Payments is a space where 4 industries are coming together - Retail, Banking & Finance, Telecom and Technology. Also, upto 50% of businesses are considering or already using a tablet or mobile POS system according to a report from McKinsey.To leverage this market, Sprint and Vantiv launched the Vantiv mobile Checkout service on 5th Nov 2013, that enables retailers to replace cash registers with a mobile checkout app.
The Vantiv Mobile Checkout says their solution makes it easier for businesses to switch to the latest technology from traditional cash registers. It is available via Sprint business sales channel. The solution claims to enable business owners to analyze and report on customer trends. It allows them to track profitability and sales, market to consumers, manage inventory and securely process onsite sales. There has been a recent shift towards EMV compliant systems and Vantiv wants to tap that too.
Some features of Vantiv Mobile Checkout:
- Vantiv Mobile Checkout is powered by NCR Silver. It supports iOS6 and iOS7 operating systems.
- NCR Secure pay is connected to an an encrypted card reader.
- The NCR Secure Pay utilizes a gateway or Montera Processing Engine to link with debit, gift and credit card processors.
- The solution enables merchants or businesses to accept in-store payments or on the go. It also allows checkout for remote outdoor kiosks or sidewalk sales.
- Vantiv mobile checkout helps manage multi-store inventory, email marketing, employees, social media campaigns etc.
- Offers hardware replacement warranty, secure transactions and live customer service.
- The service will cost $110 per month for the first location. It includes software fees, data plan and POS hardware cost according to Sprint. $90 to $100 is charged for additional locations.
- No data is stored on the device locally since it is connected to cloud according to Vantiv.
- The platform is certified to process transactions via MasterCard, Europay and Visa (EMV).
Vantiv Mobile Checkout for businesses comes along with the tablet, encrypted credit card reader, wireless connectivity, tablet stand, receipt printer and cash drawer. A small additional fee is required for Bluetooth printers and scanners.
“Our retail customers have been asking for a secure, integrated tablet-based point-of-sale system. Together with Vantiv, we are delivering a robust mobile tablet-based POS solution that’s very affordable and rich with capabilities” said Ben Vos, V.P – Sprint Emerging Solutions.
Sprint also recently came into an agreement with Canvas, a cloud based software service. The company’s solution enables businesses to replace paper forms with mobile forms and apps which can be utilized on tablets and smartphones. With this agreement, Canvas’s software platform is available to sprint business customers.
LTP View: The platform’s multistore connectivity feature which enables businesses with more than one location to share data could see early interest from merchants. Vantiv Mobile Checkout offers high portability which could benefit a merchants and consumers alike. This collaboration seeks to combine Vantiv’s vast reach of over 400,000 merchant locations with Sprint’s distribution network to create an efficient way to reach small businesses.