The introduction of the mobile point of sale (mPOS solutions) into the payment settlement scene has revolutionized many business sections – it has simplified and offers several options for cashless payments. Established industries such as healthcare, travel, hospitality, and tourism have embraced the idea of using mPOS systems and endpoints quite extensively. The mobile POS wave has positively triggered the growing payment ecosystem into new heights and this is just the beginning of what has been projected to be on the way.
Easy, smooth, fast and secure cashless payment transactions relieve customers of the obligation of carrying a high amount of cash and at the same time, the business owners can focus on offering improved customer experience. It fastens the sales completion cycle, boosts productivity, saves time spent on manual cash-counting, drives financial accuracy, provides customer satisfaction and overall security.
mPOS solutions benefits for retail business owners
Retail merchants and small business owners benefit greatly by the use of mPOS systems that allows them the flexibility to close sales deals with customers by accepting credit/debit card payments, anytime and anywhere. At the same time, the replacement of cash registers with mPOS endpoints also implies better security from thefts and financial miscalculations.
As the name suggests, the mobile point of sale enables independent merchants and business owners to collect payments on-the-fly without any worry of collecting cash in bulk. Cashless and mobile payment and transactions can be done from anywhere, which also proves to be convenient for the customers. mPOS devices can come in different forms like standalone solutions, smartphones, wireless terminals, mobile card readers and so on. Some of their core advantages are:
Accept payments anywhere and anytime: mPOS solutions allow the merchants to drive sales, sell products to customers and initiate a monetary transaction from any location! Be it a door-to-door delivery service, a farmer’s market or a mobile-business model like a food truck, mPOS systems allow for easy cashless transactions accepting different types of card payments.
- Enhance customer experience and sales opportunities: Usage of mPOS devices allows merchants to provide a more personalized experience to their customers. For instance, in a crowded retail store, floor executives approach the customers to use mPOS devices for a fast check-out option while exploring cross-selling options. This doesn’t only help customers with better experience and convenience but also instills a positive brand image for repeat purchases.
- Helps businesses become EMV ready: For business owners and merchants, using mPOS devices make them ready to accept EMV cards in a non-expensive and easy way. Easy and fast deployment of mPOS systems and endpoints make it further seamless for the merchants to migrate to EMV in order to avoid being responsible for fraudulent credit card transactions and chargebacks.
Apart from these key benefits, NFC enabled mPOS solutions also allow customers to leverage contactless payment platforms like Apple Pay, Samsung Pay, Amazon Pay, Android Pay, which are gaining popularity with time. These solutions too, are easier to implement and are inexpensive for the merchants to consider. mPOS systems can also be integrated with value-added services like discount and loyalty offers.
Check out the Infographic to glean interesting insights about the current trends and future market of the mPOS solutions industry.