A Technology That Is Going Places – mPOS
mPOs – Mobile Point of Sale is redefining the way a financial transaction is carried out at retail, service and sales industries, irrespective of their size. Loaded with a plethora of advantages, customer service standing tall amongst them all, mPOS is designed to go places.
The most basic definition of mPOS would be a mobile cash register. A Smartphone, tablet or any wireless device is used to perform the function of a cash register. It can also be defined as a mobile electronic point of sale terminal. From offline retail payments to paying offline for orders placed online, mPOS is simplifying payment woes. What makes mPOS truly efficient is its innate feature of being downloadable on any Smartphone or tablet. All that is needed here is a card reader that plugs into the mobile phone/tablet’s audio jack. This makes the entire system cost-effective giving small retail stores/businesses owner to carry out transactions without the need to have a POS system installed.
mPOS also comes with the option to opt for a hand-held docking station. These are called sleds. Sleds allow the mobile phone/tablet to capture barcodes and also print receipts.
The mobility of mPOS gives the retailer/service provider the option to either link it directly to a bank account or it can also be connected to the stores/service provider’s larger POS system in place. This depends on the software being opted for.
Basic Components Comprising mPOS
- Mobile Device (Smartphone/tablet / any wireless Android device)
- Card Reader
- Optional – printer / ash drawer
- mPOS software
A Boon for Online Players
Online shopping is soon becoming the most preferred channel for shopping. The only challenge faced by online retailers is that of payments as most of the customers are still not comfortable with prepaid orders. Collecting cash on delivery has its own hazard associated with it besides combating the challenge of tendering change to the customer. To help meet with cash on delivery payment challenge, mPOS offers the retailer the much needed respite. The delivery executive is just required to carry his Smartphone which has an attached card reader with it. An additional barcode scanner too is often a part of the package that helps execute the payment. A major boon to eTailers, mPOS is soon becoming an indispensable tool for them.
Counting the Benefits
mPOS, as shared earlier, is loaded with a plethora of advantages. From offering the convenience of payment to saving on time, it has simplified the transaction process. The retailer can opt for mPOS device to be used to bust the queue thus avoiding the risk of the customer leaving his shopping cart in case of a long queue at the cash counter. The other major benefit of mPOS is the convenience it offers to retailers in terms of maintenance. Performing almost the same function as a traditional POS system, the cost of maintaining a mPOS system is relatively lower. Training cost and time too is comparatively lower making it the most cost-effective system to be employed.
As for small retailers, mPOS is a must. Having a digital/electronic payment system automatically enhances the shopping experience for a customer. For small retailers who cannot afford to have a full-fledged POS system in place, mPOS allows them to offer the same features of a quick electronic transaction, capturing customer data like their phone number, birthdate, anniversary date etc. for customer relationship management and a printed bill.
Apart from physical retail stores, mPOS can be effectively used by freelancers/entrepreneurs who regularly participate in flea markets/exhibitions. Providing the customer with an ease of payment and extending him service at par with any big retail store, no matter the location, is what helps win his / her patronage. mPOS is what helps one achieve the same.