Innoviti introduces Cloud Payment Reconciliation technology

Innoviti Payment Solutions is going to extend its newly introduced cloud-based reconciliation technology to full-service restaurants that want payments to be collected at a customer’s table with automatic reconciliation with the bill.

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For modern retail outlets, tight front-end integration between the store billing system and all payment acceptance POS terminals in the store, is significant for ensuring ease of back-end reconciliation between overall store billing done and corresponding payments received.

In typical retail checkout scenario, this billing-payments integration is frequently supported via a wired USB connection between the store billing server and the PoS terminal usually kept adjacent to it. This need for the POS terminal to be on same counter as billing server hinders the potential portability of the POS terminal. This may not be a huge problem for retail formats where customers line-up to make payment at stationary billing counters. However, for use cases like full-service restaurants, the POS terminal are required to accept payments at the table.

Shivendra Meena, Vice President – Retail Technology, Innoviti said “At Innoviti, we pride ourselves on our consistent technological innovation to mould our payment processing workflows in a manner that best suits the real-life use cases of our retail clients. The new Cloud-based Reconciliation technology will ensure that clients across hospitality and delivery sectors can benefit from our wirelessly portable POS terminals, without having to sacrifice the tremendous operational convenience of Innoviti’s highly regarded back-end billing-payments reconciliation.”

The new technology works in a simple way. In a typical restaurant example, the central billing server first uploads every new bill generated to Innoviti’s cloud-based Integration Server. The Innoviti Integration Server maintains an updated real-time list of all pending bills that are yet to be paid for the restaurant. When a customer wants his bill, the waiter assigned to the relevant table simply uses the table’s id to generate the correct pending bill from cloud-based Integration Server on to the portable POS terminal in his hand.

Once payment is done on POS terminal, it generates an on-spot charge slip and updates back the required payment details against the specific pending bill on cloud server and then to the restaurant billing server which initiated the bill.

Across India, Innoviti processes over US$ 6.5 Billion of payments annually from over 1000 plus cities, with a throughput per point of acceptance of 7000$, 2X of India’s average (as per RBI data).

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