A mobile POS system has become practically mandatory—and indispensable—for growing a retail, food service, transportation, events, or other businesses that accept mobile payments. Not only can it be used to settle transactions in your store both at the counter and in the aisle, but it also completes transactions on the go, such as at a fair, trade show, or music festival. In an age when customers demand instant gratification and are increasingly buying things with digital wallets and NFC payments, merchants must modernize their payment systems to meet expectations and generate more revenue.
Thanks to the technology's utility, reliability, and efficiency, the mobile POS payments market is expected to grow at a rapid clip. Research suggests more than $87.6 billion in mobile POS transactions will be processed in the United States this year. That number is expected to explode to $247 billion by 2023, increasing by an impressive 29.6 percent each year as more and more merchants invest in mobile POS systems to reach customers wherever they are. In other words, mobile POS is quickly becoming the expectation instead of a cool novelty, and businesses that fail to keep up with the trending technology risk being left behind in the eyes of consumers.
If you’re considering adopting or upgrading to a modern POS system that’s capable of accepting payments on the go, here are five things to keep in mind as you search for the solution that best suits your business.
Whenever you’re handling financial information, applying the highest security standards is critical. Otherwise, money could be stolen, or your business could be fined as much as $100,000 per month for not complying with PCI standards.
To avoid these outcomes, look for solutions that offer PCI compliance out of the box. The best platforms are PCI-PTS-certified, including SRED and EMV L1 and L2 certification. They also encrypt cardholder data as an added layer of security.
2. Ease of use for customers
Mobile POS systems should strengthen the customer experience by accelerating transactions and reducing the number of billing errors. With the right system in place, customers won’t get stuck in line while the person ahead of them fumbles through their wallet looking for an accepted credit card or trying to find some cash because the store doesn’t take NFC payments.
As a result, customers get in and out of your store faster while paying the correct prices every time. This improves the customer experience, thus increasing the chances that more of your customers will become loyal shoppers.
Your new mobile POS system should be equipped with features that simplify your job. For example, a new system should be ready to use out of the box, without requiring you to buy additional cords or other pieces of hardware just to get up and running. A good POS should also include an intuitive design that makes it easy for your employees to immediately understand how to use the new system.
Today’s leading platforms give you the ability to transact anywhere, enabling you to take your business to customers, wherever they may be. The best solutions also accept all kinds of payments—including NFC payments (e.g., Apple Pay and Google Pay) and EMV payments (e.g. chip cards). Great platforms also future-proof payment processing by automatically receiving software updates when new technologies emerge.
You should also look for a system that can be managed through the cloud. This enables you to view reports and issue refunds when you’re on the go—and even settle from your phone, too.
The best POS systems are built with an open architecture that enables business owners to extend their investments beyond simple payment processing by adding on curated apps to streamline data and day-to-day management and save time. As a result, merchants no longer have to hop from platform to platform, and they can manage their entire business from anywhere.
With a solution from Poynt, for example, you can easily use apps including Homebase, a time management app; Apptizer, an app that lets customers order ahead of time at restaurants; and Paya, an app that makes creating and managing loyalty programs easy. By connecting all of the tools you need to manage your business on one system, you can get more done in less time.
Don’t just pick any POS solution—find one by a vendor you can trust. Find out what people are saying about the various options you’re considering. Content such as customer reviews, funding information, and news stories can help you determine which system is best for your business.
Know that not just any mobile POS system will deliver the results you’re hoping for. You need to invest in the right system to help achieve your business goals. The best POS systems are highly secure, easy to use, and packed with features that make business owners’ lives easier. They’re also flexible, enabling you to extend the system by adding on tools and apps developed for specific use cases. Finally, the best systems are made by well-known vendors you can trust.
To learn more about how merchants like you can grow their businesses with a smart payment terminal that integrates with popular mobile POS systems, visit our Merchants Home.