Cash Drawer with Built-in Functionality Generates New Revenue for ISVs
As a new, lighter POS approach emerges, Point of Sale (POS) solutions no longer must depend on PCs to operate. Depending on a system’s configuration, the new POS model can leverage thin clients such as tablets and handhelds, giving the cashier the freedom to transact business at the point of decision with fluidity.
As POS choices increase, thanks to the Thin-bility model, business owners need information about those choices and how they best suit their needs. This opens significant opportunities for ISVs to help clients weigh options and make decisions. And in helping their customers, ISVs will help themselves.
For one thing, ISVs stand to widen their market reach and increase profits with customer POS systems with IP-enabled cash drawers. The drawers have built in functionality that ISVs can leverage as revenue generating services. Functions include monitoring and remote control capabilities that enable exception management by alerting managers to unusual events. For instance, if a clerk opens a drawer manually, when it is supposed to be opened remotely from a workstation, the system captures the unusual activity and notifies a manager, who can then determine if the exception was legitimate or ill-intended.
Data also is generated on when a drawer is unplugged, moved or opened by someone who is assigned to a different drawer. These types of data, when used for reporting and analysis, can help improve operations and correct bad habits. ISVs looking for recurring revenue can build services around these functions by taking data and delivering it as reports to clients periodically to help them run the business. ISVs can offer periodic system checkups, reviews of the data, and recommendations for business improvements.
Understanding Customers’ Needs to Make Better Cash Drawer Selections
It’s true that consumers increasingly rely on plastic, but depending upon the vertical, cash still accounts for between 30% and 45% of all global POS transactions. This combined across the US, EU and British markets results to about $4 trillion plus of hard cash currently in circulation. This means businesses still need to be able to handle cash, which in turn means that any POS system must include at least one cash drawer. With that in mind, ISVs must give the cash drawer serious consideration when developing, configuring and deploying POS solutions.
In the development phase, ISVs typically consider client requirements such as loyalty rewards programs and discounts, access to customer histories, suggestive selling, real-time inventory links and payment cards. In fulfilling all these requirements, it’s easy to overlook the cash drawer. That, however, would be a mistake since there is a wealth of cash drawers from which to choose, as well as multiple options for how to connect them to other components — whether wirelessly, through a printer, or through USB. To ensure they can assist their customers in choosing the best solutions for their needs, ISVs should learn about cash drawer options and avail themselves of cash payment related opportunities.
Whether business owners opt for a Thin-bility solution, a traditional POS system, or a hybrid, they might be tempted to give little thought to the cash drawer, not realizing how many options are available. It is, therefore, up to ISVs to educate themselves and their clients – the business owners — on cash drawer options including store traffic, types of payment accepted, security, aesthetics, store layout, and compatibility with other POS components.
Drawer configurations vary widely. How many and what type of compartments should a cash drawer’s tray have for cash storage, non-cash storage, frequency of currency reconciliation, and manual or electrical access the drawer? These considerations are important as businesses search for answers to their POS challenges. With this in mind, ISVs need to make sure when designing POS systems that they consult with clients on which drawer features and configuration best meet their needs.
A key step for ISVs in planning a POS solution is figuring out how to connect the various components. In PC- centric solutions, everything is either run from a PC or a server, but the Thin-bility model offers multiple connectivity possibilities.
ISVs must consider technology capabilities, budget, store layout, number of cash drawers, and drawer control. In a pure Thin-bility setup, all POS components operate independently, without a PC or server controlling the system. IP enabled drawers linked wirelessly to tablets, printers, and card readers can be operated from the tablets.
IP drawers are preferable when the POS workstation is a thin-client device, such as a tablet, with no ports for peripherals or where such a physical connection limits the truly mobile transaction. USB-connected drawers make sense for businesses that use PCs as POS workstations and don’t want to rely on the printer interface to control the drawers.
APG Cash Drawer Commits to Technological Innovations & Value-Added Customer Services
APG Cash Drawer leads the industry in IP-enabled cash drawer innovation, offering multiple cash drawer configurations and connectivity options. Customers can choose between standard and heavy-duty models, and a wide range of till configurations, currency storage, and drawer formats, such as lay-flat, flip-top, vertical or inclined.
Whether customers prefer the traditional PC-centric approach or the Thin-bility model, APG has a full complement of USB-connected and IP-enabled cash drawers for their requirements. APG’s fully customizable cash drawers offer programmable features that provide convenience and flexibility to clients, and service and value-add opportunities for POS dealers.
Helping Our Customers, We Grow Together
With every emerging technology, customers hear about it but don’t necessarily know how it can help them. Such is the case with Thin-bility, which offers unprecedented levels of flexibility, manageability and affordability to retailers, grocers, restaurateurs and hospitality operations. Customers need help from their POS dealers. Those who are ready to help clients select the right cash drawers and connectivity setups stand to benefit by strengthening their relationships for the long term.