Finding a right mobile point-of-sale (mPOS) solution for your business is a tricky affair. Since options are many, retailers often find themselves doing an exhaustive research to find a suitable mobile solution for their POS counters.
This decision-making process, however, can be less agonizing if they focus on a few explicit areas. These are some factors which should not be compromised when finalizing an exact mPOS solution for a particular business.
Security: Payment security is one of the most critical factors to analyze while introducing latest technology to your business. It can be said that this is the most important factor you should consider for getting a comprehensive mPOS solution. Care should be exercised that even if you have the most expensive, innovative and showy hand-held POS devices with payment processing system, it won’t serve you if it isn’t secure.
When selecting an mPOS for your business, you should keep the safety of customer payment information in front. Malware attacks are common these days as data thieves always look for slightest available opportunity to steal the vital information from POS devices. You should make the system secure with tight security solutions like point-to-point encryption (P2PE) and tokenization, which will ensure that your mPOS will never process, store, or transmit payment card data, thus giving effective solution to prevent a data breach.
Neutrality: For a mobile payment solution it is important to know which bank and/or processor you will use. Some mPOS systems allow merchants to use a specific bank, processor or both. If you have a business which changes and evolves over a period of time, being stuck with a specific bank or processor may not be a good idea. You won’t negotiate for the best rates and services when your objectives become different. So, you should choose an mPOS solution that is processor and bank neutral and also device agnostic.
Being able to use your existing payment devices means you save a huge amount that would have gone into revamping your payment infrastructure.
Customization: Always ensure that mobile payments should fit your business model and not the other way around. A customized mPOS solution should allow merchants to get as in-depth as they could while keeping the things simple. For example, a small boutique may need to account only for one type of tax. In contrast, a large restaurant chain requires multiple tax structure applied to different items like alcohol, food and gift cards. Restaurateurs having complex menus should be able to add modifiers such as specific cooking instructions from customers (rare, medium, crisp, etc.) and customizing default tip settings. An mPOS device with such flexible features can help grow with your business.
Efficient account handling: Some mPOS solutions may fit well for businesses which have a few branches. They, however, lack the potential to help grow the business. For larger businesses, owners need a mobile POS solution that can handle high business volume and also manage different revenue centers from one single account.
MPOS solution, whether the business small, medium or large, allows businesses to monitor and manage their system conveniently from anywhere and anytime.
Convenience: The world has shrunk into your hand, virtually in the form of a mobile. Customers needs convenient medium to pay anywhere and anytime. Apart from a typical brick-and-mortar shop, eatery, kiosks, food court and concert venues are becoming ideal spots for mobile revenue centers.
Customers have endless choices when it comes to shopping, and adopting an ideal mPOS solution at your business place will make the payment process simpler, convenient and flexible for them, It will go a long way in providing unique customer experience for them and make them your unpaid brand ambassadors.
Not all mPOS solutions are created with general merchandising in mind. So knowing what features to look for can narrow down your search. It is worth spending some time to make the right decision in the first place rather than wasting money in some worthless devices. This will save your time and future expenses of going back and install a new solution to fit your business needs.
Mobile POS can be used for various business such as restaurants, spa and beauty saloon, bakery shops, textile showrooms, electronics shops, grocery store, departmental store, super markets and hypermarkets.