In a recent article on Bank de Binary I mentioned the foreign exchange (forex) market and the trading of currencies. Today I want to address this topic again as I talk about CurrencyXchanger, a Point Of Sale (POS) software package that helps businesses run foreign money exchange programs. This software is often used at currency exchange outlets in airports, travel agencies, and retail stores (think kiosks) and even though there is often someone else running it, the software is fully automated. Many places say that the main reason it is so popular is that “Its simplicity and flexibility is second to none.”
The software (cXr) actually comes in 3 editions (POS Edition, Business Edition, and Pro Edition), but findaccountingsoftware.com wisely recommends starting out-with the basic POS Edition and if need be upgrading to the Business or Pro Edition later. All 3 editions are compatible with both Macs and PCs and can calculate multiple currencies. All of them also display currency rate updates automatically for 150+ currencies (including Gold & Silver) and come with live CRM (Customer Relationship Management) for a specified and increasing amount of time. Finally, all records kept comply with Canadian standards (FINCEN and FINTRA).
The cXr software, which was based on years of foreign transaction experience, was created by Clear View Systems Ltd. back in 2003. Since then, there have been 3 major versions. The third one came out back in January 2008. But cXr programs are never left dormant, they are continually updated. The latest update, cXr 3.915, just came out. While this update only fixes one bug, many updates, like cXr 3.910 (released in mid-May 2013), fix a lot of errors and have many previously unseen features.
With the basic POS Edition one can manage multiple tills at once. This means one software package can be run on multiple computers at the same time. Other features of the basic package include multiple transactions all listed on the same invoice, customizable receipts forms, multi-currency sub-ledger accounts, daily accounts reports, and much more. For a full listing of features, click here (bottom of page).
The Business Edition (BE) is a step up from the POS Edition. It offers more methods of payment–meaning a customer can fund his or her transaction in many ways (more ways than with the POS Edition). The BE has all the features of the POS Edition plus many more. The biggest upgrade is 2 layered accounting, which features a general ledger and a sub-ledger.
The Pro Edition offers all the features of the BE and much more. The Pro Edition is made for foreign exchange businesses who offer all kinds of financial services to their clients in addition to forex services.