The Gen XY Lifestyle
M1 launches mobile payments solution for small businesses
Active Agers having a “second wind” running their own business can look forward to some help from M1
In Singapore, ACRA reports close to 12,000 sole proprietorships registered in 2014. Many active agers, while planning for retirement, tend to look towards taking on smaller consulting roles or embark on a passion and startup a lifestyle business, perhaps in F&B.
These smaller businesses tend to face resource challenges including having lesser manpower and a smaller cash flow volume leading to lesser credit with banks.
Transactions tend to be cash-based and businesses have to be flexible enough to manage issues such as having spare change for big notes, entrusting delivery personnel with money and service issues related to bank charges when depositing daily earnings .
Furthermore, employees are at risk of losing the money before reaching the bank or business location.
Seeking to tackle these challenges, M1, together with partners CIMB, MasterCard and Wirecard, have launched a mobile Point of Sale solution called M1 mPOS.
Designed to help traditionally cash-based small businesses, startups and ‘on-the-go’ product or service providers, the M1 mPOS can help these businesses provide the convenience of card payment and a smooth, cashless experience for customers.
Business owners will not need to purchase, set up or maintain a traditional point of sale terminal. This helps to reduce time and money spent on operational administration.
The M1 mPOS solution tracks transactions through both a mobile browser and online web portal, helping with sales reconciliation. Receipts can be generated electronically and easily shared through email with the customer.
This solution is tied to a M1 data-bundled mobile plan and charged at SGD 5.35 a month and comes with a free card reader to start taking payments immediately. There is a waiting duration comprising of the approval and two business day period and self collection of the card reader at M1 stores nationwide.
Current customers include Cake Inspiration, a bespoke celebratory cake maker; Dressing Room Salad Bar, a salad shop with delivery service; New Everyday Keropok, a wholesaler and retailer of ready-to-eat savoury snacks and Swee Lee Music, an audio equipment retailer. These merchants will take payment through their mobile devices equipped with the M1 mPOS solution and readers.
Interested merchants can apply for the M1 mPOS Solution at this website. The solution is currently available for Android devices with plans for iOS in the near future.
