Think a mobile POS isn’t for you? It’s time to think again.
Once relegated to the realm of food trucks and start-ups, mobile POS (mPOS) has gained traction over the last few years with major brick-and-mortar retailers like Nordstrom Rack, Urban Outfitters and Home Depot. And it looks like the trend is here to stay: Mobile POS is projected to comprise nearly half of all POS terminals by 2019, according to ABI Research.
But you don’t have to be a megabox or a mom-and-pop to reap the benefits of mobile POS. In fact, recent research from IHL Group found that mobile POS had the most dramatic adoption among small- and mid-sized retailers. Here’s how mPOS is changing the retail landscape and the customer experience.
Mobile POS frees your sales team from being trapped behind a cash register to engaging customers throughout the store. By allowing salespeople to connect with customers early, share promotions and offer personalized service and suggestions, mPOS has shown that it actually helps enhance the retail environment and inspire customer loyalty.
The most obvious benefit of mPOS is that it allows customers to quite literally skip the checkout line. A simple card reader attached to a tablet or smartphone means customers can check out anywhere in the store. Mobile POS can also help your sales team manage customer flow during peak hours or busy holiday seasons, avoiding long lines that can lead to customer frustration. The benefits also extend to the hospitality industry, allowing restaurants, coffee shops and cafes to accept credit cards tableside for an overall faster transaction.
Research from a 2013 study published by IHL Group shows that mobile POS can increase average customer transactions by 25%. The reason: More opportunities to upsell by providing personalized customer service during checkout.
Low cost, low footprint
Mobile POS offers a major cost advantage for retailers, typically just a few hundred dollars per terminal versus thousands of dollars for a traditional POS system. And because mobile terminals take up less space than a traditional cash wrap, retailers can devote more square footage to increasing revenue. For the average business, mPOS has the potential to cut costs while expanding sales opportunities.
The overall value of mPOS is clear: Retailers can increase customer satisfaction and their bottom line at the same time. To keep up with the competition and customer demand for a faster, more personalized shopping experience, now is the time for business owners to consider making the transition to mPOS.
Finding an effective mobile POS system
Business owners will have to choose between making a full transition to a mobile-only strategy or integrating a few mPOS terminals into the existing POS infrastructure. It’s important to look for an experienced payments vendor to help guide you through the process – and keep these key considerations in mind when choosing an mPOS solution:
- Security: To protect your customers and your business, looks for a solution that makes data security a priority. Solutions should comply with Payment Card Industry Data Security Standard (PCI DSS) with security features like tokenization and encryption.
- EMV certification: Prevent fraud by choosing an mPOS solution that is compatible with EMV chip card security.
- Flexibility: Will the mPOS hardware and software work with your devices? Does the mPOS terminal only accept debit and credit cards, or can it also process echecks? Start by defining your business needs, then find a vendor who can deliver the right functionality.
- Maintenance and support: Check with your solution provider to see what will be required to keep your mobile POS up to date in the months and years to come. Also be sure to ask about customer support and troubleshooting services should anything go wrong.
Are you ready to make the switch to mobile POS? Find out about the Forte iDynamo card reader, a rugged, reliable, secure mobile card reader. Call at 866.290.5400 or email firstname.lastname@example.org for more information.