Cash or card! Global Retailers Linger on Paper Over Plastic!

Chennai, India, 2018-Jul-23 — /EPR Retail News/ — Retail businesses, irrespective of size, accept payments through multiple modes (cash, card, mobile, internet banking, wallet, etc) but still many of them prefer cash over card to avoid regulatory complexities and hence devoid customers of their shopping rights and experience.

man in suit giving 1000 dollars another man

According to a survey by TD Bank recently, globally 70 per cent of SMEs prefer cash and cheques over card or online transactions. Though handling physical cash or cheques may be difficult, still cash rules in most of the Point of sale (POS) counters across several advanced countries in US and UK and developing countries like India and Brazil.

Retail experts agree that global POS market is still remain scattered and needs to be organized with the help of advanced technology. While the data has revealed that about 20% merchants use traditional POS systems, cloud-based POS systems by 17% while 24% retailers accept online payments.

Earlier, researches on global retail industry had indicated that though merchants and consumers were inclined to use new retail (POS) technology, they preferred cash to other mode of payments.

Consumer preferences and governments’ initiative to support cash-less payment have compelled retailers to accept all forms of payments, says Doug Mearkle, a senior official from TD Bank, which surveyed over 600 small retailers to understand how they are responding to modern transaction systems, cloud-based POS technology, cashless payment options and receptive to innovative ideas. The business owners surveyed were chosen from across fast growing economies and belonged to industries such as health care, retail, construction and entertainment.

TD Bank has indeed used the survey to create awareness among the merchants as to how various payment options and POS applications can be integrated in a single POS system to enhance business growth and effect customer experience.

Bhaskar Venkatraman, CEO and Director of Millennium India

As far as India, the digital payment system is fast catching up though there are still some teething problems such as inhibition to shift from conventional to modern business system, acceptance of card payments due to high transaction charges and low penetration of debit/credit cards and online payment options among rural folks.

“POS applications can be integrated into a single system to provide small business owners a potent tool which can perform multiple functions and offer several researched data which they can use for business betterment. Modern POS systems can provide some crucial business data which retailers can’t get following traditional methods,” says Bhaskar Venkatraman, CEO and Director of Millennium India, a pioneer in introducing POS technology to Indian retail merchants.

For example, a small retailer who sells grocery or ready-made clothing can forecast daily sales and plan to improve sales and profitability. An integrated POS can help him to decide on staff strength on particular day or occasion, understand the inventory position or requirement, number of customers visiting the shop on daily, weekly, monthly or yearly basis and individual customer’s buying pattern.

Though small-business owners are aware of the new features and advantages, but still there are some misconceptions and inhibitions which stop the majority of them from adopting the POS innovation, Mearkle concludes.

So to say, it is difficult to “cash” on the modern POS technology to improve business by some retailers!

 

For Media Contact

K Ramanathan

Editor-Media coordinator,

Justransact.com & Millennium India,

Millennium Re-tech Ventures India Private Limited,

G-19,2nd Floor, Block-16, 2nd Main Road,
Ambattur Industrial Estate,Chennai-600 058.

Website: https://www.justransact.com/

E-mail: ram@justransact.com

India Should Reduce GST on Point Of Sale Devices to Encourage Digitalization: Millennium

Bhaskar Venkatraman

Chennai, India, 2017-Nov-16 — /EPR Retail News/ —  Ever since the Indian government introduced the ‘historic’ Goods and Services Tax regime from July 2017, there have been frequent announcements for revision of rates for several items by the GST council owing to pressure from public, traders and political spectrum.

However, there are certain items which are still in the bracket of 18 per cent and 28 per cent, which, according to experts, will do no good for the government’s grand initiatives towards cashless economy and digitalization of all transaction activities.

For example, most of the Point of Sale (POS) devices are still in the higher rate of GST. While POS devices such as POS terminals, barcode scanners, barcode printers, mobile printers, receipt printers, etc are placed at 18 % slab, POS consumables such as paper rolls, ribbons and inks and also POS accessories such as pole display, cash drawers and magnetic stripe readers are still in the highest slab of 28%.

Bhaskar Venkatraman

Bhaskar Venkatraman

The higher GST slab for POS products and accessories will discourage retail vendors to go for digital transformation, feels Bhaskar Venkatraman, the CEO and Managing Director of Millennium India, a pioneer in introducing POS machines to retail businesses in India.

“The government’s digitalization move can bear the fruit only when all retail businesses, even in the remotest corner of India, automate their store by digitalizing their business operations moving out from the traditional and obsolete transaction methods. But the high GST slabs on various POS devices is a big discouragement for it. Hence, the GST Council should reduce the GST for all the POS items and accessories and also reduce the burden on importers by slashing the import duties, as majority of POS payment terminals, barcode printers, scanners and other supportive devices are being imported to India,” feels Bhaskar, who launched India’s first ecommerce portal ‘Justransact’ in 2014 exclusively for point of sale electronic items.

Even the nominal bank transaction charges for card payment at Point of Sale are scaring away retail vendors to adopt card payment option. Some of them, who have installed POS payment devices at their shops, are simply passing this burden to customers.

Post demonetization, cash still remains the major source of transaction even after one year of its implementation, though there has been phenomenal increase in card transactions. GST, which was intended to bring uniform tax regime, has so far not created the required impact among trading community as almost every week there have been some changes in its implementation or the rates.

“It is too early to suggest the impact of GST on the businesses or the economy. For any major reforms,  there will be issues which need to be addressed, and I think, the government is doing the right thing by revising the GST rates after getting feedbacks from various quarters. In the same line, 18 and 28 per cent GST for POS machines are too high to be absorbed by retail vendors. On the other hand, lower GST for POS devices will further trigger the growth of the Indian retail industry, which is currently the fastest among the Asian peers,” concludes Bhaskar.

For media contact:

K Ramanathan

Editor and Media Coordinator,
Millennium Soft-Tech (India) Pvt Ltd
ram(at)justransact(dot)com,
G-19,2nd  Floor,Block-16, 2nd Main Road,
Ambattur Industrial Estate, Chennai-600 058.

 

Millennium India Bags Best Partner Award from Honeywell

Chennai, India, 2017-Mar-13 — /EPR Retail News/ —  Leading POS technology provider Millennium Soft-Tech India has bagged the “Highest Growth Partner Award for 2016” from the multinational conglomerate  Honeywell India.

The award was presented to Millennium India, a pioneer in introducing Point of Sale (POS) technology products in India, at the recently held ‘REIMAGINE 2017 Leadership Forum’, an annual partner conference hosted by Honeywell Safety and Productivity Solutions, in New Delhi.

Honeywell India team presenting the award to Mr Bhaskar Venkatraman at the REIMAGINE 2017 Leadership Forum event held in New Delhi. Millennium Director V Nandakumar (second from right) also attended the event.

 

The event was held in an effort to unite top leaders from Honeywell’s strong network of channel partners and distributors in India.

Commenting on receiving the coveted award from world’s leading engineering giant, Bhaskar Venkatraman, the CEO and Director of Millennium India said: “It’s a great honour to receive from the technology major with whom we have more than a decade of successful association. Honeywell, with their innovative and customer-centric products, has played a key role in automating retail sector in India.”

“With diversified industrial automation products, Honeywell has broken into many applications simplifying several core operations. For Point Of Sale applications in particular, Honeywell has been offering wide array of technology products which have revolutionised several core industries like healthcare, automobile, hospitality, retail businesses, food and beverage, transport and logistics, to name a few. We look forward to have even more stronger ties with Honeywell in the years to come and would like to see the Brand becoming synonymous with every retail business,” he further said.

For retail and non-retail sectors focusing point of sale and other applications, Honeywell has been the leader in providing several innovative hardware products like area imager scanner, barcode scanner, barcode printer, POS hand held terminal, laser scanner and linear imager scanner.

The partner conclave was a unique opportunity for Honeywell India business leaders and its partners to make deeper connections within the business and new relationships among its broad partner network, a top Honeywell official said.

Round table discussions, industry presentations, and networking sessions were attended by key customers, partners, and top SPS India and global leaders at REIMAGINE 2017 Leadership Forum in India.

 

Media Contact

K Ramanathan

Media Coordinator

Millennium Soft-Tech India Pvt Ltd.,

ram@justransact.com

+91 9384612789

Goods and Service Tax (GST) can Alter Economic Prospects of India: Industry Experts

Chennai, India, 2016-Aug-12 — /EPR Retail News/ —  The long awaited Goods and Service TaGST1x (GST) has passed the last mile hurdle with country’s upper house of Parliament clearing the Bill on Wednesday, after much deliberations and amendments to appease the strong opposition. How does this tax reform going to benefit the retail sector which has been making a strident growth and become one of the fastest growing sectors? JusTransact.com asked a few industry veterans about the pros and cons of GST implementation. Excerpts…

Baskaramoorthy.jpgBaskaramoorthy, VP Sales, Posiflex India: “End users might end up paying additional taxes if percentage of taxes under GST regime is increased from the current VAT level. However, it will help traders and manufacturers to leverage business across India with effective supply chain and distribution of products.  The biggest relief is that GST will do away with the current C-form and interstate forms which are presently collected at the end of each year.”

BhaskarBhaskar Venkatraman, Director, Millennium India, a veteran in Point of Sale technology in India: “GST in the present format is going to benefit the economy, businesses and consumers alike. As it is going to replace 17 indirect taxes, tax procedures will be more simple and transparent. Apart from pushing up tax revenues, the corruption at check posts and slow-movement of trucks will become the things of the past. Since calculation of tax is going to be uniform across all states, finance people will heave a sigh of relief as they no longer muddle with complex forms while dealing with inter-state goods movements.”

AntonC Anton Jabadurai, Country Head, Bixolon India: “GST will facilitate the possibility of automation in tax calculation and goods processing, which will increase the requirement of POS hardware across India. Apart from smoothening the supply chain management, GST implementation will create a transparent tax regime across all states which will benefit both traders and end-customers. In the long run, the frequent price rise due to high transportation and warehousing cost will come down drastically.”

Anuj PuriAnuj Puri – Chairman & Country Head, JLL India: “The Goods and Services Tax (GST) is the most essential taxation reform which is going to alter India’s economic prospects. Single taxation, covering all goods and services, is a welcome change. GST will eliminate cascading effect of taxes, and will boost tax collection while reducing overall taxation levels. However, post GST, the results will be evident only after two-three years from now.”

Slated to increase the country’s GDP by one point, the GST era, which is going to unfurl from April 2017, will surely be the new chapter in India’s tax history post Independence. How far it will benefit the country and common man, one has to wait and see.

Media Contact:

K Ramanathan,

India

+91 09384612789

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