The mechanical cash register is dead and mobile point of sale (mPOS) killed it. More businesses are switching to mPOS solutions that make use of newer payment applications, such as Google Wallet and Apple Pay, while retaining payment options from traditional providers, including Visa and MasterCard.
These portable, mobile-enabled payment terminals are on the rise, giving small business owners the opportunity to take a cash register with them wherever they go. Your business can provide speedier service with mobile point-of-sale and payments technologies such as Square. Time to join the mPOS revolution!
What is Mobile POS?
mPOS can be a smartphone, tablet or dedicated wireless device performing the functions of a cash register or electronic point-of-sale terminal. Globally, mPOS terminals will grow from 13.3 million units today to 54 million units by 2019, according to 451 Research.
These solutions make their money a little differently to traditional credit card merchants, usually charging a cheaper transaction fee (between 1.75% and 3.75%) or a flat fee per terminal or per month. They can also be customised to the business, allowing vendors to monitor business activities such as tracking inventory, sales breakdowns in real-time and linking to accounting software like QuickBooks Online. Some solutions have near-field communications, meaning the consumer can hold their smartphone to the terminal to pay.
Which Businesses Would Suit mPOS?
Small business owners can really benefit from the flexibility and mobility of mPOS, particularly those working in industries such as:
- Hospitality: High volumes of transactions can become a logistical nightmare when relying on manual processes. Tracking what and when your customers order becomes much simpler with an automated, mobile system, while also organising your back-office management
- Retail: Mobile point of sale lets you create digital receipts for your customers, meaning both of you can safely store your transaction history via email or text. Further, easy connectivity makes setting up a full in-store point of sale simple, letting you add a cash drawer and a printer without a hitch
- Many Others: Many service businesses, such as nutritionist, consultant or IT, can use mPOS to complete transactions while off-site. Square’s pocket-sized card reader, for example, lets you carry a register wherever you go
Making the Switch
If you have a tablet or a smartphone, all you need to do is download the app, set up an account and connect the necessary hardware, such as scanners, receipt printers, card readers and cash drawers.
Joining the digital and mobile revolution can have a major impact on your business. It’s simple to do, so what’s stopping you?