A Mobile POS system lets you take card payments from customers with your tablet or smartphone. Whether you participate in trade shows and fairs, make deliveries or sell at home parties, mobile POS gives your customers a simple and convenient way to pay using their signature debit car or credit card. According to BI Intelligence, it is estimated that the volume of mobile payments reached around $223 billion around the world.
What is a Mobile Payment?
A mobile payment is a form of payment that is facilitated using any mobile online device. So, instead of swiping a physical credit card or debit card or paying cash at a traditional point-of-sale machine, payments are processed using web-based software that is integrated with a wireless POS hardware system such as an iPad-based POS equipped with a card reader and/or receipt printer. Another category of mobile payment is comprised of payments made entirely through a mobile website or mobile app.
Mobile POS Features
- On-the-go credit card processing: A mobile system allows merchants to facilitate credit card payment processing wherever they may be.
- Single payment solution: Automatically process card payments both offline and online while offering customers low fees per transaction.
- POS hardware bundle: Some providers offer merchants a complete package of the hardware equipment they will need, including a credit card reader, receipt printer and cash drawer.
- Data analytics and reports: Track your sales and inventory as well as information about your customers and visitors right from the system dashboard.
- Paperless receipts: Offer customers the option to either have their receipt printed out or sent to them via email.
What Else Can You Do with a Mobile POS?
- Perform several tweaks, such as setting multiple shipping options and tax rates, modifying email notifications to customers, and customizing the checkout process.
- Use built-in tools to optimize your site for search engines, incorporate a social media strategy, start a company blog, and track site visitors. A mobile POS also links everything together so you can adjust your inventory and choose which products to carry in which store.
- Set unique marketing preferences according to customer data and allow customers who purchased through your online store to build their own accounts. You can then track orders and, more importantly, send emails as a reminder, a promotional tool, or to alert the customer of an abandoned checkout in case the customer was interrupted before completing the purchase. Send notifications to customers via phone or email. The email option also gives you the chance to build your database for a future email marketing campaign.
- Integrate with many third-party mobile apps that are capable of enhancing how you run your business from marketing to analytics. For instance, there’s the discount code generator that creates custom online coupons to help improve online sales. Also, optimize everything to improve your Internet presence, from full product collections to single merchandise. You can sync orders across all of your locations, allowing you to ship products directly from your store to fulfill merchandise without having to log on to a different system separately.
- Get full 24/7 customer support via phone in addition to access to an online library. Typically, high-level support can be provided by experts for a premium to those who are willing to pay a fee to improve their business.
Transaction Security
Developments in mobile POS systems are driving the need for much better security of transactions and customer data. The use of encrypted card readers is one simple way for merchants to address this issue. When you use an encrypted card reader, your customer’s data will be encrypted first before it is transmitted from the reader, reducing the chances of identity theft or any such security breach.
For instance, the Shopify pop-up hardware kit includes its own encrypted card reader that can securely read credit cards and debit cards. It can safely capture and store customer’s signatures online. The card reader, which plugs into an iPhone or iPad’s headphone jack, uses a mobile application to accept and process credit cards and can email digital receipts to customers directly. To sweeten the deal for merchants, the company is also taking a smaller cut from each transaction.
Deciding to Go Mobile
Though there are concerns about the security of online transactions, both customers and business owners may benefit from the use of mobile POS. Retail businesses and service providers can make their staff more productive and also reduce labor-related costs. Also, getting rid of written orders improves the level of accuracy. Customers will be able to receive quicker service and accurate, on-the- spot detailed sales receipts.
Generally, mobile systems are making the actual point of sale more decentralized, reducing wasted resources and preventing unnecessary paperwork. The goal is to provide customers the easiest and most convenient shopping experience possible.
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