Mint makes mobile payment system an easy buy for SMEs

By Stephen Withers
Thursday, 09 April 2009 12:13

Opinion and Analysis

The idea of turning a mobile phone into an credit card terminal might not be brand new, but Mint Wireless is certainly making its MiniMint system readily available to small business people.

Where do many small businesses go these days to for their technology-related purchases? If the SME owners I speak to are anything to go buy, Officeworks seems to be growing its share.

So it makes sense to me that MiniMint is now being sold at Officeworks.

MiniMint comprises software for various smartphones (including Nokia, BlackBerry and Windows Mobile models, but not iPhones) that allows them to act as credit card terminals, along with the back-end service that handles the transaction processing.

It can be used with an existing merchant account or with a new one set up by Mint.

The system is provided on a subscription basis, and costs $199 for 12 months, plus 99c per transaction (each subscription includes 20 transactions). The software can automatically add that fee to the customer's account if desired.

In the basic configuration, the user keys in the card number and sale amount, and selects the card type. The customer's signature can be collected electronically if the phone has a touchscreen. Either way, a receipt is automatically sent to the customer via email or SMS.

Alternatively, a palm-sized card reader and receipt printer is available for $399.

Small businesses benefit from improved cash flow as funds are transferred to their bank accounts on the same day. Administrative chores are also reduced as transaction records can be downloaded and imported to the user's accounting software.

"The MiniMint can help facilitate cash flow control by enabling secure and instantaneous transactions anywhere and anytime, meaning less time wasted chasing payments and more time spent earning revenue," said Sandy Young, business machines and technology buyer at Officeworks.