Gone are the days when merchants were tethered to their stationary cash registers. Mobile point of sale (mPOS) allows merchants to capture sales using tablets or smartphones, providing the flexibility to take payments anywhere in store or on the go.
Merchants using an mPOS system reap the benefits of the traditional point of sale solution, but are also able to increase profits, boost productivity, and reduce costs.
The usage of mPOS is growing, the Canadian Payments Association (CPA) estimated the mPOS transactions amounted to 3.4 billion in 2013 and forecasts growth to $19 billion by the end of 2014 in Canada, a 458.82% increase.
What is mPOS?
Not only is mPOS flexible, it has the ability to process any form of payment and gain insightful analytics on buying behaviour. mPOS replaces the traditional POS terminal with a tablet or smartphone and Euro, Mastercard, Visa (EMV) reader. The EMV reader has the ability to accept debit, credit and contactless payments.
Top 5 considerations for choosing the right mPOS solution for you.
Not all mPOS systems are created equal. Selecting an mPOS system can be daunting and the options in technology seem to be limitless.
Align with your business processes and goals
The first step to defining your mPOS needs, is to review your business goals. Do you want to simplify your business processes? Choose an mPOS system that is integrated with your payment processing solution. Using an integrated mPOS payments solution will allow you to easily reconcile purchases and inventory, making reporting hassle free.
Minimize risk and liability of fraud through chip and PIN
Another consideration when selecting an mPOS system is to reduce the risk of fraud by accepting chip and PIN debit and credit cards. Traditional magnetic-stripe card readers are not capable of processing chip and PIN cards, which puts the merchant at risk for processing fraudulent payments. Payment service providers like Beanstream, a Digital River Company, have come out with new technology that allows merchants to process chip and PIN transactions without the reliance of non-portable debit and credit card payment processors. Merchants with the ability to capture sales from debit and credit cards are able to broaden their client base and increase revenue.
Ensure secure processing through tokenization
Security is another big player in the mPOS decision. It is important to feel comfortable that confidential information is encrypted and securely sent over a wireless network for authentication and authorization. It is important to know the mPOS provider’s level of Payment Card Industry (PCI) security compliance. Choosing a provider with a PCI Level 1 compliance with Point-to-Point encryption guarantees the payments being processed are in a secure processing environment through the use of tokenization, which encrypts every piece of confidential data your customer supplies.
Extend capabilities and consumer engagement through app marketplace
A key differentiator between mPOS solutions is the ability to create customer loyalty, manage inventory and reduce customers need to wait in line. This can be done through a robust app marketplace. Best-in-class providers offer an app environment that stimulates customer loyalty through loyalty marketing, gives the ability to check inventory of goods directly from the shop floor, and the flexibility to capture sales anywhere in store to decrease lineups.
Realize the omni-channel promise to grow your business
The ability to provide an omni-channel experience is important to companies that have both and in-store and e-commerce presence. Automatically synchronize customer data, inventory and payment processes to create succinct reporting and analytics to help you grow your business.
Would you like to learn more about Beanstream’s EMV mobile point of sale solution, sproutPOS? Visit Beanstream.com/sprout-pos or contact sales at 1-888-472-2072.
This article was featured in the December/January edition of Douglas Magazine. Read it here.