A Mobile point of sale (mPOS) is a smartphone, tablet or a wireless device which performs the same functions as that of an electronic point of sale terminal .
With the aim of enhancing user experience and keeping pace with the rapid of smartphones, retailers are increasingly adopting mobile POS solutions. For the same, a merchant account, the mobile application and the card reader are required. In fact, any smartphone can be converted into an mPOS with an application that needs to be downloaded. When the owner registers the application, the vendor provides a card readerthat plugs in to the mobile device. Some software vendors also provide optional docking stationscalled sleds that allow the mobile device to read barcodes as also to print receipts.
Depending on the software used, a mPOS can operate as a stand-alone device or an integrated component of a larger POS system. To protect consumer interests, customer data is stored in the cloud and not on the device.
Features of mPOS system
- Acceptance of payments
- Issuance of invoice
- Managing inventory
- Multi location support
- Creating customer data base
- Scan bar codes
- Integration with ERP systems
- E mail marketing
The foremost advantage that accrues from a mPOS system is that it improves customer satisfaction in more ways than one. From speed of billing to doing sales in any part of your physical store or even in any outdoor location, it powers it all. Additionally, if the sales staff is equipped with mobile devices connected to mPOS inventory management systems, answering any customer query related to an article being in stock can be easily answered. Generating digital receipts and building a robust customer data base are some of the other advantages of a mPOS system.
Here are some basic steps to follow before purchasing a mPOS system for your retail store:
- Undertake a requirement study to ascertain the features needed in a mPOS system. This includes details like whether a stand alone or an integrated system is required.
- Check whether any additional hardware is required and whether the budget is available.
- Determine the fixed and recurring costs and set a budget accordingly
- Research and compare POS systems- reaching out to businesses who are using the systems will be prudent
- Set up a demo and witness the speed, accuracy, ease of usage and more yourself
- Make a final decision
- Once you have the system up and running, ensure there is optimal usage
With a mPOS system, you can literally run your business from your palm. Clearly it is the single fastest moving trend in retail and will only grow from strength to strength