With newer technology introduced every day, there has been exponential progress in many sectors, which has changed how we look at our daily lives.
You slowly begin to notice these transitions around you in simple ways; for example, cash payments are now majorly done through cards or electronic modes.
One such transformation is how small businesses receive payments. You now see a medium called mPOS. I know the word sounds very technical, but it’s super easy to understand it.
In this post, we’ll go over the basics and essentially everything about mPOS so that you can start using it to your advantage.
What is mPOS?
In the simplest words possible, a Mobile Point of Sale (mPOS) system is a portable point of sale that turns a smartphone or tablet into a register to allow businesses to receive payments from customers in an instant.
This is a cloud-based operating system; all it needs to function is a smartphone or tablet with a strong internet connection.
You can receive payments through a portable terminal and a card reader installed in your selected mPOS system. These systems work seamlessly on Android as well as Apple devices.
An mPOS uses a QR code scanner, NFCs, EMV payments, MSR, and MST technologies to accept and receive payments from your customers.
How Does mPOS Work?
The functioning of mPOS is smooth as butter. All you need to do is download and set up an mPOS app/solution on your smartphone or tablet.
Your selected service provider will send you a card reader, or you could purchase one yourself, which needs to be inserted in the audio jack to process card payments.
You can also avail of an additional service of hand-held docking stations known as sled. Basically, that allows your device to read barcodes and print receipts.
Let’s look at the on-ground scenario to understand the process:
- Your customer chooses a product or a service and adds it to the cart
- You start scanning the product barcodes with an mPOS using your device camera
- The application then calculates the total amount with taxes as applicable
- Your customer can now pay the amount via digital wallets, credit/debit cards, or using a QR code
- You can choose to print out the receipt or send a digital bill on their mobile phone
You see, the process is smooth as butter and is super convenient.
Types of mPOS
Just like any other payment service, mPOS has evolved with time to have a range of systems that you can implement according to your preference.
Below are the various types of it to help you understand better what each serves as a purpose.
#1. Phone-Based Systems
This is a great option for businesses like food trucks, mobile restaurants, etc., which don’t have a lot of storage space and hardware to operate an mPOS. You only need a card reader and a stable WiFi or data connection to process your transactions.
#2. Tablet-Based Systems
A tablet-based system works like a traditional POS system on a tablet. You can use this option in bigger setups like a kitchen, carry out transactions using various payment methods, and operate it as a QR scanner, kitchen ticket printer, and cash register.
Most importantly, it gets regular updates for uninterrupted transactions.
#3. POS Kiosks
A POS Kiosk is placed in convenient locations that are easily accessible to customers. For example, tables and desks make it easier for them to order and make payments.
Kiosks can be on a tablet or a phone, requiring a card reader to operate. This is adopted in places where the aim is to reduce the contact between the operator and the customer.
#4. Terminal-Based Systems
These systems do not need a mobile phone or a tablet to function and are terminal points capable of taking orders and processing payments without leaving your place. It functions on a card reader and POS software.
This is ideal for small businesses and cafes that want to try tableside ordering.
Advantages of Using mPOS
A recent study states that the adoption of mPOS is growing by 15.5% yearly.
If you’re curious to know the reason behind this shift, then here are some vital benefits of it that explain it all:
- A cost-effective option when compared with the traditional POS system.
- It offers automatic backups and regular updates and protects your data from unexpected challenges.
- It offers an easy installation, allowing you to start operating the system the day you sign up.
- It gives you the power of increased mobility, which means you get the freedom to operate it anytime and anywhere.
- It’s highly scalable and offers instant customer satisfaction leading to more sales.
The above advantages illustrate the fact that having an mPOS to accept payments can do wonders for your business and convenience.
mPOS Vs. Traditional POS
If you walk into a store and they are using a computer, cash drawer, receipt printer, or a card swiping machine, this means they’re utilizing a traditional POS right there in front of you. If you don’t know yet, it requires batteries or electricity.
Moreover, they require a lot of space and are bulky, making them immobile and restricting their usage within that particular store. It mostly accepts traditional methods of payments and might not have timely security updates.
On the other hand, an mPOS is compact, versatile, portable, and more secure than its ancestor counterpart. It also authorizes more than one form of payment, helping you increase options for your customer.
With mPOS, you get all the features of a traditional POS + more inside a very portable solution.
Tips to Choose the Best mPOS
There are a lot of mPOS solutions in the market, and choosing the right one can be tricky. However, narrowing it down becomes easier when you set criteria and preferences.
Here are a few things you must consider while selecting your desired mPOS to streamline your business payments:
#1. Ease of Use
At the end of the day, it’s important to understand that mPOS is software and may require some skills to operate. And when it comes to money, you don’t want to mess things up.
This is why it’s essential that your system has an intuitive interface and is easy to use overall. As a result, it’ll help your staff operate it with minimal errors.
#2. Payment Modes
Let’s face it, in today’s time; nobody relies on one thing, which is why many customers use different payment modes to initiate their payments.
This tells you that it’s necessary to have a system that accepts most of them to avoid losing a sale. Every customer matters, and that’s what the motto of your chosen system should be.
#3. Integration with Other Solutions
If you’re running an e-commerce platform, wouldn’t it be great if your payment system is directly linked to it? Not only it’ll help you with real-time insights, but it will also give you clarity on your sales report.
Besides, having a bunch of different integration wouldn’t hurt because you’re only getting the freedom to enhance your business processes.
One of the most important things to check is if the system features go parallel with your requirements. While the basic functionality remains the same, different systems come with their unique set of features, which can be table-turners per your needs.
A system that seamlessly adapts to the latest trends helps you stay on top of your game.
Security is probably the most important element you need to look for, and you need to be very sure of the mechanisms your system uses, as you’re not only dealing with money but also customer data which can cause troubles if lost or left exposed due to poor security.
Best mPOS Solutions
Now, it’s finally time to look at the best mPOS solutions you can trust. These are widely used, so you cannot go wrong with them.
One of the most prominent names in the payment processing space, Visa has also managed to be a head turner in the mPOS solutions area. It offers a user-friendly, quick, and secure mPOS system for your business.
Visa’s main aim is to create a system that makes making and receiving payments super easy, and that’s exactly what they’ve achieved with this system.
Not to mention, the brand carries a lot of weight with the name, and using it will only do good for your business.
Mastercard helps you put payments on the forefront at the most convenient level by offering a low-cost and very simple mPOS system.
It’s built in a way that’s meant to drive enhanced customer payment experience and help you with cloud, tap-on phone, and pin-on glass methods as payment options.
Moreover, you can join their mPOS program to add additional benefits and enjoy more growth for your business.
A payment service that gives you a robust mPOS, DigiPay.guru might have all the features you want.
It can be easily integrated with your existing business systems, and If you’re a retailer, you also have the option to start your channel of services for your card-based customers.
Besides, it has:
- Zero downtime
- Multiple payments options like email pay, tap & pay, and mobile pay
- Automatic generation of invoice after each sale
It’s important to mention that DigiPay’s mPOS is a white-label solution, which makes it even better because you can customize it as per your preferences.
One of the biggest USPs of LoyLap is their excellent support that guides you whenever you’re stuck. It also has another system in this that allows you to customize the app as per your brand color schemes and preferences.
Their transaction fee is 2%, and is equipped with point-of-sale integration. You can rely on this system because it hardly ever faces any downtime, so we can say it works in your favor.
LoyLap also allows you to reach your targeted customers via the platform’s promotion feature to close more sales.
Mint empowers you with a portable, compact device that can accept payments wherever you go.
It accepts Visa, Amex, Mastercard as well as EFTPOS. It also sends email and SMS receipts to customers after a transaction is made.
This solution comes with an online payment and billing system which has an open API and, on top of that, low rates for you to subscribe to their service.
The setup is fast and offers various integrations to enhance functionality further.
#6. Square Terminal
Widely used by retailers, Square Terminal is a complete and trusted platform that gives you everything you need to grow your business.
Besides accepting payments most conveniently, you can track customer preferences and check on feedback given by them after each sale.
Your customer can dip, tap or swipe using Square Terminal to initiate payments. Not to mention this solution can also manage payment disputes and monitor suspicious activities to keep frauds at bay.
As a business owner, it’s best to adapt to changes because technology makes things convenient for people. Utilizing mPOS is a great way to provide your business and your customers with a faster and easier payment processing system.
The above solutions are the best, so you can easily make a pick depending on your requirement.
Next, check out these best point of sale (POS) systems to grow your business.