Integrated Cash Register with Contactless Card Reader
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Solution Overview
Problem
Current financial electronic cash registers and EFT POS devices cannot seamlessly integrate to record and report credit card transactions, leading to tax losses and inefficiencies in revenue tracking, particularly affecting professional groups and small businesses.
Innovation Solution
A multi-communication featured, touch-operated or keyboard financial electronic cash register with integrated contact and non-contact credit card readers, GPS, and EFT POS functions, allowing for simultaneous data recording and reporting, and operating both connected to a network or by battery, thereby reducing the need for separate devices and enhancing tax equity.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If separate EFT POS devices and financial electronic cash registers are used for credit card and cash transactions, then each device can perform its specialized function, but it becomes impossible to completely match and integrate sales actions from both devices, leading to tax losses and reporting inefficiencies
Solution Approach 1:
The patent combines separate EFT POS device and financial electronic cash register into a single integrated device that can process both credit card and cash transactions through unified interface, eliminating the need for multiple separate devices and enabling complete integration of sales actions from both transaction types
Solution Approach 2:
The integrated device performs multiple functions including credit card processing, cash registration, voucher printing, and electronic reporting through a single multi-functional unit, allowing it to adapt to different transaction types while maintaining unified control and reporting capabilities
2Ease of operation
If EFT POS devices are procured for credit card payments, then credit card transactions can be processed, but difficulty in matching such collection data with financial electronic cash registers adversely affects voucher issuance and tax inspections
Solution Approach 1:
The patent merges EFT POS and cash register data processing into a single integrated system where all sales actions from both credit card and cash transactions are recorded in a unified database, eliminating data matching difficulties and ensuring complete information availability for voucher issuance and tax inspections
3Productivity
If sales over a certain amount are not registered via financial electronic cash registers and documented by sales invoices, then operational flexibility is maintained, but significant tax losses arise due to unregistered financial assets
Solution Approach 1:
The integrated device incorporates automatic electronic reporting and data transmission capabilities that provide real-time feedback to tax authorities, ensuring all sales actions including those over certain amounts are automatically registered and reported, maintaining tax compliance while preserving operational efficiency through automated processes
4Ease of manufacture
If data is registered at the tax office based on tax-payer's statement rather than simultaneous updating, then administrative simplicity is maintained, but time loss and labor loss for tax calculation and collection increase
Solution Approach 1:
The integrated device performs preliminary data registration and electronic reporting of all sales actions at the time of transaction, automatically transmitting data to tax authorities in advance, which eliminates the need for later manual data collection and acceleration tax calculation and collection processes
Data Source
AI summary
The invention relates to a device design used in commercial premises, in which a physically independent plurality of units (Electronic Funds Transfer, Point-of-Sale (“EFT POS”) device, Pinpad, financial electronic cash register, Barcode reader and GPS based positioning device) are integrated in one single compact frame.