • Variety Needed
  • Specialized Care
  • Colour-Safe Bleach
  • Fabric Conditioner
  • Whiteness Enhancement

By using the right cleaning chemicals, you protect both fabrics and the environment.

4. Presses and Steamers: Wrinkle-Free Finish

Presses and steamers are your allies for delivering wrinkle-free garments. Look for these qualities:

  • Efficient Steamers
  • User-Friendly Controls

Presses and steamers are essential for maintaining the quality of your cleaned garments.

5. Sorting Bins: Organization Is Key

Sorting bins are often overlooked but crucial for an organization:

  • Separate Clothes
  • Streamline Workflow

Investing in sorting bins keeps your laundry and dry-cleaning operations efficient.

6. Hangers, Garment Coverings, and Racks: The Final Touch

After cleaning, garments need proper storage. Don’t forget:

  • Adequate Hangers
  • Garment Coverings
  • Basic Clothing Racks
  • Branding

Clean, well-packaged garments contribute to your brand’s image and customer satisfaction.

With these essential pieces of laundry and dry-cleaning equipment, you’re well-equipped to start and run a successful business.

Streamline Your Laundry Business with CleanTouch EPOS

Running a laundry and dry-cleaning business just got easier with our CleanTouch EPOS system. Say goodbye to the hassle of tracking customer orders and payments manually – we’ve got you covered.

What Axcess IT EPOS Offers:

  • Easy and Intuitive: Our point-of-sale system is user-friendly and easy to navigate.
  • Customer Relationship Management: Keep track of your customers, and their preferences, and stay connected through SMS, email, WhatsApp, and mobile notifications.
  • Digital Payments: Offer seamless payment options with digital payment links.
  • Enhanced Customer Experience: Provide exceptional service to build brand loyalty.
  • Business Expansion: Our EPOS Systems are known for empowering businesses to grow exponentially.
  • Flexible Marketing: You don’t need to approach marketers when you have CleanTouch EPOS. This system is capable of designing personalized Marketing strategies for the Dry cleaning and laundry business.
  • Analytics & Customized Reporting: Download custom reports as required for crucial business analytics.

With our EPOS Systems, you’re not just managing orders; you’re creating an outstanding brand and ensuring a great customer experience. Simplify your operations and watch your business thrive.

Keep Tabs on Your Orders with Information Tags (Garment Tracking)

When a friendly customer service representative takes your order, they’re not just jotting down notes; they’re creating a special tag that stays with your clothes throughout the laundry and dry-cleaning journey.

Here’s How It Works:

  • Your order’s tag is your garment’s best friend until you pick it up.
  • During the wash, dry, and press stages, your tag has its special spot, away from others.
  • It helps us keep track of your items, so they’re always ready for you.

But that’s not all! With CleanTouch, we use smart barcode and QR code tags that can withstand washing. They make sorting, packaging, and identifying your garments a breeze. Plus, you’ll always get the right garments back.

Ready to take your laundry and dry cleaning to the next level? Try this smart and efficient EPOS by Axcess IT. Discover more by getting in touch today!

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What is a POS Report?

If you’re into the laundry business, POS Reports must be your everyday thing. Whether you’re willing to learn about POS Transactions or want to understand more about POS Sales Reports, this blog will be helpful.

In today’s fierce business arena, winning demands more than just skill – it’s about wielding every tool in your arsenal to forge ahead. Picture this: As your laundry and dry-cleaning orders surge, corralling data from all fronts becomes your secret weapon. Imagine the cost leaks and underperformance that might slip your radar without a bird’s-eye view.

Now, the plot twist: You can unravel this data puzzle effortlessly. Enter the point of sale (POS) reporting – your key to unlocking insights and staying steps ahead.

What are POS Reports? What are they used for?

POS Reports, as the name suggests, is all about resourceful insights into your business straight from a point-of-sale terminal. Imagine POS reports as your business’s data magic. They’re conjured from the depths of your system, thanks to the EPOS wizardry that effortlessly captures every interaction. Think quick access to a treasure trove of insights – sales, returns, payroll, taxes, you name it. The everyday potion reveals daily sales and staff insights. But hold on – these reports have a whole enchanting arsenal! However, many launderers haven’t tapped into this mystical potential of their POS systems. Besides helping entrepreneurs with better staff management, these reports help them outline areas requiring immediate action and improvements. In addition, they help entrepreneurs ensure loyal customers don’t leave them.

We hope you’re clear with what is a POS Report now.

Types of Point of Sale Report

Here are the common types of point-of-sales reports you can generate with a POS terminal.

1. Sales Report
2. Payment Report
3. Staffing
4. Employee Performance Report
5. Customer Report

Make a difference with Custom POS Reports by Cleantouch

Cleantouch EPOS System is worth an investment whether you want valuable insights into your business or get Custom POS reports. Besides helping you manage POS Transactions with ease, it helps you make informed decisions about staff, in-house operations, and more. Cleantouch EPOS systems let you do more than get sales and staff reports. Here is what you can expect:

➯ Track customer details in a few clicks
➯ Synchronize customer data across stores
➯ Create and export customer reports
➯ Run marketing campaigns
➯ Create customer loyalty programs

Empower your business with Cleantouch EPOS System today! Call our experts to know more…

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