How Mobile Point of Sale (mPOS) Systems Go Beyond Payment Processing
Mobile Point of Sale (mPOS) systems are becoming true game-changers in the world of payment processing. With mPOS devices, you can accept payments literally anywhere, using a convenient handheld system. They accept a wide range of payment types and are also popular with customers affording them the option to make payment flexibly in convenient locations in store.
Smaller businesses can particularly benefit from mobile Point of Sale systems since it allows them to compress a lot of processing power into a single device with a small footprint. However, businesses of all sizes can make use of mPOS, as the technology also allows a business to scale up flexibly during busy promotional periods and can be used to facilitate social distancing required as a result of COVID-19.
mPOS systems go well beyond simple payment processing, with features that can make it far easier to manage a retail business. These are some of the most important features that often go overlooked.
Five Extra Benefits From Mobile Point Of Sale Systems
1 – Dedicated devices bring extra durability and convenience
Some mPOS systems run on standard consumer-grade phones and claim this is a benefit. However, the actual benefits of this approach are questionable because of two main issues. First, all too often they rely on smartphone cameras for scanning, which can be unreliable. Dedicated devices may also contain integrated card readers so that you don’t have to worry about carrying additional devices and connection issues. Furthermore, handheld units also need to be robust as hopefully they will be in frequent use, not to mention surviving accidental drops. Phones are much less rugged than specialised hardware.
A better approach is to utilise robust and dedicated devices custom-built for the purpose. They cost a bit more to lease, but you get dedicated scanners which will be far more accurate and reliable than what are found on smartphones, and hardware that offer you and your customers a superior experience.
2 – mPOS Devices Become Cashflow Management Systems
Businesses that are primarily or entirely mobile/digital, without physical holdings, are often challenged to properly track their cash flow. Because mPOS systems link directly into transactional databases, they become an easy way to track cash flow in and out, as well as analyse sales trends. This tracking can, for example, prevent over-or under-stocking on seasonal items by giving business owners all the sales information they need, right at their fingertips.
3 – Collecting And Accessing Customer Information On The Go
Another way that mPOS systems go beyond simple payment processing is that they can also be a valuable part of your customer relationship management. Along with payment details, mPOS devices can capture numerous pieces of customer data, instantly adding them to your CRM database for analysis or retrieval.
This is particularly important if your business caters to younger buyers like those under 40. These buyers have grown up in an intensely personalised sales environment and expect an “Amazon-style” sales experience whenever possible. Collecting their data with your mobile Point of Sale device allows you to offer customised promotions, personalised coupons, and similar incentives which are targeted directly at each buyer.
4 – Instant Integration With Your Online Systems
For businesses running multiple or mixed physical and digital sales channels, tracking inventory and sales can be a complex operation. This is especially true if both physical and digital outlets are pulling from the same stockpool, be that warehouse(s) and/or stores. It’s critical to avoid stocking issues that could delay or prevent deliveries.
mPOS devices prevent these sorts of issues because they connect directly to a central inventory database, as well as feeding into the same overall sales data as every other aspect of your business. All data is instantly accessible on the device, allowing for on-the-go monitoring of the state of your business and stocking, no matter the situation.
5 – Having A Backup Plan In Place
Finally, one of the most under-discussed benefits of mobile Point of Sale devices is their ability to act as backup systems. What if, for example, the power goes out in your business, or your main digital connection goes down? Your mPOS devices are there, battery-powered, and utilising cellular service rather than a wired connection. They’re an excellent failover option if contingencies have gotten in the way of your daily business.
In addition, their portability makes them a great option for a variety of short-term applications. They’re perfect for situations such as pop-up stores, trade show booths or street fairs, where you don’t want to haul major computing equipment around. Having a few mPOS devices allows you a lot of extra flexibility.
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