It cannot be overstated just how much technology is helping people in the UK who have discovered their entrepreneurial spirit and decided to set up their own business.
Increasing entrepreneurship is a key goal of the UK government’s business strategy, and it’s clearly going according to plan after the additional funding and start-up loans scheme were put in place just a few years ago. In 2017, a record-breaking 660,000 new companies were established. To put this into perspective, only 30,000 new enterprises were launched in the couple of years before 2013.
Many of these businesses sell products and services face to face with customers and therefore require a way to accept payments in person. The system you have in place for this is commonly referred to as a ‘point of sale’. In the past, small businesses with very limited funding had to accept the fact that either they accept cash only, or swallow the cost and commitment of renting a card terminal and signing up for an often-complex card acceptance contract.
But now, smartphones can easily be used with a mobile point-of-sale application, allowing businesses of any size to accept card payments anywhere with a WiFi or 3G/4G connection. These mobile card payment systems are cheap and easy to install, portable, and they offer automatic settlement to your bank account usually within one to three working days. To top it off, signing up with a mobile payment provider is often commitment- and hassle-free, which is what many fast-moving entrepreneurs today look for.