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With a point of sale (POS) system, you can receive card payments from customers and optimize your daily operations, which can save you time and help increase your returns. If you’re just starting a business you should know that there are advantages and disadvantages of a POS system. We’ll show you both in this article so you can decide which approach suits your needs.  Advantages You’re probably already aware of the benefits of POS systems for online and in-person transactions. But you might be surprised to find that with the right approach, they can also help you improve many other aspects of your business venture.  Increased Sales   Nowadays, people don’t necessarily carry a lot of cash around, which is why having a user-friendly and efficient payment system can boost your sales. Card machines allow you to make sales as soon as the customer is ready.  There are also indirect ways in which these systems can help boost your sales. For example, a POS system keeps track of your stock across all of your branches. If you’re out of a certain product, you can instantly check which of your other stores have it in stock, then either send the customer there or get the product transferred. That way, they’ll still buy from you instead of your competitors.   Inventory Management  That brings us to real-time control of your inventory, one of the major benefits of a POS system. This automated service will keep your data synced; it removes the item from stock as the order is placed.  Cloud-based POS systems provide even greater ease of access and help you manage your inventory remotely. This allows small business owners to keep their stock in check, manage their orders in a timely fashion, and provide a better service with limited resources. Team Tracking  Optimizing your daily tasks means keeping track of your staff. Some POS systems provide great tools for these administrative purposes, as they allow you to track employee productivity. This way, you can easily check who’s slacking off and who’s hard at work. The right software can also let you allocate shifts and provide incentives in the form of commission structures. Employees get to track their own progress and see how close they are to earning a monthly bonus.  Theft prevention is another invaluable feature of POS systems. You can control who has access to the system itself and who logs in when, and you can limit the information that each employee gets to see. You can also connect your video surveillance feed to your POS system.  Customer Service Another one of the POS benefits you’ll get is an improved customer experience. The retail and hospitality industry have the most to gain from a system like this because it allows them to tailor each service to their clients’ needs.   One of the main advantages of a POS system in restaurants is that you can get software and hardware that’s specifically designed with this niche in mind. You’ll be able to make quick changes to the favorites menu, add or remove items that have run out, get an overview of the tables, and see if any of your customers have been waiting too long for service.    Disadvantages  Modern POS systems may not suit every business; there can be hidden costs and data security concerns that could sway you towards a more basic approach. Cost POS systems can be costly. Buying or renting hardware usually involves a significant initial outlay, while you’ll probably need to pay monthly fees for software. There will be extra costs for repairs and regular maintenance. Also, some services may charge up to 3% for each transaction, and that might prove to be too much, especially if you’re a small business owner. Even if there’s no up-front fee, you should check for hidden costs and calculate how much you’ll be paying for the service you require. Security Risks One of the main disadvantages of card swipe machines is the security risk. While customers may find them very convenient to use, POS systems can be subject to malware threats. If a POS system is hit with a malware attack, this could allow hackers to steal your customers’ personal info.  In order to avoid these attacks, the system will need regular software updates and almost constant maintenance. If you fail to do this and end up losing your customer data to hackers, you could face liability charges in court.  Reliance on the Internet  Interrupted internet connectivity is another disadvantage of POS terminals that can slow down your sales process and test your customers’ patience. Dealing with these issues may burden your team needlessly, and fixing them can take more time and effort than you’d expect. Some newer systems have an offline mode that can ensure data safety while still accepting card payments, but you won’t know if the transaction goes through until you get your system back online. Buying Used POS Systems If you’re on a budget, you might also consider getting used equipment for your business. However, you should be aware of the advantages and disadvantages of used POS systems beforehand. The lower price point looks tempting and these systems do provide the basic functionality you’ll need. However, you might not be able to receive software updates on these machines as new security requirements arise. The hardware could also cause issues as replacement parts become more difficult to obtain. Final Thoughts We hope we’ve highlighted both the advantages and disadvantages of a POS system in our article. It doesn’t matter whether you’re running an online shopping site or a brick-and-mortar store; you’ll be able to improve your service with a well-organized POS system. It’s up to you to browse through the POS packages on the market and choose the one that will be the best choice for your business.

Some people may confuse eCommerce with eBusiness and vice versa, but while the terms sound similar, they are in no way interchangeable. Understanding the distinction between these can make all the difference. With online retail shops generating 14.34 billion visits in March 2020, both branches of commerce are precious. In short, this article will answer the question: “What is the difference between eCommerce and eBusiness?” What Is eBusiness? With tech becoming integral to practically every aspect of our world, it's normal for businesses to implement tech-driven strategies. This may make it difficult to tell which companies are eBusinesses, but essentially, you could say most businesses are. The eBusiness definition states that any business carrying out its activities via the internet is an eBusiness. From buying raw materials, manufacturing goods, facilitating financial transactions, and product exchanges, so long as a business activity has been done through the internet, it counts as an eBusiness activity. These activities can be carried out through the internet, intranet, or extranet on apps, websites, enterprise resource planning (ERP), and customer relationship management (CRM) software. To identify an eBusiness, we can consider some case studies. Elements of an eBusiness Email Marketing Using email communication to foster relationships with existing and potential customers is a significant element of the eBusiness model. Marketing via email is an essential part of that. Digital Management Tools Digital tools take otherwise physical processes and carry them out online. For example, handling workflow processes with content teams can happen through online documents instead of a physical, paper-fueled system. Because these processes have been carried out electronically instead of physically, any business involved is essentially an eBusiness. Creating and Selling Online Tools Building systems for digitizing business activities, such as inventory management, is a form of eBusiness. The creators of such systems have facilitated the means to carry out business processes electronically, making them an eBusiness. Other eBusiness examples include setting up online stores, facilitating customer education, supply chain management, buying and selling products, and financial business transactions. If a business offers a service or product physically, it qualifies as a standard business. However, if it incorporates tech elements, such as providing services online, it's also an eBusiness. Bear in mind that there are two types of eBusiness models: Bricks and Clicks/ Bricks-and-Mortar (omnichannel) and Pure Play. Omni-channel companies use both offline and online resources to facilitate business activities. In the Pure Play model, business activities are strictly conducted online. What is eCommerce? The eCommerce definition is simple: The term refers to businesses selling goods or services online. In today's world, many products - like movies, music, and books - are bought and sold chiefly through eCommerce platforms. Popular eCommerce examples include retail platforms like Amazon or eBay. An eCommerce sale will typically include all the usual trading elements: You order a product, pay for it, and then have it delivered to you. You may also order a product and opt for in-store pickup, or decide to pay either via card online or in cash when your order is delivered. ECommerce has expanded over the years, across both websites and apps. Some businesses decide to combine their web pages and apps with virtual marketplaces as points of sale. More exposure is good, after all. No matter where a customer buys a product, it's all a part of eCommerce. Just like eBusinesses, eCommerce has various models. The types of eCommerce are: Business-to-Business (B2B) A B2B business model is a form of eCommerce where a business provides products and services to another company.  For example, companies that manufacture goods like batteries, car tires, door locks, and hoses sell them to companies in the automobile industry. Another example is video production companies whose services aid the marketing campaigns of other companies, or tech companies that make accounting software for companies. The B2B eCommerce model involves a business serving another business environment. Business-to-Consumer (B2C) The B2C eCommerce model involves businesses selling products and services directly to individuals. These end-users are called consumers. An example of a B2C model is a clothing store selling fashion items to the public online. Most businesses use their own websites to facilitate these transactions, but that can be costly to design and host. Luckily, cheap effective solutions are available through eCommerce website builders.  Consumer-to-Business (C2B) It might sound surprising, but the C2B relationship actually exists. In the consumer-to-business model, consumers sell services or even goods to businesses. An excellent example of the C2B model is influencers giving reviews and suggestions after using a product. Other times, paid consumer focus groups can test the products, and the business uses these suggestions to further improve the product. Consumer-to-Consumer / Customer-to-Customer (C2C) This is an eCommerce business model where consumers sell their products and services to other consumers, usually through a platform online. A famous example of the customer-to-customer model is the freelance gig market, where individuals sell services like data analysis, content writing, voice acting, web design, or even software development to other people. Platforms like Upwork and Fiverr facilitate these eCommerce transactions, charging a fee on the payments made. eCommerce vs. eBusiness Let’s break down the differences between these two seemingly intertwined terms.     eCommerce  eBusiness 01 The eCommerce definition refers to carrying out commercial activities and transactions over the internet. The definition of eBusiness refers to conducting all and any business activities online. 02  eCommerce is a subset of eBusiness. eBusiness is a broader concept than eCommerce. 03 eCommerce activities include the purchase and sale of products, as well as making financial transactions on the internet. eBusiness activities include buying raw materials, manufacturing goods, and facilitating financial transactions and product sales on the internet. 04 eCommerce usually requires a website or an online platform. eBusiness needs more than just a website. It needs multiple web platforms, enterprise resource planning (ERP), and customer relationship management (CRM) software. 05 eCommerce works on a Business to Customer (B2C) model eBusiness works across all models, so long as they’re on the internet. From all this, it should be clear what the differences between eCommerce and eBusiness are.

When sifting through information on bankruptcy, people tend to consider it a horrifying and lengthy legal process that can leave them in permanent financial ruin from which they can never fully recover.  They may also assume that declaring bankruptcy will act as a magical off-switch and bring financial relief to anyone on the road to financial disaster by eliminating all of their debts.  Neither of these assumptions is necessarily true, as the definition of bankruptcy simply involves legally declaring that you can no longer repay your debts.  This article will seek to dispel these myths by providing information to ultimately answer the question: what is bankruptcy? Bankruptcy Explained Bankruptcy is a legal action whereby a person or a company can legally declare that they can no longer repay their debts in front of a bankruptcy court. By doing so, they may be granted relief by being discharged from bankruptcy.  In the United States, bankruptcy proceedings are governed by federal law under six specific chapters of the US Bankruptcy Code. Claiming bankruptcy is achieved by filing under a specific bankruptcy chapter. However, only four are meant for individuals and businesses out of six chapters, as Chapter 9 deals with municipalities, and Chapter 15 is used in foreign cases. Our focus will be on chapters 7, 11, 12, and 13.  These four different bankruptcy types are categorized based on the parties to the bankruptcy: whether they are an individual or company and the type of legal action or relief sought. Bankruptcy proceedings are achieved through two types of legal action: liquidation and reorganization.  Liquidation happens when you file for bankruptcy, and your assets are sold and the proceeds distributed to creditors to repay debts. Filing for Chapter 7 bankruptcy, which is the most common filing, leads to the liquidation of your assets. However, claiming bankruptcy is not limited to declaring that you can’t pay your debts and then asking the court to sell your assets to pay the creditors back.  Filing for bankruptcy can also mean seeking assistance from the court in reorganizing your property to allow you to pay off individual or company debts.  Reorganization bankruptcy filings are different from liquidation filings because, in most circumstances, they allow individuals and companies to keep their property.  The different bankruptcy types and their legal implications are summarized below: Chapter 7 - Personal or liquidation bankruptcy, best for individuals and businesses Chapter 11 - Business or large reorganization bankruptcy Chapter 12 - Debt relief for family farmers and fishermen Chapter 13 - Wage earner’s plan, best for individual income earners Millions of people file for bankruptcy each year. The purpose of filing for bankruptcy and the end goal of any related proceeding is to be discharged from bankruptcy. Common reasons for filing for bankruptcy are large medical bills, unemployment, loss of a family member, natural disaster, or business failure.  What Happens if I Declare Bankruptcy: Individual Bankruptcy Explained Filing for bankruptcy involves submitting a bankruptcy petition to the bankruptcy court clerk. The court may liquidate or restructure some of your property depending on the type of bankruptcy you’ve claimed. The discharge will ensure that creditors will not chase that debt again in a few years if you do not have sufficient assets to cover your debts. Chapter 7 bankruptcy, for example, will allow the court to gather and sell your assets to pay your creditors and create relief by preventing them from taking further action to collect debts, such as harassing you or pursuing legal action against you. In case of any bankruptcy filing, creditors must stop all action, including legal action to recover the debt and broad measures such as debt collection calls, letters, and personal contact.  Your bankruptcy petition must disclose and outline all your financial and personal information, including a detailed list of all assets and liabilities, a list of creditors and the amounts owed to each party, and any income statements and tax records, including the latest tax returns. It’s important to note that filing and administrative court fees are involved. Depending on your circumstances, the court may waive filing fees or require you to pay the fees in installments.  What Happens After Filing for Bankruptcy? The court assigns a bankruptcy trustee to meet with you to evaluate your financial situation and arrange for the collection of your assets. The trustee then sells non-exempt assets and redistributes the proceeds to your creditors. The total length of bankruptcy proceedings can average between three to six months. Upon completing the case, you will be discharged from your debts.  Being discharged from bankruptcy means that most remaining debts are fully forgiven. This includes almost all types of unsecured debts: Credit card debt Unsecured loans Personal loans Medical bills Utility bills As well as some secured debts such as: Home mortgages Auto loans Tax liens  When dealing with secured debts, the ones backed by mortgage or collateral, you’ll usually have a choice to make. You can allow creditors to repossess the property that secures the debt, continue to make payments to your creditor, or pay a sum equal to the collateral’s replacement value.  Can All Debts Be Forgiven?  Not all debts will be discharged or forgiven after declaring bankruptcy. Certain types of debts will remain: Student loans Court fees  Child support  Spousal maintenance/spousal support payments  Obligations arising due to fraud  Obligations arising related to personal injury claims  Government fines and federal, state, and local taxes Who Can Claim Chapter 7 Bankruptcy?  Chapter 7 bankruptcy is the most common claim for individuals. However, claiming bankruptcy this way may not be available to all. There is a presumption of abuse in place, meaning that you must pass the means test before filing. This test is compulsory and ensures the bankruptcy laws are not abused, and court resources are not wasted.  The means test prevents high-income earners from qualifying for Chapter 7. To pass the means test: Before claiming, your household income must be below your state’s median income for six months. You must carefully gather a list of all your expenses and divide them into allowable and non-allowable expenses.  Your non-allowable expenses are expenses that could be put towards paying off any debts. The remaining expenses and any of your disposable income must be low enough to qualify for filing.  A bankruptcy lawyer can assist you with going through your expenses and determining whether filing under Chapter 7 is the right course of action for you. Access to legal representation can be costly, but you can explore alternatives with our guide to the best online legal services. Petitioning To Keep Your Property in Bankruptcy Proceedings When declaring bankruptcy, you can petition to keep some of your property. This includes the furniture in your home, your clothes, and in some instances, your house and personal vehicle. What you get to keep when filing for bankruptcy could depend on the state you live in.  In the US, bankruptcy filings are governed by federal law, but the personal bankruptcy law on the excluded property varies from state to state. Therefore, the types of property you may get to keep will vary depending on where you live.   Bankruptcy lawyers are generally employed to assist you in successfully negotiating to keep your property. There is no hard and fast rule on what you will get to keep, as it depends on your circumstances.  Chapter 7 and Student Loans Going through the bankruptcy process to relieve yourself from repaying student loans might not be the best idea, as bankruptcy won’t necessarily protect you from this obligation.  Student debt is considered unsecured debt and will not be automatically discharged by the court. Instead, you’ll need to commence additional legal proceedings known as adversary proceedings and successfully establish that the continuation of student loan repayments will cause you undue hardship.  The student loan provider may oppose your claim, and you will need to prove it according to legal standards set by the federal court.  Other Types of Bankruptcies: Chapters 11, 12, and 13 Explained  Bankruptcy chapters 11, 12, and 13 do not involve liquidation. Some companies and individuals may wish to restructure their finances to pay off their debts over the long term or decide on a different approach to bankruptcy. Chapter 11 of the Bankruptcy Code allows companies and business partnerships to continue their operations and keep their property by asking them to create and carry out the terms of a formal plan to pay off their debts. This claim is commonly referred to as company bankruptcy, and it can force companies to completely restructure their operations.  Restructuring is usually achieved by encouraging leadership changes, closure of facilities, and the renegotiation of debts. The main benefit is that the company can avoid liquidating its assets in the short term and continue operations.  Chapter 13 of the Bankruptcy Code is also called a wage earners plan. It allows individuals to reorganize their debt through a formal debt repayment plan based on their income for the last three to five years.  Chapter 13 filing is limited to wage earners, allowing them to keep their property. Individuals must have a regular income and are expected to repay as much debt as possible through regular monthly installments.  Lastly, Chapter 12 of the Bankruptcy Code is similar to Chapter 13, except it’s only available to family farmers and fishers with regular annual income.  Final Thoughts Bankruptcy may seem like a scary word, but it doesn’t have to be. By understanding the basics of bankruptcy and what it can do for you, you’ll be able to decide whether or not this is the right step for yourself or your business. If you’re feeling overwhelmed by debt and don’t see any other way out, bankruptcy could be the solution.  Personal bankruptcy filings may remain on your credit history report for 10 years and directly impact your ability to receive approval for future loans. Thankfully, there are alternative business loans for bad credit providers available. Bankruptcy can provide a fresh start, but choosing the right chapter is important. If you are considering bankruptcy, it’s best to consult with an experienced attorney who can guide you through the process and protect your rights.