A good point of sale (POS) system is absolutely essential for certain types of businesses. Small businesses, in particular, that still accept payments directly from customers are increasingly moving towards electronic payment systems. For example, restaurants, delivery services, and similar businesses need a great POS system to stay competitive with online retail giants. Nowadays, a new version of the old cash register is emerging: mobile POS. If your business already has a POS system, it’s worth it to consider if it really needs a mPOS system as well. Read below to find out if investing in a mobile payment system is actually valuable to your business.
What is Mobile POS?
A mobile POS system is very much like a POS system, except it’s highly portable. Think of it as a card reader that you can carry around. This technology has immensely advanced in recent years. Tech companies, like SumUp from Europe, now make mobile card readers so compact they can fit in a pocket.
Mobile POS systems work very much the same as regular POS systems, with some added perks. Businesses can manage inventory digitally, compile data reports about which products make the most money, and also engage in some marketing aspects. Mobile POS also facilitate face-to-face sales, perhaps even more so than regular POS. These systems are convenient for both the customer and the business.
What It Costs
The costs of the mobile POS system largely depends on where you purchase the devices from. There are two costs associated here: the costs of the portable card readers plus a commission per transaction. The initial purchase and installation costs can be as much as regular POS systems, which is why most small businesses do not jump at the chance to benefit from these devices.
However, it should be noted that newer mPOS providers are offering affordable options. For example, some companies do not charge any flat rate fees for these credit card machines and only charges a reasonable transaction commission. As with Sum Up mentioned above, purchase costs can be kept at near zero level. The trick is to find a great mobile POS provider.
Is It Worth the Investment?
Let’s consider the perks mPOS systems offer for a second. Mobile POS devices make it possible to take the checkout counter to the customer, thus removing a major transaction pain point. Mobile POS systems are also faster, especially when combined with a good accounting program. Businesses can make catalog information available literally at the fingertips of staff, which makes them better at their job. And, of course, mPOS devices are essential for retaining customers who are increasingly relying on online purchases.
For a small brick-and-mortar business, a mPOS system could provide a significant boost over the competition, even retail giants like Amazon. Simply put, yes, mPOS systems really are worth the investment. In fact, these devices can be considered essential for staying competitive in the smartphone-driven economy.
If your business can find a great mPOS provider that offers reasonable rates and excellent customer support, then your business, too, and benefit from the perks mentioned above.