Mobile Payment Technology for the Construction Industry
The construction industry of North America is today facing considerable pressure to further decrease its costs, improve upon productivity, and improve its competitive edge with respect to quality of service and customer satisfaction. Recent advancements in mobile technology can provide new ways of effectively addressing all of these issues.
The role of emerging mobile technology is becoming increasingly important in enabling the construction industry to remain competitive because it offers access to real time technology, more accurate and organized reporting information, and a greater ability to integrate information. Moreover, mobile technology helps to facilitate more efficient onsite payment. It is this aspect of mobile technology is particularly important for small dependent contractors.
As we make the move towards a cashless society, the gaps between physical and digital payments are closing. There remains, however, one type of payment that remains to be addressed; cash-in-hand transactions. And Mobeewave is enabling construction companies to address this gap.
This Montreal-based company has been a pioneering force in the mobile payment space since its inception in 2012 and has created a patented solution that enables contactless payment acceptance on smart devices such as your cell phone, thereby revolutionizing the way small and medium-sized businesses operate.
Innovation for the Mobile Age
Mobile banking presents great opportunities for contractors and construction companies to meet the growing expectations of consumers with in respect to ease of payment in this new mobile age. As such, a solution that can provide a mobile-only solution rather than 20th century payment solutions such as cash or cheques is an important advance.
Mobeewave’s technology enables anyone to accept money from a contactless card or a mobile wallet simply using a smart mobile device; no other hardware is required. This solution enables micro-, small-, and medium-sized businesses to collect payments from their customers with a single swipe of the customer’s credit card against their mobile phone.
Currently, Mobeewave has deployed its technology in Canada, Australia and Europe, with roll outs in other markets – including the United States – to be announced shortly. But the flexibility of the Mobeewave solution means that the platform will not be limited by geographical restrictions. The fact that it can offer value to licensees in both mature and emerging contactless markets also means that the platform could be ultimately deployed around the world.
As such, Mobeewave has recently negotiated partnerships that enable it to extend its global reach. For example, Mobeewave last year signed a global partnership agreement with Samsung Electronics, making its platform available on over 250 million Samsung devices around the world. Through this strategic partnership, Mobeewave’s technology will enable anyone with a Samsung phone to collect payments from their customers by simply having the customer wave his or her credit card against the payment collector’s Samsung phone.
Challenges to Adoption
Resistance to new software technology, especially out in the field, is a challenge that is faced by many construction companies. Software suppliers have responded to this by making user interfaces easier and increasingly more intuitive, by improving on the performance of – and support for – their products, as well as by making it easier to integrate applications and data across workflows. Real-world experience over the past decade has also created a wealth of proven best practices for the deployment of mobile technology successfully. And while the construction site is not currently viewed as a leader in the use of mobile technology, recent studies have revealed that this technology is being used by more than half of construction professionals out on construction sites. This indicates that it is just a short step for many of these companies to employ mobile technology for their payment purposes.