The Green Sheet Online Edition
December 24, 2018 • Issue 18:12:02
All-in-one POS, business management solution
Sound Payments Inc., a diversified technology company, has created the E500 Storefront Electronic Cash Register (ECR). Designed to help small and midsize merchants grow and scale their businesses, the solution combines POS and critical business functions within a small, cost-effective footprint, according to company representatives.
"The E500 system is an Android-based tablet that looks like a cash register but doesn't have the price point of a larger integrated system," said Bill Pittman, vice president of ECR and POS solutions at Sound Payments. "The POS and card reader can share information in the cloud while keeping payment card data out of PCI scope."
The E500 replaces standalone cash registers and countertop terminals with a fully integrated solution that leverages the company's Quantum Cloud Solutions. It also provides a repository of non-payment related information for merchants, enabling them to more efficiently manage their businesses, Pittman said.
The E500 makes enterprise-level services and support available to a previously underserved small merchant community, Pittman noted. Its subscription-based model includes payment terminal hardware, a semi-integrated payment application, continuous updates and 24/7 help desk support. Sound Payments' said its data consolidation capabilities give merchants a bird's eye view of retail and restaurant environments, as well as the following benefits:
- Inventory management: Quantum Cloud provides real-time sales data, enabling merchants to synchronize online and storefront sales; reconcile sales ledgers; manage pricing, discounts, accounting and payroll; and access customer analytics from any connected device.
- Remote store and device access: Remote terminal management and transaction processing capabilities, backed by continuous support, enable merchants to manage their businesses and device populations from anywhere.
- Cost efficiencies: Subscribers can access centralized reporting and consolidated settlements on demand without having to pay gateway transaction fees or install and maintain local software.
- Multiple payment scheme support: E500 accepts any payment method, for example, magnetic stripe, chip and contactless card payments, UnionPay, WeChat and Alipay. Credit, debit, gift and prepaid products, mobile wallet and cash are also included. A dual-facing camera facilitates QR code and barcode scanning.
- Seamless interoperability: Moving integration to the cloud eliminates interruptions in service, enabling merchants to efficiently manage devices from a central location, maintain hierarchies of devices and remotely control each device and corresponding transaction.
Partner-centric, vertically focused
Sound Payments provides a range of vertically focused products to a diverse group of channel partners, resellers and distributors. Its partnerships with original equipment manufacturers, such as Verifone, Ingenico Group and PAX Technology, facilitate secure, expedient electronic payments, according to company representatives.
"We have a culturally diverse management team with deep experiences in a multitude of industries," said Andrew P. Russell, president at Sound Payments. "We bring a culture of diversity and inclusion to payments, finance and healthcare."
Russell provided the following examples of how the company addresses unique requirements across multiple industry sectors:
- Independent software vendors: The Quantum ISV platform is designed for independent software vendors, software developers and resellers to expeditiously develop vertical solutions by providing necessary tools and requirements for PCI and security compliance.
- Community banks, credit unions: Quantum Banking, a user-friendly online banking platform, provides universal banking functionality to banks, credit unions, savings and loans, and trust companies. The solution additionally supports in-branch automation, alternative revenue, mobile banking and cross-selling opportunities.
- Healthcare providers: Sound Payments partners with Practice Management System companies to provide an advanced eligibility and benefit verification portal and payment solutions for dental and medical offices nationwide, resulting in improved customer service and cost efficiencies.
"Sound Payments' technology suite and brandable solutions provide our partners with a point of differentiation while helping them increase customer retention," Russell said. "End-users appreciate the E500's ease-of-use and resellers derive recurring revenue streams through our revenue sharing model."
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