Fintech startup builds a smart cash register for Polish businesses

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Spotted: Polish startup iPOS has developed a smart cash register that is making it easier and cheaper for small businesses to accept credit cards and track sales online. The iPOS system combines a payment terminal with smart technology, real-time data collection and a printer to meet Poland’s financial reporting requirements. It is a first for the country, according to the startup.

Polish law requires small and medium businesses to print out receipts at the point of sale. That means that online payment systems like Square, Clover, Poynt are not cost efficient for small businesses as they do not include a fiscal printer.

The iPOS terminal includes a fiscal printer so shops can accept credit cards without buying extra equipment. The system also allows businesses to digitally track sales and issue invoices. The system’s software records data from purchases and receipts in real time. It can report from stores across multiple locations. Business owners can access the data from any web browser at any time. The system is also less expensive than other POS options, according to the startup.

Takeaway: Small businesses are under increased pressure to accept credit cards. In the UK, the proportion of cash payments dropped from 61 percent in 2007 to 34 percent in 2017. Just 16 percent of payments will be made in cash by 2027, according to a report by the UK Finance trade association. That trend mirrors the situation in other countries as well. In Poland, financial reporting creates additional costs for shops, especially small businesses, that want to accept credit card purchases. But the rewards for accepting credit cards can be great — as much as 30 percent of sales — and credit card purchases, on average, are 40 percent higher, according to iPOSPolish businesses have already recognised the potential: iPOS recently raised €360,000 from investors.


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