Mobile POS Platforms Can Boost Business Membership
Offering mobile POS systems for small businesses can represent a big opportunity for credit unions, according to a March 2012 survey by Phoenix Marketing International.
The report showed 30% of surveyed small businesses with less than $1 million in annual sales would like to use smartphones or tablets to receive and process debit or credit card payments.
Member demand drove the decision to launch SpotPay last fall at Centra Credit Union, said Nan Morrow, director of marketing, branch sales and brand image for the $1.2 billion co-op in Columbus, Ind.
Members had seen advertisements for Square and were asking if the credit union was going to offer something similar available, Morrow said.
San Francisco-based Square, founded in 2009, had a big headstart in the mobile POS race and has unveiled new features on a regular basis.