Simplify Payment Integration To Your POS System – FOMO Pay

Simplify Payment Integration To Your POS System – FOMO Pay

In the digital era, our customers have the power to decide how they want to shop, when they want to shop & how they want to pay. As the mode of payments is getting more complex, many merchants find it difficult to catch up. In addition to all the credit card payments, we now need to adopt eWallet payment too. If you are having difficulty maintaining multiple-payment method, we have good news for you – A single payment system that manages all your QR payment & it seamlessly integrates with our POS System.

FOMO PAY To The Rescue

Many merchants can identify the pain of managing multiple-payment. Our finance department has to tally all the transactions one by one on the bank statement. This takes up a lot of time and effort. With FOMO Pay, you can consolidate all your cashless payment processing in our POS System. All your cashier needs to do is to select FOMO Pay when the customer is checking out. The rest of the process will be taken care of by our POS. Hassle-free.

The Benefits Of FOMO Pay:

All-in-one Solution

With FOMO Pay, you can accept major ewallet payment types – WeChat Pay, AliPay, Grab Pay, Pay Now and more.

Lowest Pricing* No Hidden Fees

No setup fee, no management fee, and probably the lowest processing rate (T&C applies). Best rate for your desired settlement currency.*

Advanced Security

FOMO pay has automatic fraud screening, 24-hour transaction monitoring and protection policies. You don’t need to worry about security.

Real-time reporting

Get the transaction insights you need anytime you want and anywhere you want. The refund can be done via the backend system as well.

Know where you stand

FOMO Pay makes it easy to track your transactions so that you know what to expect and most importantly understand your customers.

Easy & Fast Integration

FOMO payment solution is already integrated into our POS System and help simplify your reporting, compliance and back-office systems, regardless of whether you are a small, medium or big company.

Before you go, here’s a quick video demo on how FOMO Pay works.

Contact us today to arrange for a free demo <Here> 

Government Grants available in Singapore for Retail Businesses – Part 1

Government Grants available in Singapore for Retail Businesses – Part 1

Are you running a retail business in Singapore? Retail businesses in Singapore can be expensive to start and to run. Thankfully, the Singapore government is helping SMEs (retailers included) with grants or financial assistance. What are kinds of financial assistance are available and how can we use it? Let’s dive in.

First and foremost, because government policies change over time, you need to know where to get the latest and most updated information. One important website that is very helpful is SME Portal (https://smeportal.sg). This website is brought to you by Enterprise Singapore which is the Singaporean government agency that champions enterprise development. SME Portal, in their own words, is the first stop for Singaporean SME owners and aspiring entrepreneurs who are looking for information, tools and services that can help them build sustainable and competitive businesses.

This website contains plenty of information on starting a business in Singapore and the means to get the support required. One of the most important area where our Singapore government is focusing on is the adoption of technology to SMEs, including retailers. This actually make perfect sense. Retail businesses can benefit from automation through digital solutions. Currently, retailers are heavily disrupted by online channels. It is no longer enough to run a retail business without any understanding and capability in technology. The good news is, there is a grant called PSG (Productivity Solutions Grant) that can subsidise up to 70% of the cost of technology adoption for productivity improvement.

There are many areas in our retail businesses that can be improved by technology. Things like integrated retail management solution: from Point of Sales systems, Inventory Management, Customer Relationship Management, and even integration with e-commerce. These solutions will help you to better plan your inventory and merchandising, understand your customer segment and blend your online and offline sales effectively. Our company Edgeworks, provide such solutions and are listed as one of pre-approved vendor for PSG grant.

So how does the PSG grant work and what does the application process look like?

  • Visit TechDepot section in SME Portal. TechDepot is a dedicated section in SME Portal website that covers technology solutions.
  • Access the list of supported solutions in TechDepot and identify the relevant solutions and vendor that meet your needs.
  • Get a quotation from the pre-approved vendors of your choice
  • After deciding the preferred vendor, do not purchase it yet. Submit an application on the Business Grant Portal (BGP). After your application has been approved, you can then purchase the solutions from the vendor.
  • You will need to purchase the solution in full price first and then the cost of the solution will be re-imbursed to you for up to 70% at the completion of the project.

To qualify for the grant is pretty straightforward. You need to be a registered business in Singapore and is operating in Singapore. The solution that you purchased must be used in Singapore. For selected solutions, you will need to have a minimum of 30% local shareholding (Singaporean or PR).

Stay tuned, in the coming blog posts we will discuss more on how to apply for PSG grant in details and also other grants available for retailers. Just drop us an email below to get the latest updates from us.


How To DIY Trademark Registration

How To DIY Trademark Registration

I have personally experienced a situation whereby one of my business competitors decided to take a screenshot of my company’s logo from our website and submit it as his own trademark. Fortunately, we spotted the submission within 2 months of the submission date and were able to challenge his application. This was an important learning experience for me on the importance of protecting your trademark early.

We may think that trademark registration is an expensive and difficult process that requires us to hire a consultant. Surprisingly, it is easier than we imagined. By doing some research online, I figured out that I can DIY my trademark application.

How to submit your trademark application yourself

Log on to the web portal by IPOS (Intellectual Property Office of Singapore) called IP2SG (URL: https://www.ip2.sg). You can login to this site using your Singpass or Corpass to submit your trademark registration.

You can apply for trademark protection by submitting an online form for trademark registration. There are a lot of forms on the portal, because IPOS deals with not just trademark, but also other intellectual property like patents and copyright as well. That makes it a little intimidating. However it is actually quite simple. The form that you need to pay attention to for registering trademark in Singapore is Form TM4.

The awesome folks at IPOS had come up with a simple step-by-step manual on how to fill up form TM4. You can download the PDF of the user manual via the following link: TM4 User Manual

In a nutshell, what you need to do is to specify your company’s detail, trademark detail and also specify the classes of trademark which you wish to apply for. A trademark class, to put it simply, is the category/industry in which you want your trademark to be protected. For example, two companies happen to have the same name, Subway Shots. One is a photography service company while the other is selling hard liquor. They will most likely register the same name under two different trademark classes, according to the industry they are in. The fee for trademark registration is on a per class basis, which makes it costly to register your trademark across all classes.

Extending your Singapore trademark Internationally

Later on, when you wish to extend your Singaporean trademark internationally, you can submit the form MM2, which is for extending your Singaporean trademark to other countries participating in the Madrid Protocol. This should be done after you have gotten your local trademark approved. For details on how to do this, you can take a look at the user manual provided by IPOS. The PDF can be downloaded here: MM2 User Guide

During my filing, I found that the officers of IPOS to be very helpful on my queries. They are consistently supported me during my DIY trademark applications.

Estimated Fees

For DIY registration of Singapore trademark, the fee is about $240 to $374 per class. For more details of Trademark registration & the fees, visit this link: IPOS Trademark information

Managing Inventory Can Be A Breeze!

Managing Inventory Can Be A Breeze!

When it comes to managing inventory, easy is the last word that comes to any inventory manager or business owner handling inventory. However, it can be a breeze if it’s done properly and with the right software.

With Equip Inventory management software you will be able to solve common issues like:

Not having enough inventory

By using our low stock quantity alerts for individual inventory you can ensure that you will always have enough stock for your business to operate smoothly.

Inaccurate Inventory Tracking

Losing stock equates to losing money. Avoid losing money by being able to keep track of every single product in your inventory and it’s location should you have multiple warehouses or storage locations.

Too much inventory

Avoid spending unnecessarily on stock that you already have, especially if it’s perishables. By using our stock control software you will be able to see all stock levels in your inventory and make sure you have the right levels of stock at the right time, ensuring maximum cash flow for your business.

Not knowing when to purchase stock

With our real time updates and reports on your inventory via our cloud based inventory management software, you will be able to have the information as to when you should buy your next round of goods.

Is Inventory Management Software Worth The Investment

Is Inventory Management Software Worth The Investment

High costs of an inventory management or stock control software are usually factors why companies don’t invest in a proper inventory management software.

The real question is, in the 21st century, how can businesses afford not to have management software for their inventory? Besides fixed assets, inventory is usually the largest priced asset of any business. Allowing those assets to go unchecked, unregulated, and unsupervised, as it goes from supplier to consumer leads to a decrease in profits. Meanwhile, the return on investment for management systems is enormous. The five main areas where businesses usually see ROI are in:
Managing inventory, as noted above, excess stock, or a lack of stock, can cost you. Warehouses can cut costs by not purchasing inventory until it’s needed and can earn price breaks by ordering in larger quantities.
Maximizing labour- Getting the most out of employees without wasting their time, including in the training of new employees, is crucial, and increased productivity is a hallmark of quality inventory management software.

Satisfying customers- Beyond your business benefitting from good customer service, satisfying customer orders also prevents your company from violating service-level agreements.

Why Is Inventory Management Software Important In Singapore

Why Is Inventory Management Software Important In Singapore

With the government being committed to help more small and medium enterprises (SME’s) transform digitally to stay in business amidst tech disruption, having an idea of where to start off can be a big question.

At Edgeworks we recommend starting off from the core part of any business, the backend.

In Singapore, most SME’s still use the conventional excel sheet or even the traditional pen and paper method to keep track of stock which leads to high rates of error. Without accurate accounting of how much inventory a business has, where that inventory is located and what will be needed to complete incoming and future orders, no company can run efficiently enough to turn a profit and generate growth. Shockingly, inventory inefficiency is common for many businesses in Singapore.
Inaccurate inventory records create a higher lead time (the time between the initiation and execution of a process), which means a slower response to demand, market changes and stock outs. This, in turn, can create customer disapproval when products aren’t available as needed. For small businesses, the margin for error is too small not to meet required demand (only about 50 percent of small businesses survive past four years). Plus, a shorter lead time has become an important source of competitive advantage. 
By understanding what’s key in the inventory and stock take process we have developed efficient ways for you as a business owner to manage and improve on your stock and inventory processes. Check with us today to see how our software can help your business grow and stay relevant in today’s business landscape.

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