Countless businesses up and down the country are already benefiting from the versatility and practicality offered by mobile point of sale (mPOS). But what are they and how can you adopt mPOS?
In this article, we’ve outlined what mPOS is and how it works, the considerations to make before implementing a mobile point of sale system, and the benefits.
Index:
What is an mPOS?
In business, the point of sale (POS) refers to the place where a transaction is completed. Traditionally, this would’ve been at a cash register located in a fixed position, but many industries and companies are now shifting towards mPOS for improved flexibility.
A cloud-based mobile point of sale system allows you to wirelessly accept payments via a smartphone or tablet, from virtually anywhere as long as you have an internet connection. This is not only ideal for businesses that take on-the-go transactions, such as mobile food trucks and tradespeople, but also brick-and-mortar shops and restaurants that are looking to enhance everyday efficiency.
How does mPOS work?
Using mPOS allows you to accept credit/debit card transactions just as you would a traditional point of sale system, with the difference being that you can be completely flexible in where you take payment. To achieve this, you’ll need to download the SimplyPayMe mPOS app to your smart device (often via Bluetooth).
There’s no need to connect any hardware, it couldn’t be simpler to start accepting payments:
- Run the app
- Enter the amount payable
- Scan or input the customer’s card details
- Submit
Choosing a mobile POS for your business
There are various factors to bear in mind when choosing mPOS software for your small business. We’ve outlined the key areas to consider:
- Cost and fees
When running a small business, it’s important to consider the cost of mPOS software and whether there are any additional fees to be aware of. At SimplyPayMe, we don’t believe practicality and mobility should be an unaffordable luxury, so we offer our entire range of features for as little as £10 per month. - Features
When comparing mPOS software, consider the features that your business could benefit from. For example, SimplyPayMe lets you accept unlimited transactions, send unlimited invoices, and manage your finances with the touch of a button. - Scalability
You might be a small business, but that shouldn’t mean you can’t expand, so you’ll need mPOS software that can grow with you. Fortunately, because payments are taken digitally, scaling up with SimplyPayMe couldn’t be simpler; all you need to do is open your account on another smart device, and you can start taking more payments. View our team plans here to learn more. - Security
When taking digital payments, it’s crucial to prioritise customer security, whether it’s their personal details or payment data. All transactions processed through SimplyPayMe are encrypted, to protect credit/debit card information. - Usability
Whether you run a restaurant or store, it’s helpful to have a straightforward navigation portal that makes accepting payments easy and efficient. SimplyPayMe mPOS is designed with usability and functionality in mind, so you can effortlessly process and track transactions.
The benefits of mPOS
Used by businesses across the country, discover how you can benefit from implementing a mobile point of sale system:
- Security
With software suppliers required to guarantee compliance with PCI DSS, you can enjoy the flexibility, efficiency, and practicality of mPOS safe in the knowledge that your customers’ payment data is encrypted and secure from cyber threats and hackers. - Affordability
Unlike traditional point of sale systems, mPOS doesn’t require expensive hardware, setup, and maintenance. Instead, you’ll make small, affordable monthly payments to your provider for a cloud-based subscription that you can stop at any point. - Cloud-based
Having a cloud-based system means all transactions can be completed wirelessly, which improves mobility and flexibility. Not only this, but all payments can also be tracked across all connected devices in real-time. - Efficiency
Contactless mPOS is designed to speed up the transactional process, which improves both efficiency and profitability. Rather than wasting time navigating a traditional point of sale system, you can invest your time more effectively. - Practicality
mPOS systems can be used from anywhere, making them far more practical than traditional point of sale hardware like cash registers. This means you’re not rooted to one place, and can freely trade from pop-up locations (i.e. your restaurant can set up food trucks at events). - Customer-friendly
The flexibility of mPOS systems benefits your customers as well as your business operations. With a mobile payment device, you can respond to consumer demand, rather than having a register fixed to the front desk in front of a snaking queue. In a restaurant setting, this means you can offer tableside payment. - Scalability
Because mPOS is cloud-operated, scalability is straightforward. All you’ll need to do is activate additional smart devices and you can start accepting more payments; this is not only more effective, but also far cheaper than having to purchase more traditional point of sale cash registers.
The risks of mPOS
While there are numerous benefits to take advantage of, there are also risks you should be aware of before committing to new mPOS software:
- Cybersecurity: because transactions are completed digitally, cybersecurity is a risk. To combat this, SimplyPayMe encrypts all customer payment details and business information.
- Reliance on connectivity: because mPOS is web-based, being able to accept payment relies on having an internet connection. To reduce the chance of losing functionality, SimplyPayMe requires only a 3G connection to operate.
- Vulnerable hardware: just like traditional hardware, smart devices aren’t immune from damage; if your smartphone or tablet breaks, you’ll need to log into a new device to continue accepting payments.
How to implement mPOS for your business type
Now you know the general benefits of mPOS, find out how you can enhance your restaurant or brick-and-mortar business through cloud-based technology.
Setting up mPOS for a restaurant
Hospitality is largely centred around customer satisfaction and providing a great dining experience, which is exactly what you get with mPOS:
- Waiting staff are completely mobile and able to process orders and payments at the table. This both enhances the service experience and reduces the chaos that would ensue if customers had to queue to pay at a cash register.
- Through SimplyPayMe, you can manage customer numbers in real-time, which allows you to instantly assess table availability and handle bookings.
- mPOS processes orders in real-time, which improves communication between connected devices across front-of-house and the kitchen.
To implement mPOS within your restaurant, you’ll need to ensure all staff are trained in handling the hardware on-the-move, as well as navigating the software payment portal.
Setting up mPOS for a brick-and-mortar business
Shops are highly dependent on sales and customer footfall, both of which mPOS is involved in:
- mPOS is digitally connected to your website payment gateway and MOTO system, which streamlines integration and provides an omnichannel shopping experience.
- Because mPOS transactions are typically speedier and more efficient than traditional methods, you can capture more in-store payments.
To implement mPOS within your brick-and-mortar store, you’ll need to ensure you have a consistent internet connection that can handle wireless transactions, offer training to floor staff, and consider how many charging stations you’ll need for hardware.
Is mPOS right for your business?
If you’re still unsure as to whether mPOS is right for your business, consider the following:
- Sales don’t stop at the register
Operated wirelessly via a cloud connection, mPOS allows you to collect payments from anywhere. Consider whether you could benefit financially from a versatile payment solution that allows you to accept transactions on-the-go. - Reduce physical hardware
Controlled via portable smart devices, mPOS reduces the amount of bulky hardware involved in taking payments. Assess your spend on payment hardware compared to the price of mPOS software. - Keep up with the latest in payment solutions
Being cloud-based means mPOS benefits from instant updates, which allows you to keep up with the latest in payment technology. Consider increasing customer demands and the benefits of constantly-improving software.
In summary
To summarise, choosing a mobile POS system is an important step in advancing your business, both from a commercial point of view as well as how you engage with customers.
There are various benefits to adapting to the latest in payment technology, including improved security, efficiency, and practicality, with all payments processed via your portable smart devices. However, when comparing different software solutions, take cost and fees, features, scalability, security, and usability into account.
As a small business, it’s important to keep an eye out for ways you can improve overall efficiency, and the way you accept payment forms a significant part of this. For even more expert insight around the ways you can improve your payment processes, check out the latest over on our blog.
