Maggi, October 7, 2016
Mobile Payments is an ever changing, highly disruptive market. The past year has seen major growth in areas like mPos, NFC and Contactless. Continuing this disruption, SmartTrade App carved a new place in the market, under a new category we like to call, aPos (App Point of Sale.)
First there were POS (Point of Sale) systems which consist of static, mobile and portable card readers. These are the devices you will see in supermarket stores or large retailers. They have a high rental and maintenance costs and low card fees. You get these by setting up a merchant account at the bank and paying to rent a card reader off them. These rental fees start from around £15 a month and are usually tied to a contract which locks you in for 12-36 months, on average. You may also need to put a deposit in for the merchant account to cover chargebacks. These systems are chip and pin based and have low transaction fees.
Then came mPos. This sector is populated by the likes of iZettle, Sumup and Paypal here (See a comparison of these services here.) mPos systems are designed to be used both as stationary and mobile payment terminals. They consist of a smaller card reader, which connects to a mobile device or iPad through Bluetooth or a 3.5mm audio jack connection. The cost of one of these card readers can range from between £39-£79. They benefit from low monthly costs but have higher card fees.
aPos is a newly formed category which SmartTrade App has pioneered. App Point of Sale systems benefit from being completely hardware free. This makes it very flexible as it only takes an easily downloadable application to start taking payments. An aPos system like SmartTrade App has variable monthly fees starting at £9.99 a month, no contracts, variable card fees starting at 0% and going up to 2.15% + 20p on the subscription plans. Everything on an aPos system can be done paperlessly and a light 3G connection is all that you need to take card payments. A truly revolutionary new advancement in mobile card payments.
Want to learn more about what aPos can do for your business?
Visit our features page for more info.