A Year in Review - Biz4x 2017 Product Updates

4xLabs - 18/01/2018

Biz4x rate board

Since the time of its launch in late 2016, the team at 4xLabs have worked tirelessly to bring about new features and improvements to Biz4x. We've always set our sights on developing Biz4x to be the most adaptive and flexible system for all your currency exchange business management needs - one that constantly evolves to meet the daily challenges of changing times, be it a cashless society or increasingly stringent governmental regulation.

With approximately 13 version updates over the course of 2017, it can be hard to keep track of the number of features that have debuted or been improved. As such, at the start of 2018, we'd like to take the opportunity to look back at how much Biz4x has evolved since its launch, by chronicling some of its more notable updates in the last 12 months. We've included links to the releases associated with the launch of these features, so you can learn more about how it can be used.

Among other notable features, Biz4x comprises a point-of-sale (POS) system which has been steadily upgraded over the months.

1. Customer Records & Groups

2. Integrated Compliance

3. Transaction Records & History

4. Stock Records & History

The Biz4x POS system allows you to run background checks on your customers, even as you are recording their information simultaneously. Group and sort customers according to their demographics or purchasing behaviour. Each customer transaction can not only be recorded, but tracked against the current stock inventory, so business owners can always keep abreast of all incoming and outgoing transactions, for better clarity into their business dealings.

5. Multi-branch management

Biz4x recognises that business owners may wish to use different rates of exchange and transact in a different set of currencies at different outlets. The Biz4x platform allows this through multi-branch management. With Biz4x, you can set up different currencies and rates, as well as assign different amounts of currency in stock, or generate reports for each individual business branch that is managed through and set up on Biz4x.

6. Permissions

As your business continues to grow, you might need to manage an employee's access to Biz4x to limit their exposure to sensitive information. Biz4x allows you to assign four default roles to your employees (Owner, Manager, Compliance Officer and Teller), each with different levels of access, or create your own customised role for an individual. Once your employees have been assigned to a custom role, they will only be able to view or edit the data that you deem necessary for them to get on with their daily tasks.

7. Management Reports

We've rolled out a series of management reports to enable business owners to better track the business performance of all the branches of currency exchange outlets that they manage through Biz4x.

- Transaction

- Stock

- Profit and Loss

8. Regulatory Reports

A key challenge faced by currency exchange businesses is the increasingly stringent regulations that are imposed on the industry by regulatory authorities. Through consultation with our Biz4x money services business network, we have developed regulatory reports for the following countries.

Malaysia

- MSB02

- MSB03

- MSB4A

- Line by Line

Singapore

- MAS3003

In 2018, we look forward to introducing more regulatory reports for money service businesses in different parts of the world.

9. Mobile App

The Biz4x mobile app is available on both Google Play and iTunes, and will eventually become a full-fledged companion app to the Biz4x business management system. For now, Biz4x mobile only allows you to reference FX rates on mobile, but we'll be building out some key capabilities on the app in 2018.

10. Referral System

Our in-app referral system allows you to share a unique referral code with other businesses in your network, so that they too can learn about Biz4x and begin using it for their business management needs. What's more, you can get up to three months of free subscription to Biz4x Premium for each referral that signs up for a paid subscription.

11. KYC Repository

The building block of a greater plan to gradually introduce eKYC features into Biz4x was created with the launch of the KYC Repository. Organised along the lines of Company, Outlets or Users, the KYC Repository allows you to upload documents such as licenses or other identification documents to the system with this pre-defined folder structure. This makes it easier to refer to these documents, especially if the entity you are dealing with is a regular customer or partner.

12. Rate Board

Rate boards are essential to the business of currency exchange. It's your business advertisement, a physical display showcasing your rates, and the information it highlights determines whether or not a customer will do business with you. The Biz4x platform provides several rate board templates so you can easily display your rates, once you have set up your currencies on Biz4x. Aside from quickly and easily setting up your rate board on a physical display, you can also share your rate board on social media or even publish it on your website.

Not using Biz4x yet? Instead of simply reading this summary of our product updates, why not try using Biz4x in your own business? Our B2C platform for travellers, Get4x, has recently surpassed the 100,000 registered users mark. If you're interested to promote your business to these travellers, sign up to Biz4x and you can post your rates, as well as accept online bookings from our ever-expanding traveller network. Just contact us at sales@biz4x.com to set up your free 7-day Biz4x trial.