As customer patience continues to shorten with business who have a limited range of payment options, Mint Payments Limited thinks it has a solution - this Bluetooth-connected gadget and a simple smartphone app.
Business owners know that getting approval for an merchant account from a major bank makes setting up POS a real PIA. And fees can force even the most well-meaning business owner to put up that dreaded, small-sale-killing sign: "Minimum EFTPOS payment..."
The Mint mPOS looks like a slimmed-down portable EFTPOS machine. It works with tap-and-go services like PayWave, and supports PIN and Chip debit cards.
Most importantly, as far as your phone is concerned, mPOS is just another Bluetooth gadget. Self-install takes moments and there's an app for both Android and iOS devices.
Mint Payments claims that 57% of Australian small businesses consider "financial pressures" the "biggest barrier to business improvement" - which is press-release speak for "if you can't collect money from customers, it's hard to, you know, pay the staff."
Perhaps the most exciting aspect of Mint mPOS is that it has super-fast processing times. Mint claims next-day settlement for all payments into any Australian bank account.
Naturally, mPOS is fully Payment Card Industry (PCI) compliant and boasts bank-grade security. Besides, it looks like a normal EFTPOS device with familiar logos and buttons so customers are unlikely to even give it a second glance.
The final icing on the cake? You can get a Mint account and device without having to go into a bank.
We'll take a closer look at the Mint mPOS in the weeks and ahead, and see how easy it is to operate and to integrate into the various banking and accounting systems used by the typical Aussie business.
*It stands for "Point of Sale", what did you think it stood for?