As modern shoppers, their expectations and mobile technologies are constantly evolving, the payments industry with newer techniques cannot fall behind. The role of the mobile point of sale is undeniable in the contemporary shopping/purchase journey scenarios. Ideally, an mPOS is a mobile device in the form of an iPad, Android tablet, smartphone or a single-use wireless device that can serve the purpose of stationary cash registers and conventional brick & mortar payment terminals. These are often paired with POS hardware such as barcode scanner, credit/debit card reader and cash drawer.
The flexibility and mobility of mPOS devices deliver several business benefits including faster check-out time, quicker payment cycles, improved customer experience and a holistically effective sales operation. Mobile POS enables organizations to simplify and fasten the financial transactions, which directly improves customer experience and service quality by reducing wait times and offering multiple cashless and contactless payment options. On top of that, mPOS comes with opportunities facilitating inventory lookup, access to customer data, value-added services, upselling and cross-selling.
It simply reduces unnecessary chaos, complications and frustrations with the help of on-spot, flexible and instant checkout options. The mPOS proves to be of much advantage for offering on-the-go cashless transactions for individual business-owners like grocery store runners, solo vendors and other mobile businesses such as food trucks, sports venues, flea markets, repair services and so on. For small business owners, mPOS is a cost-effective alternative to electronic and traditional registers or other expensive software systems. Take a look at the following infographics to gain quick insights about the latest trends, facts and statistics defining the space of mPOS.