mPOS, evolving from the traditional POS system, brings new possibilities and opportunities mostly for the retail and hospitality industries.
An mPOS or mobile POS is a portable point of sale on a smartphone or tablet that functions as a register. A mobile POS system is an ideal way for businesses such as food trucks, home services, etc. to take credit card payments on the go.
Mobile point-of-sale (mPOS) devices have completely changed the retail industry. Experts are predicting an existing $26 billion market to grow at a rate of 18.8% through 2027. About 65% of retailers see mobile payments as a key strategic initiative, and, by 2023, one in four POS transactions will be made through mobile devices.
POS vs mPOS
POS and mPOS both are based on the concept of mobility. But both of these are not the same.
A mobile POS system is designed to accept card payments without being physically attached to one particular point, unlike traditional POS systems.
mPOS systems usually consist of a card reader that is paired with a smart device like a smartphone or tablet, either wirelessly or physically.
It can be used anywhere in and away from the business because they are completely portable. mPOS implementations allow service and sales industries to conduct financial transactions in place, improving the customer experience and freeing up valuable landed property that would otherwise be dedicated to a POS countertop.
An mPOS can also be cost-effective, allowing a small business owner to conduct transactions without having to invest in an electronic register or pay someone to support the software. This has made them essential for mobile merchants. In addition, mPOS systems have also inspired traditionally immobile businesses to seek out mobile business opportunities.
Perks of mPOS
Eliminating the queue
It’s a grace that the mobile POS system cuts through customer queue without causing any problem.
You may have seen some fast-food chains using this technology. Staff members can input information into the mPOS system using their mobile devices while customers are waiting in line. This allows for a speedy check-out once the customer gets to the cashier.
Accuracy
A reduction in errors is always great for every business. The mPOS system can give that to you. Since the staff can travel with the device, it’s easier for them to check on the prices of unmarked or mismarked products.
If you’re in the restaurant industry, now there is a much lower chance your waiters will forget their tables’ orders. This is because an mPOS system can send the orders straight to the kitchen.
Portability
Have you ever wondered if you would be making more sales if your staff could market to customers while they’re browsing? Now you can put it to the test!
The mobile system is capable of operating anywhere that has a wireless network connection. This gives your sales teams the option of cutting down those lines. It also helps customers while they’re browsing and keeps your customers happy.
Affordability
mPOS technology is significantly less expensive than traditional POS and relies on cloud-based subscription models that require low initial costs and monthly maintenance payments. Even established businesses like chain restaurants, hotels, and apparel stores can benefit from the convenience of mPOS. Sports stadiums and concert venues are quickly adopting it, too.
Customer Experience
Customers desire and expect a lot from your business. They don’t want long and tiring wait times.
Using the mobile POS system, you can help you, help them! Give your customers the efficiency they want, without sending your staff into hysterics.
Outcome
The growing demand for mobile payments is the primary growth driver for this market. The increasing mobile internet penetration enables users to quickly process mPOS and close the sales process. Moreover, the rising adoption of tablets and smartphones across the globe allows the retailers and merchants to integrate mPOS into their payment process.
