If your business operates on the go, you may need something called an mPOS. These mobile point-of-sale systems are gaining popularity among small business owners because of their portability. However, a mobile point of sale can also be redundant for businesses since they can sometimes be just another device to keep track of. Read on to discover what an mPOS is, the advantages of having one, and alternatives to consider.
What is mPOS?
mPOS stands for mobile point of sale. An mPOS is a mobile device, such as a smartphone or tablet, that functions as a traditional point of sale system. It is usually used by businesses that move around, like mechanics, truck drivers, architects, and so on. Except for their use, mPOS and POS systems have pretty similar functions.
How Does Mobile POS Work?
A mobile POS system works a lot like its sibling, the POS terminal. To use it, find an mPOS software that will meet your business needs and install it on a smartphone or tablet. NFC capability is required. mPOS can read a variety of card types: contactless, magstripe, and chip-and-PIN cards. It also accepts some e-wallets.
Most mobile point of sale systems have data cards, giving you internet access to ensure the success of each transaction. You can also connect to the internet wherever there is a WiFi network available.
mPOS vs POS: What is the Difference?
The biggest difference between mPOS and POS is mobility. Other differences to consider are the hardware associated with a POS like a:
- Receipt printer
- Cash drawer
- Monitor
There are portable POS terminals as well, which offer additional mobility. Consider mobile POS systems as an upgraded version of a traditional POS system. You can use it anywhere, anytime, without much maintenance.
Benefits of Mobile Point of Sale Systems
mPOS systems come with many benefits, including:
- Save money. With mPOS, you only pay for the actual mobile device and the mPOS software. Small businesses often spend between $1,300 and $2,000 on POS systems.
- More features. Manage your inventory and employees’ profiles, add discounts, access customer data, and more.
- Accept any kind of payment. Whether it’s Apple Pay, Google Pay, or card.
- Data collection. Save customer data like phone numbers, mailing information and e-mail addresses for easy future payments.
- Mobility. Enjoy all of these perks wherever your business might take you.
What You Need to Consider when Choosing a Mobile POS System
You’ll always want to choose software that meets your business needs. Not only that, but you’ll also want a system that is safe, easy to work with, and has plenty of meaningful features. Make sure to do thorough research to make the best decision for your unique business.
Security
Without a doubt, data security is a primary concern for both businesses and customers. With strong encryption, you can ensure your transactions and customer information don’t end up in the wrong hands. Consider a cloud-based mPOS so you can back up your data online. You’ll also want to make sure your system and software are fully PCI compliant.
Simplicity
When it comes to mobile POS systems, simplicity is key. An easy-to-use user interface will help you train your employees faster and provide a better experience for you and your customer. Part of the point of choosing software to help you accept payments is to make the process simpler. There are tools on the market that expand your capabilities while helping you improve efficiency. It’s important to prioritize the tools you need to find the software that works best for you.
Inventory management
Inventory management is one of the biggest advantages when it comes to mPOS systems. It simplifies the workflow of your everyday activities and helps you stay organized. With this feature, you could save hours if not dozens of hours per week by streamlining your inventory management system and your sales. Make sure your mPOS of choice has this feature, as it’s critical to your efficiency and success.
Card-not-present transactions
Card Not Present (CNP) transactions are those that happen when the cardholder or card is not physically present. The biggest example of these transactions can include online purchases, mobile invoices, mail order deliveries, or NFC transactions. NFC transactions include Apple Pay, Samsung Pay, and Google Pay. CNP transactions make up a significant portion of overall transactions and are growing exponentially year over year.
Meet Paysley: An Alternative Solution to mPOS
Even though mobile point of sale systems are an upgrade to standard POS’s, they’re another device to master and keep track of. With paysley, you don’t need any additional hardware. You can process mobile payments on any smartphone or internet-enabled device. Just visit the website or download the app.
Paysley works primarily with payment requests. You can send secure, contactless payment requests via QR code, text, or email. The code that the customers need to scan can be online or in-person, making it suitable for every occasion. Moreover, your customers don’t need to create an account or download an app to check out.
Features like virtual campaigns and recurring payments let you easily make and manage unlimited tap-to-pay campaigns, fundraisers, auctions, and product sales directly from your social media. You can also set up ongoing or time-specific payment plans for your customers.
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