With its ease of use, portability, less space usage, affordable price and user-friendly features, Mobile Point of Sale (mPOS) is the most desirable one for retailers in the changing retail scenario, and according to experts, this little technology wonder is all set to make a huge impact on retail business community across the world.
Over the next few years, retail business owners will have no other choice but to embrace mPOS overwhelmingly which will in-turn drive POS market at a Compounded Annual Growth Rate (CAGR) of 18 per cent from 2017 to 2024, says Grandview Research, a leading Research and consultancy firm.
Meanwhile, POS Software experts believe that mPOS will achieve a market penetration of 80 per cent by 2019 with 4 million tablets being shipped to be used as Mobile Point-Of-Sale (mPOS) systems in retail and hospitality applications in 2016.
If you’re looking to have a mobile POS at your store, you should know certain basic things about Mobile Point of Sale.
To have a rudimentary mobile point of sale (mPOS) system, a retailer should have a tablet (touch screen computer system), relevant app to suit the business and hardware components like receipt printers, payment terminal and cash drawers.
mPOS helps retailers a convenient way of approaching customers wherever they are - inside the shop or outside the store to perform certain basic operations like taking orders, spot billing machine, and managing real time business transactions simultaneously in multiple stores.
Mobile Point of Sale is all about the software you select to suit your business model. There are a lot of POS software vendors available who can customize the software part for your business needs. If you opt for cloud POS software, you need to choose a local service provider who can offer the service with a monthly subscription. They can do hardware installation, integrating software tools and regular software updates which keep your system upgraded to advanced technology applications.
Most mPOS apps, which are compatible to Windows, Android and iOS operating systems, offer features such as real-time inventory management, remote access, accounting integration, staff management, product variations and customer loyalty program.
This is one of the prime requirements. Certain mPOS devices do come with card swiping slot. If your device does not have one, you need to connect a magnetic stripe reader (MSR) or a card reader, which can be a swipe card reader or chip card reader. You can also receive payments through digital wallets or smart phones.
Automatic POS Cash drawers are safe and convenient way of storing cash. Cash drawers are available in a variety of brands offering different communication methods such as wireless, Ethernet (wireless and wired), Bluetooth and USB. Your chosen communication style will depend upon your POS tablet ports and software application.
If you are running a retail store for grocery or super market, you need Barcode scanners for a quick checkout. With improvement in technology, many mobile devices are utilizing their in-built camera as a barcode scanner. In some brands like Posiflex, tablet POS come with inbuilt barcode scanner, which can be operated using a belt.
Though mPOS systems can offer digital receipts which can be emailed to customers, paper receipts are still popular, particularly in some applications like textile showrooms, hospitality, pharmacies and grocery retail stores. Receipt printer can be connected via a variety of ways including Bluetooth, wireless or USB.
POS stand or Kiosk
This will enhance the physical set-up to more professional look and also allow ease of access. Again there are a variety of options available.
Tablet POS can be easily stolen from retail and hospitality venues. So, a lockable set-up with fixed stand is required. You can lock the system when you move out of the counter. Since these stands will facilitate your tablet or iPad to work in rugged environments, they should be durable to handle everyday tasks.
Ease of use
You can decide how your tablet can be used – fixed or removable. If you intend to take the checkout to the customers, consider the system that can be easily removed from the stand. If you want your tablet to be in a fixed position at the counter, engage your staff there to attend customer needs. If you’re in a hospitality business, it can be either wall mounted POS or mobile POS terminals in real sense, as you can reach customers instead of they reach your place for making payments.
Mobile Point of Sale is going to be the future of retail, hospitality, healthcare, beauty and fitness and many other small and medium businesses. It will offer businesses a flexible, readily available and affordable means to set up a shop and give better service to clientele. With more and more apps coming up for various business verticals and established providers improving their ware, mPOS is a trend which is all set to increase.