Billit POS : Restaurant Management Software, Restaurant Point of Sale Software Solutions New Delhi, India

How to Reduce Fraud and Increase Profits by Using Electronic Check Verification

Remember the days, standing in line at the market and seeing a bulletin board behind the cash register with bad checks tacked to it?

As a child, standing in line next to my mom or dad I used to look at that board and think “how awful for those people to have their names up there.” I’m sure others thought “How awful for those people to have written bad checks.” Both are valid concerns, especially as a retailer.

• What if you could eliminate both the unfortunate customer experience of having written a bad check and the cost to your business of not collecting the funds for items purchased? Not to mention the NSF charges and timely paperwork to reconcile the bad checks.
• What if you could completely eliminate, or seriously reduce, the number of bad checks that pass through your business?
• What if you could collect on 80% of all bad checks for free?
• What if the company that verified the check paid you 100% of all verified checks that bounced?
• What if you could eliminate the unfortunate customer service task of collecting on bad checks?
• What if you could speed up your current check verification system to provide faster, better customer service?

That’s where today’s electronic check verification systems can help. Despite the fact that according to the Federal Reserve Board the use of checks as a payment system is on the decline, more than 70 billion checks are still tendered each year. That number is too big for most retailers to ignore. Clearly, the more checks you’re able to process successfully, the higher your profits.

How do Electronic Check Verification Systems Work?

There are actually two main types of verification services. One common service offers to compare the check to a negative database of bad check records. This type of system actually started about 20 years ago and even with the delays of the earlier system, merchants saw a significant decline in bad checks.

Today, thanks to faster POS software systems and electronic check readers, many companies now offer instant electronic access to their vast databases to compare checks. In many cases you’re able to customize the criteria that the checks are evaluated by, thus allowing you to determine the level of risk that you are willing to take.

The next type of verification system that is gaining in popularity is real time verification where in addition to comparing the check to a database, the client’s bank account is immediately accessed to determine sufficient funds.

But wait there’s more!

Earlier I asked you “what if you could collect on 80% of your bad checks.” In addition to instant check verification, many services offer collections on verified checks that bounce and guarantee a percentage of collection up to 80%. Some even offer to pay you 100% of all verified checks that bounce.

These services usually employ traditional collection practices including phone calls and letters but they have the additional ability to electronically represent the checks to the bank for payment when the account is more likely to have the necessary funds. The 1st and the 15th of the month are common times for checks to be represented because they’re a common payday.

So… How do you get Electronic Check Verification for Your Business?

If you already have Point of Sale software that you are happy with, then your first step is to find out which check verification systems are compatible with your current system. A simple phone call to your customer service representative should give you your answer.

Additionally, some POS software manufacturers offer integrated Check Verification services meaning that you don’t have to pay for the programming fees that other companies may charge.

A check reader is optional but a point of sale computer is required. However, without a check reader the keying of the check’s information into your terminal will be necessary. You may want to consider purchasing a check reader to make the verification process more efficient for both you and the customer. Generally, a check reader costs less than $400 and quickly earns back the cost of investment.

Once you’ve determined which check verification companies are compatible with your POS system consider the following:

• Look for the largest national negative database possible
• Make sure that the database has a substantial number of merchants in your geographic area.
• Look for a verification system that provides not just negative data, but also positive data.
• Look for a verification system that has customizable risk assessment tools and utilizes “Rule Sets”; these are programs that analyze variables to screen out adverse risks as defined for specific business types.
• Look for the lowest transaction fee, monthly minimum and statement fees.
• Look for a low cost per transaction. Verification transactions usually cost around $0.25/per item.

If you currently do not have Point of Sale Software you’re not out of luck. However, your options are limited to phone and internet verification systems, which simply connect your check reader, provided by your merchant services provider, via phone line or modem. They operate much like a credit card reader would. Your customer’s check information is read electronically and then compared to a negative database and/or sufficient funds are verified in their account.

The benefit to having your check verification system tied directly into a POS system is that the transactions, information, and all necessary tracking of the accounts are done automatically, thus eliminating the many steps of paperwork that would still be required if you operated a check verification system independent of a POS software system. Additionally, you’re adding the extra security that your customers deserve by having your transactions, check verification included, run through a secure point of sale software system.

If you do not currently have a point of sale system for your business it may be beneficial to consider one. POS software is, at its simplest, a computer program that takes the place of a simple cash register. All sales are made through the computer. You enter the information, sales and transactions, and it records and tracks everything, including bounced checks and recovered funds. They don’t have to cost much and leasing is an option.

Jeff Haefner
Article sourced from http://www.possoftwareguide.com

Anyone who has worked in the hospitality industry knows that the demands required to deliver quality food in a timely fashion by courteous and efficient staff could test the skills and serenity of a Zen master!

So many factors come into play at the same time and need to be handled with such precision that many busy restaurant owners compare the experience to plate twirlers, who manage to twirl multiple plates on narrow bamboo poles all at the same time.

Restaurant point of sale software systems can be customised to work with the same levels of excellence and efficiency whether it be in high-end restaurants, takeaways, fast food outlets, hotel/cafe facilities or pick up/delivery services.

A typical restaurant POS setup would include a centrally located touch screen monitor for inputing orders, at least one cashier station with a cash drawer, receipt printer, and credit card reader / EFTPOS.

So lets have a look at a hectic restaurant scenario where the owners have introduced a state of the art restaurant POS system:

A party of 6, who have previously made a reservation, arrive at 7:30pm for dinner. They decide to have pre-dinner cocktails at the bar and each gives his order to the bar staff. The cocktail waitress adds the drinks to the touch screen monitor where the orders are assigned to a table number

Following their cocktails the diners adjourn to their table, which is displayed on the central monitor. After their orders have been taken, and diners assigned seat numbers, each diner’s choices are immediately input via a quick and easy display system which sends the meal orders direct to the kitchen and the drink orders direct to the bar.

The restaurant point of sale system identifies the entrees, so they appear on the kitchen’s easy to read monitor first or are printed out on the kitchen printer. Main courses will appear on-screen at a pre-set time following the entrees, or printed out when called.

When the chefs have completed the entrees, the waiting staff are notified via the POS system and each meal is delivered in accordance with the assigned seating numbers.

During the course of the meal, the guests order additional bottles of wine, which are logged into the system and sent directly to the bar.

Meantime, the main courses have been prepared and are ready to be served following a break after the entrees. Once again, the waiting staff know which diner has ordered which meal and the fresh, piping hot meals are served.

Following the meal, the delighted diners order coffee and liqueurs. The coffee orders are sent to the barista and liqueurs to the bar staff.

As the evening draws to a close, each of the three couples asks to have an individual bill, which the restaurant POS system handles seamlessly. Each bill displays an itemised readout of the drinks, meals, coffees and liqueurs served to the couples, reducing the risk of errors or incorrect tabs.

Payments are made with ease on the EFTPOS/credit card reader at the waiter

Source : Restaurant POS – A Recipe For Success

There is an ongoing trend to simplify business practices in restaurant management. The core approach is to simplify your operation and the supply-chain and for this a restaurant POS system like POSqx is one of the best choices. It comes handy to maneuver the restaurant management process. This restaurant management software is very effective for keeping track of sales, managing resources and optimizing the manpower.

It can easily handle large amount of data as compared to any conventional cash register. It comes with excellent scalable features. The POSqx Point of Sale software is mainly used for restaurants with single location as well as for multi-chains. The software is specially designed for casual dining, Bars, Coffee shops etc. with flexible options to customize the various options as well. It has become the Cloud based system for Coffee shops combining the power and flexibility of the Internet with the latest Point-Of-Sale technology from Microsoft.

It is important to keep records of all transactions in a coffee shop, like any business establishment and POSqx will do that for you. A Coffee Shop POS System like POSqx also allows you to keep track of your inventory and raw material, analyzes profit and loss margins, determines your top-selling items, and records hours with wages for your employees. You can always avail the customization service for specific business needs, upgrade the Coffee Shop POS System for free or opt for the prompt technical support.

With the POSqx restaurant POS system, you can easily sell and redeem gift cards and implement loyalty plans to attract new customers and can turn existing customers into regulars. There are also a number of features and services that this touch screen POS software or Coffee shop restaurant software can provide. It is very effective for customer purchase-history maintenance, item sales detail, stock status report and monthly/yearly/seasonal sales data and many more. You can also avail the benefits of the services like,

• Onsite installation and configuration
• Onsite warranty services
• Custom software integration and development

Moreover, you can avail this monthly subscription or rental-based restaurant POS software for a mere $70 or even less.

Additionally, data and sales analysis can be performed with the access of real-time information about sales and inventory. The overall system is very advantageous in increasing the revenue of coffee houses and the productivity of the employees. You will be able to make better managerial decisions and plan accordingly.

Considering the manifold returns on investment in any coffee shop restaurant software like POSqx, it is pointless to use a conventional sales-processing system. A restaurant POS system will surely take your business to its deserved path of growth and prosperity.

Source : Restaurant Management Software And Solution For The Coffee Shop