POS Companies Failing In A Connected World

Consider that there are thousands of payment processors in North America. A conservative estimate would be 3000. That is a large number.

Not all of them serve every type of small business, but most do!

Additionally, there is an average of probably 50+ sales reps for every payment processor.

It’s safe to say there are thousands and thousands of sales reps out there sell POS/payment processing to small businesses. Some full time. Most part time.

That leaves small business owners with a dizzying number of options.

So, how do business owners know what they should get?

Well, that is the tricky part.

As a POS company, we navigate meeting small business owners where they are at, explaining our unique value and improving the quality of our products and service on a daily basis.

This is imperative to the survival of a POS company. We have seen a massive change in the last decade. More and more businesses are moving away from the simple credit card terminal and into an integrated solution designed specifically for their industry, because software is becoming so accessible to create and deliver, that companies are developing software/POS systems for each specific type of business.

Many sales reps and POS companies are industry veterans, who aren’t enthusiastic to adapt to these changes.

But, as aforementioned, there are literally thousands of payment processing/POS companies in the US.

It cannot be understated how imperative it is for POS companies to adapt to being the absolute best at what they do for their customers, and leaving no room for anyone else to do it better, otherwise they will die.

Here’s an analogy: we can estimate that 40,000 - 60,000 mom and pop owned convenience stores had their customers swallowed up and were forced to close down, due to just a small handful of the big consumer stores like Walmart & Amazon.

In a world that is connected more easily than ever before, there is not room for average or complacency.

The same trend of mom and pop owned convenience stores closing down due to large companies being more efficient can be seen across nearly every industry.

I am seeing it in the POS industry too.

It is becoming easier than ever before for Viral Bites to get new clients, because so many POS companies and sales reps have just given up due to not being able to adapt or just refusing to adapt.

This has left more opportunity than ever before (not to mention more of a need than ever before) for POS companies with a unique value proposition to swallow up large pieces of the industry.

That is why I founded Viral Bites to begin with.

I actually worked for a POS company that is worth roughly $8 billion at the time of me writing this. And they’re a privately owned, non-publicly traded company.

Anyways, I recognized how green the grass was, and how much it was needed, to offer a unique value proposition to local businesses that was missing in the POS market, because the large, technology-focused POS companies had done such a stellar job in swallowing up smaller companies.

I founded Viral Bites with the following in mind: offer customized pricing on processing fees and monthly fees (because I recognized large POS companies didn’t give each customer the individual attention they should have regarding their pricing), local tech support with a familiar face (because business owners don’t want the struggle of calling in to a support line and speaking to someone in another country, who they don’t even know, and having to reexplain everything to them), free equipment (because I recognized that small business owners couldn’t afford to invest in POS equipment at retail value as often as it would break, need replaced and new technology would come out, and finally, offer support with digital marketing (not because we have a unique advantage in finding marketing employees for cheaper than anyone else, but because I recognized that there was a huge opportunity to integrate new marketing tools with the POS, which many business owners didn’t know how to use).

This is why Viral Bites will always be around as this industry continues to change swiftly.

Think of it as like Viral Bites the last mom and pop owned convenience store, providing your favorite items you can’t find at Walmart or Amazon, because they aren’t capable of serving your individual preferences since they’re so large, except we’re talking about POS systems here and not stores!