National Commercial Bank (NCB) yesterday launched its mobile point-of-sale (mPOS) service, opening up new opportunities for small and medium-sized businesses across Jamaica.

mPOS is a portable point-of-sale machine that functions as a cash register using WiFi or data service from a smartphone or tablet. The technology is seen as an ideal way for businesses such as food trucks, home and repair services and market vendors to take credit and debit card payments on the go.

“More and more we see businesses popping up that need mobility. Businesses are not what they were 10 years ago. Convenience is the name of the game in the 21st century, so we are trying to offer products and services that give both our individual and business customers an extraordinary service,” NCB’s Agile Marketing Manager Sade Powell told the Jamaica Observer.

Traditionally, many small and medium business owners had to accept only cash payments or rely on point-of-sale machines which sometimes proved ineffective for small businesses because of its size as well as its dependency on electricity. NCB hopes to completely shift and optimise business processes with the launch of the mPOS, saving time for business owners while increasing flexibility.

Gregory Peart, sales and relationship manager of acquiring business at NCB, noted that the machine, which works like a point-of-sale device, accepts more card brands than other NCB terminals on the market, including Keycard, Visa, Mastercard and China UnionPay. It connects via pairing with Android devices.

mPOS also uses the global security standard, EMV chip technology and is more cost-effective than the traditional point-of-sale machines.

“Many business owners are missing sale opportunities just because they don’t accept cards. Some people are very hesitant about doing business with places that don’t accept debit or credit cards because they don’t want to walk around with a lot of cash,” Powell said.

“We’ve heard the feedback from business owners, and in a lot of instances some people may have felt that they don’t have a viable solution, either the device was too large or not mobile enough for their business. The device will solve those problems,” she added.

NCB noted that the solution is also in line with the national financial inclusion strategy which seeks to get more Jamaicans in the formal financial system. In recognition of Jamaica’s rank as one of the top five countries to start a business, NCB is also bullish on creating solutions that encourage the sustainability of small businesses.

“We are hoping to work with the regulators to get the requirements a little more relaxed for our small businesses,” Powell shared. “We see where Jamaica is now in the top five countries for starting a business and those are things we believe that we can capitalise on. When we are providing solutions that enable businesses to not just start the business but to do the business, I believe as a nation we can only win.”