Regardless of the type of business you operate, you more than likely are looking for answers concerning mobile payments. The trend of using flexible mobile point-of-sale systems (mPOS) has expanded across a variety of industries, as more businesses seek to learn the benefits of mPOS. As more competitors begin to incorporate mPOS solutions, there’s a threat of your business being left behind. However, several merchants still have a need to use fixed, or more traditional, POS solutions within their brick-and-mortar stores.
In order to determine which systems are best for your type of business, let’s take a look at what mPOS options are available and compare them with fixed POS solutions.
What is Mobile POST (mPOS) Solution?
With technology evolving and changing the way we pay, more businesses have developed a need to move beyond the traditional countertop POS terminal to mobile solutions. Mobile payments usually come in the form of a credit card reader that is attached to a smartphone or tablet. The scanner and charging system is run through an app, and everything is cloud-based, so you do not need to be connected to a local network.
mPOS is transforming the way payments are processed by being significantly cheaper and more accessible. A study by Mercator Advisory Group predicts that within the next five years, iPads and tablets will replace the majority of countertop POS solutions, saving merchants thousands of dollars up front for the initial cost of a fixed POS system.
mPOS Use Cases
Vendors at marketplaces, food trucks, and tradeshows are all examples of businesses that need flexibility with their payments beyond servicing in a brick-and-mortar store and would benefit from using a mPOS solution. By using a card swiper attached to their smartphone, vendors are able to travel lightly, accept credit or debit card payments, and virtually accept payments anywhere on-the-go. These solutions also allow businesses to authorize cards, collect signatures, e-mail receipts, and maintain compliance with the PCI-DSS.
Fixed POS Solutions
Fixed POS solutions give your business the benefit of a more robust management solution, including having robust business functionality and inventory management, a cash drawer, employee time clocks, and the capability to manage loyalty programs and gift cards. This traditional form of technology has been around for decades and has been the most recognized and accepted way in the past to process cash payments, check, and credit/debit cards.
Most brick-and-mortar restaurants and retail stores have generally preferred fixed POS solutions over mPOS, because they offer more features and functionality. In fact, experts have discovered that 95% of brick-and-mortar stores process payments with fixed POS solutions, and feel that mobile solutions are an enhancement, and not a replacement, for the traditional POS. Likewise, experts feel that some businesses would excel better with fixed POS solutions than mobile, as they offer robust features and are more familiar to the average employee.
Merchants should begin to make POS decisions based on what suits their businesses the best. With more options entering the market, choosing the right payment processing system can help set your business up for long-term success.
mPOS solutions are great for merchants on-the-go who are wanting a more flexible option that is less expensive. Fixed POS solutions still serve a prominent purpose within brick-and-mortar stores and contain a more comprehensive business management solution for merchants desiring a product with robust features. Overall, keeping the focus on the needs of your business will help you make the right point of sale equipment decisions within a competitive marketplace.
