If you’re currently searching for the perfect place to base your business, look no further than the City of London. The famous ‘Square Mile’ has one of the highest concentrations of world-renowned businesses found anywhere else on planet Earth. By relocating your company into this area, then, you can be sure of the fact that you will be in esteemed company.
Simply rubbing shoulders with other well established businesses, even those that do not necessarily operate in your industry, will give your company the bonafide seal of approval it needs to finally become an authoritative figure. With this enhanced reputation, you’ll find it easier to attract customers, you’ll stand out from the crowd when skilled workers are looking jobs in your field, and you’ll be able to build an optimized brand image for yourself.
Should you decide that relocating your business to London is what is best for business, then it’s essential that you understand the ins and outs of the move. Here’s everything you need to know about moving your company to the UK capital:
The facts
The facts don’t lie — London is full of everything that you need to take your business to the next level! Here’s everything you can find in the Square Mile:
80 million sqft of workspace
17,000 businesses operating here on a daily basis (98% of which are small organizations)
100 gardens, conservation areas, and public squares
Retail facilities and hotels at every turn
A police force and political governing body that works independently
All of this means that you will be surrounded by excellent amenities, first-class transport links, and a plethora of cultural hotspots should you decide to relocate to the UK capital. When it comes to looking for offices to rent in London, be sure to check out Fora. Their co-working spaces and private office environments are designed for businesses that operate in all manner of industries, which means they’ll always manage to find the perfect workspace for you.
The future
You want to see your business flourish in London, which means that you can’t just consider the present-day facts when you’re trying to decide if this is the perfect place to relocate to. You also have to have one eye on the future if you’re to ensure that this city has the capacity to offer you everything you need for the next decade. Fortunately, as always seems to be the case, the future is looking bright in London.
With a transport network that remains unrivalled anywhere else in the UK, a comprehensive telecommunication infrastructure that makes the rest of the world jealous, and a resilient electricity supply that has enough juice to power a whole country, you can be sure that your business will have everything it needs to grow and develop for years to come should you relocate it to London.
If you’re looking to take your business to the next level, then you should seriously consider moving it to London.
Security breaches are a huge problem for businesses, both big and small, and are the most significant sources of financial loss, damage to reputation, and even business closure.
As a business owner, when you put proactive measures in place and invest in business security, from cyber security to retail security. It can save your business from financial loss and all sorts of damage along with potential savings of your dollarflow. Therefore, keeping your business security in check should be on top of your list of priorities in 2020.
This article can serve as a short guide to point you in the right direction.
Monitor and control network access
Through having remote access to your company network, you and your staff can work from home or on the go, saving time and money and increasing productivity. Unfortunately, this can also expose your business to the threat of unauthorised access.
For example, you should provide employees with computers configured with the right software, tools for remote access, and proper security measures so that they don’t use their home computers. Label the company name, contact details and inventory number of all business computers used outside the workplace and install employee time tracking software so that you can easily tell who is online at a particular point in time.
Also, if someone leaves your business, remember to remove all their remote access rights.
Monitor your financial details
These days, a lot of business takes place over the internet and via email. When doing business online, don’t be in a hurry to make payments or approve transactions, or even download financial attachments. First, confirm manually so that you don’t expose your company to online vulnerabilities. This means checking via another channel, by phone, for example, that you are actually dealing with the right party.
You should also have a clear process for how you carry out sensitive business transactions or changes. For example, what is the transactional threshold that will raise a red flag for you or your staff so that a follow-up is immediately implemented?
Using a separate channel of communication to verify a transaction, particularly one that happens by phone or email, will save you from potential security problems. You should also run a business bank account that provides you with all the tools needed to transact securely.
Develop a cyber-security plan
Create and implement a cybersecurity strategy that clearly identifies best practices for every employee.
It’s easy to underestimate how much a cybersecurity program will cost, so make sure that you have a reasonable budget. Begin with a detailed yet relatively simple cybersecurity strategy that clearly explains the company’s most critical cybersecurity needs.
Next, identify and modify existing standards, or develop your own rules, to address unique cybersecurity problems in your business.
Make sure your employees recognise that safety is essential to them and the company, and then clarify to employees the rules and requirements so that they understand the reasons for implementing the policy and the consequences of not following it.
Invest in cloud computing
A good cloud service provider supports the security and stability of your business.
There are many providers of cloud services out there, and you need to make sure you choose the right one for your business. Understanding that they are taking your protection needs and your data seriously is essential. Make sure they can provide you with the kind of services and protection you need before you commit to a particular provider.
Your business needs to consider various security issues when deciding if a cloud service is right for you. You can find a cloud service that will suit your business budget as most of the cloud packages available these days operate on a pay-as-you-use system. They are also easily scalable, so you can add or reduce computing resources as your business growth demands.
Final thoughts
In the past years, a large number of businesses suffered security breaches, and there is nothing to show that 2020 will be any different. However, as long as you can keep up your business security with these and other tips, you will enjoy peace of mind knowing that your business is safe and secure.
Although on the surface tarmac and asphalt look nearly identical, these materials are vastly different. Across the UK, you’ll find both varieties in use on driveways. If you want to repave your driveway, you’ve probably started wondering which one is better. Here’s everything you need to know about both tarmac driveways and asphalt to help you make an informed decision.
All about Tarmac
Tarmac is made from a crushed aggregate and mixed with a tar substance. To lay tarmac surface, you must compact it. It’s then rolled with a powerful device to form a flat surface. In addition to being used for driveways, you’ll also find this material used for payment and roads. Since it’s quick to install, it’s often the choice for fast road repairs.
Tarmac has a reputation for being exceedingly long-lasting. It’s very durable and withstands the weight of many types of heavy vehicles. You don’t have to worry about tarmac crumbling under pressure. This reason is why so many commercial driveways are created from this sturdy material. However, it’s important to note that petrol spills may shorten the lifespan of a tarmac surface.
Learn About Asphalt
Asphalt is similar to the tarmac, but it’s not entirely the same. It’s still made out of crushed aggregate, but instead of being mixed with tar, asphalt is combined with bitumen. The result is something that looks just like tarmac but performs a bit differently.
While both materials are very durable, asphalt is less likely to crack due to extreme weather changes. It can withstand fluctuating temperatures, even during the harshest UK winters. Many road builders prefer asphalt for this reason. They don’t have to worry about as many maintenance needs after a change in the weather.
The Choice for Homeowners
Of course, your needs for a driveway are much different than the needs of new road construction. Here’s how you can decide which material is best for your home.
If you are short on time, tarmac is easier to install. Once the hot liquid is poured on the surface, it only needs to be rolled into place. After it dries, the driveway is ready for use. You can also lay tarmac onto existing surfaces, which makes resurfacing an older driveway a quick and easy task.
You can finish your new tarmac driveway in a single day. Tarmac is also very affordable, primarily when used for small surfaces, such as driveways.
Asphalt requires a little more to install. While asphalt costs less for larger projects—such as roads—if you only want to use it over a small area, it can cost more. It’s also a more environmentally friendly solution. You can reuse asphalt instead of starting from scratch. Tarmac, on the other hand, is not reusable.
Homeowners who want a smoother texture usually prefer asphalt. Because tarmac has larger aggregates, it has a rougher, more pronounced texture. The finish of asphalt is much more aesthetic to many people.
Asphalt is also easy to maintain. It’s simple to clean up spills or repair damage. Paving experts recommend cleaning asphalt with a hard brush at least once a year. Any cracks need filling before they spread.
The Takeaway
The material you select is dependent on your wants and needs. Neither is necessarily better than the other, but many homeowners lean towards asphalt when laying a driveway. It only takes a few days to install and cure an asphalt driveway, and with proper maintenance, it can last for many decades.
Entrepreneurs are responsible for the boost in the creation of new products in the market. UK’s economy depends a lot on the emerging entrepreneurs in that region as their motivation leads to the economic development of the country. For struggling companies, entrepreneurs and small businesses, Amaiz is an amazing option. It has a team of over fifty people with the same goal.
Mission: The goal of this UK-based company is to help the new entrepreneurs and businesses to flourish. It improves banking for start-ups and limited companies. The app works round the clock and gives ideas regarding smart banking. It has unlimited accounting tools that help the newbies in business to establish their work. The app saves all your data into categories and it is kept safe for long. The team of Amaiz understood the complexity of setting up new businesses and created the app according to the problems faced.
The pricing of Amaiz varies with the requirements and it is divided into two parts.
Amaiz Starter Package
The Amaiz Starter Package costs nothing as it is a free trial. The customers get support around the clock and instant notifications for 20p per transaction. Cash flow charts are also available for the clients. Using Amaiz Starter, you can move from your cellphone to your PC and return to the smartphone. You can reorder your card using your phone. The options of freezing and unfreezing of the card are also present in this pack. Free-cash top-ups and free cash withdrawals are offered to interested people. The availability of invoice storage makes this starter remarkable.
The added features of the starter package include the following:
Integration with softwares like Reckon One, QuickBook, Kashflow, etc.
You can categorise your income and expenses through the app.
To measure profit and loss, graphs and charts are available.
Opening of API (Application Programming Interface) is an option.
An additional account for saving your goals is present.
To alert team members, you can post from your account.
Downloading of documents like PDF and CVs and uploading on the account.
Direct storage of receipts in the account.
The pricing is zero for the following purposes:
Monthly charge.
Cash deposit at the post office.
If you get a replacement card.
However, transfer of funds to an account in the same bank or an account in another bank costs only £0.20.
Amaiz Advanced Package
Amaiz Advanced package has a price of £9.99 per month. It has all the features of the starter plan along with some other qualities. Expert accountancy service is present in this plan at all times. If you have any queries regarding your business, you can consult an expert accountant from the team of the hired accountants at Amaiz. He will help you under all circumstances.
Despite all the plus points of the Amaiz pricing, there are some limits too. But altogether, Amaiz starter plan is better than Coconut start or Starling plans.
In times of low interest rates and rising inflation, investors look to non-traditional sources to find investments that will yield large returns. With bank interest rates on cash savings accounts maxing out at around 1.3% these days, it’s no surprise that a few alternative options have started to become fairly popular in the current economic climate.
Innovative finance ISAs, a type of individual savings account, are rising in popularity, particularly as many are seeing returns of up to 7%. Whether 2020 is the year you want to start saving or you’re busy updating your long-term savings plans, considering an IF-ISA as a new investment may be a good place to start.
What Is an Innovative Finance ISA?
Innovative finance ISAs, or IF-ISAs, refer to a specific type of individual savings account that gives consumers the chance to earn tax-free interest through a peer-to-peer lending network. These ISAs pair up willing savers (investors) with individual and business looking to become borrowers
There are many IF-ISA providers in the market, each providing lenders with the chance to pinpoint exactly which industries they would like to invest in. IF-ISAs cut out the middle man (the bank) completely, reducing overheads and leaving leaving room for higher rates of return.
The Pros, the Cons and the Risks
As with all ISAs, there are pros, cons and risk factors to consider when it comes to IF-ISAs. Detailing a few allows us to get a holistic sense of IF-ISAs in general.
The pros of innovative finance ISAs
On average, IF-ISAs earn higher rates of return (often more than double) than traditional savings accounts.
The IF-ISA market is relatively new so it has low entry barriers. This ensures a multitude of investment options, as well as various competitive rates from possible providers.
For basic taxpayers, the first £1,000 of interest earned through an IF-ISA is tax exempt. Higher rate taxpayers are offered £500 tax-free interest earnings. This amount can be reinvested right away, which will compound your earnings.
If you are a company and you are making regular payments into an ISA, this may reflect well when it comes time for financial expansion in the form of secured-business, or revenue based loans, especially if your company is utilising open banking software to track your payments.
The cons of innovative finance ISAs
Consumers are only allowed to open one new IF-ISA with a single provider per tax year. There is also a yearly cap of £20,000, which must be spread between all ISA types owned.
IF-ISAs invest in different loan categories, so it can be hard to predict how loans will perform. This is mostly because there is little historical data to use as a reference.
Other types of ISAs offer fixed returns (cash ISAs) and FSCS protection (as with stocks and shares ISAs), but IF-ISAs offer neither. Returns can vary and if the provider goes under, your money goes down with it.
Keeping these pros and cons in mind, IF-ISAs are generally considered to be medium to high risk investments. A convenient way to mitigate this is to secure an investment against a fixed asset, like a house or a commercial building, and to start investing with a small amount, growing your portfolio over time, rather than investing everything in one go.
How Can You Invest in an Innovative Finance ISA?
Opening an IF-ISA account is a relatively straightforward process that should only take a few minutes to complete. Once your IF-ISA provider has been chosen, the first step is to complete a registration form on their website. You will have to provide your name, email address and a secure password.
With some providers, there may be an option to register as an individual or as a company. If this is the case, ensure that names given match up with existing ID documentation (for individuals) or with the registered business name (for companies). Applicants will need a valid UK bank account to qualify, as well as a valid photo ID. Some providers may perform a credit check, though this is not always a requirement.
After registration is complete, you will gain access to an online portal that will allow you to transfer of funds from the bank to the IF-ISA provider – and just like that, your money is invested. Voila!
A View Towards Saving For the Future
It’s never been easier to kickstart a savings plan, and by beginning with an IF-ISA, it’s possible to start investing tax-free as early as today. Over 10 million households in the UK having no savings so there has never been a better time to start prioritising your savings account, particularly in the wake of relative uncertainty around Brexit and economic performance.
You only need a small portion of funds to get started, then you can begin monitoring your progress carefully, investing more as your confidence grows and ultimately developing a well-oiled personal savings strategy.
Every year, whenever people are eyeing up a major purchase or upgrade, they’ll pad their savings account until winter rolls around. Winter has become the sales season, with November through to January being the platform for many of the year’s most advertised and highly-anticipated offers.
It’s a crazy frenzy that’s centric to a national holiday in the United States, an originally Christian holiday, and the start of the new Gregorian calendar. While many of the sales of this huge shopping window are coming to a close, many industries layout promotions throughout the year – you just have to know where to look for them.
Finding the best deals from November to January
While the adoption of Black Friday in the UK was quite recent and only really became a fully-fledged event in the last few years, it is now utilised as a sales day by many of the biggest brands that offer their wares to the country. So, in preparation for catching some bargains, people in the UK, around October time, find themselves searching Google to find out when Thanksgiving is and when Black Friday will start – it’ll be on 27 November in 2020.
Amazon puts on a big sales event each winter, encouraging people to explore the website with this advertisement.
Black Friday 2019 featured deals such as a 75’’ 4K Philips TV reduced from £1499 to £899 at Currys, Apple MacBook Pro cut to £2179 from £2399 with BT, and an Xbox One X Forza Horizon 4 and Lego Speed Bundle only costing £299 instead of the £440 tag price at John Lewis. The main theme tends to be tech, but many retailers spread into other regions, as Amazon does with their Black Friday events.
If Black Friday wasn’t difficult enough to navigate, Cyber Monday kicks off on the Monday after Black Friday – 30 November in 2020. Cyber Monday is now effectively just an extension of Black Friday, with a focus on eCommerce sales. Some of the top offers on in 2019 included a £22 Amazon Echo Dot from Amazon and Apple AirPods with Wireless Charging Case from £139 from Argos.
There’s no rest from the sales, though, with some retailers putting on promotions and offers in the running to Christmas to get some late sales on the books.
After the respite of Christmas Day, the sales rush gets underway again on Boxing Day. This is closely followed by the January sales event, which is the traditional sales window in the UK, with some of the promotions combining them together with the Boxing Day sales. This year, big discount events like up to 70 per cent off at H&M and the Superdrug up to 50 per cent off sale were among the headline acts.
You’d be hard-pressed to find a leading retailer without a selection of big money-off deals during these now-staple sales windows, which can make it difficult for people to find the best deals on the day. There’s also the problem that many people simply don’t know until the day what will go on offer, so they don’t really know how much money they need to save. This is amplified by many retailers keeping their on-sale stock secret until the day to drive traffic.
Sales window closing, but there are plenty of offers to claim
Supermarkets are continually changing their offers and putting items on sale.
For big-name retailers, participation in the various winter sales has become more of a practice spawned from conformity than anything else, and for most, it’ll be their main sales event of the year. However, other big-name shopping brands are more than happy to stage their own sales events at other stages of the year.
Each year, at the exact opposite end of the year to that of Black Friday and the January sales, Amazon stages a massive sales event called Prime Day. It started on 15 July last year and will take place from 13-14 July in 2020. As if Amazon Prime customers didn’t get enough with the same-day conveyance, music platform, and video platform, Prime customers also get an exclusive sales event in the middle of the summer.
Outside of major sales events put on by some retailers, in other industries, sales and promotions have become such an ongoing feature that many people forget that they’re continually in the works. The most glaring example is in the iGaming industry.
As the scene is so incredibly competitive, brands need to find ways to stand out, with the promotions and offers pages being the primary battlegrounds in iGaming. You’ll see everywhere that online bingo brands will offer welcome bonuses and specialised sections for newcomers, otherwise known as ‘Newbies Rooms,’ but some go further to continually offer ongoing bingo promotions to existing players after they claim the welcome bonuses, such as mystery jackpots, reward tokens, free games, and Birthday bonuses.
Another obvious industry where offers are on the go at all times is in the supermarket industry. Due to the rise in prevalence of price comparison websites, big supermarket chains have almost been forced to battle it out on the offers front with their big-brand items. The practice has become so engulfing, in fact, that even the most premier of high-end food retail, Marks & Spencer, has launched a new line of value offers.
The future of deals and promotions
While a huge number of major outlets putting out offers at set times of the year can’t be a bad thing, it is very difficult to navigate the sales and work out the best offers. Some people even get so wrapped up in the events that they just end up buying things that they don’t really want or need.
The future of such events is in software which can not only streamline the process of finding the best offer during sales events but also throughout the year. This is why the browser extension Honey looks to be such an exciting prospect for online shoppers.
Honey has been reviewed quite well but does have its flaws. Its strengths are in its ability to search databases for coupons and purchase drops automatically, but it has also been noted that it doesn’t always find coupons. There’s also the additional flaw that Honey doesn’t have an app and is only for computer shopping.
Honey claims to help people to find the lowest price when shopping online.
Anything that can help co-ordinate shoppers during clustered sales periods and direct them to the very best offers has to be the future of deals and promotions. This sector would also possibly help to reduce prices further due to outlets competing to be at the top of one comprehensive list per item.
While many people have become accustomed to saving for the winter sales window, others understand that there are plenty of promotions and offers to be found every day.
If you’re new to forex trading then one of the most important early decisions you’ll have to make is which trading type is the best fit for your lifestyle and personality. Some forex trading styles rely on split-second decisions and constant monitoring of the market, while others are far less intensive and can more easily fit around your existing professional commitments.
In this article, we’re going to take a closer look at two of the most common forex trading types to see if either of these strategies could be the perfect fit for you.
Which Trader Type Suits Your Personality?
Each trader type has a distinct set of attributes that you may already have. By aligning your competencies and traits with the requirements of different trading strategies, you can give yourself the best possible chance of forex trading success.
Scalper Trader
Scalper traders, also known as ‘scalpers’, are a unique group of traders who take a very short-term view of the market. They can conduct dozens or even hundreds of transactions with the aim of making a small profit on each trade that will ultimately add up to a substantial gain.
This trading type requires individuals to monitor the market constantly to identify new opportunities and determine when it’s the right time to get in and out of a position. This can be very time consuming, with traders often glued to their computer screens waiting for the slightest moves in the market.
The fast-paced nature of this trading strategy means scalpers tend to be high-energy individuals who think clearly under pressure and have the temperament to handle high volumes of trades. They are also confident decision makers who can react to market moves in a matter seconds to maximise their profits and minimise their losses.
Discipline is another important characteristic of the scalper trader. With so many decisions to make, scalpers often apply a rigid system to evaluate price action, with strict entry, exit and risk management parameters to ensure that winning trades outweighs losing trades over time. Get it right and this trading strategy can bring substantial rewards, although its fast-paced nature also makes it particularly risky.
Event-Driven Trader
Event-driven forex trading is a strategy that attempts to take advantage of periods of volatility following a major economic or geopolitical event. That can include elections, monetary policy announcements, economic statistics and much more. Two examples of such events are the ongoing Brexit negotiations, which are causing turbulence in the markets on a seemingly daily basis, and the recently escalated conflict and tension between the USA and Iran.
An event-driven trader must spend a considerable amount of time staying up to date with global and local events and be able to analyse how those events are likely to impact the financial markets. If you’re someone who enjoys keeping up to date with global news and has an understanding of the economy, this could be the trading type for you.
Event-driven trading is another inherently risky strategy. That’s because traders must draw their own conclusions about the impact an event will have, often going against market consensus. That means event-driven traders must be confident and informed enough to make their own decisions and rely on fundamental analysis rather than technical charts to determine their positions.
Other Trading Types
These are just two of the most common forex trading types. If you don’t feel like you’re a good fit for the scalper or event-driven strategies, take the DNA FX quiz from DailyFX to find the most appropriate trading type for you.
Although a forex trading strategy that’s well-suited to your natural attributes can put you on the right path, there is still no guarantee of success. However, when combined with intelligence, gut instinct and comprehensive research, it could help you build consistent account growth.
Are you looking for a new car but worried you won’t be able to afford a decent model? Car leasing could be a great alternative.
There are a lot of benefits which come from leasing, making it a potentially great investment. However, it’s also important to understand the potential cons of leasing a vehicle. So, to help you make the best decision, below you’ll discover some of the pros and cons of leasing and when you should consider it.
The pros of leasing a car
There are a lot of pros of leasing a car rather than buying one. Firstly, you won’t have the same level of down payment to make. You’ll typically pay a small deposit, then make the rest of the repayments monthly. So, you won’t need to scramble together thousands of pounds to get the car you want.
Depending upon your credit history, you can also lease a car with affordable repayments. The amount you’ll need to pay will depend upon your credit rating and the model you’re looking to lease. Another benefit is the range of models open to you. When you’re buying a new car, you might not be able to afford a fancy model. However, if you go through ZenAuto, you’ll find a wide range of luxury models available to lease at an affordable cost.
Finally, a pretty great feature of leasing is that you don’t need to cover the cost of repairs. Provided an accident wasn’t your fault, the company will take care of the repairs for you. In conclusion, it is worth considering the wide variety available in the markets. Even when you’re after a used car, never get short on asking about the model. You wouldn’t like to miss a great deal for you in its optimal condition. And for sure, these are DCIV Transit Dealers, among the best to choose from.
The cons
There are a few disadvantages of leasing over buying. Some companies may restrict the amount of mileage you can do for example. Also, if you have a poor credit rating, you could end up paying a high interest rate.
Another thing to consider is that you won’t own the vehicle at the end of the lease period. However, this can be a good thing if you want to change models every three years. You can also find lease agreements which enable you to buy the car at the end of the lease.
As you can see, there are pros and cons of leasing that you need to familiarise yourself with before you decide if it’s right for you. For many people, leasing can be a great option, enabling you to get the model you want at a fraction of the initial cost. However, it is still worth considering the potential downsides too.
Don’t Want to Lease a Car? Have You Considered Equity Release? (TITLE)
Did you know that releasing cash through equity release is a way to get extra cash to fund a new car purchase? In fact, it’s one of the most popular uses of equity release! So if you’re over 55 and don’t want to lease a car, why not release some cash to buy the car of your dreams.
Choosing technology for your business can feel like a daunting step. After all, it could make or break the way your business is run. No matter what industry you’re in, it’s important that the right technology is implemented to help the day-to-day operations of your business; not hinder it.
Whether it’s optical technology for opticians, or financial technology to help accounting departments, modern advancements are now available that can bring a wealth of benefits to your business.
Here we’ll take a look at some of the best advice in choosing the right technology.
Understanding what your business needs
You can’t implement any kind of technology until you have a full picture of what your business needs. The most up to date technology can elevate your business, so long as it will help to streamline processes and make tasks more efficient.
With this in mind, consider carefully what could be improved in your business with the right tool. Technology can work wonders in regards to differentiating you from your competitors, and making a great first impression on your customers.
Technology can help your business grow and ensure you continue to be innovative within your industry. It can be easy to get left behind.
Identify where your business is lacking in a technological input, and then research the feasible options.
Do your research
Research is key when choosing new technology. You should be confident that it can solve the problem at hand, and that it will provide a helping hand to your staff and even customers.
In the healthcare industry, researching the right technology is crucial, with different devices able to provide benefits like accurate measuring, diagnosis and demonstration of treatment. Many modern optical instruments can now offer automated operations for precision and less room for error.
Consider the implementation process
When choosing new technology for your business, it’s not just the technology you need to think about. Any technology needs to be integrated into your business carefully, and this can be a crucial step. Will the process disrupt your business? Consider having a professional to implement your new technology, whether it’s a business-wide system or a new machine.
The set-up of your technology is hugely important in ensuring everything runs smoothly.
Train your staff
There have been many instances where businesses will implement new devices, but a lack of training means staff aren’t confident about adopting them. This can lead to new technology sitting redundantly within your business, instead of being utilised efficiently.
Take time to train your staff when any new technology comes in and ensure they feel like experts running it; this will be noticed by your customers no matter what industry you’re in, whether you need to achieve efficient distribution of invoices or dispensing accurate prescriptions.
Business owners once looked forward to the sound of a cash register. While traditional cash tills got them this far, the commerce landscape is shifting—and the way merchants transact with customers must keep up with the changes. Now, business owners are more likely to see a checkmark on a screen noting a successful payment instead of hearing a dinging sound.
Electronic point of sale systems have grown in popularity in recent years. Not only are they more practical in all the functions traditional registers perform—also called “legacy” POS systems—they offer a broad range of useful capabilities that give merchants a more comprehensive view of their businesses.
Some ePOS systems run locally, but an increasing number take advantage of the cloud. So many of retailers’ favourite choices are cloud-based that it seems as if the cloud is where the technology’s future lies. Is this the case? Trends suggest that the answer is yes.
The trouble with traditional systems
Traditional POS systems entail stationary equipment that runs on closed networks and store data on local servers. Installing these terminals can take weeks due to the necessity for networks to be on-site and the amount of hardware involved. Once they are in place, they are complicated to update—which means that it’s challenging for businesses to adapt to customers’ needs and preferences.
Cloud-based systems, however, store data on remote servers, so business owners can access information from internet-connected devices. While many retailers have been skeptical of cloud-based networks thanks to their potential for hacking, software providers regularly update their systems and back everything up to protect clients’ data and prevent successful cyber attacks.
ePOS systems enable greater mobility
Cloud-based ePOS systems don’t need nearly as much hardware as traditional cash registers. While the latter are bulky and cumbersome to move (which is essential for businesses that operate on-the-go, such as food trucks, vendors at farmer’s markets, and nonprofit organizations that host events in different venues), ePOS systems only need a device to run the software—such as a tablet—a credit card reader, a cash drawer, and maybe a few other pieces, like a barcode scanner or receipt printer.
As such, retailers are able to branch out from their physical locations. Even in-store, employees are no longer confined to a counter, so they can roam the area and check out customers wherever they happen to be. Enhanced mobility reduces the time customers spend waiting in line and increases the places retailers can do business.
Streamlining operations
Cloud-based ePOS software is designed to work rapidly, so depending on the internet connection, merchants can have customers in and out as quickly as possible. Customers don’t appreciate complicated checkout processes when all they want to do is pay for their products (with any applicable discounts) and leave, so they won’t depart with a sour taste in their mouths if checkout flows smoothly.
Aside from customer-facing perks, ePOS software can help streamline behind-the-scenes operations. For instance, many systems include inventory management capabilities. Every time a customer purchases something, that product is automatically subtracted from a built-in inventory database. This way, business owners and staff always know how much of every product is currently available, and they avoid the risk of overselling.
Inventory management software needs to be a separate application when using traditional systems. Merchants need to update both manually, which presents the risk of human error and data inconsistencies. By having inventory and a POS system working together, retailers will benefit from having an eye on every change their business experiences in real-time.
Easy access to customer support
Because most retailers purchase a cloud-based system from a third-party provider, they have access to helpful customer service. Not customer service to provide to their customers, but for them. If an issue arises, a merchant does not need to test the problem themselves or hire someone to come fix it—they simply need to call the provider, who will walk them through the solution and assist with any technological malfunctions.
The cloud enhances connectivity
What if a retailer has multiple locations? Instead of each store depending on its own local network, a cloud-based system can connect them all. Business owners can glean insight into which sites perform better and why. If they each execute a different strategy, an owner can apply the effective ones to every location and learn from the mistakes of the others.
Because a cloud-based ePOS system relies on software, merchants can easily install it on any device they want, including their personal phones. They can check-in and manage aspects of their businesses while they are off-site.
ePOS zystems come in multiple forms, but its future lies in the cloud. How do you foresee the future of cloud-based payment software?
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