Growth in revenue is an important aspect of business advancement. And most people are constantly changing their strategies and implementing brand-new tactics to enhance the positive cash flow.
So is there any better and easier way to achieve it?
Well, yes! Thanks to Mobile point-of-sale, where you can your smartphone or tablet to accept cash payments, specifically designed for small businesses.
mPOS is swapping the way people pay and get paid.
So, do you think your business venture is now ready for a Mobile point-of-sale system?
If yes, then the next step is choosing the best and right Mobile POS Systems (mPOS) for your business. For that, you don’t need to be proficient in this niche. But if you know the golden rule of mPOS then it will obviously make your business fruitful in a long run.
So, here is what you need to know about Mobile POS Systems (mPOS).
A Mobile point of sale system or mPOS is a point-of-sale app that allows payments utilizing handheld, wireless and portable devices like tablets, smartphones even without being connected to a POS register in a single location. For instance, a mobile POS system can do the part of a cash register or a card reader in a transaction.
What are the things included in mPOS transaction technology?
- Magnetic stripe reader (MSR)
A Magnetic stripe reader or a magstripe reader is a hardware that can read information encrypted in the magnetic strip.
- Europay, Mastercard, and Visa (EMV)
It is a smart payment method in which a card reader accesses a chip embedded in the credit card and make the payment.
- Near-field communication (NFC)
The communication between two electronic devices over a distance of 4 cm or less is made possible by using this method. Using a smartphone you can complete the payment process with a nearby NFC device.
- Magnetic secure transmission (MST)
It is a mobile payment method in which the mobile emits a signal against the POS terminal and make the transaction.
- Quick response (QR) code
Quick response (QR) code is a kind of barcode scanning method in which a digital device can easily scan the code and make transactions.
How does an mPOS work?
With a downloadable mobile app, any handheld, portable devices like mobile or tablet can easily transform into an mPOS. So basically a mobile POS system comprises a handheld mobile computer with a payment card reader and a small and lightweight movable printer. When the business owner registers with an app. Then the vendor provides the business owner with a card reader that is connected to a mobile’s audio jack. Buyers simply use any card to complete the purchase.
Some mobile POS systems also provide advanced options like hand-held docking stations or sleds through which a barcode can be scanned with digital devices. This add-on feature is also available in almost all online takeaway apps. When the card is swiped, the encoded information in the card is encrypted and sent for instant processing and authorization via wireless LAN (WLAN) or wireless
WAN (WWAN) and the certification process is completed the buyer can easily purchase by simply using the PIN or sign on the screen of the mobile computer.
For more assurance, you can also generate a print out of the same at that instant. Based on the software, an mPOS can function as a stand-alone tool that’s directly connected to the business’s bank account, or it can be fused as part of an immense, bequest POS system. A flexible MPOS technology can either put back the conventional wired checkout stand, extra wired POS stations, or both.
What is the main difference between mPOS, POS, and Mobile payments?
One of the major confusion that a lot of customers are addressing is the difference between mPOS, POS, and mobile payments.
What makes them different from each other?
Without having a proper understanding of your marketing objectives, ROI, choosing the best and the right point-of-sale system became a tough choice to make.
The primary difference between POS, mPOS, and mobile payments is in their hardware and software.
A POS can be considered as a cash register and tool for collecting different forms of payments. It is set off in a fixed location and uses an attached touch screen terminal, a cash drawer, a receipt printer, a scanner, and a credit card machine. Software is the part responsible for running an operation like inventory management, customer relationship management, loyalty programs, sale analysis, payroll and accounting, and so on. In advanced POS systems, all the data are stored in cloud-based systems safely. The simultaneous functioning of both software and hardware serves as the core of your business.
On the other hand mPOS, systems are portable and allow you to move among multiple locations. Instead of a desktop computer, a tablet can serve the purpose successfully. mPOS systems are connected to transaction subsidiaries like credit card machines, receipt printers, or scanners. An mPOS system makes the transactions, even more, easier and faster with the use of advanced cloud-based technology. mPOS hardware consists of a tablet through which you can analyse each and everything from anywhere you want. mPOS software allows you to use data from multiple locations with the help of the internet.
While mobile payments only focused on how a buyer making a purchase and for that every day we get more and more options, the payment software consists of a digital credit or debit card. With the help of NFC, the digital device reads the card. Money transfer is another huge benefit of mobile payments. You can pay money directly to a bank account by any mobile payment methods like PayPal and Facebook.
How MPOS systems became beneficial for the retail or restaurant industry?
To keep up with the rapid changes in the retail and restaurant industry and also the growing needs of customers a well-organised and flawless system is highly necessary. A comprehensive point-of-sale (POS) system which can incorporate this requirement, making every process simpler, easier, and faster is the ultimate solution for this.
Here are some astounding benefits of mobile point of sale systems:
1. Provide more customised services
A POS solution can improve the customer experience by providing end-to-end customised services. The system allows the buyer to customise the food the way he/she wants and it will provide the facility to use multiple payment options with accuracy through cash, card, cheque, or account. In this way, you can build a stronger relationship with your customer that boosts customer loyalty.
2. Increase sales
People usually change their minds when they wait too much time in the queue for billing. This can abandon your sales. Buyers are less likely to leave their shopping basket because they don’t have the time or patience to keep waiting in line.
No worries! You can save this situation with the blessing of mobile point-of-sale systems. With the instant payment facility, the loss of sales during the trip to the checkout lane can be effectively eliminated. The buyers will realise that there are no long queues anymore which in turn enhance repeat sales. Apart from the sales, the ”no-wait” checkout technique can be used as a competitive edge to stands out from the rest.
Less Queue, More Sales!
3. Accurate business reports
Analysing business growth accurately daily is highly necessary for improvising and implementing new marketing objectives. This is can be accurately done by using business reports with the irresistible use of business reports. It helps the management to track sales, credit, stock, inventory, most selling items, other areas to control the profits or losses that have suffered, assist them to take necessary and accurate decisions for the enhancement.
One of the most benefits of Mobile POS Solutions is it reduces the need for physical space and manpower to collect and store information by facilitating a massive cloud-based storage space. These documentations are digitally represented and set out much faster than a conventional cash register. Also, these solutions can be used to assemble recently and collect data anytime, anywhere from the limitless inventory, and most significantly without any error.
4. Advance level security
The latest and fastest POS software provides your business with advanced-level security from data breaches and frauds. Data protection is supreme as mPOS tools may not have security protocols as powerful as their POS complements, particularly if you’re using commercial-off-the-shelf (COTS) tools such as Apple or Android smartphones and tablets. Make sure your mPOS software have Payment Card Industry Data Security Standard (PCI DSS).
You also need to implement one or more of these security features:
- Encryption: An end-to-end (E2E) encryption is provided in all bank transactions. It protects the data by ensuring a ”KEY” between the sender and the bank. So even if the data is interrupted, it can’t be accessed without the encryption key.
- Tokenization: A vendor never accesses a card or bank account number; rather, money is handled using a “token”. So Tokenization exemplifies the process of converting an important piece of data, such as an account number, into a random string of characters called a token that has no purposeful value if breached.
- Dynamic authentication: By using EMV technology, credit cards are embedded with a chip that contains customer information. After each session between the applicant and verifier, the dynamic authenticator will change. This provides an extra layer of security to the transactions.
5. Alter the store layout easily and cost-effectively
In the constantly growing and changing world of restaurant and retail, trends and customer needs are always changing. These trends and changes will surely have room in how you want to design and layout your store and restaurant. Since changing the wired POS will pile up additional expense and no longer beneficial for your business. On the other hand, mPOS is wireless, no need to worry about the network cabling or power outlets. So for both retailers and restaurateurs can freely change the floor settings, move displays, add new displays, cost-effectively change configurations.
6. Discount and loyalty programs
Special discount offers and loyalty programs are proven methods to gain returning guests, enhance sales and productivity, especially in restaurants and for doing so, a POS system is necessary. A full-fledged online food order app is also an added feature to it. This method can be used to assemble and store customer data, track and redeeming loyalty points, and adding special discounts on bills.
What kind of hardware do you need for your mobile POS system?
It’s really simple.
All you need is an iPad, a cash drawer, a barcode scanner, and a receipt printer and you’re good to go!
There are so many iPad POS, printers, and scanners are available online which embrace everything you need for the mPOS system. The advanced printers will help you to achieve mobile printer transmission for iOS, Android, and Windows tablets and mobile devices as well as printing from the web and cloud-based apps.
Mobile ticketing and labeling became seamless with the innovation of tablet receipt printing and mobile card payments. mPOS and POS tablets provide better solutions and multi-OS support by means of a cable, Bluetooth, WiFi, and AirPrint. With these advanced mobile printers and POS
tablets, the easy integration to the innovative cloud-based POS software as well as custom Android, iOS, Linux, and Windows apps became flawless.
Why would I need a mobile POS system in my restaurant?
A mobile POS system or a square pos system comes in handy and flexible. They are popular for their add-on facilities and astonishing features.
- When you want to hit the approval for the new space, mobile POS systems usually have a faster setup and a more moderate learning curve.
- When you want to get rid of all the repair headaches, then the square pos system is the ultimate solution that is both less complex and costly.
- If you have a fixed budget then you can opt for Mobile POS systems than a standard POS system because of their cost-effectiveness. If you install a POS system with a small up-front investment, a mobile POS system is the clear winner.
- An mPOS system can help you accelerate checkout and accept contactless payments.
- By using square pos in the restaurant you can use your smartphone or tablet as a register.
- When you need to amplify your standard POS system. A mobile POS system is perfect for those who have a business in part from a store or in a go. You can easily use the standard POS system when you’re in the store. But when you’re traveling you can still get all the updated information means of mobile POS system. You’ll never miss out on revenue this way.
There are clear benefits and features for using a mobile POS, but before we get to that, let’s look at the best way to implement a mobile POS in your restaurant.
How to implement mobile POS in your restaurant?
Mobile POS systems are very popular in the speed-paced world especially among restaurant owners: 75% of restaurant managers want an mPOS system at their organisation, according to a recent report of 2020.
But before buying it from any trustworthy sources, identify your needs and prerequisite and list out the features you want in your organisation to make it thrive.
- Set your needs and prerequisite: It doesn’t necessarily that all the mPOS will perfectly fit your needs and requirements. To find the best and perfect system for your business, identify your current goals, and obstacles and choose a solution that works for your business growth.
Two things to consider:
- Industry and features: Select the mPOS that is suitable for your industry, meet your demands, but some systems are designed ingenious for certain industries such as retail, restaurants, bars, consumer services, and hospitality. Some mPOS provides bonus features like POS printer, which is a major part of a point-of-sale system, used in the retail domain to print credit card receipts and customer slips.
- Sales volume: Your choice should also depend on your estimated sales volume. The needs for a large scale restaurant with a table-side ordering differ from having a small scale food truck expanding its payment options from cash only.
So don’t feel the reluctance to ask at least these following questions to your POS provider, before making a deal
- How much can I need to pay for software and hardware?
- What features must I completely have?
- Is my business model well-matched with my preferred payment processor?
- Does this software blend with any other software solutions I currently use?
And so on!
Last not least, what are the disadvantages of mPOS systems?
What if your mPOS crashes in the middle of your peak hour? This is an important question to address!
When you start using more advanced and high-tech devices, of course, there will be room for plenty of error when comes to both installation and activation and which the company may not have the ability to handle. Installing wireless and portable mobile POS also needs consideration for potential repairs, improvements, and maintenance, which some businesses do not consider forwards of time.
Besides, Mobile devices are designate to move about means they are more threatening than the standard POS systems. There are a plethora of threats to mPOS devices such as physical thefts, drops, water damage, and more. Moreover, switching to mPOS demands a monthly subscription fee, and if your location is not already equipped with tablets for receiving payments then initial setup costs will also there for you to pay. However, there’s no need to purchase massive, bulky dedicated POS terminals, as your handheld devices like smartphones or tablets can handle everything flawlessly