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6Ps - Six Aspects of Business Success

We often contemplate why one business idea achieves rapid success while another, seemingly promising, fails the test of time. The Devil, or God, as one prefers to use this saying, is in the details. And every business is replete with details, each – their own.

The quality and relevance of a service or product to meet the expectations of the target customers, customer service, guarantees, and convenient accessibility—all of these factors are important. In the past, marketing spoke of the 5Ps - product or service, price, place, promotion, and people—potential buyers. Each of these 5Ps demands a well-thought-out strategy for a company to succeed in the competition.

However, in line with current trends, we would like to introduce the sixth P—Payment options. Statistics are clear: non-cash payments with payment cards in Latvia amounted to 8.5 billion euros in 2022, which is 26.3% more than in 2021, according to the data compiled by the Latvian Bank. This means that it is crucial for every merchant, large or small, to offer customers the option to make purchases using payment cards and mobile devices. Now, when payments can also be made with smartwatches or mobile phones, your potential customers’ wallet with cash can easily stay at home. If you fail to provide them with the option to pay using mobile devices, the winner will be...the competitor who offers such an opportunity. This seemingly small detail can significantly impact a company's revenue (read: success)!

It may seem that card payments are a privilege reserved for large and established retailers, but that is no longer the case! Industra Bank has introduced the mobile application vPOS, which can transform your Android smartphone, if it supports NFC technology, into a fully functional POS terminal within a day. Moreover, it provides the ability to analyze transactions, draw valuable conclusions for well-informed and intelligent business decisions in the future.

There are no connection or subscription fees—you will only pay a commission for completed transactions when using vPOS. More information about Industra Bank's vPOS.

Special offer in force until July 31

Until July 31, 2023, if you simultaneously enter into a vPOS or other POS terminal usage agreement:

  • Opening an account with Industra Bank for a legal entity or self-employed individual will be available at half the price.
  • As a bonus, until the end of the year, account maintenance, Mastercard Business payment card issuance, and monthly fees will also be available at half the price.
  • Offer is valid for residents of Latvia.

Industra Bank is a bank owned by Latvian entrepreneurs, offering convenient solutions for entrepreneurs' daily business operations, as well as financing for the implementation of good business ideas.

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