Advantages of mPOS
Some fads are gone almost as soon as they arrive, while others become institutions in their own right. When it comes to mobile point-of-sale technology, the latter is definitely the case. Here are just a few of the most persuasive reasons why you should make mobile payments an integral part of your business.
- Accepting payments is a breeze no matter who your customers are or how they want to make their purchases. That’s because mobile POS systems can accept all swiped credit and debit cards, and, assuming it is a newer model, your mPOS will also accept EMV chip cards. If your mPOS is equipped with contactless near field communication (NFC) technology, your patrons don’t even need a physical card. They can simply place their NFC-equipped smartphone near your reader and, within seconds, a fully encrypted, secure transaction can take place.
- With a mobile POS, your business can jump to the next level in terms of selling products. Since the device is small with either plugin or Bluetooth connections to your smartphone, you can take it anywhere and accept payments far away from your brick-and-mortar storefront. What’s more, your mobile POS comes with inventory capabilities that let you keep track of your stock, ensuring that you never run out of your best-selling products and always have them available for sale when your customers request them.
- A mobile POS liberates your staff from the cash register. Once you have it up and running, your sales associates can complete customer purchases from anywhere on the floor or even miles away from your physical store. You can optimize your staff’s efficiency by having them check in when they start working in a particular environment. Knowing where everyone is can enable you to enhance staff efficiency.
- When people receive excellent customer service that is provided by staff who are knowledgeable about the products you sell, their buying experience is highly positive. With mobile POS systems, you can minimize wait times by having direct access to information about the items you offer as well as the means to accept customer payments from anywhere. A mobile POS system is an affordable way to keep everyone happier and maximize the smooth functioning of your business.
- With mobile POS systems, the fees and payments associated with transactions are made simpler. In an effort to encourage businesses to adopt mobile POS solutions, many merchant account providers are offering excellent deals and reasonable prices. You may not even be required to sign a long-term contract.
- Long term commitments are becoming things of the past with today’s constantly evolving mobile POS technology. Knowing you will not be locked into an agreement often takes much of the stress out of deciding to switch to a mobile POS system.
- Ease of use and setup are two of the most compelling features of mobile POS solutions. Gone are the days of requiring a representative from the merchant account provider to come and train you and your staff for several hours. With today’s mobile solutions, you can usually figure it out without assistance, even though high-quality processing companies have excellent help desks in the event that you get stuck.
- These days, the security of sensitive customer credit card data is of paramount importance. Modern mPOS systems come equipped to accept EMV chip cards that have become the standard in the U.S. Should a fraudulent transaction occur, you as the merchant will not be held financially liable as long as you conducted the transaction using the chip reader.
- Security is a moving target. As soon as safeguards are put up to prevent criminal activity, a hacker will figure out a way around it. That’s why it is essential to have a system that is frequently updated with the latest security protocols. Mobile POS systems are on the cutting edge of the most recent security and bug fixes.
- The checkout process can make or break a business. Customers who advance quickly through the line and are able to make their payment rapidly and easily leave your store with a positive memory. Because mobile POS systems can speed the transaction time, customers feel more in control and leave happier and more likely to return.
- Customers are much more likely to buy products if they are engaged throughout their experience. Sales staff equipped with mobile POS technology can answer product questions, suggest viable alternatives, and check for product availability. Further, the mobile POS can help staff find products that are compatible add-ons, i.e. shoes and jewelry that will go well with a dress.
- Gone are the days when you need to track what items are in and out of stock in notebooks or spreadsheets. Your mobile POS can keep a running inventory, alerting you when you need to restock. That leads to more sales and happier customers and staff.
- Generating reports is just a matter of a few clicks with a mobile POS system. Not only can you track inventory; you can also predict sales trends, track your finances and prepare for tax time with ease.
- One of the most compelling features of mobile POS systems is their affordability. With incentive deals, lower fees and no long-term contracts, these solutions can help improve your bottom line.
- No matter what products you sell, having mobile POS technology on board can give your business a cutting-edge glow that will impress your customers and give them the impression that you are innovative, flexible and up with the times. Being cool is never a liability.
- How many times have you or your staff been in the middle of a payment transaction when the receipt roll runs out? Because mobile POS systems can be set up to provide receipts by email, this scenario is much less likely. What’s more, your environmentally conscious customers will appreciate your green business practices.
- Many sales are lost when a customer lacks information about a product and, worse still, when staff are unable to provide it. With mobile POS systems, product data is easily retrievable, as is information on compatible products. When people quickly obtain excellent information that is on target with their needs, they are much more likely to go through with the sale.
- A mobile POS system can be a gold mine of customer information. When people voluntarily provide you with an email address to which a receipt can be sent, you can store that information and use it later to offer promotions, coupons and details about new products and sales to people who have already demonstrated their interest in your store.
- At the end of a long business day, you and your staff probably take some time to square the accounts. In spite of your best intentions and care, there is always a chance for human error. With a POS solution, the potential for data entry mistakes is reduced as things like calculating taxes and more can be automated.
- It might seem like a small consideration, but mobile POS systems are space-savers. Saying goodbye to your stationary terminal frees up space and eliminates cords. Further, if you are a mobile merchant, you’ll appreciate not needing to lug around a larger wireless terminal. You and your associates are free to roam and make sales on the fly.
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20 Advantages of Mobile Point of Sale Technology to Small Businesses – An infographic by the team at Total Merchant Services