Point-of-sale systems are no longer limited to physical cash registers; businesses are increasingly taking payments using their smartphones or other mobile devices—anytime, anywhere. Known as mobile POS, this flexible checkout model is a key tool in today’s retail environment for its ability to create a seamless checkout experience.
According to recent research, a majority of retailers surveyed (80%) are currently using mPOS in-store, with nearly half (46%) exclusively using mPOS — compared to just 32% in 2017. As mPOS steadily revolutionizes the face of retail sales and unleashes potential business growth, merchants are constantly on the lookout for new ways to benefit from deploying mPOS solutions. In this blog, we will discuss the many benefits of mPOS systems as well as the advantages of integrating an advanced payment processing solution with your mPOS system – such as faster checkout times, better account reconciliations, cost savings, and enhanced operations management.Â
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What is mPOS?
An mPOS, otherwise known as a mobile point-of-sale system, is a portable hardware and software solution that operates out of a mobile device, enabling acceptance of customer payments. Payments are made by swiping, dipping, or tapping the customer’s card or mobile wallet against the merchant’s mobile device, and all transactions are securely recorded in the software. With this system, merchants can accept payments wirelessly, eliminating the need for a bulky POS terminal.
The History and Growth of mPOS
The digital revolution and introduction of cloud-based software, contactless payment technology, mobile wallets, and COVID-19 have accelerated the adoption of mPOS solutions across the globe. Recent research shows that in the mobile POS segment, the number of users is expected to amount to nearly 1,980 million people by 2026. The popularity of mobile payment technology has allowed retailers to offer a more hassle-free checkout experience that provides customers with greater convenience, safety, and accessibility. Without a doubt, mobile payment systems have revolutionized the way people pay for goods and services in-person.
Mobile POS solutions have begun to permeate all retail industries. With the surge of small business owners seeking greater mobility and flexibility for their enterprise, mobile POS solutions are coming to the market at an accelerated pace. From restaurant vendors and food trucks to travel and healthcare, mobile POS devices are breaking barriers in numerous sectors. With the help of mPOS, these brick-and-mortar businesses are able to oversee key business tasks virtually and take payments away from the counter — or away from the storefront entirely. The ability to quickly process debit and credit card transactions while monitoring sales data anywhere, at any time, is a powerful tool for many businesses.
The Benefits of mPOS for Merchants
Aside from providing customers with a more convenient way to pay, mPOS solutions also bring merchants many benefits: improved operational efficiency, reduced overhead costs, and greater profits. Let’s take a deeper look at these benefits and more:
- Faster Checkout Times
Mobile devices allow you to quickly ring up customer purchases wherever you happen to be in your store, cutting down on wait times and long lines at the register. - Cost Savings
Millions of businesses use legacy POS systems that are expensive to fix, maintain, and update. Traditional cash registers can go for thousands of dollars, plus costly accessories such as receipt printers, barcode scanners, multi-item scales, and more. mPOS systems eliminate these expenses while also reducing payroll costs since fewer physical workers are needed at checkout lines. - Easy Setup
Instead of installing and learning how to use complex hardware, merchants can use their existing mobile tablet or phone. All they need to do is download the mPOS app, and pair it with a compatible card reader via BlueTooth or USB. - Easier Accounting and Bookkeeping
The days of recording transactions manually are over. An integrated mobile POS system automatically records data for all of your payments so you don’t have to take the time to enter in data manually whenever a sale is processed. Plus, many mPOS solutions have advanced tools that streamline key operational tasks — such as transaction reporting and customer databases for storing payment details. - Enhanced Security
mPOS systems use data tokenization to ensure that credit card details cannot be intercepted by fraudsters. This minimizes the risk of a security breach and helps you to remain PCI compliant. - Freeing Up Retail Space
Say goodbye to bulky terminals. Mobile POS devices are a convenient alternative in situations where space is limited or there are too many locations to install a permanent POS terminal.
Supercharge your mPOS With Integrated Payments
All mPOS solutions are not created equal, and many have very basic payment processing features. By integrating your mPOS system with an advanced payment processing solution, you’ll be able to upgrade your system to include more advanced payment processing features — thus allowing you to adapt to the latest payment trends while enjoying improved efficiency.
Sola’s advanced mobile payment processing solutions will allow you to take your mPOS to the next level. To get up-and-running fast with powerful mPOS capabilities, use our Sola Mobile App and compatible card reader for iOS and Android. Or, you can integrate the Sola Mobile App’s payment processing features directly within your existing mPOS app so you can enjoy advanced payment tools alongside your business management system.
Some of our advanced mobile processing tools include:
Powerful transaction reporting
- Support for a wide range of payment methods
- Electronic invoicing
- Recurring payment schedules
- And much more
Increase Your Bottom Line with mPOS Solutions
Mobile POS has come a long way in recent years This rapidly developing technology has allowed business owners to increase their profit margins and provide new, innovative customer service. Get more from your business with a mobile point-of-sale solution that is completely scalable and customizable to fit the needs of your organization. Contact us today to explore the opportunities mobile POS has to offer your business.
