Why Every Business Needs a Mobile Point of Sale Solution

What does every single in-store transaction have in common? Some kind of point of sale (POS) system, which mechanizes the transfer of money. It’s a vital piece of completing a sale regardless of what industry or category your business falls into.

In the past, this meant some kind of clunky cash register, but that’s soon proving to be unnecessary and slowly fading to become obsolete. Today, small business owners are opting for something smaller, simpler and more portable: payments directly on smartphones, tablets and other mobile devices.

These mobile devices act as terminals and are equipped with a POS app and they function as a register — but with mobility. Welcome to the age of mobile point of sale (mPOS). This new method of paying has transformed the purchasing process.

Despite this shift towards mobile payments, 46 percent of retailer businesses today don’t use mPOS. The mobile technology exists and is readily available, but many business owners still choose not to take advantage of it.

What is a Mobile Point of Sale?

A mPOS is a portable point of sale, which is an ideal way for businesses to get paid with credit card payments on the go. It completes the entire transaction wirelessly without a stationary terminal, thus introducing the concept of mobile payments.

Without the need for a register or scanner, mPOS offers you and your employees complete mobility. The best part is that an mPOS is suitable for just about any business. However, certain businesses — like a service business — may reap more benefits than others.

In other words, if your business ventures are fluid and are done out in the field, accepting payment on the go right from your mobile device makes getting paid effortless and hassle-free — which hasn’t always been the case.

And of course, an mPOS can also be used in conjunction with additional POS hardware like a barcode scanner and a cash drawer. It’s whatever you prefer and what works best for your business.

Mobile POS apps are paving the way for contactless payment and taking all the hassle out of payments. With smartphone apps like Google Pay and Apple Pay, paying has never been easier. All consumers have to do is briefly hold a smartphone up to a sensor until the payment is registered and that’s it.

How Does Mobile Point of Sale Work?

An mPOS is more than a sleek wireless cash register. It doesn’t only provide an unprecedented level of convenience for consumers, it also facilitates the vendor’s experience and helps manage business operations.

Business owners have the ability to view their daily stats remotely, track transactions and revenue in real-time, inventory, and linking to accounting software and more. All of this data can be accessed remotely from the cloud. If this data is utilized correctly, an mPOS can be a strategic tool used to improve customer engagement and overall customer experience.

With handheld mobile devices used as POS, your employees have the power to make sales virtually anywhere – regardless of where the job takes them. 

Benefits of Using Mobile Point of Sale

Investing in an mPOS solution is a great idea for any business. This kind of system provides a variety of benefits to both your customers and your business:

• Simplicity
• Security
• Affordability
• Mobility
• Accuracy
• Customer Experience

A mPOS allows your business to accept credit card payments anytime, anywhere. It enables you to accept mobile wallets. This provides your customers with multiple options to pay and a level of unrivaled convenience.

It also allows you to provide your customers faster and flawless service as well as detailed bills and receipts right on the spot. An mPOS allows customer profiles to be linked in the software so you can set up reward programs for loyal customers to further improve their experience.

You are also able store important customer information. If you keep your software up to date, it also helps keep customer payment information secure.

Another benefit associated with an mPOS system is lower upfront costs. Typically, all you have to do is download an app or you can work directly with your mPOS provider to set up software on mobile devices you already own. You aren’t required to purchase and maintain expensive hardware. 

Many businesses have struggled to make the change to EMV chip readers. Businesses need to change their POS terminal, but with an mPOS, that’s made easy. The majority of mPOS terminals offer both the magstripe reader and the EMV chip reader, which eases the transition.

A mPOS allows for better customer services. The checkout process is quicker which allows for fewer lines and increased sales opportunities. Both you and your customers will benefit.

Small business owners are dealing with increased competition, smaller margins, and growing customer skepticism. Customers aren’t as loyal as they used to be because they have so many options. But mPOS technologies offer solutions to many of these difficult challenges and help differentiate your brand from the competition.

Choosing the Right Mobile Point of Sale System for Your Business

When it comes time to choose an mPOS system, you have to know what's most important to you and your business. You have to consider a few factors when deciding including features and costs.

You should also consider your business and ask yourself, is an mPOS system the best solution for your business? Most of the time, the answer will be yes. The variety of mPOS solutions are helping businesses complete a higher volume of sales more efficiently, securely and intelligently than ever before.

When you begin your search for an mPOS, consider GoSite’s Payments, which is a secure all-in-one payment processor that allows you to accept payments through SMS text, mobile app, website or in-person — giving you the ultimate freedom. It’s a great option for businesses in all verticals and all sizes.

Now that you know what an mPOS is, how it works, and what factors you need to consider, it’s up to you to choose the right mPOS for your business.