mPOS: A Future-Proof Mobile Point of Sale Solution
When Bob Dylan first penned the classic song “The Times They Are a-Changin’” in 1964, it’s unlikely it had anything to do with how merchants accept cashless payments.
Yet it’s no longer the 1960s; it’s the 2020s, and cash is on the decline. Debit cards are our new favourite way to pay at the point of sale, and mobile wallets such as Apple Pay and Google Pay are in the ascendancy.
The times are indeed a changin’, and the future’s coming faster than most merchants are ready for. So what can sellers do to arm their countertops, and equip their businesses with a forward-thinking solution? Is there an answer to the big question that cashless payments continue to pose?
There is, and it’s called mPOS.
mPOS stands for mobile Point of Sale. Its basic components are a mobile card reader (for taking swiped, dipped, and contactless payments) and an app that you can download onto your app or tablet for free.
Unlike traditional point of sale systems, mPOS is ready-made for the modern world – allowing you to accept a range of payment methods with greater speed, style, and convenience. And businesses are catching on.
Annual global mPOS transactions, which numbered 28 billion in 2018, are set to reach 87 billion by 2023. So, what’s all the fuss about? Let’s whizz through our eight reasons as to why mPOS really is a future-proof mobile point of sale solution.
1. It’s Simple
Whether it’s ordering it, getting it set up, or just using it on a daily basis, an mPOS solution is refreshingly, sublimely simple.
You can apply with an mPOS provider such as Square or SumUp online in minutes, and have a card reader in your hand within the week. Plus, setting an mPOS system up is as straightforward as downloading an app, and positioning the card reader in a comfortable spot on your counter.
Using an mPOS system is a breeze, too – you’ll do most of the legwork from your own phone or tablet, so there’s not much new technology to be bamboozled by.
2. It’s Portable
mPOS card readers are small enough to fit in your pocket (the SumUp Air is just over 3 inches long, and less than an inch thick), and they don’t require a wifi connection to process payments.
That means you can make sales from more or less anywhere (well, you might need a bit of mobile data, so maybe rule out the middle of the Mojave), and can say goodbye to lugging around a trunkful of expensive gear.
Portable payments? About as future-proof as it gets.
3. It’s Cheap
You saw that right. mPOS systems, by and large, are cheap. The card reader itself will set you back only a nominal fee, and you’ll pay only a small percentage on each card transaction you accept using the system.
A lack of monthly fees means that micro-merchants (such as market traders and pop-up store hotshots) aren’t pressured to meet a certain amount in monthly card transactions to break even. And seasonal businesses operating only in the summer months won’t feel the heat of having to make sales all year round.
4. It’s Accessible
When sellers apply for a traditional merchant account, they’ll face a series of strict underwriting checks before being accepted.
Not so with an mPOS system. Probes into your personal and business’ credit history are less severe – and some providers, such as Square, bypass the credit check completely.
Plus, transparent fees and pay-as-you-go pricing (both hallmarks of a good mPOS solution) help to make mPOS an inherently more understandable, accessible, and valuable tool in the countertop arsenal of small merchants.
5. It’s Versatile
mPOS is adaptable. All it needs to work is a mobile or tablet with an app installed, plus the card reader provided. Yet, if you’d like to expand the size and functionality of your point of sale (not to mention get it looking uber-professional) most mPOS providers offer a range of tools to help you do just that.
Think barcode scanners, cash registers, additional screens, receipt printers, charging docks, stands… the possibilities for your POS are endless.
And if you’re not quite ready to relinquish your grasp on your current POS system, then don’t worry. Most mPOS offerings can slot into existing traditional POS arrangements, for a solution that marries a forward-thinking approach to the tried-and-trusted ways of old.
6. It’s Compliant
All businesses accepting card payments need to comply with the payment card industry’s (PCI) rigorous set of data security standards. PCI compliance costs businesses money every month, and non-compliant transactions come with hefty fees. Is there a better way?
I’m POSitive there is!
Because, while the responsibility of PCI usually rests with the merchant, many mPOS providers take this off your hands. mPOS systems also tend not to hold onto credit or debit card data, and offer encrypted transactions – meaning your business is better protected against fraud and damaging data breaches.
7. It Sells
The benefits of an mPOS system don’t end at the counter. With in-built loyalty programmes that save customer details and payment preferences, an mPOS system can help you use data insights to help grow your client base.
Reward your most loyal customers, and give buyers an even stronger incentive to come back for more. Whether it’s upselling, cross-selling, or super-selling, your mPOS system provides you with everything you need to take your business to the next level.
8. It’s Necessary
Consider this: Debit card payments make up more than two-thirds (68.3%) of payments at the point of sale in the US. And, this year, the number of mobile wallet users is expected to surpass a whopping one billion.
Oh, and research findings also indicate that cash is on the decline in the US and beyond.
Now, consider this: A seller with an mPOS system can accept credit cards, debit cards, contactless payments, and mobile wallet transactions. Their customers can swipe, dip, tap, and even pay over the phone; not to mention online, through the seller’s website.
A seller without that technology could be limited solely to taking cash payments. So, what do accessibility, versatility, and simplicity (plus the other five qualities listed above) all have in common?
They’re all traits of a future-proof solution.
Just as cards are replacing cash, mPOS systems are also subsuming their more traditional variants. mPOS offers predictable, pay-as-you go pricing, understandable rates, and staggering ease of use – so it’s not hard to see why it’s being hailed as the future.
Plus, an mPOS solution is innovation. Never before have merchants had a customer loyalty scheme, credit card processor, and complete point of sale toolkit, all rolled into one.
And, now mPOS has arrived, it looks as though it’s here to stay.
We hope you enjoyed this promoted piece as much as we did!