In the past decade, a steadily increasing number of retailers both large and small have adopted mobile point of sale systems. Their decision to evolve in this way is based on the fact that mPOS systems can benefit merchants in several ways. Because of the flexibility of mPOS solutions, payments can be accepted anywhere – on the road, at flea markets, or even at pop-up stores in malls or at events. In a traditional store, an mPOS can make long, frustrating lines a thing of the past, and at restaurants, patrons can pay at the table. Being allowed to pay via mPOS can lead to happier and more dedicated customers. Further, today’s mPOS solutions enable business owners to easily build databases and otherwise access valuable customer information. The upsides are seemingly endless.
Merchant Benefits of Using MPOS Payment Processing
- Save time and decrease checkout lines. Time is a precious commodity, and your customers value every second. Have you ever contemplated buying something from a particular store, only to see the long line for checkout and immediately change your mind? Your mPOS can eliminate lines from your customers’ shopping experience. With this technology, your sales associates can complete purchases anywhere in the store, freeing up your cashier and utterly transforming the shopping experience.
- Sell anywhere, anytime. Your mPOS can open up the world to you and your staff. Sure, selling products in your store provides customers with a centralized place to which they can come to make their purchases. However, you can now use your mPOS to take your wares on the road. Whether you showcase your goods at a farmer’s market or a trade show across town or on another continent, you can take your portable payment solution with you. As a result, you can drastically diversify your customer base and make stimulating contacts that can inspire you in amazing ways. What’s more, most mPOS systems come with a virtual terminal, meaning you can also accept payments by phone and online.
- Go green and reduce paper usage. Receipts provide a valuable way to track purchases, but who said they need to be made out of paper? Your mPOS solution can save trees by emailing the information securely to your customer, eliminating the need to store piles of paper snippets.
- Easily access additional information. Your mPOS might be small, but it is a data and information dynamo that can integrate many of your integral business functions under one roof. Many mPOS systems enable you to manage and order inventory, generate sales reports that examine the past and prognosticate the future, keep track of employee time and payrolls, create and manage databases and customer loyalty programs, and look at the analytics of your customers to help boost sales by matching what you sell to what people want. With an mPOS, you basically gain a reliable and innovative partner that can help you grow your business and please your customers.
- Create a customer database. Information about the people who buy from you truly can be a gold mine for your company. With the help of your mPOS, you can easily make a database that contains everyone’s contact information. Once it is set up, sending email blasts about sales and promotions is a breeze. So is sending personalized messages to lure customers back to your store if you have not seen them for awhile. Most people like to be rewarded and treated as special members of an exclusive club. Your mPOS database function makes this not only possible but easy to accomplish.
- Have fewer compliance requirements. Whenever you take payments using credit or debit cards, you need to comply with the Payment Card Industry Data Security Standard (PCI DSS). In recent years, mobile solutions have gained acceptance as viable and secure ways for customers to complete their purchases. If you pair your mPOS with an online virtual terminal as opposed to a hardware credit card machine, you will reduce the number of physical devices that must meet these standards. Instead, you can turn over the responsibility of compliance to the vendor who runs your virtual terminal.
- Lower costs. MPOS solutions are not just packed with features and easy to use; they can be incredibly cost-effective. The setup charges are generally quite manageable for most businesses, and the per-transaction fees are low. Add to that all of the back-office features that come standard with many packages, and you will probably find that your mPOS system is remarkably economical to initiate and use every day.
- Improve your customer experience. When buyers get the products they want because inventory management software has ensured that they are in stock; when they don’t need to stand in long lines to pay; when they feel unique and cared about thanks to targeted loyalty programs and promotions; and when they have an overall cool and tech-savvy experience at your store, that translates into satisfied customers. As you know, happy customers return again and again, and they bring their friends. What more could a business owner want?
MPOS Usage Data
It’s no wonder that 62 percent of business owners who were surveyed said that having mPOS in their arsenal made their jobs easier. After all, over one-third of their customers revealed that having this one solution was directly related to their buying more products. Some entrepreneurs, a full 32 percent, are so happy with the difference mPOS has made that they now use it exclusively. Almost half of the business owners surveyed expressed a definite preference for mPOS even though they still supplement it with other payment options.
Some trends burn bright and die just as quickly, but this fate does not appear to be on the radar for mPOS. In fact, a full one-third of the world’s point-of sale terminals will be mobile ones by 2021, and they are projected to process 45 percent of all payments. Considering that this is projected to amount to a staggering $5.6 billion in just three years, mobile payment processing seems to be an unstoppable train. When you think about all of the benefits it brings to businesses around the globe, isn’t it time to jump onboard?
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