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This article does a great job of showing the history of the point of sales system and looking at the future of the POS System. Point of sales, or retail transactions, have been around since humans were created. Cash transactions took place between consumers and merchants, and the cash was kept in a box. The cash register, a mechanical cash box, was the first real POS System that kept track of revenues. It wasn't until businesses started using barcodes that the POS really started to change. Merchants could process sales more quickly and accurately. Restaurants were among the first to use mobile POS systems. Staff could process credit cards at the table, and place orders without ever having to write an order down. Apple, for example, eliminates the cash register altogether and handles all transactions from hand-held devices. These new systems of POS reduce labor costs and increase productivity. The elimination of written orders increases the accuracy of servers and gives customers a better quality of service. The future of the POS System is bright. Restaurants have created iPhone apps that allow customers to place their orders before they even reach the restaurant, while others let servers carry around a small computer that allows them to process transactions from wherever they are. Even more advancements are beginning to take place. Encrypted card readers and contact less payment methods will increase the security of mobile POS systems. Eventually a person's cell phone will be able to be passed over a terminal and act as a credit card. These advancements are ultimately to create more time for the guest and the business as well as make shopping more automatic. In today's society where people are controlled by the need to shop, a more automatic type of transaction is the best invention.

This article goes into depth directly within the Malaysian hospitality industry, of using mobile wallet specifically in restaurants. The Malaysian country wants to to only use mobile wallet however the citizens are mostly cash users. Mobile wallet or M-wallet is used on our telephones that hold our credit/debit card information and have the ability to pay services, people and more. It can be used in stores, restaurants, online and through applications. Malaysia would like to shed light on the m-wallet for their country to shift to a cashless society. As Covid-19 is a way for the m-wallet to be more seen and used to prevent cash exchanges therefore preventing spreading germs. It then goes into the theories and hypothesis of m-wallet as a whole; the technology used. There was a total of 450 questionnaires and 413 responses for the data in whether using mobile wallet was efficient and the level of difficulty it holds. While in this day and age we all have the ability to use mobile wallet. I believe this change in Malaysia will attract tourism from Americans being able to use m-wallet. This will then limit the currency change and we will be able to use our phones for payments without having to exchange money and being able to be as contact-less as possible. Now, while I do not know what the effects of Covid-19 have been in Malaysia, if the mobile wallet is now their everyday use. I hope that their shift has started to work and is making progress.

The Florida Theatre had been using standard cash drawers and credit card machines to process their guest payments. They had been having multiple issues as far as cash drawer balancing or credit cards not being read correctly. It was affecting their financial statements. They implemented a new POS system to modernize themselves.The POS prophet systems involved the theatre to have to use less equipment and help keep track of their inventory. The POS system overall was a success for the theatre and showed results of having all the cash drawers be balanced . The POS system handles the theatre's inventory and accounting.

Justifying IT investments is a critical skill for anyone working in technology. It's important to understand the terminology and basic techniques to make a choice to invest a new equipment. Capital Expenditure (CAPEX), Depreciation, Cash Flow, Discount Rate are basic IT investment analysis terminologies. Capital is used to identify a purchase that can be used more than one year. Usually companies will have policies on the useful life of equipment. Depreciation is used to spread the expanse of a capital IT investment over the useful life of purchase. Cash flow means that the movement of cash. And there are cash and non-cash items. Discount rate can be used to account for the fact that a dollar today is worth more than past. There are two simple IT investment techniques, Net Present Value, and Payback Period. Net present value lines up a series of cash flows over time and discounts each to the current period. It take into account the time value of money. It typical to look at cash inflows (saved maintenance costs from retired software), and outflows (cost of the software) over a 3 to 5 year period and discount the net inflow less the net outflow into a single value. Payback period analysis is trying to indicate how long the IT investment takes to recover the cost of the investment. Usually the shorter the payback period the less risky the IT investment

This article is about touch less payments after COVID. It focused on three options: Paying at the table, the value touch less POS brings, and Near Field Communications which is used with Google and Apple Pay.

Unattended POS systems are being utilized in spaces beyond vending and self service. Many industries are leaning towards changing to self serve kiosks and this article explains why and shows for benefits to this system. I have seen this system move from grocery store checkouts to the McDonald's located in a busy beach side town.

the article highlights the benefits of using unattended pos systems and how there is a growing tendency for self service and less face to face interaction in retail and hospitlaity business

"Lower labor costs Fewer order or cashier errors Better space utilization with fewer checkout counters Reduced risk of employee theft due to less cash handling"

This article from the CEO of PayBright discusses the many ways that restaurants can make their POS better at serving its employees. Options such as pre-calculated tip suggestions, flexible ordering options, cash discounts, and gift card management are all ways that more (tip) money can flow into servers' pockets. An intelligently managed POS can lead to happier (and retained) employees and a more efficient operation.

This article will give you the basic skills necessary to evaluate a proposed IT investment.These skills can be used in any industry including hospitality. At the beginning, it explains some basic IT investment analysis terminologies. Then it introduce two IT investment analysis methods: NET PRESENT VALUE; PAYBACK PERIOD. It also contains some link that would teach us how to use EXCEL to calculate data.

This article explains how important it is to analyze and interpret new forms of IT technology to make the best purchase or investment. The articles starts by describing terms used in IT Investment. The first term is Capital Expenditure, which is any expenditure not for the usual maintenance and upkeep of the hotel or restaurant. For example, a Capital Expenditure would be obtaining a new PMS or renovating your banquet facility. The next term is Depreciation, which everyone should know is the amount of money lost on an investment of the course of its life. The third and fourth terms are Cash Flow and Discount Rate. Cash Flow is "the movement of cash in and out of the business", and Discount Rate is "analysis based on the dollar being worth more today than in 5 years". The second part of the article talks about investment techniques used. Many methods are used to help make sound investment decisions like NPV. NPV is Net Present Value, which is an assessment of long-term profitability of the investment made by adding together all the revenue over its life and deducting the costs involved. Another technique used to evaluate an IT investment is the Payback Period. This helps to evaluate how long it will take to make back your initial investment in the IT. The article goes into grave detail on both of these methods and believe this article can be very helpful for hotel/restaurant managers and owners when determining which investment should be made.

The hotel is a perfect place for hackers to attack because they have easy access to retrieve thousands of guest information including credit card information, billing addresses, and much more personal information. Nicholas Percoco, senior vice president of Trustwave's SpiderLabs, mentioned that the credit card and debit card information is the most in demand by hackers because it is easiest to turn into cash quickly. There are three main steps in a typical data breach and how attackers mostly operate at each level: initial entry, data harvesting, and exfiltration. Close to half of these attacks occur via remote access applications, of which 90 percent exploit default or weak passwords. Around 42 percent of attacks occurred via third-party connections; 6 percent via SQL injection; 4 percent via exposed services; and 2 percent via remote file inclusion attacks. Interestingly, less than 1 percent began with an email Trojan. As an IT manager of the hotel, it is crucial to recognize how serious the consequences are for the hotel should the data not be protected well. 

Hey all, here is an article I found that talks about hackers taking over the hospitality industry. It mentions how hackers main objective is to gain access to debit accounts and gain access to customer cash. Also, hackers are also able to infiltrate POS systems along with other valuable technology with in the hospitality industry. Nearly half of these attacks occur via remote access applications, of which 90 percent exploit default or weak passwords, according to the report. Around 42 percent of attacks occurred via third-party connections; 6 percent, SQL injection; 4 percent, exposed services; and 2 percent, remote file inclusion attacks. Interestingly, less than 1 percent began with an email Trojan.

hackers are EVERYWHERE!

The financial crisis of 2007-2008 is considered by many economists to be the worst financial crisis since the Great Depression. It resulted in the threat of total collapse of large financial institutions, the bailout of banks, and downturns in stock markets around the world. The bursting of the U.S. real estate bubble, which peaked in 2006, caused the values of securities tied to U.S. real estate pricing to plummet, damaging financial institutions. Prior to this crisis strategies to develop new hotels or acquire existing assets with a small percentage of cash out of pocket were plentiful. Today to secure funding it may take 30%-40% of hard cash to move a deal forward. The Small Business Administration (SBA) is offering a way to leverage funds at well below market rates for major renovations and new construction with as low as 10% cash down. The catch? Some money-saving energy efficiency or renewable energy measures must be in the mix. Millions of dollars in SBA 504 loans have been available for decades to help small businesses grow. The greening of the program began when the Energy Independence and Security Act of 2007 added 3 public policy goals that could qualify businesses for a loan for construction, renovation, or refinance to: 1.Build a new facility (or retrofit an existing building) that consumes at least 10% less energy. 2.Incorporate sustainable design such as LEED into the new construction or renovation projects or building purchases. 3.Incorporate the production and use of renewable energy onsite for the business and/or for the local utility. Another area the 504 green loan program can assist the hospitality industry is to bring cash to the table for major renovations. Hotel franchise companies have been lenient over the past several years on product improvement, as not many hoteliers have had the financial ability to perform major renovations. In the past several months the need for franchise companies to protect their brand have

This article described the benefits an iPad POS system can offer over a traditional POS system. There are some benefits that I thought were great and can prove to be useful. The remote reporting is great for owners so they can check in without having to actually be there. The system does update periodically throughout the night so when items are no longer available the system will update this will prevent a lot of confusion for both the sever and the guest. One of the best features is the offline mode that allows the system to work even when the wifi goes down, this will allow service to continue which is crucial for peak hours. The cost of iPad system can also be less because updates are automatic and there no need for additional equipment.

It will be an interesting experience that you can place a drink or food order with your special requirements and to pay the bill if using a card by your own iphone, iPad, or Android smart phone? The product, dubbed 'the waiter in your pocket, made this become true. The app uses a cloud-based system, hosted by QikServe, to receive orders, connecting with the restaurant's own EPOS system, so the front and back of the house can view the order as soon as possible. It is time efficient and cost saving. Since it is cloud-based, there are no hardware or software requirements for the operators. Besides the staff costs can be reduced to a large degree because a lot of work can be done by the system. We can also expect improvements in service quality for most of the causal restaurants or chain restaurants. Staff spend more time taking care of  each table with less time spent on ordering and cash handling. The system can help to capture consumer behavior and send target offers to them. QikServe is linked to social networking sites, so we can view feedbacks posted by customers directly. It is a good choice for casual restaurants and chain restaurants to apply this system.

Cloud based hotel software is allowing management for more efficient and affordable results. Hotel management can save on time, training, and cash flow. The cloud computing software enables hotels to construct their own IT infrastructure. This saves them money on expensive hardware equipment. Cloud based reservations are becoming extremely popular because of the customer can directly book a room via the web resulting in direct revenue for the hotel. More hotels are considering cloud-computing solutions due to: * Affordability - Hotels can save on hardware and can save on money being paid to employees to manage that hardware. All they need to focus on is paying for computing power and storage that the hotel may need. * Reliability and Security - Information is stored in the cloud, alleviating management of data being destroyed in a natural disaster or security breach. * Flexibility to operate from anywhere at anytime - A chain of hotels can easily use the cloud technology from anywhere in the world. The future of hospitality industry with cloud technology is moving fast and effectively, hotels want to deliver personalized guest experiences that will ensure customer loyalty. This data can be gathered by cloud technology, via email or reservation bookings.

This article, posted on the Visa website discusses how McDonald's UK plans to implement a new type of payment method for customers. This "cash free" payment methods allows for customers to use only debit or credit cards and pay up to 15 euros. Visa states that it is a quick and easy way for customers to purchase a coffee or lunch at a fast food establishment. As stated in the article, this form of payment helps companies save money with regards to operating costs and improves risk management because less cash is available at the restaurant. In my opinion, I believe this is a quick and convenient way for customers to get in and out of the restaurant - which is essentially what a fast food establishment caters to do. The down side of this new hardware addition to McDonald's is that it may reduce the amount of jobs in each store because the computers will be able to do the work, humans once did.

To me this is just a given. Of course contactless payments are going to increase. They already are especially in big cities where everyone is always on the go. I know that I barely ever have cash on me. I end up having to run to an ATM. Paying with cards is the easiest and an fastest way of paying for things.

I agree with both comments. I just wonder why they cap the amount to £15, which converts to $19.25. Is that to encourage individual transactions? To clarify, the only thing I can think of is they are trying to discourage people from purchasing for others. But that doesn't really make sense since the purpose of contactless payments is increasing convenience for the customer who wants to make on-the-go purchases and thus increasing profit for the business. Just something I was wondering.

Beginning in 2018 the financial accounting standards for hotel business are changing. One of the changes is the way OTAs charge for the rooms. Typically the OTAs operate under two methods the retail model and merchant model. The retail model uses the OTA to reserve the room but the final payment is made to the hotel. The hotel then gives a commission back to the OTA. Under The merchant model the payment is made to the OTA. Then the OTA takes the commission off and sends the remaining payment to the hotel for the price of the room. This comes out as a net transaction. The new standard is saying that the company that controls the transaction for the room has to mark the transaction or sale as a gross transaction. The new model forces the hotels to record the transaction on a gross basis. This can be a big difference for hotels because now they will have to increase the amount of costs and reduce the hotels bottom line.

The article provides a brief history of POS technology in the hospitality industry and studies the pros and cons of its applications in the restaurant industry. The study, published in 2004, focuses primarily on handheld POS devices that allow consumers to place orders and order checks independent of serving staff. The article finds that handheld POS systems have potential in this market to bring additional profits and increased customer satisfaction and loyalty.

This article describes accounting software functions within the Hotel industry. The article states that "Accounting software is used to track the profitability of hotel operations and identify trends in the hospitality industry". It is said that when selecting accounting software, you must identify what results you are looking for from the software; and also the functions that you are able to receive. You must also understand the needs of your property, and industry. The article also discusses various decision criteria, which is a part of the selection process. Some of these criteria's that you must look out for are: annual revenue, budget, location, multiple sites, national or international locations, in-house verses outsource operations. I love the fact that this article also discusses the functions of hotel accounting software. Some of those functions that were stated are: account payable, account receivable, and payroll. The article also brought up some trends about hotel and lodging accounting software. One of the trends that stand out to me was the fact that some companies hand over their entire accounting responsibilities to major accounting companies or, accounting firms; this is referred to as outsource. Having a accounting software is a very beneficial asset for a company.

The hospitality industry has had steady growth, with increasing demands for internal controls and financial accountability. Accounting software is crucial in measuring and tracking the hotel's profitability. Accounting software is used to track the profitability of hotel operations and identify trends in the hospitality industry. So it's important for hotel manager to choose the suitable accounting software. This article tells how to select hotel accounting system properly. Including the decision criteria used in selection process, areas of functionality in hotel accounting software and standards used for accounting and auditing in hotel industry, etc.

Hotel managers are often faced a lot of problem to deal with the accounting system. Now hotel manager can manage all of the accounting responsibilities by use hotel accounting technology. Using Web-based hotel accounting software can save your business money . The functions covered in all of the accounting systems.

Point of sales systems have been increasing popular in all retail and service industries. POS systems help companies integrate their accounting systems, track inventory, cut operating costs and more, while keeping all their company information in one place. Having a dated system in place could potentially cause frustration with the stores customers. Having an older system or cash register in place could cause long lines and inaccurate register transactions like it did for Golden Spoon Frozen Yogurt. Before using a POS system it would take even the most experienced worker 2 minutes or more to process a credit card, now it take 20 seconds. This keeps the lines shorter and the customers happy. There are issues that still arise from POS systems, for example security. One retail store based out of New York City had issues with people hacking into their DSL routers and accessing 3 months of credit card information. This company didn't seem to have any real security in place as far as accessing the system, as all employees used the same password to log in. The company used password policies and tougher procedures with credit cards to beef up security. Another company, also based out of NYC, has seen a faster and easier way to control inventory through the use to POS systems. This system can tell the managers what needs to be repurchased if an item is popular, or what's still sitting on the shelves and not being sold. This helps controls losses at the end of the season with less merchandise needed to be sold at discounted prices. Whether it's a hotel, retail store, or restaurant, POS systems help organize a company's most important and valuable information.

Subsidizing a product to get a long-term use commitment from a consumer base is nothing new; it existed before high tech hardware was made affordable by software or service agreements. Think about the razors you buy, assuming of course that you're not a fully bearded male. The initial cost of the razor isn't all that expensive, but replacing the razors for a month costs upwards of twice the razor itself. And if you've shopped for a printer lately, you know the same strategy applies here. The printer itself isn't the greatest expense over the life of the asset; the ink, which is required and usually specific to the device itself, is where you will spend the most money. The most well known form of subsidization, or at least most glaring, comes from the coupling of cell phones and cell service providers. An iPhone, for example, costs a lot more than most people actually pay for it. The new iPhone 5, the basic version with 16GB will run you $649. Not to mention the cost of new adapters, chargers, cases, etc. However, if you commit to (or renew) a two-year service contract with AT&T, Verizon, or Sprint, the phone itself costs $199. How does this work? The same way the printers and printer ink work. The service providers (i.e. AT&T) subsidize the majority of the cost of the phone in order to lock customers into a contract that ends up costing much more in usage and data charges over the life of the contract. The idea is to make the cost of entry relatively cheap. Then, the cost the company loses at the initial purchase is recouped through purchases, or service charges, over the long term. Unscrupulous? Not really, although some would say so after receiving their phone bill. But that has more to do with not being aware of the stipulations of the contract you sign to get the cheaper phone at the outset. Although I personally find it annoying, I try to look at as something akin to amortizing the asset, and remember that, at least for me, a monthly fee

In this article, mobile POS systems are discussed. Popularity of these devices such as iPad and other tablets are constantly growing. Point of sale computers can cost upwards of $20,000 which is a pretty penny for a restaurant. If restaurants were to switch to tablets and mobile POS systems, the cost wouldn't be the only benefit. With the iPads and tablets, owners and managers can track how many guests enter the restaurant on a daily basis. Inventory is kept up-to-date and is easily accessible for corporations. An interesting point made in the article is "In the same way that some customers continue to write checks in an age of online banking, some merchants will continue to use the older point-of-sale systems out of habit." The times are changing and technology is improving every day. The mobile POS systems allow for small businesses especially to use the money saved for something that can benefit the restaurant- perhaps new equipment for the kitchen. This article describes a program that PayPal recently began to offer. PayPal agreed " to waive transaction fees for the remainder of the year if a business replaces its cash register with an iPad operating PayPal's free mobile-payment technology." The top three tablet POS systems are Groupon, Square and NCR. Each of these have their pros and cons, but over all, they are significantly less expensive than the only bulky POS system.

Being a technology kid it is interesting to see how things use to be even just a few short years ago. The different 10 years can make in the POS systems restaurants use is a huge. As times continue to change, most restaurants will be going from POS terminals to POS tablets. Changing to tablets is much more cost effective especially for smaller businesses that need to save wherever possible. Just like when POS terminals came out, there are now a number of tablet POS systems to choose from. Big companies like Groupon and Square have POS systems created for different hospitality segments. Although there are some wonderful creations with the tablets, this form of technology is not made for every business. It gave an example of a company who opened with tablets but within a year forked over much more for the traditional POS system.