Before we begin to understand what kind of SMEs are eligible for a Productivity Solutions Grant (PSG), it’s important to know what the grant is all about and how it is applicable for a POS (point-of-sale) system.
What is a PSG grant for a POS system?
The Productivity Solutions Grant (PSG) is a form of financial assistance announced by the government at Budget 2021 to support companies that are keen on adopting IT solutions and equipment to enhance business processes.
For instance, the grant covers sector-specific solutions including the retail, food, logistics, precision engineering, construction and landscaping industries. Aside from sector-specific solutions, the grant also supports the adoption of solutions that cut across industries, such as customer management, data analytics, financial management, and inventory tracking.
This means the grant is available for a range of businesses, especially SMEs that are looking to use a POS system to automate existing business processes and enhance their business productivity. Moving forward, we will discuss how the grant works, where and how to apply, and who can apply for it.
How does a PSG grant work to provide an 80% subsidy?
With the continuous impact of COVID-19 on various businesses in Singapore, the stakes are higher for small, medium businesses. In order to support such businesses and for Singapore to compete effectively on the global market, PSG serves as an avenue for various companies to make long-term technology investments.
The grant initially subsidises up to 70% of the cost of adopting IT solutions and equipment. However, as the global outlook remains uncertain, the maximum grant available has been increased to 80%, and the support is extended to 31 March 2022. Sounds like a great initiative by the government!
Since Qashier is a pre-approved solution and vendor providing smart POS system, you can take this opportunity to claim up to 80% of the cost of adopting the Qashier Smart POS system. This also means you can get a brand new POS package that includes the hardware, software, setup, training, and support, all for less than $1 per day.
How and where to apply for a PSG grant for a POS system?
There are several steps you need to take when applying for PSG:
- Visit GoBusiness Gov Assist to access the list of supportable solutions and identify the solutions that best suit your business needs.
- If you’re looking for IT solutions and/or equipment, you will need to source for the equipment and get a quotation from the pre-approved vendor.
- Once you’ve gotten the quotation, you can submit an application on the Business Grants Portal (BGP). Make sure to register for a CorpPass account to transact on the portal.
If you require a more detailed guide in applying for a PSG, here’s the step-by-step guide for your ease of application and transaction.
Who can apply for a PSG grant for a POS system?
SMEs that meet the following criteria are eligible to apply for a PSG grant for a POS system:
- Registered and operating in Singapore.
- Purchase/lease/subscription of the IT solutions or equipment must be used in Singapore.
- Have a minimum of 30% local shareholding; with Company’s Group annual sales turnover less than $100 million, or less than 200 employees (for selected solutions only).
This includes small businesses in the F&B, retail, and beauty industries.
Top 4 FAQs about the Productivity Solutions Grant
Like any other financial assistance announced by the government, there’s bound to be questions about the Productivity Solutions Grant. Here are the top four frequently asked questions about it:
1. Can unlisted IT solutions and equipment be supported under PSG?
Since the grant is aimed at facilitating the quick adoption of proven productivity solutions recommended by sector-lead agencies, new productivity solutions are constantly being reviewed and added to the list.
2. Where can I apply for a PSG for a POS system?
Once you have received a quotation from your preferred vendor for the supportable solutions, you should log on to the Business Grants Portal to apply for the PSG. Make sure to register for a CorpPass account to transact on the portal.
3. What kind of SMEs can apply for a PSG for a POS system?
The PSG covers sector-specific solutions including retail, F&B, beauty, logistics, precision engineering, construction and landscaping industries. It also supports the adoption of solutions that cut across industries. Hence, every industry can apply for a PSG.
4. How does a vendor become an IT solution provider for PSG?
To be a pre-approved vendor for IT solutions, the applicant will be evaluated on capacity and capability, as well as whether the solution meets the requirements of target sectors. ICM vendors will need to submit their solution to be pre-approved under the SMEs Go Digital Programme.
As Qashier is a pre-approved solution and vendor providing a smart POS system, you can take this opportunity to claim up to 80% of the cost of adopting the Qashier Smart POS system. This also means you can get a brand new POS package that includes the hardware, software, setup, training, and support, all for less than $1 per day.
We also offer a range of other subsidies and packages to suit your business needs. Speak to us to see if your business qualifies for the grant.
With a Smart POS system like Qashier’s, you’ll get all the work done within a single system in our all-in-one POS system, with an initial cost of only $1/day. On top of that, it’ll also help your business run smarter and smoother while growing your sales. Along with an integrated payment processing channel, you can count on the system to accept every type of payment using the QR code provided.
Speak to us to see if Qashier’s Smart POS can meet your business needs. Schedule a meeting with us here, call us at (+65) 3165 0155, WhatsApp (+65) 8882 8912, or email [email protected].