Mobile Point of Sale: The New Reality in Real Estate
June 9, 2013
For building managers and owners, having an efficient and reliable pool of service providers and contractors available for tenants is an essential part of maintaining a successful business. From cleaning and plumbing, to painting and lawn care, the services that these contractors provide are an integral part of keeping tenants happy and keeping your buildings up to code. In addition, having a skilled team that can provide these benefits enables landlords to distinguish themselves in a competitive market and challenging economy, where there is significant demand for a variety of home services… and an ever increasing demand for a simple and convenient way to pay for these offerings
The demand for a convenient form of payment has caused many building managers and home service providers to go mobile. By incorporating mobile point of sale (mPOS) technology into their business, home service providers, building managers and independent contractors can leverage the value of mobile devices to streamline payment acceptance, accommodate customers and gain a critical competitive advantage.
According to IE Market Research2, the global volume of mobile payment transactions is expected to grow to over $1.13 trillion in 2014, which means a compound annual growth rate of 94.8%. In addition, the number of mobile payment users worldwide is predicted by Gartner to surpass well over 150 million, an increase of almost 40% compared to other years. Yet, there is still much room for growth.
Further research by the Yankee Group shows that 41% of iPhone users have expressed an interest in mobile payments. Moreover, the research has shown that 18% of iPhone owners have carried out m-banking activities from their devices.
From our vantage point, the challenge, is finding a convenient, affordable and secure mPOS solution that businesses can use to facilitate these transactions. That technology must not protect sensitive customer information, but it should be able to easily integrate with existing backend systems, process payments in both online and offline scenarios, and work on all of the leading smartphones and tablets. In addition, the solution needs to be easy to manage, cost-effective and customizable for a company’s individual needs. Leveraging a complete end-to-end platform enables building owners and home service providers to reap all the benefits of mobile payment acceptance, while overcoming the complexities that are often associated with this technology, and having to manage multiple products.
Think of the advantages of mobile point of sale as part of a broader suite of services that will improve the way building owners, independent contractors and tenants interact. This mobile revolution is an invitation for the real estate industry to showcase its commitment to excellence, and to progress with what consumers want. The subsequent rewards are substantial, benefiting not only the real estate market, but the entire home services industry as a whole.
The technology responsible for this phenomenon will give these businesses the competitive edge they need to differentiate themselves from competitors, reinvent their interactions with customers, improve cash flow and increase their bottom line.
While the benefits are clear, the question remains: how long until mPOS is truly a real estate reality? From speaking with our customers, partners and peers, we believe it’s already begun.