Bulky POS terminals fixed at the checkout counter are gradually becoming passé. Sleek and hi-tech Mobile Point of Sale Devices are gaining increasing popularity, and are expected to completely replace traditional POS systems in the future. Also, to stay competitive and expand your customer base as a business owner, expanding your transaction opportunities is pivotal. If we consider the spectrum of payments preferred by Indian consumers today, there are multiple modes like credit cards, debit cards UPI, BHIM, E-wallets, Scan Pay, and so on.
Merely accepting payments on your smartphone means that you are missing out on several crucial payment modes. Therefore, mobile point of sale devices or mPOS devices, provide the most cost-effective solution to grow your business.
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Features of the Portable POS
In a nutshell, a mobile POS device is a handheld device that runs on Wi-Fi and accepts a wide range of payments. The salient features of mobile points of sale devices are: –
- Uses Near-field Communication Technology to accept payments from the customer’s smartphone.
- Has a Magnetic Stripe Reader for swiping credit cards and debit cards for receiving card payments?
- Alternatively, the mobile POS device can be EMV technology enabled that reads the embedded chips in Europay, MasterCard, and Visa cards instead of the magnetic strips.
- Magnetic Secure Transmission enablement enables a mobile POS gadget to receive card payment without having to swipe the card. It merely needs to be held against the device and the signal emitted captures the card details.
- An in-built QR Code scanner enables Scan Pay. This means the payments happen by either having the customer scan your bank account QR code or making the payment, or your device scanning the QR code on the customer’s phone to accept the payment. By far, Scan Pay has been the quickest, most efficient, and contactless mode of payment in recent times.
Advantages of Mobile Point of Sale Devices
Mobile Point of Sale Devices can help in the phenomenal growth of your business. Here are 5 solid advantages of using mPOS devices.
1. Enhances your Sales
By offering customers a wider variety of payment options, you are automatically increasing their willingness to spend more. This will give a direct boost to your sales.
2. Customer Data Management
The tracking of customer contact details, purchase history, and preferences becomes a lot easier with mPOS devices. This will help you create a loyal customer-base for your business.
3. Eliminates Paperwork and Reduces Efforts
You can easily cut down on manpower costs with the use of an efficient mobile POS device. Efforts directed towards manual book-keeping and physical filing of invoices can be redirected to other crucial areas of your business.
4. Enhances Customer Experience
By enhancing the checkout experience of customers, you are increasing the probability of repeat visits and positive word-of-mouth.
5. Contactless Digital Payments
In the aftermath of the Covid-19 pandemic, the need for contactless digital payments like Scan Pay has sprung up like never before. Mobile Point of Sale Devices address this requirement suitably.
Conclusion
Given the large number of mobile point of sale devices available nowadays, make sure you take time to choose the right one for your business. Study the payment preferences of your target market segment and the product/services profile of your own business.
Apart from accepting a wide range of payments, you should ideally opt for a device that enables Scan Pay and also provides in-built options to integrate seasonal discounts, loyalty card points, and other offers like ‘Buy Now Pay Later’ that you provide as a retailer.
Opt for cost-effective mobile POS device that directly addresses your business requirements and customer preferences at a reasonable cost.
Also read: 5 Smart Money Moves for Future Well Being
