With Bambora Connect, we’ve built something amazing: complete and easy payments integration.
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By moving their POS system onto a smartphone or tablet, in-store retailers are developing new shopping experiences that are increasing sales. To help fuel the growing mPOS industry, Bambora recently launched a revolutionizing new payment solution, called Bambora Connect, aimed specifically for this market. Next year it will be launched in the Nordics
For well over a century, the cash register has been the focal point of in-store transactions. The point- of-sale, or POS as it’s often called, has been just that: a physical point where all customers must go to finalize their purchase. Now, that’s all beginning to change.
The growth of cashless payments means that the point-of-sale is no longer required to also double as a strongbox for storing cash. This, along with the increasing capabilities of smartphones, gave birth to a new type of POS in 2012: the mobile POS, based on smartphones and tablets.
Since then, the mPOS market has grown quickly. In 2017 the global market was valued at about $17B, and that is expected to grow to $55B by 2024. But the mPOS revolution is not just about replacing hardware. The biggest reason for “going mobile” is that it offers retailers new opportunities to develop their shopping experience.
“More and more retailers are realizing that they need to reimagine the shopping experience in order to compete with the convenience of e-commerce. And putting the POS system in the hands of the sales staff does just that”, says Mark Roberts, Head of Bambora Connect.
Instead of having customers stand in line to get help or make a purchase, sales staff can now walk freely around the store, helping customers where they are and finalizing the purchase on the spot. The mPOS technology is also being constantly developed by independent software vendors (ISVs) who are adding new functionality like connecting the POS system with logistics to see warehouse status or handling online returns in-store.
All of this creates a more flexible and digital in-store experience that drives sales. In fact, a US study, done by IHL Group, showed that companies whose staff used mobile sales tools saw a 77 percent higher sales growth and that those who used mobile POS saw 92 percent higher sales.
Solving the mPOS payments challenge
So, why aren’t all in-store retailers using mPOS? One stumbling block in the rise of this technology has been how to integrate payments. For the ISVs that are pioneering the mPOS technology, integrating a payment solution with their platforms is an absolute necessity but it has also proven to be difficult.
To solve this dilemma Bambora has developed a revolutionizing new payment solution specifically for ISVs, called Bambora Connect.
“With Bambora Connect we’ve made it possible for ISVs to integrate an all-in-one payment solution with their mPOS software in just 20 minutes. It’s the easiest way for ISVs to offer their merchants a fully certified, fully integrated solution for card payments that they can be onboarded to in just 24 hours. It allows merchants to use state-of-the-art terminals and it can handle cross-border payments and next day payouts”, says Mark Roberts.
Bambora Connect has already been launched in the UK and Germany, with several other European countries on the way. The plan is to launch Bambora Connect in the Nordic countries during 2020 and Mark Roberts thinks that this could work as a catalyst for mPOS growth in Sweden.
“We’ve already had interest among Swedish ISVs who see the benefits of making payments integration that much easier”