m-POS (Mobile Point of Sale Solutions for Card Payments)
As technology continues to revolutionize the way business is conducted globally, payment mechanisms too, have undergone major changes with cards (Credit & Debit) & mobile payments gradually replacing cash in consumer wallets.
Globally merchants accept payments via various types of cards (Credit / Debit / Gift / Prepaid) using traditional POS terminals, where the card is swiped to trigger a payment transaction with the acquiring bank. These terminals also enable merchants to run end of day batches, to settle the transactions with their banker.
Though, such POS terminals are omnipresent in developed markets, their penetration in emerging markets has been low, due to cost of the terminals and the associated infrastructure required.
This has led to an imbalance in most emerging markets, between the number of cards issued, versus the number of merchants who accept cards as a means of payment. As a result card usage has remained low & cash still remains the primary means to pay!
Technological innovations now allow turning smartphones and tablets to be used as Mobile POS (mPOS) systems, with the same capabilities as traditional POS (Point of Sale) terminals to accept & process card based payment transactions.
A smart phone, combined with a Mobile POS (mPOS) application & an external card reader (attached to and Android phone via its headphone jack, Micro USB or through Bluetooth interface), turns the Android mobile phone into a Point of Sale terminal (Android POS). This solution enables merchants to accept card payments via the m-POS, in same way as traditional Point of Sale terminals, at a fraction of their cost, with convenience of full mobility (Anytime, Anywhere)!
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m-POS Solution Demonstration
The Estel m-POS solution is operated by Acquiring Banks, or Payment Service Providers, to provide a card payment service to merchants, enabling m-POS enabled merchants to accept card payments. Additionally merchants get on line access to real time sales & transaction reports, which help them gain valuable information about their consumer’s behavior.
Estel m-POS Solution has three major components:
- 1. Mobile POS (mPOS) Merchant Device (Supports both MSR & EMV Cards)
- 2. Merchant Portal (web & mobile)
- 3. Estel Payment and Settlement System (PASS)
- End to end PCI compliant solution; encrypted transactions from card reader to m-App software, to, Estel PASS, to Bank switch
- Multiple Card readers supported: magnetic stripe only (MSR), MSR + PIN, EMV (Chip & PIN)
- Simple & secure web based merchant registration & activation process
- Electronic signature capture
- Customized receipts on: email, SMS & print (via optional Bluetooth Printer)
- Real-time management of transactions, refunds and reports, via Merchant m-App software & Merchant Web & Mobile Portal
- Support all card types: credit, debit, gift & prepaid; Master Card and Visa
- Card processor independent, mobile network independent, device independent
- Business models: solution is offered both on Capex model, and, as a hosted (cloud service) on revenue share basis
- Acquiring Banks / Payment Service Provider
- Achieve rapid penetration into merchants
- Penetrate new merchant segments
- Increase card payments transaction volume
- Gain market share & increase acquiring business
- Access to real time transaction reports
- Begin accepting card payments, new customers
- Sales volume growth
- Anytime, anywhere card acceptance
- Lower card acceptance costs, Improve cash flow
- Access to real time reports
- Use card to buy goods & services
- Wide availability of merchants accepting cards
- Cashless environment
- Paperless environment (e-Receipts)
- Government & Economy
- Greatly assists in spread of cashless economy
- Low cost card acceptance method promotes card acceptance culture at merchant locations
- Paperless environment (e-Receipts)