Elly Financial Technologies Limited
54 Poland Street, London, W1F 7NJ
54 Poland Street, London, W1F 7NJ
Trade, in one form or another, has been going on for as long as people have roamed the planet. The earliest form of trading was probably bartering or swapping. People exchanged goods they didn't need for goods that they wanted or needed. These deals most probably included an element of profit for one of the parties. This was, after all, the whole objective of trading.
The use of money goes back to around 2000 BC when metal coins were being used in Babylon. Around 770 BC the Chinese started using miniature tokens as a medium of exchanging value. The medium of currency has no real tangible value. Value was ascribed to any form of currency by agreement between the parties to a trade deal.
Much later, in 600 BC in the kingdom of Lydia, or modern-day western Turkey, the first regulated and industrially produced coins emerged. During the 7th century BC, Lydia's currency was reformed and gold and silver coins were introduced. The use of coins facilitated trade across greater geographic areas, and they spread quite rapidly to other areas.
The service industry is changing
Retail trade emerged around the same time in Ancient Greece. Greek cities at the time had a public space known as an Agora. This was a space where people gathered for social or political pursuits. Merchants began to set up stalls and very soon craftsmen set up workshops nearby.
Over the centuries, retail kept on evolving. Initially, most shops were owned and operated by individuals or families. In the latter half of the 19th century, as economies became more diverse, consumers became wealthier and began purchasing a wider range of goods. As a consequence, department stores were established that catered to these varied needs and tastes.
Given how the business landscape has changed in the last two decades or so, some people may struggle to grasp the concept of business being done exclusively with hard money and exclusively on the so-called “high street”. The mechanization of production and improved efficiency created a demand for support functions such as distribution, marketing and finance.
The internet age started in the 1990 and over time, more and more business has been conducted online. Businesses have had to become more agile and able to rapidly react to consumer demands. And then, of course Covid-19 came along. The restrictions imposed to contain the virus propelled millions of consumers to online or mobile vendors. Recent development in mobile POS credit card machine technology has further facilitated businesses on the go.
Which businesses on the go can benefit from a mobile POS credit card machine?
The mobile POS credit card machine has been a game changer during the Covid-19 pandemic. It may even, in some cases, have been considered a lifesaver. Service businesses benefited greatly once lockdowns and mobility restrictions were eased. Many consumers remained skeptical and preferred to avoid contact situations. Many service providers capable of delivering and accepting payment on delivery saw an increase in sales.
Businesses that can benefit the most from having a mobile POS credit card machine are people whose business is mobile or who can deliver products and services to their customers at home. Being able to accept digital payment on the move is also a big boon as more and more customers switch to fully digital banking. These businesses typically include:
Transport services like Uber and Lyft. Regular passengers often have an account for automatic direct payment. However, ad hoc customers may want to pay on the spot with a card.
Personal service providers like nail technicians, hairdressers and the like. Offering a customer the option of digital payment at home is a massive convenience as people tend to have migrated away from carrying large sums of cash these days.
Restaurants and caterers doing home delivery can also now collect payment at the delivery point. Again, the convenience of paying by card at home may entice more customers to order home delivery.
Garden services, pool maintenance contractors, handymen and similar home services would have the opportunity to provide ad hoc services alongside their regular contract customers. The added flexibility is a win-win for customers as much as for contractors.
What issues should business on the go owners expect to face
Handheld POS terminals usually require an internet connection for payment approval. Should there be a failure in the connection, it may be difficult to complete a transaction. Subscribing to a reliable internet service provider with a proven track record of negligible downtime is very important.
With increased competition, retaining customers may be a challenge. Customers can sometimes be quite fickle, so attention to superior customer service levels would be vital. Workflow management and realistic scheduling is key to ensure timely delivery and meet customer expectations.
Some customers may still pay in cash. Carrying cash nowadays exposes people to opportunist criminals. Some business on the go owners may consider providing incentives for digital payment.
Accepting digital payments can be expensive. Many payment processors charge fees and commissions that could significantly erode margins. Small businesses often operate on very tight margins, so there is very little room for high fee structures.
How do business on the go owners solve payment challenges?
Attracting and retaining business is becoming more and more difficult as competition increases and customers become more discerning. Offering flexible payment options is almost expected nowadays. Offering multiple payment methods is no longer negotiable.
Extended payment plans are a useful way to expand business to customers that do not have capital for larger amounts but are good for a series of monthly installments.
It may seem obvious, but businesses on the go must always ensure that the handheld POS terminal is fully operational, and the battery is well charged. A failed payment is one sure way for many customers to defect to other suppliers.
EllyPos can help you increase your sales on the road
The Elly POS is a compact handheld terminal that offers a wide range of payment methods on a single portable device. With near-field communication, payments can be processed without physical contact and dynamic encryption ensures secure data transmission. The Elly mobile POS credit card machine terminal will be the one device that any business on the go needs to offer full mobility and flexibility as well as fast and efficient payment processing. Coming soon!