In this information era, we perceive most things virtually. We make virtual friends, shop from a virtual platform, enjoy virtual reality and travel places virtually. The future promises much more virtualization. There is no wonder that we have started transacting money this way. Sounds like playing monopoly? Yet it’s true. The Electronic Voucher Distribution System (EVD) allows you to pay your bills, recharge mobile phones, purchase in retail stores, book tickets and even buy lotteries with e-money. All you need to do is select a service, punch in some information and get your vouchers. Let us see how this works.
How? Where? Who?
The two major components in an Electronic Voucher Distribution system are a centralized web server and a portable Point-of-Sale (POS) terminal. The server is maintained by the companies and all their dealers have a POS terminal unit in their retail stores. The end users can avail a service, say prepaid mobile recharge, by entering their account’s information in the POS and the denomination of the amount to be recharged. This information is sent to the server, which first authenticates the transaction and then sends a recharge code to the terminal. Simultaneously, the customer’s account will be updated with the debited amount. At the end of the transaction, the POS would generate a voucher for the customer to authenticate the completed transaction. These vouchers can either be downloaded instantly or can also be stored in the terminal as a record.
The transaction can also be made without PIN information being sent back to the terminal. In that case, POS in the store will be authenticated by the operator once and the balance detail of the retailer is updated regularly in the server. Along with the voucher for transaction, the retailer also receives the acknowledgment of the balance. Apart from these details, EVD software can also keep track sales data like daily sales, denomination-wise sale and event logs. The POS devices are portable and can be used in areas with GSM-GPRS, CDMA or VPN network connectivity.
Applications of Electronic Voucher Distribution system
The Electronic Voucher Distribution system comes in handy for the customers as well as the dealers. It can be used for recharging your prepaid connection or paying your post-paid bills for mobile phones. EVD facilitates easier bill payment at water or gas or internet broadband centers. It also offers simpler solutions for booking tickets and in bank transactions.
Apart from these facilities, this system ensures easier card recharge options. For instance, customers can obtain a voucher beforehand using Electronic Voucher Distribution system with calling codes for international calling. The POS system is also made to read the consumer’s credit/debit card in retail stores and with the help of the secured PIN number provided by the customer, transactions are made in the retail stores without any hassle. In this case, the customer’s card and PIN details are kept confidential that even the retailer or the central server wouldn’t be aware of the information entered. The Electronic Voucher Distribution system is slowly making its way into all other purchase places and the newer designs are created to meet the challenges of the retail world.
The advantages of the Electronic Voucher Distribution system are aplenty. To state the first and the most obvious advantage- it is safe. The customers need not be worrying about carrying money around in their pockets anymore. With little precaution, this type of transaction can be the ideal way for them to shop.
From the dealers’ point of view, this Electronic Voucher Distribution system is much less work. No more printing of physical vouchers or maintaining a whole new database. This system saves a lot of time and money for them and also proves to be a smart way to handle their business transactions.
From the manufacturer’s point of view, the system offers much transparency with the dealers. They will know the complete sales and transaction history of the dealers. By managing a centralized accounting system, it gets very easy for them to process multiple data easily and effectively.
Thus, the Electronic Voucher Distribution system proves to be a win-win model for everyone in the business world. Welcome to the new world of safe and easy transactions!