Effect of COVID-19 on POS Market Worldwide

A POS terminal or Point of Sale Terminal is an electronic device which is widely used in retail operations to process card payments. Generally, a POS terminal reads customer data off their debit or credit cards. It also ensures the customer’s bank account has sufficient funds before transferring the funds from their account to merchant account. It also keeps a record of transactions and provides a receipt printout. 

An extensive analysis has come out by the research report of Point of Sale Terminal Market on top market leaders, major drivers, regions and key segments. The experts have come up with a competitive scenario by studying various geographical regions deeply to help top market players, new entrants, and investors to support growing economics. In the report, these insights would help key players to form future strategies and get superior position in the market. 

Effect of COVID-19 on the market

In December 2019, the Coronavirus had affected over 100 countries worldwide when it was declared a global health emergency by the World Health Organization. The global impacts are being felt already and the extended lockdown situation will drastically affect the POS terminal market in the near future. COVID-19 or Coronavirus can hit the international economy in three ways – by creating disruption in the market and supply chain, affecting demand and production, and by financial impact on financial markets and firms. The report also keeps track of the impact of COVID-19 on POS terminals. 

The report states how the POS industry has achieved such great progress over the years with huge developments to boost significant growth in the market. The report has been prepared on the basis of in-depth industry analysis conducted by experts. This report could be valuable for investors, stakeholders, marketing executives, product managers and other experts looking for factual information on demand, supply, and future predictions. 

In the marketing, there was high competitiveness in the market before Coronavirus as the prospects of industrial growth were growing at great pace thanks to the rise in investments by a lot of end users. The industry has seen a lot of vendors making entry into the market and existing ones focusing on scaling up their business. In the POS terminal market, there is an intense competition with several regional, international and local players gaining more and more customers. Currently, the retention ratio is quite stable. Only few players are known to have large shares in this fragment market. 

Some of the leading players these days are Pax Technology, Verifone, Hp, Castles Technology, Cisco Systems, Elavon, Panasonic Corporation, Newland Payment Technology, Touchbistro, Citixys Americas, Zebra Technologies, and more. It is very vital to study the POS terminal market before making any investment. The POS terminal industry has been segmented on the basis of applications, product type and regions on global level. 

Top 10 Best Cash Drawers in 2020

A cash drawer has instantly become the most important asset for florists, small retail shops, cafes, bars and restaurants for increased security. A POS cash drawer has been designed to keep a high amount of cash safely. They also come with keys and they are strongly made. Some cash drawers also have alarms or bells to make a sound whenever they are opened. These sounds can also be deactivated when not required. Here are some of the best cash drawers for you to choose in 2020. 

1. APG VPK-15B-2A-BX 

It comes with 5 compartments for bills and 5 compartments for coins. It is standard-quality and convenient plastic till which supports APG Vasario 1618 or 1616 cash drawer. It is made of acrylonitrile butadiene styrene super durable material. So, it has great resistance and rigidity against impact and abrasion. 

2. Star Micronics CD3-1616 

This cash drawer can hold the currencies of US, Latin America and Canada and it has 4 compartments for bills and 8 for coins. It is loaded with 3-stage lock and dual media slots. It can easily serve retail or hospitality businesses.  

3. POS-X ION 

It is the 4th generation POS cash drawer series by POS-X. With options for 18.1-inch ION-C18 and 16.1-inch ION-C16, it is very affordable and can easily match with under-counter mounting. It has media slots in the drawer for checks, large bills and other documents. It has 5 compartments for both coins and bills each. 

4. APG Vasario Series 

It ensures smooth operation with roller bearing suspension. It has several till styles to meet different currency needs and it can easily hold international currencies. It has a 4-function lock for added security. 

5. POS-X EVO Pro

It is a heavy-duty cash drawer for high volume restaurant and retail operations. It has a shatter-proof ASB polymer till and ball bearing slides. It can meet heavy demands of the POS market and is built to last. It is made of heavy-duty steel to withstand highest pressure. It has 5-bill/5-coin slots. 

6. APG Series 100

It comes with a 16-inch, compact footprint with configurable and deep till. It can easily fit the countertop well without losing storage. It has easy to adjust media slots with ball-bearing slides made of stainless steel and a strong latch system. 

7. Epsilont TSP143IIILAN 39464910 Cash Drawer cum Printer

It uses thermal printing to save more on paper and avoids the needs for using costly ink or toner. In addition, this model has cutting-edge power saving circuits to reduce the power consumption of printers by around 75% than normal Star printers. It can easily integrate with square POS. 

8. STEELMASTER MMF Cash Drawer with Key Lock 

This cash drawer has keyed lock and heavy-duty construction and scratch-and-chip resistant body. This cash drawer is very reliable and can easily deal with daily wear and tear. 

9. MMF Cash Drawer Advantage 

You don’t need a complex setup to run a successful business. It is very strong with superb security. You don’t need a receipt printer or PC to turn on the drawer. It operates manually and is easy to install. 

10. Star Micronics mPOP

It is the best cash drawer for remote operations, even though it is a bit on the costly side. This small package has everything you need for smooth cash flow. It is fast, light and Bluetooth enabled. It works smoothly with Android, Windows, Mac OSX and iOS platforms.

Why should one buy Intuit QuickBooks Enterprise Accounting Software?

Intuit launched QuickBooks Enterprise 2020 in September 2019 and upgraded its existing QuickBooks software. Marketed and developed for growing and non-profit businesses, QuickBooks Enterprise offers end-to-end accounting solutions for accountants, entrepreneurs and accounting firms. It is very powerful and highly flexible software which eases and integrates with plenty of accounting tasks like inventory management, payroll, and accounts receivable and payable. 

Different businesses have different needs and ‘one size fits all’ approach doesn’t work here. So, QuickBooks Enterprise comes with different industry-specific features to meet the demands of most businesses and scale up when required. Here are some of its benefits – 

  • Better Support 

QuickBooks Enterprise offers subscription plans with free track support for one year for accounting software. On the other side, you can get this option as well with Pro software but it is available for one month only. You will need support for several months if you want to switch to accounting software. In addition, Intuit Priority Circle has senior representatives who have deep knowledge and understanding to provide tech support for Enterprise users. 

  • Study Materials and Staff Training 

The software comes with free tools for online training once you buy QuickBooks Enterprise. When using Pro or Premier Versions, you won’t get that many resources. They are very useful with training provided by knowledgeable developers. It also has QuickBooks courses for 1 year available for free. 

  • License to Use Other Applications 

You can easily access other applications with QuickBooks Enterprise edition without any issue. Each application has a free license bundled with the program, including TrueCommerce EDI and Intuit Field Service Management. 

There is no need to install other apps on your own as they are already integrated in QuickBooks Enterprise. When used along with an accounting program, you can have a great edge over the rivals. You can easily manage supply chain, inventory tracking, and payroll with the software.  

  • Processes Larger Files 

The processing power of the enterprise version is really a great benefit. The files of company data vary in size. The Pro version can process only 200MB data and it slows down and crashes because of overload. You can easily process files with Enterprise version with gigs of data. You will be a lot less likely to exceed the size cap as you need to spend less time in order to achieve data to keep the system from crashing. 

  • Increases Permissions 

Permissions come up as a major issue when it comes to choosing vendors. You need to limit access to the users on the basis of security. Enterprise version comes with a new set of security tools for account security. So, it can be a lot easier to assign privileges and permissions with the system.