An mPOS system utilizes a smartphone, tablet, or other wireless device allowing businesses to accept credit card transactions on the go. By eliminating the need for bulky mobile credit card processing terminals, mPOS systems enable businesses to safely and securely accept payments from customers in a fraction of the time. While perfect for mobile businesses such as repair services, food trucks, or mobile vendors, the use of mPOS systems in the retail market is on the rise.
Improve Customer Experience and Increase in Sales
Many mPOS systems allow businesses to store customer data and purchase history, which will enable them to elevate the customer experience by personalizing the transaction. They’re able to know what is available from the retailer readily and the retailer can add items, process transactions, and sign the paperwork, all without having to return to a register.
By using an mPOS, businesses can reduce the time required to complete a sale. Benefits are significant in today’s mPOS and are ideal for all businesses to accept credit card payments. These benefits include the decrease in the time it takes to process a transaction and promote business through integrated marketing campaigns by social media or gift & loyalty offerings.
Give your customers the efficiency they want, as well as a shorter wait time. Customers expect a lot from your business and don’t want to be bothered by waiting long, carrying cash, or receiving paper receipts.
Thanks to the speed of mobile networks, a purchase can be completed in real-time. Providing your teams with mPOS systems means they’re always prepared to accept payment. Service-based industries can accept payment right when the job is complete, thus eliminating invoices. The entire process is electronic, so there’s no need for wasting paper on receipts as they are emailed directly to the client. Mobile POS processing is immediate and extremely efficient for both the customer and your business.
Decrease the Price of Entry into the Market
Traditional POS terminals can be expensive for those companies who are just starting. Mobile POS systems are cost-efficient, allowing new businesses to accept credit cards and increase sales without purchasing expensive equipment. With mPOS systems, businesses can offer multiple checkout options at a fraction of the cost of having multiple traditional POS terminals.
For those that may be worried that a digital payment system could store secure their card information, fear not. Using an mPOS device limits a business’s liability because transactions are encrypted, and credit and debit card data is not stored on the mPOS device itself. With that being said, data is still an essential part of business, and systems still capture important customer data such as email information. This data is usually stored in a secure cloud and allows businesses to follow-up with their customers. This creates an opportunity to follow up with customers regarding their purchase and reach out to them about new opportunities in the future.
Mobile POS systems will also help businesses comply with EMV regulations. EMV stands for Europay, MasterCard, and Visa, and is the standard for all chip-based debit and credit card processing. Mobile POS systems allow businesses to accept chip-based processing at a fraction of the price of a traditional terminal. By processing via a chip, companies can help reduce fraud and chargebacks, thus reducing credit card processing costs.
In this fast-paced age of technology, the mPOS system is an excellent way to keep your business moving forward. Mobile POS is revolutionizing the industry by enabling businesses to be more flexible. No matter what products you offer, having an mPOS system will surely give your business the cutting-edge glow that’s sure to impress your customers.