The invention of the first Point of Sale Terminal (POS) by Visa in 1979 has forever changed payments and transactions in business. Today, business owners are using POS for daily transactions, or at least heard about it.
Although the POS system grants the flexibility of receiving contactless payments, the high merchant and maintenance fees are always a headache to business owners.
With UOB mCollect POS available in Asia – the lowest processing fees available to business owners is now available.
UOB mCollect POS is an intuitive app by Enterpryze and UOB to bring digital QR payments to small and growing businesses across Asia. Just like other POS systems, UOB mCollect POS is fast, reliable, and easy to use, with a few additional perks that a typical POS system lacks.
When business owners purchase a POS system, they must also buy a POS terminal. POS terminals are great for receiving contactless payments, but there are downsides to it. A strong Internet connection is needed for stable payment transactions, and the device itself costs a bomb. The installation of the POS terminal takes days, as business owners need to liaise with the service provider and banks. And not to mention,
UOB mCollect POS says goodbye to the old-fashioned POS system. UOB mCollect POS can turn your smartphone into a POS payment terminal, saving you money from purchasing expensive POS terminals.
Setup in 3 easy steps:
- Download the app from the play store or app store
- Complete the form and add your PayNow Corporate Account
- You’re ready to go!
Congratulations! Now you can start collecting payments by generating your dynamic QR codes with your smartphone.
POS, e-wallets, credit cards all charge a small amount of processing fee when transactions happen. The average processing fee for POS systems in today market is 1.5% – 2.0%. While 1.5% looks like it’s not a big deal at all, the accumulated amount is surprising.
UOB mCollect POS processing fee is 0.15%, the lowest rate in today market. Let’s do some math and see the difference in savings between a typical POS user and a UOB mCollect POS user.
Business A with other POS System
Monthy transaction amount: $100,000
POS system processing fee: 1.5%
Total processing fee: $1500
Business B with UOB mCollect POS
Monthly transaction amount: $100,000
UOB mCollect POS processing fee: 0.15%
Total processing fee: $150
Save up to 10x on processing fee on UOB mCollect POS.
Cash is king, an undeniable fact in every business. It is important to keep the cash flow healthy so the business can operate without any issues.
An average POS system takes around 2-3 business days to receive money in their account. With UOB mCollect POS, receive PayNow money in your UOB bank account instantly. On top of that, users receive real-time notifications every time payment is collected from someone in their organisation, making daily transaction activities a piece of cake.
Go here to check UOB mCollect POS availability in your region.