If you’ve ever sat at your table at a restaurant after you’ve finished eating and you’ve been able to pay with your card without even having to stand up, the chances are that you’ve used an mPOS system.
They can be a great tool for businesses large and small to help make payments flexibly and on the go without sacrificing speed or security, but if you’re not sure what they really are or how they work, we’re here to explain everything you need to know about mPOS with this guide.
What does mPOS stand for?
Anyone who has worked in retail or the service industry could probably have a guess at what mPOS means. It refers to a mobile POS system, or a mobile point of sale system if you weren’t aware of POS before.
Point of sale means the time or place where the sales transaction takes place, so traditionally this has taken place at a counter or checkout, so a mobile POS system allows this transaction to take place elsewhere because the POS has gone mobile.
This means that it can be used to take payments at tables in restaurants or cafes, out at market stalls, in a food truck, or in a festival tent. It’s more than just a card reader because it integrates with the till system - we will explain more on this, in the next section.
How does mPOS work?
There are a few different types of mPOS, depending on the needs of the small business. It can be as simple as a smartphone or tablet with the right app installed or through a device attached to a dongle. This can be used for contactless card payments or chip and pin.
Increasingly, we are also seeing dedicated mPOS terminals being introduced in shops and restaurants, like the Dojo Go, which connects to the ePOS system, enabling superfast card payments but also the management of virtual queues and bookings. That’s the difference between mPOS and a simple card reader.
Benefits of mPOS
So, why should you use mPOS at your small business? Here are some of the mPOS benefits you could receive by taking this step into the modern world of payments:
The days of customers being required to queue up to pay before being allowed to leave your store or restaurant are finally coming to an end. With mPOS, you can take the checkout to them, whether that’s at their table in a restaurant or a quieter area in a shop. Having the ability to split the bill, print it out, take payments and much more - all without needing to be stood at the till means you can really cut down on the need for a queuing system, providing your customers with a quicker and more satisfying experience.
When making and taking payments, both customers and businesses need to know that the transactions they are placing are both safe and secure. It would be understandable to have concerns about the security of mPOS compared to paying at a regular till. However, because all transactions are encrypted and no card data is stored on the device itself, it’s actually a very secure and compliant way of taking payments, significantly reducing the liability for businesses.
However your customers want to pay, wherever they want to pay, using an mPOS system helps them to do so. They can pay via contactless, chip and pin and through mobile payments like Google Pay, Samsung Pay and Apple Pay. For small businesses especially, giving customers these kinds of options will make you stand out from the competition and encourage repeat business.
Opens up more possibilities
Using mPOS not only lets you move around your store or restaurant to take payments but it also lets you go on the road. If you want to open up a pop-up restaurant or even store, it’s much easier to manage with mPOS than relying on a fixed till system.
Inventory management on the go
Because mPOS is much more than just a mobile card machine, it can also be used for stocktaking, inventory receiving and moving stock. This makes it a useful tool on the shop floor and beyond, helping to avoid embarrassing mistakes where an item is found to be out of stock after a customer has bought it.
More customer information at your fingertips
An mPOS system means that you have the opportunity to view past transactions, loyalty rewards and more while serving a customer. This gives you the option to spot the chance to upsell products or services that you know the customer would be interested in, as well as deliver a better experience for them. It’s better for your business and for your customers.
When you’re setting up a small business, there are a lot of overheads and a traditional ePOS can be expensive especially if it’s not necessarily practical for the kind of business you’re running. mPOS can be much more cost-effective with a smaller upfront cost and generally lower running costs too. Add that into all of the other advantages we’ve already mentioned and saving money has never seemed less like an issue.
Mobile Point-of-Sale solutions
So, now you’ve seen what an mPOS system can bring to your business, the only question is what the best mPOS would be for you. Would it be a mPOS that comes with next-day delivery? Short-term contracts so you’re not tied down for years? Or a mPOS system that comes with point-to-point encryption and accepts all major credit card types and mobile payments too?
How about an mPOS system that syncs seamlessly with more than 600 ePOS systems and ensures that your takings are paid into your account by 10 am the next day? Or one that takes card payments 80% faster than the industry average, ensuring you and your customers aren’t kept waiting?
Are you implementing a mobile-point-of-sale (mPOS)? Then the mPOS system you require is the Dojo Go, so why not get in touch today to find out more?