How demonetization impacted the business of Point of Sale companies? Know from this start up

If demonetization has profited any businesses in these two months spent by most of us in queuing up at banks and ATMs, it’s definitely the sector that deals in Point of Sale terminal. Well, to brush your knowledge a bit, Point of Sale terminal is a system that you find at billing counters of most department stores and shops in malls.

At the point of sale, the merchant would calculate the amount owed by the customer and indicate the amount, and may prepare an invoice for the customer (which may be a cash register printout), and indicate the options for the customer to make payment. It is also the point at which a customer makes a payment to the merchant in exchange for goods or after provision of a service. After receiving payment, the merchant may issue a receipt for the transaction, which is usually printed, but is increasingly being dispensed with or sent electronically.

Ashish Tulsian, founder of POSist, in an exclusive interview with Business Insider revealed how demonetization helped in streamlining many businesses. POSist is a pioneer cloud-based point of sale (POS) software to provide comprehensive suite of restaurant billing and management solutions.

Effect of demonetization
“Definitely demonetisation had boosted the sale of POS systems because suddenly people want to register things which they were not doing previously. Now they compulsorily want to do so that because they can also show their income in white. So things are going in good direction. I’m not saying that sales will go sky rocketing, and things will change overnight but yes things are getting done,” Tulsian told Business Insider.

Started in 2012 by Sakshi and Ashish, POSist targets to reach 10,000 clients by this year end.

Prospect of POS business in 2017
“2017 will be most exciting year I’m looking forward to it, as a company we are growing really – really fast in last 4 years we are grown about 3X and here I’m talking about all aspects like new customers, number of employees, revenue and in every direction we see.”

“In 2017 we are concentrating on couples of new things like till now we have 3000 restaurants and we are planning to increase it to 10,000 till the end of 2017, that’s going to be 3.5 X charm. We think we have all the right drivers and I’m not even talking about burning lots of money in marketing, actually I’m talking about very good organic channels which we have built in last 4 years. We are going to open our new office branches in Dubai and Singapore in this coming February.”

Are POS just for billing transactions?
Tulsian assures that a lot of R&D is happening in this field. For example, POSist itself is a lot advanced than traditional automatic billing. For instance Posist involves billing, inventory control and the entire logistics like buying and selling of inventories, recipe management,wastage management and vendor management . Not just that, it also deals with CRM system in which we manage the entire customer details, likes and dislikes of that particular customer, address and mobile numbers of the clients and the mobile number will be unique id for that particular customer.

“If you have restaurant chain and you want to manage everything from the single window you can manage 500-1000 outlets from single window there will be no need of talking to the different outlets you can see all the details in front of your screen and anything which you change on your screen it will reflect over everywhere. In last one year we built some really good stuff, everything which we had designed now are having cloud technology and centre controls are our USP when we compare it to legacy system , it’s not only about high-end features it’s also about the fact that yes you can manage everything centrally. One of the most important features of our product is that we also work offline, we don’t install our product we work on browser like Facebook or Gmail.”

“The biggest threat in restaurants is theft. For overcoming this major issue we what we in Posist are doing is fraud detection, we had launched that anti-theft system this system basically isolate every transaction in a day,” said Tulsian.