As the popularity of digital transactions grows, POS software in Bangladesh becomes an essential choice for merchants as it easily integrates with payment gateways like Nagad and bKash. Research reveals that in 2023 alone, POS's global market share crossed $13.79 billion and aims to reach a whopping $42.3 billion by 2027. Similarly, mobile payments in Bangladesh are also on the rise, contributing $933.80 million to the economy, which is expected to reach over $1.8 billion.
Today’s digital world revolves around mobile wallets, which compels merchants to have POS mobile payment facilities to beat the competition. However, businesses in Bangladesh face numerous payment challenges that require strategic POS solutions. Read on to learn about challenges and POS inventory management software solutions.
Highlights
❖ Mobile Payments through POS software systems are expected to cross $30 Billion globally by 2030
❖ Bangladesh’s mobile payment market is worth over $933.80 million and is expected to reach $1.8 billion by 2028.
❖ POS software in Bangladesh can help businesses tackle integration, security and operational challenges for practical user experience.
POS integration Challenges
➤ Compatibility:
A primary challenge for merchants who are technically untrained is POS compatibility. Advanced payment gateways require continuous communication between the system and API. Transaction failures, data loss, and connectivity issues occur when unsolved, causing a significant revenue loss. To mitigate these challenges, merchants can install modern POS inventory management. In addition, continuous upgradation is required for legacy or small businesses.
➤ Security Issues:
The primary focus of POS integration is secure transactions without personal data theft, such as credit card credentials. By 2025, cyber crimes will cost 10.5 trillion annually, with POS and online payment gateways being the most targeted entities. Payment gateways like Nagad and bKash use multi-layered encryption and KYC security protocols to overcome security and fraud issues and protect financial data. Business owners and super shop software users in Bangladesh can use the services of POS iteration solutions providers like DOKANE, which strictly follow PCI-DSS standards for secure transactions.
➤ Regulatory Compliance:
Bangladesh Bank has set standards for mobile financial services to ensure smooth and safe transactional activities. Bangladesh's best POS software company strictly adheres to these guidelines, including system updates and maintaining records according to the latest standards.
➤ User Adoption and Staff Training:
Businesses throughout Bangladesh face challenges in training staff and customers to use mobile payments effectively, using inventory and POS software for small businesses. Without proper training, an unwanted payment situation may occur at the cost of clients and revenue.
POS Software Integration Solutions
A well-reputed POS software in Bangladesh remains vigilant in adapting innovative solutions to provide the best POS services in Bangladesh. The following is a list of the most important solutions to keep payment systems safe.
➤ Modern POS Software Upgrades:
Businesses should always adopt modern POS inventory management software systems for easy, user-friendly mobile payment systems. Up-to-date POS software in Bangladesh features APIs to smooth payment operations without any technical stoppage.
➤ Enhanced Security:
A POS software company in Bangladesh must provide state-of-the-art security through encryption and multifactor authentication. It helps businesses and customers protect themselves from any possible data breach.
➤ Customised Payment Gateways:
Multiple payment gateways are always better to provide customers with unmatched POS payment flexibility. For example, most businesses in Bangladesh partner with 2checkout, Nagad, bKash, and Square to receive payments from their customers, as they are readily available. POS software companies like DOKANE can provide initial estimates and customer interests to predict reliable payment gateways.
➤ Comprehensive Training and Support:
Installing and handling POS software can be tricky for businesses. Proper training beforehand is essential to avoid any unwanted circumstances.
Final Thoughts
As Bangladesh’s digital economy grows, more merchants and business owners are inclined to adopt the latest POS-integrated Payment Gateways. However, this integration requires technical solutions, security, and a better user experience, which can be possible through a POS software company in Bangladesh.
