November 13, 2014 Comments Off on Will cash registers soon become obsolete?
Cash registers have been fixtures of retail establishments since the beginning of commerce. But today, all that is changing. Thanks to technology, many shops in the US, including popular retail establishments like JC Penney, Nordstrom and Barney’s New York, have now abandoned the use of traditional cash registers in favour of high-tech mobile gadgets such as, the iPad and a mobile debit card reader. Powering these gadgets are Point-Of-Sale (POS) systems that not only record sales but can produce more detailed reports, track inventory, and improve the accuracy of cash flow. And as more and more establishments are switching to high tech mobile POS systems, more investors are placing their bets in a number of new-age POS startups. In March, Vend received a $20M Series B from Square Peg Capital and Valar Ventures; last October, Square raised a $150M Series E from the Government of Singapore Investment Corporation (GIC), and today, Revel Systems lands a $100M Series C from a consortium of investors. We sense a revolution in new-age POS systems, and it will be interesting to see which technologies will rise above.
You can read about Revel’s funding here.
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