It’s 2023 And mPOS is the ultimate solution to secure your business future. Latest statistics show that mobile POS system use is rising at a compound annual growth rate of 15.5%. But what is mobile pos? How do mobile pos systems works? Don’t worry, you will get all the required information in this blogpost.
Because of their mobility and convenience, they are gaining popularity in the retail and hospitality industries. The combination of software and transportable hardware that constitutes a mobile POS system is what handles the financial transactions at your store. It does a lot more than just tally up sales figures or process payments or keep tabs on stock or gather data about a company.
With a mobile point-of-sale system, you may use your tablet or smartphone as a register. With this feature, you may accept payments from clients in any area of your business, including during pop-up sales. Learn all you need to know about mobile point-of-sale systems by reading our comprehensive guide.
What is a Mobile POS System?
Mobile Point-of-Sale (mPOS) systems are hosted in the cloud and may be accessed through a tablet or mobile device. Mobile POS systems that are cloud-based need just a device and an internet connection to function.
Sales may be processed on the go with the help of a mobile point-of-sale (mPOS) system. Mobile point-of-sale systems (mPOS) are almost identical to static POS terminals, except that they may be used at many locations.
Mobile point-of-sale systems allow businesses to serve consumers from any location by installing POS software on a portable device like a tablet or smartphone. Your store doesn’t even have to have a checkout counter if you have a mobile one.
Using an internet-connected device and the mPOS platform, retailers can take payments from customers nearly anywhere. By 2023, mobile point-of-sale (mPOS) systems are expected to account for about 25 percent of all transactions.
How Does an mPOS Work?
The mPOS system can turn any mobile device into a point-of-sale terminal. When a company owner signs up for an app, the provider usually gives the owner a card reader that fits into the mobile device’s headphone socket. Sleds are optional handheld docking stations provided by certain mPOS software suppliers that allow the mobile device to scan barcodes and print receipts.
A mobile POS System may function independently as a standalone device connected just to the business’s bank account, or it can be incorporated into an already existing point-of-sale (POS) system. Cardholder data is encrypted and kept in the cloud, not on the device, for maximum security.
A wireless device, a card reader, and an app downloaded to it are all that is required to begin accepting and processing payments using a mobile point-of-sale system.
Some mobile POS systems offer an offline mode that allows you to continue accepting payments even if you lose network connectivity.
Once everything is set up, you or your employees may link the scanner to a mobile device using a point-of-sale app. Then you may start taking payments through mobile devices. Additional POS hardware (such as a barcode scanner or cash drawer) may be paired with your mPOS system for even greater efficiency.
Remember that the most crucial aspect of mobile POS systems and gadgets is that they are simple to use. Once the mPOS software is downloaded and the card reader is connected, you may begin receiving payments.
6 Benefits of a Mobile POS
Using a mobile POS system at your organization is associated with a number of tangible benefits like customer satisfaction. The six most important advantages are listed below.
It has Ease of Accessibility
Mobile POS systems are often user-friendly and simple to use. This implies that you will be able to process transactions more quickly, turn tables more quickly, and boost the efficiency of your system.
In addition to making it simpler for your employees to learn how to use it, this will also make it easier for them to utilize and also for you as a business owner.
Customers have the option of receiving their receipts by email or text message, which is offered by many mPOS systems.
When unnecessary stages in the checkout process are removed, your employees will be free to concentrate on processing orders, and your customers will have their food delivered more promptly.
It has Lower Initial Expenditures and Simpler Overall Implementation
mPOS systems provide a number of advantages to small business owners, one of which is that getting started with the system is less expensive and more straightforward.
You can often set up software on mobile devices you already possess by downloading an app or working directly with your POS supplier to do so. This saves you the trouble of purchasing and installing brand-new gear.
Switching to mobile POS solutions may be an effective method to cut overhead costs for restaurant owners, brick and mortar stores, which already operate on thin profit margins. It’s also possible that doing so will allow you more leeway in the future.
Automatic Data Backup & Frequent Updates
Having access to the cloud helps to secure your data from unforeseen events. The software that is hosted in the cloud is also simple to include with the software solutions that you are presently using.
mPOS systems, for instance, often interface with accounting software, which makes it simple to monitor the day-to-day progress of your company.
Mobile point-of-sale systems make it simple to make real-time adjustments to menu items and other settings without having to wait for shifts to conclude. When you do an update through WiFi, the changes are instantly sent to all of the linked devices.
It Provides Operational Transparency
It is essential to have information that is both clear from and about your point-of-sale system. These mobile POS have the ability to produce helpful information and records of activities that are more visible.
You can obtain greater insights into each terminal, how your team is employing this technology, and how to retain clients if you prioritize reports and organize them in a certain way.
It Provides Enhanced Customer Service
The ability to provide better service to customers is probably the advantage of employing an mPOS system the most.
The software allows you to connect the profiles of your customers, which enables you to build loyalty programs for customers who come back several times. In order to create a more customised experience for consumers when they visit your company, you may additionally store essential customer data.
Keeping your software up to date is one of the best ways to protect the sensitive financial information of your customers.
It Comes with Integrated Systems
Because mobile POS solutions make use of the most recent technology, it is simple to maintain them up to date and to combine them with other platforms that your company employs, such as software for accounting and software for order administration.
You will be able to build another data trail that is integrated with your operations if you make use of technology for mobile POS.
5 Best Features of mPOS
The rapid adoption of mobile POS software by retail establishments including restaurants and shops may be attributed to a number of different factors.
It is estimated that the transaction value of mobile POS payments and the mPOS market will have an annual growth rate of 22.6% until the year 2024. This information comes from Statista. Statista anticipates that there will be 77.8 million users of mobile point-of-sale systems by the year 2024.
The popularity of mPOS may be attributed to its many characteristics. Take a peek at the major ones on this list.
Feature of Managing Stocks and Supplies
The mobile POS system does a lot more than just tallying up the money made from purchases. It is able to keep tabs on and manage inventory, notify users when supplies are running short, and even carry out automated restocking.
When a business uses mobile POS systems, the sales staff is able to check in a matter of seconds to see whether any particular product is in stock and, if it is not, they are able to place an order for the goods to be dispatched to the consumer.
Does Your POS Manage Both Stocks and Inventory?
Moon POS helps manage your business’s stock automatically and also helps with low stock alerts.
Feature of Easy and Quick Checkout
Customers who have to wait for a long time to complete their transactions are likely to get irritated, which is something that no company owner wants to happen.
If your company employs a mobile POS system, you’ll be able to reduce the amount of time it takes for clients to complete their purchases. Your company’s success will be directly proportional to the speed with which you guide clients through the purchase process.
Feature of Advance Reporting
An advanced and/or bespoke report on your sales may be generated by mPOS systems, but this will depend on the size of your budget and the amount of service you want. These data might help you plan your inventory, capitalize on a trend, or reduce your spending during periods of weak sales.
Feature of Mobility
With a mobile POS system, you have the flexibility to ring up customers’ purchases whenever you choose. You are not restricted to a single area in any way. Your sales staff do not need to be confined to working behind the counter at all times.
When you use mobile POS systems, lines move more quickly, there is less resistance at checkout, and trade exhibitions and events are no longer a logistical headache.
Feature of Price
Mobile POS Systems often come at a lower cost than their stationary counterparts. Your tablet serves as the terminal, and as such, the only additional piece of hardware it needs is a card reader.
A cash register and a receipt printer are examples of peripheral devices that may be connected to a mobile point-of-sale system for an additional fee.
Difference Between mPOS and POS
| Traditional POS | mPOS |
|---|---|
| Traditional POS systems typically consist of a computer, cash register, printer, credit card reader, and scanner. | mPOS works with mobile phone tables and can accepts payment with multiple payment options. |
| Traditional payment systems include drawbacks such as rigid hours of operation, the need for a physical location to accept payments, and, in many cases, an antiquated security setup. | Mobile point-of-sale (mPOS) systems must comply with the PCI Mobile Payment Acceptance Security Guidelines for Developers and be light, accessible, and simple for you and your customers to use. |
| Security is a bit of lower Standard then mPOS systems. | Highly Secured than the Traditional POS. |
What Hardware Does an mPOS Need to Work?
With a mobile POS system, you can accept payments from customers anywhere, as long as you have an internet connection, a credit card reader, and a payment processing app.
In spite of the proliferation of mobile point-of-sale (mPOS) systems, the majority of them maintain payment processing functionality even when connectivity is lost.
After initial setup, you may begin accepting payments through your mobile device by installing an mPOS app.
Most mobile point-of-sale systems may be integrated with other POS peripherals, including a cash register or barcode scanner.
In order for a mobile point-of-sale system to function properly, you will require the following hardware:
Mobile Devices
Mobile point-of-sale (POS) software is compatible with any hardware that runs either Android or iOS, the two most common mobile operating systems (OS). These gadgets may be loaded with the necessary software, configured, and put to use immediately to generate revenue.
Card Readers & Barcode Scanners
- What you need is a card reader that can process contactless payments, NFC payments, and swiped cards.
- A barcode scanner makes it simple to scan product codes. They can keep tabs on your stock as well.
Cash Registers
In order to accept cash payments with your mPOS system, you will require a cash register.
Receipt Printer
You may provide electronic receipts to your clients, but a physical copy may be preferred. A receipt printer is an essential accessory for every cash register.
How to Choose the Best mPOS for Your Business?
It’s crucial to do thorough research while choosing between mobile POS systems & terminals. There is a wide variety to choose from, and many of them have bonuses that increase adaptability for companies.
Here are a few crucial variables to consider while evaluating various mPOS systems. However, we recommend using MOON POS which can be your ultimate solution.
It must be Use-Friendly
One of the most important considerations is how user-friendly the product is. Because your employees will be using the mPOS system, it is crucial that they not need extensive training to utilize it.
Everyone on your staff should be able to use it with little instruction.
It must have the Facility for Offline Transactions
Loss of wireless connectivity should not make mPOS systems unusable, since cloud-based transaction updates with your payment processor are dependent on them. you may able to accept payments 24 X 7.
The system should allow cash transactions and permit gift vouchers or discount coupons, such those offered by loyalty programmes, in the event that card payments cannot be processed. It is essential that refunds be an option.
It should be able to Integrate
The ease with which mPOS technology may be incorporated into an organization’s current infrastructure is a major motivator for its widespread adoption. When setting up a second mPOS, all you need is a second mobile device.
In order to make the most informed decision, you should search for a mobile point of sale (mPOS) system that works in tandem with your current inventory management and financial reporting tools.
Reduced Expenses in Business Transactions
Most companies that provide mobile point-of-sale systems will add a small processing fee to your purchase. There are businesses that charge a flat monthly rate, while others take a cut of each sale. Some even include a hidden cost, so it’s crucial that you conduct your homework beforehand and evaluate various solutions.
For instance, if you run an online shop in addition to a brick-and-mortar location, the mPOS system should integrate the two without any hitches, giving you access to up-to-the-minute information on sales made through both channels.
Multiple Currency Support
As was previously noted, it is important to choose an mPOS system that is compatible with EMV cards. You should be able to take payments via Near Field Communication (NFC) or QR codes.
The Facility of Automated Data Backups
The cloud is often where mPOS systems reside. That’s the route your company should go in. The mobile point-of-sale system, more crucially, has to have the capacity to periodically and automatically make backups of all transactions.
Bring MOON POS to your business – which can help you transact in multiple currencies compared to traditional pos systems.
The features you are looking for in a mPOS system that all are available in MOON POS. The Smart, Secure, and Sensational POS system for your business. Do get your free trial today.
Jayanti Katariya is the founder & CEO of Moon Invoice, with over a decade of experience in developing SaaS products and the fintech industry. He holds a degree in engineering. Since 2011, Jayanti's expertise has helped thousands of businesses, from small startups to large enterprises, streamline invoicing, estimation, and accounting operations. His vision is to deliver top-tier financial solutions globally, ensuring efficient financial management for all business owners.
