Vectron Systems AG: Solution for current controversy about the obligation to submit receipts

DGAP-News: Vectron Systems AG / Key word(s): Product Launch 23.01.2020 / 07:00 The issuer is solely responsible for the content of this announcement.

Vectron Systems AG (Vectron), a leading provider of intelligent POS systems consisting of hardware, software and cloud services, with focus on the catering and bakery trade, will offer an environmentally friendly service for its POS systems to avoid receipts in the future. On 1 January 2020 the Kassensicherungsverordnung (Regulation determining the technical requirements for electronic recording and security systems in business transactions) has come into force. These new regulations are intended to make POS systems tamper-proof and thus prevent tax fraud. In addition to the use of a technical security device (TSE), a receipt issue is also prescribed. While the introduction of the TSE has met with general approval, the obligation to have a receipt has been widely criticised and has thus led to extensive public discussion. For all payment processes, even for small amounts, retailers must currently print out a receipt for their customers. The fact that a receipt is often printed on thermal paper, even without the customer requesting it, is a source of criticism from both retailers and environmental organisations. Particularly in bakeries, which are among Vectron's core markets, customers like to do without a receipt, as the sums are very manageable. Environmental associations estimate that the new law will mean that several billion sales slips will have to be printed out every year, which will then be disposed of immediately because the customer does not want the slip. In addition to environmental considerations, the individual associations criticise the law because the operators of the POS system incur additional costs due to printers and paper, which ultimately have to be passed on to the consumer in the form of price increases. However, the law does not arbitrarily provide for the obligation to issue a receipt: While the TSE ensures that bookings once made cannot be changed, the taxpayer still has the option of not entering amounts in the first place as another loophole. The obligation to submit receipts is intended to solve this problem, because it is then possible for every customer and auditor to see whether the amounts have actually been entered. For this reason, the receipt obligation as an essential part of the monitoring concept cannot simply be left out. Vectron, as the leading provider of POS systems for the catering and bakery trade, is currently working on a paperless solution for their customers, which will be presented at the largest catering trade fair, the Internorga, in March. By means of a QR code that appears on the POS display, buyers can receive the data digitally at the checkout using their mobile phone. All they have to do is scan the code. "In addition to reducing the burden on the environment, this also helps the retailer save costs", explains Vectron's member of the Board, Thomas Stümmler. About Vectron: With more than 200,000 installations, the listed Vectron Systems AG is one of the leading European manufacturers of POS systems. Stable hardware combined with flexible, reliable software has made Vectron a market leader within the hospitality and bakery industries in German-speaking countries and in Benelux. Several hundred specialist trade partners distribute the products internationally. Digitale Cloud Services are offered under the brand names myVectron and bonVito. The spectrum ranges from loyalty and payment functions to online reservations and online reporting. All the services are directly connected to the POS system, making it the core data center. More information available at www.vectron.de. Contact: Vectron Systems AG Tobias Meister Willy-Brandt-Weg 41 48155 Münster, Germany phone +49 (0) 2983 908121 mobile +49 (0) 170 2939080 fax +49 (0)251 2856-560 [email protected]

23.01.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

Language:English
Company:Vectron Systems AG
Willy-Brandt-Weg 41
48155 Münster
Germany
Phone:0251/ 28 56 - 0
Fax:0251/ 28 56 - 564
E-mail:[email protected]
Internet:www.vectron.de
ISIN:DE000A0KEXC7
WKN:A0KEXC
Indices:Scale 30
Listed:Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Stuttgart, Tradegate Exchange
EQS News ID:959043
End of NewsDGAP News Service

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