We’ve done a bit of research to find out exactly how it can benefit your business and you may be pleasantly surprised by our findings.
- What is a mobile point of sale system?
- 7 benefits an mPOS can have for your business
- Related articles
Before we get into all the benefits, let’s take a quick look at what exactly an mPOS is.
According to TechTarget, an mPOS is a smartphone, tablet or dedicated shwireless device that performs the same functions as a cash register, but takes up hardly any space and offers flexibility to both the business and the customer.
As more and more people have turned to freelancing, entrepreneurship and work-from-home professions, mobile point of sale systems have provided an invaluable solution to a range of problems – from customers not carrying cash to keeping a reliable record of stock.
So, let’s take a closer look at the way investing in an mPOS can improve the way you conduct your business.
Helps you keep abreast of technological trends
Cash transactions are a thing of the past and, at the rate things are going, credit and debit cards will follow suit pretty soon.
Fortunately, mPOS companies such as SumUp have been keeping pace with technological developments and are continually improving their product to meet the needs of their clients’ customers.
Flexible payment options = happy customers
Currently, most mobile point of sale systems offer customers a choice between tapping, chipping or swiping.
This refers to payments made using near-field communication (NFS) in the case of contactless cards; or Bluetooth when a customer transfers funds via their cell phone.
Known as EMV (Europay Mastercard Visa), this secure payment method uses an encrypted microchip in the customer’s debit/credit card to share banking data with the reader when making a purchase. It is considered the most advanced and secure way to process card transactions.
Anyone who’s ever owned a bank card will be familiar with the good old swipe of the magnetic strip.
Simple to install
Apart from being really easy to use, mobile point of sale systems are also extremely simple to install and don’t require any form of professional training. Typically, business owners and staff would be able to figure it out in a matter of minutes, with or without the help of an easy-to-understand manual.
It does the admin for you
Adding to the ease of use, mPOS come standard with a secure application program interface (API), which is responsible for processing your transactions, keeping track of your stock, and controlling loyalty programs. I.e. you can spend more time building your business and less time doing all those niggly administrative tasks.
Freedom of movement
A mobile point of sales system really frees you up to conduct your business from anywhere. Even if you have a set premises, it may allow you to get rid of the clunky old counter and make more space for new products or tables.
Installation and transaction fees simplified
In most cases, mPOS companies offer their clients competitive installation and transaction rates. SumUp, for instance, charges a once-off rate of $69 that includes delivery, iOS/Android app used to run the system, dashboard and reporting, telephone and email support. After this they charge a 2.75% transaction fee and no further monthly costs. Shopify offers various pricing options for their ecommerce platform with chip and swipe readers provided for free, plus redit card rates as low as 2.4% + 0¢ with no hidden fees, no matter how much you sell.
Since mPOS can be set up to send receipts to customers via email, you can run an entirely paperless system. Just imagine: no annoying rolls to replace or slips to tear off machines! Plus, you’ll also be doing your bit for the environment.