Marketing research is easy with big data from Google, plus apps like Instagram and Facebook providing insights for 18 to 55 year olds. But far fewer people in the senior age demographic use them.
The solution is to encourage seniors to save their receipts, then run them through a receipt scanning app. This can be done with a company like EdenAI, which hooks up to Google and then a receipt OCR API. The cheapest and most accurate receipt OCR API is Tabscanner.
What is Receipt OCR?
Receipt OCR (Optical Character Recognition) is a technology that converts printed or handwritten receipt data into machine-readable text. It allows businesses and developers to automatically extract key information such as merchant names, transaction amounts, dates, tax details, and itemized purchases from receipts.
Why is Receipt OCR Beneficial for POS Receipt Scanning?
- Automation & Efficiency
- Eliminates the need for manual data entry, reducing processing time and human errors.
- Speeds up workflows for expense management, accounting, and financial reporting.
- Improved Accuracy
- Advanced machine learning models enhance recognition accuracy, even on low-quality or faded receipts.
- Reduces data discrepancies caused by manual input.
- Cost Savings
- Lowers operational costs by reducing labor-intensive data entry.
- Minimizes errors that could lead to financial discrepancies or compliance issues.
- Scalability
- Can process large volumes of receipts quickly, making it ideal for businesses with high transaction volumes.
- Supports multiple formats, currencies, and languages for global applications.
- Better Data Organization
- Enables businesses to categorize and analyze purchase data automatically.
- Helps in generating insights for budgeting, auditing, and customer spending analysis.
- Integration with Business Systems
- Easily integrates with accounting software, ERP systems, and financial applications.
- Enhances tax compliance and record-keeping for businesses.
Receipt OCR is particularly valuable for point-of-sale (POS) receipt scanning, as it ensures that transactional data is efficiently digitized, stored, and utilized for various business processes. First you need to integrate with an API like Tabscanner, you can do this directly if you have your own software or app. Otherwise you need a middleman technology.
What is Eden AI?
Eden AI is a cloud-based AI platform that provides access to multiple artificial intelligence APIs, including OCR (Optical Character Recognition), translation, speech-to-text, and more. It enables businesses and developers to integrate AI capabilities without being locked into a single provider, offering a unified API that aggregates multiple AI services from different vendors.
Why is Eden AI a Good Middleman for Receipt OCR?
- Multi-Provider Access
- Eden AI allows users to compare and switch between different OCR providers (such as Tabscanner, Google Cloud Vision, and AWS Textract) within a single API.
- Users can choose the best-performing OCR engine for specific needs, such as receipt scanning.
- High Accuracy & Performance
- By offering multiple OCR providers, Eden AI helps businesses find the most accurate and efficient solution for processing receipts.
- Advanced AI models improve text extraction, even from low-quality receipts or complex layouts.
- Cost Optimization
- Businesses can optimize costs by selecting the most affordable or efficient OCR provider for their needs.
- Flexible pricing options allow users to pay only for what they use.
- Seamless Integration
- The platform provides a simple API that integrates easily with existing applications, accounting software, and financial tools.
- Supports automation for expense management, tax reporting, and invoice processing.
- Scalability & Flexibility
- Suitable for businesses of all sizes, from startups to enterprises.
- Works with multiple languages, currencies, and receipt formats, making it ideal for global use.
- AI Benchmarking & Auto-Routing
- Eden AI provides benchmarking tools to help users evaluate the performance of different OCR providers.
- The platform can automatically route requests to the best-performing OCR engine based on accuracy and speed.
Using the Tabscanner receipt OCR API for the most accurate data
Tabscanner is a receipt OCR (Optical Character Recognition) API available on the Eden AI platform, designed for extracting data from receipts and invoices. It utilizes machine learning models to capture key receipt details such as merchant names, transaction amounts, and dates with a reported accuracy of 98%.
One of Tabscanner’s key features is its fast processing speed, claiming to extract all data fields from a point-of-sale (POS) receipt in under two seconds. The API also supports line-item extraction from various receipt formats and accommodates multiple languages and character sets, making it suitable for businesses operating in different regions.
Through its integration with Eden AI, Tabscanner can be incorporated into various applications to automate expense management, financial reporting, and other data-related tasks. It offers configuration options such as regional parameters and machine learning-based data refinement.
Overall, Tabscanner is positioned as a high-accuracy receipt OCR solution on Eden AI, offering features that may be useful for businesses seeking automated receipt data extraction.