Bank of The Bahamas Limited today announced the launch of its newest product BOB Mobile Express, a mobile card reader and processing package that provides users with the ability to accept credit card transactions on their smart phones or tablets.

BOB Mobile Express consists of a small device called a dongle which attaches to any standard mobile phone to facilitate card swipes and a software application that is installed on the phone to transmit credit card information for processing. With low startup costs, BOB Mobile Express presents an opportunity for small businesses and self-employed persons, such as taxi drivers and food vendors, to capture sales that they might otherwise miss due to lack of affordable processing equipment.

"We live in a dynamic and modern economy where there is an increasing trend towards the use of credit and prepaid cards. Vendors must, therefore, position themselves to capitalize on of every sales opportunity,” says Leonardo Thompson, Manager, Merchant Services for Bank of The Bahamas Limited.

“With BOB Mobile Express we are making it very affordable for entrepreneurs to start accepting credit cards for much less than the cost of some cell phones," he said.

According to Thompson the primary target market for this product are mobile entrepreneurs like taxi drivers and jet-ski drivers, however, he noted that BOB Mobile Express will be valuable to many other business persons such as food vendors; nail technicians; and professionals like lawyers and building inspectors who would like to offer their clients alternative payment methods.

"Nowadays many more Bahamians are choosing cards as a preferred method of payment because it's safer and more secure than carrying cash. Therefore, it is important for businesses to provide customers with a variety of payment options. With BOB Mobile Express almost any small business vendor can accept credit card payments anywhere at any time." Mr. Thompson said.

In addition to convenience he said vendors benefit from fast settlement of transactions with cash deposited into their accounts within 24-48 hours for VISA and MasterCard and three business days for American Express and Discover.

BOB’s Merchant Services Department provides credit card card processing, payroll solutions and other business support services to premier business establishments throughout the country.

BOB Mobile Express is now available through BOB's branch network that includes thirteen locations in Nassau, Grand Bahama, Andros, Cat Island, Exuma, Inagua and San Salvador.

Source: Bahamas National