Card payments. Online Payments. E-Receipts. EMI options. Cash Withdrawals. Wallet Payments. Money Transfers.
If you are still using more than one system for this small list of payment modes, you are probably a tad bit outdated! Or maybe you live in a den, disconnected from recent developments in India’s payments space.
mPOS – A fancy name for a complex gadget?
mPOS is the 800 pound gorilla of Indian payments industry. It has made it easy for retailers and merchants to accept multiple payment modes in a matter of seconds. All they need is a smartphone and they can accept all kinds of payments.
If you have a smartphone, you can accept payments through e-wallets, BHIM UPI etc. But is that all? There is a large spectrum of payment modes preferred by Indian consumers. Debit and credit cards, to mention just one, are clearly here to stay.
mPOS is just a simple device which helps you accept multiple payment modes. And don’t forget the value-added services which can help you grow your business radically. As the picture represents, it basically opens the opportunity to collect card payments, wallet and online payments, Cash withdrawal etc. – just to name a few.
1. Increase your sales: Customers today have varying preferences, with affinity for card payments, e-wallets, UPI transactions etc. unevenly spread across regions. Providing customers, the freedom to pay the way they want, not only improves the experience, but also positively influence their willingness and capacity to pay.
2. Track your customer data: An mPOS helps you track your customer preferences (including mobile numbers which you can store for future references). This can help you maintain your existing customers by promoting engagement and connecting with your customers with offers, discounts and what not!
3. Reduce paperwork and go completely digital: With digital receipts, you can always track your payments as well as provide text/mail receipts to your customers in real time. Invoice generation and settlement? Simple, automated and does not require your time.
4. Fast and convenient to accept payments: Have you ever wondered about the convenience that your customer experiences when he is not required to stand in a queue to pay? Or even approach your billing or payment counter? mPOS makes payments as convenient as that. You can accept any kind of payment, ANYTIME, ANYWHERE.
5. A complete and hassle-free solution: Few companies do provide complete solution for payments acceptance along with the mPOS solution. Why does that matter? Because in our country, settlement is an equally important and complex problem as acceptance. You need to make sure that all your effort – to simplify the processes at your customer’s end – is not rendering those at your end increasingly complex.
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