The mPOS market picked up around 2012 with the penetration of the smartphone and faster mobile networks. The early application involving a mobile app on a smartphone/tablet along with a Bluetooth connecting card reading device allowed a merchant to accept card payments on the go. With time these mobile applications have evolved to perform a lot more functions. Some of them are:
- Product/Service catalog: Users can create and edit a product/service catalog, which lists the photos, price, discounts, description of the products and services they are offering. The user can select an item, add it to a cart and facilitate a checkout using a credit/debit card or cash. The catalog can be integrated with an inventory management system to keep the inventory information updated at all times.
- Quotations and Invoices: These documents can be generated and emailed to the customer from the smartphone/tablet. An integration with the accounting software keeps track of all transactions and updates records.
- Customers: Information about customers is captured on the smartphone and an integration with the CRM software updates the records for future communications
- Team: The admin can create a team and assign tasks, view transaction status and communicate through a built-in chat tool. Every information saved by the team is instantly updated in the integrated CRMs, accounting software.
- Dashboard: Reports and analytics are accessible not only on the smartphone/tablet but also on a merchant dashboard that can be accessed online from anywhere.
The white label mPOS mobile application has numerous applications. Some of them are:
- Non-profits for mobile fundraising
- Direct selling companies for product showcasing and taking orders.
- Home repair and service companies for scheduling tasks, accepting payments through field service professionals.
- Retail companies for ‘busting queues’ as sales associates can accept card payments from customers in the product aisles.
Flo2Cash specializes in creating a custom-built white label mPOS mobile application for banks, acquirers, aggregators, telecos enabling them to offer a low-cost solution to their merchants.