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What is the best day to collect your business debts

POS SOFTWARE

Most of us have bills and bills and bills.


 

Recently a company that collects debts from many companies released its findings.  It causes some comments.

The best day from looking at many companies for businesses getting paid was Thursday they claimed. They believe that this is because most people today receive their wages/salary on a Thursday. As they have money on Thursday, they spend it. Although they did not say it, people tend as well to get pensions on Thursday too. But it was interesting is that Sunday had the lowest clearance rate. It made sense if you think about it as about then most people would be budgeting for the coming week. 

So I decided to check using many of my clients' data, and what did I find? 

Well, some clients where all over the place. For example here is the result of four years by one of my clients.

Mon 13.3% Tues 16.4% Wed 8.6% Thu 14.2% Fri 10.3% Sat 37.2%

For this business, Saturday was best. I suspect it because they are in a small centre and people are coming to buy on that day the big weekly family shopping. As they are in the area, they come and pay. Why Tuesday was higher than Wednesday, makes sense as there is not much left on Wednesday. 

What it does show is what I have always said that all businesses are different. This is true even those that do the same things, and each needs to treated differently.

But overall the conclusion does seem correct as a rule, the day for people paying is Thursday. Here is my result from benchmarking 10 different clients over a number of years.

Mon 17.4% Tue 13.4% Wed 13.5% Thu 20.9% Fri 12.8% Sat 15.3% Sun 6.8%

 If you want to know what is your best day to get paid, you can work it out by using Ad Hoc reports.

You will find it here.

Register reports>Customers>Transactions (Excel)

 

So based on this if you are sending people bills, you need to make sure that they get your bills before Thursday. 

 

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Shops are starting to re-open

POS SOFTWARE

 

In much of the world now and Australia shops are tentatively starting or planning to reopen. Schools are starting to reopen. I would imagine within four-weeks most shops will in some form or another be open. 

So its time to seriously start planning. 

One problem I see that even if the shops do open, consumers may not be eager to go to a physical location because of fears of infection. Our restaurant clients were already suffering a huge loss in trade even before the lockdown for this pandemic came. The other problem is that now we have about 10% unemployment. A lot of people are now in no position to buy much. It is going to take quite a while to get them working and until they are settled you can be sure that until then their shopping priorities will change.

And then there is also the loss of the Chinese tourist, we need them back and I doubt they are coming back soon. 

But life goes on.

So I think we can expect many changes in consumer shopping habits as we leave lockdown. There will be an initial surge, to places like the hair salons, then doctors, dentist and other health professionals. There is also now an initial pent up demand, for example, I badly need a new pair of runners and I cannot order online as always have trouble with shoes so I need to try them first. Then there will be a slow move to something that could be called normal.

The other problem is that the public has been forced to use internet shopping. Many are now getting used to it so it will be a struggle for brick and mortar shops to get them back, so count on big sales.

The Grand reopenings!

Where are you going to be in all of this? What are your plans?

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Lots of Automatic updates now for newspapers - stops and starts and bumper editions

POS SOFTWARE
For sellers of newspapers and magazines. The following automatic updates in relation to newspapers and publications are going out now for the:  

Adelaide Advertiser
Australian
Cairns Post
Courier Mail
Daily Telegraph
Geelong Advertiser
Gold Coast Bulletin
Herald sun
Hobart Mercury
Illawarra Mercury
NT News
Townsville Bulletin
Age 
Sydney Morning Herald 

There are also some new bumper editions coming out for the 

Financial Review, so we fixed them up.

If it takes you 3 minutes to do manually each one of these then that is 30 minutes you have just saved using our point of sale software.

If you want to review the automatic changes to your system that are coming up or if you want to see what exactly has been changed. It's easy to do.

Follow this how to do it.

Go to the Cash register reports

In register reports, select Automatic Update Notes History (see the arrow marked in green)

Now enter in the dates, generally, I suggest the past month.

Now the detailed notes appear on what was changed like this.

 

 

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AfterpayTouch

POS SOFTWARE

They have released fresh information on how to fix the problems caused by this month’s Microsoft security update.

The information on how to do it will be found here and a PDF version is available here. Please, I recommend that if you do this that you make sure the person doing it is very knowledgable on all computers that run the AfterpayTouch software. It is much better to do these things on site. It has to be done on all machines running their software.  

If you have any queries, Afterpaytouch have a hotline service here 

Afterpay Touch Group who can be contacted here

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Afterpay Touch network support update

POS SOFTWARE

If you are using the Afterpay/Touch system for your Telco products and are having some problems with it, please contact Afterpay/touch now as they have a fix.

For those that want to know what happened exactly, the problem was Microsoft. Please click here for details.

 

 

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Tattslotto app

POS SOFTWARE

the lotto

We have been talking for a while with Tabcorp about our concerns with their app and a POS system.  In particular that we feel the Lotto app needs to differentiate between lotto card paid tickets and non-lotto paid tickets. The only way to do this is, we think is to have a different product id in the barcode for the item. 

Each lotto product that can be used with the lotto card will require two product ids, one when paid by lotto card, and one when going to be paid as usual.

In both cases, we want the full price of the item included in the barcode. 

We also feel that having a zero prices barcode is stupid and does not help in any way.

As far as we are concerned but not all software suppliers in this market space, we can handle the lotto-paid product ids internally in the register with minimal changes to your systems. If so, then we can keep the existing functionality as well as new functionality to our users. 

As our system already has a "rebate" feature to store the difference between the price an item is sold at, and its real price which we can use this to store $0.00 as the price sold, and the item price in the rebate column.

This way the receipts will be correct, the total of the sale will be accurate, the till will balance, payments by lotto card can be reported, reconciliations will be correct, and Gross Profit reportings will work correctly - taking into account the item price of the goods as they do now.

Assuming this method is made available, the proposed changes to our system will need to be done

1. A new pay-type needs to be added

2. A new system entry will need to be added to signify that pay-type as Lotto pay payment

3. Database change needs to be done to the stock table as it now needs to store secondary product ids

4. Register change to differentiate lotto paid item and non-lotto paid item

Then everything will seamlessly fit into place.

If you are a lotto agent and happen to be talking to one of their agents, please tell them about this problem and our proposed solution. Maybe if more mention it, we can get something done as this has been going on as I stated for quite awhile.

Update: We have just finished a conference with lotto. They do see the problem. The solution depends now on whether the powers that be there, are interested in doing something about it. If they do give the go-ahead the earliest lotto can move is about a month.

 

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Retail benchmarks for shops with point of sale systems

POS SOFTWARE

We are working on a new type of debit cards that are coming to Australia. While doing so, we came across some benchmark figures for retailers with point of sale software, which I am sure you will find interesting. These retailers were SMB with 1 to 10 shops.

Overall I find benchmarking useful as you measure your company’s success against other similar companies to discover if there is a gap in performance that can be closed by improving your performance. The question is, if they can do it why cannot I? So studying other companies can highlight what it takes to enhance your company’s efficiency.

Per shop, these figures were found

* The average turnover was $29,000
* Margin 52.4%
* Transaction numbers 608
* Average basket value $56
* Average basket size 2.25
* Customers on account or people with loyalty account 565

If you are interested in this, I would suggest that you look at your figures for these too

* Customer Conversion Rate
* Sales Per Employee Hour
* Average stock turn
* Average stock shrinkage
* Sales per metre
* Overhead percentage Of sales
* Operating Margin (I have noticed that this one strangely is often missed) 
* Return On Invested Capital

Even a small improvement in any of these can have a dramatic improvement on your business.

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Epay cutoff

POS SOFTWARE

Many of you yesterday were cut off e-pay. Many of these people got a shock when it happened. I was surprised as we received no official warning either even though we have heaps of clients on this platform. 

This could surely have been handled better by e-pay!

I can understand why so many of them are upset and find this quite serious. Here is a graph of Telco sales in an average client of ours in my benchmark study, which I did a while ago month by month.

 

Although I found the profit is not particularly good, but what it did do is bring an average of 120 customers a month into their shops. Based on that, now this month, many of my clients will have 120 upset customers. What did surprise me when I did this study that the retail market in physical shops for Telco and Giftcards was growing at about 8% a year. The clients it brings in are a fair range but some of the overseas tourists particularly the Chinese are great customers to get.

The only immediate solution we can offer our clients is an Afterpay touch solution which has almost the same products, of course, there are some pluses and minuses, but for most people, it should do the job well. 

I think, looking at both systems that the Afterpay touch system is better. It is easier to use, which is very important if you have casuals and works better. I also prefer the Afterpay touch team and support better. 

If you are affected or are interested and need to know, please let me know by clicking here.

We should be able to fix you up fairly quickly.

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7-Eleven launches Australia’s first cashless and cardless convenience store

POS SOFTWARE

7-Eleven will open in Richmond in Melbourne what may be the first “cashless and cardless” store in Australia on Wednesday.  

The store has no counter. What the customers will do is choose what they want from the shelves, scan the item's barcode into the 7-Eleven app. It will then automatically go to their debit or credit card.

There have been some trials in their Exhibition Street store in Melbourne and based on this 7-Eleven are stated that the checkout time for a customer would be measured in seconds.

With 90% of Australians having a smartphone and with the high cost of labour, I am sure we will see much more of this technology. Whether it works remains to be seen.

You can read more about it  [Page removed] or see this video.

 

 

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Australian major supermarkets top ten sale department 2017 to 2018

POS SOFTWARE

A supermarket

 

I think you may find this interesting. I decided to make a table of the top ten sales department of the major supermarkets in Australia in 2018 and 2017 and then compare it. Sales are in billions of dollars. What I found quite surprising was the way they broke up their departments.

Department  2018 2017 Change% 
 Cigarettes  7.73    8.51  - 9.2%
 Dairy  7.22  6.13  +17.8%
 Frozen foods  3.54  3.32  + 6.6%
 Beverages  3.45  3.24  + 6.5%
 Confectionery  2.7  2.7      0%
 Health and beauty   products   2.16  2.31    - 6.5%
 Pet   2.09   1.99    + 5.0%
 Smallgoods  1.9  1.98   - 4.0%
 Snack foods  1.77  1.74   + 1.7%
 Biscuits  1.61  1.59   + 1.3%

It is interesting that the big increases are in the products in the fridge.

 

I would be interested in hearing how your sales went in those departments.

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