Mobile POS Systems Are The Future For Merchants

Completing bank merchant inspections has really helped me realize the importance of credit card processing services. More and more, I find merchants asking about if the terminals are mobile for their respective bank. Unfortunately, the answer during 2011 is no for at least two major banks that I work with. Therefore, I was interested to learn that a company based in Toronto, Canada, is a leader in POS systems (point of sale) and ATM machines. 

U.S. based merchants that have expanded, like Popeyes use internationally based MONEXgroup to handle their transactions. Many more do as well to the tune of 12,000 merchants from the U.S. and beyond. As of 2010, this one company has settled over $1 Billion dollars as an independent provider of payment processing with a multi-lingual staff to service customers effectively. This should be alarming to U.S. based banks that bank globally because mobile POS systems are the future of business transactions. This kind of private company is offering what traditional banks are usually too understaffed or limited to accomplish successfully.

Personally, I feel that a mobile terminals are the way of the future as we become a cashless society globally. Having a mobile merchant system capable of processing payments securely for taxis, food, services, etc. will be the norm. Those who are not on board soon, may find their businesses unable to compete and maintain repeat customers. Today, most U.S. based merchant accounts require plug-in with a fax line. However, with growing numbers of merchants working mobile, like my company, this inconvenience will eventually disappear due to customer needs pressing banks to conform.

For those businesses with physical storefronts, they may decide that owning an ATM is the way to go to earn additional revenue. Learning about international companies was initially sparked by my recent judging of International Businesses for the Stevie Awards. It is interesting to learn about how much innovation comes from places other than the U.S. MONEXgroup sounds like it is making significant moves to make getting paid in-the-field standard for merchants.