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Three Benefits of the Latest Point of Sale Solutions




If you have been trying to keep up with the latest technology, you may find that there is so much going on in new innovations that it can be overwhelming. In fact, it is next to impossible to stay abreast of all the newly updated advances different industries around the globe. Even the smallest changes can have a huge impact on your day to day activities and what the world is during to communicate with both internal and external customers. These changes can also positively affect personal choices as well as how retail business transactions are being made. To that end, here are some things that you need to know about the most recent benefits of any mobile point of sale solutions.

Improvement in Customer Experience

According to the latest statistics on mobile technology, the fastest growing technology in the history of mankind is said to be mobile broadband technology. The demand for mobile networks has exceeded other technologies by leaps and bounds, and it is unprecedented. With everyone traveling with their mobile devices to places far and near, the need for speedy transactions and information is no longer a luxury but a necessity. Therefore, the quicker a transaction can be made and completed the better. The use of a mobile POS system in retail establishments across the globe is therefore essential. For instance, with the latest technology, anyone in a hotel can order and pay for drinks when they are in their room or getting a dark tan near the swimming pool.

Customer Sales Increase

Going mobile to increase sales has its inherent advantages. Even when the device that you are using is connected to point of purchase mobile devices, you can do quite a bit of business from virtually any place. For instance, if you are a server in a restaurant, you can take your guests orders instantly, while also, providing other key information and special requests. This information is secured in a database and is readily available for the kitchen staff to respond. With the speed of lightning-quick services and no back and forth physical conversations, the restaurant can get the special requested order to the table quickly and prepare to take more orders from others. This is one of the best ways to facilitate an increase in orders and in sales.

Transactions More Efficient and Accurate

Just as described above in the example referenced, servers in a restaurant can do more business in a shorter time frame, the transactions made are more efficient and accurate. By using POS mobile devices to make transactions, the information that is secured from the database is also more accurate. Therefore, when the accounting team is adding up what the profits are for that night, the information transferred from the different orders is accurate enough to print the totals for the night. This is also one of the primary reasons that these mobile devices can be used in a wide variety of different facilities and operation including numerous retail places.

Michelle has been a part of the journey ever since Bigtime Daily started. As a strong learner and passionate writer, she contributes her editing skills for the news agency. She also jots down intellectual pieces from categories such as science and health.

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How Conventional Scores Are Stopping Most Millennials From Accessing Credit and How One Company Is Changing That




Credit scores are a barrier to entry for just about everything for millennials. Trust Science® is taking new metrics into account to expand access to credit with Credit Bureau 2.0®

What’s Keeping Millennials From Accessing Credit?

The concept behind a credit score seems simple enough. It tracks your credit history to see if you’re someone that a bank or lender can trust to pay back a loan. However, conventional credit scores just don’t account for the way that millennials and Gen Z handle their finances.

Even where a person would be fully capable and reliable in paying back a loan, the lack of an established credit score can prevent them from accessing credit, or at least from getting as much as they should be able to. That leaves millennials without an on-ramp into the modern economy and it can also jeopardize access to other “credit gated” necessities like housing.

The way that conventional credit scores are calculated is complex but boils down to 5 essential metrics:

  1. Payment history
  2. Amount owed
  3. Length of credit history
  4. Credit mix
  5. Hard credit inquiries

You can start to see the issue for millennials when you look at what data goes into their credit scores. For one thing, younger people don’t have a long credit history. Even without other factors, simply being young and only having had so much time to build credit puts them at a disadvantage. However, millennials have also been tending to establish credit later in life compared with previous generations, putting them at a further disadvantage.

The most significant issue here is the credit mix. Different types of credit affect credit scores differently, and millennials generally don’t have a favorable mix. While they might have a credit card or two, they generally don’t have mortgages. These are the most beneficial type of credit to have on your credit report, and millennials really have that going against them.

The student loan crisis also plays a big role. Young people today have much higher student loan debts than previous generations, meaning they have a great amount of credit owed. Not only that, but many can begin to fall behind on payments and see that amount grow. This can quickly send a credit score spiraling out of control.

Student loans aren’t the only threat. When young, some people make poor decisions. They could find themselves making credit mistakes very early on and suffering the fact that those mistakes can haunt their score for seven years in general. That means someone at 25 is still paying for a mistake made at the age of 18, even if they’ve been on the up and up ever since.

It’s clear that conventional credit scores weren’t designed with the current landscape in mind and that young people are being negatively affected. But what exactly can be done about this? One company is changing the way that lenders look at creditworthiness to make it possible for millennials to mitigate these issues.

How Credit Bureau 2.0 Fixes Those Problems

Trust Science is an innovative fintech company that has developed Credit Bureau 2.0, a scoring service that acts as an antidote for lenders, offsetting the problems posed by conventional credit scores. Instead of seeing a lack of credit history, a few negative issues from years ago, or a poor credit mix and ending any credit application, Credit Bureau 2.0 considers a wealth of additional data to generate a more accurate credit score.

Credit Bureau 2.0 expands the data used to calculate credit scores, getting the borrower’s consented, permissioned data and/or acquiring Alternative Data in order to reach a more accurate credit score. For example, those applying for credit can use Trust Science’s Smart Consent™ app to divulge their information safely and confidently to Trust Science, which is working on behalf of the lender that is trying to reach a decision about the borrower. By doing so, young people or other people without a credit history in-country can let prudent financial decisions in other areas of their lives demonstrate that they’re trustworthy for greater credit.

The service is available to a wide variety of lenders, including auto lenders, installment lenders, and single-repayment lenders. It’s in their best interest to find more reliable, deserving borrowers to give loans to, so Credit Bureau 2.0 benefits both sides of the transaction.

Trust Science CEO Evan Chrapko says that “Credit Bureau 2.0 isn’t just about giving borrowers access to more credit than they would have had otherwise. It’s about recontextualizing financial data to give both sides–lenders and borrowers–a more accurate and reliable way to enter into loans in the modern economy.”

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