The world around us is transforming at a rapid speed. Buyer behaviours and transaction models have all undergone a drastic change. POS has been the torch bearer in bringing about a change in the way sales are completed at the checkpoint. POS has made business processes simpler for the business owners. Accepting card payments had been a great leap for businesses at one point of time. These were the traditional POS systems. These POS systems were often a fixed touch screen monitor connected to a cash register, telephone line and CPU. Now, the trend has evolved and mPOS has emerged as the trending POS system opted by many businesses. Smart businesses are today enjoying the benefits of mPOS system.
What is an mPOS?
An mPOS system is simple, it is the same functional POS on a portable mobile device such as a smartphone or tablet. It is easier for businesses to monitor their business processes on a smart phone than on the fixed monitor.
- Cost effective: One of the most highlighted benefits of mPOS system is that it is relatively cost effective when compared to a traditional POS system. In the traditional POS system there is the need for installation of multiple hardwares and hefty charges for continuous updation of softwares. In mPOS the hardware requirements are minimal as the software is installed on your portable smartphone or tablet. Additionally, mPOS makes use of cloud storage to store all data which is easily available and accessible to vendors with good internet connection at any time from anywhere.
- Faster checkouts: Tired of waiting long hours in queues to bill your purchase? Not anymore with mPOS. Faster checkouts and shorter queues is achievable with the mPOS system. It is designed to make businesses more efficient with multiple payment options such as card and mobile payment, increasing profit and shorter queues.
- Reduced Business Liability: Safeguarding your business data is vital. Traditional POS systems risk the safety of your collected data. Fraudsters may attempt to break into your system unauthorised to collect the credit and debit card details and misuse the gained information. In mPOS, individuals cannot access the system with proper authorisation. As credit and debit card details are not stored in transactions made through mPOS, it is much safer for customers to make contactless payments. No system is free from breach but mPOS minimises such incidents to a great extent.
- Easy identification and customer history: Confirming customer identities has become a reality with mPOS. Biometrics such as face recognition or fingerprints can be used for this purpose. Authentic recognition of customers ensures security and convenience. Also, it is easier to retrieve old customer information such as bills,transactions, and loyalty programs with mPOS. This enhances customer experience and staff performance. As the stored data is easy to access the entire process takes less time and promotes faster sale.
- Easy to integrate and minimal set up : Unlike the traditional POS system which requires a stationed monitor and cash register, mPOS needs just the basic setup to get started. Any smartphone or tablet device can be easily used to function as a POS, this is one of the main benefits of mPOS system. You can also integrate your existing software promoting a smooth migration of data.
The benefits of mPOS system are plenty. Above mentioned are only the highlighted ones. As a business owner, you can benefit immensely from investing in an mPOS system. It makes doing business easier for you. You can not only bill items, but can also monitor inventory, and generate multiple reports as per requirement. Advancing with the trend is essential to run a successful business and mPOS is one such advancement.