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Josh Phillips
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June 28, 2018

What is an mPOS and how can it benefit my business?

By 2024, it’s expected that there will be 35 million mPOS systems in businesses around the world.
But what is an mPOS?
mPOS stands for mobile Point of Sale, and an mPOS is a hand-held point of sale device. You can process transactions and take payments with an mPOS, just like you do with any point of sale system.
An mPOS differs from an EPOS, though. While you can pick up an mPOS and walk around with it, an EPOS system tends to be static.
There are a whole lot of benefits to using an mPOS system in your business.
 
Let’s run through some of them:

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Queue-jumping


Other than tea and grumbling about the weather, there’s nothing the Brits like more than a good queue — or so the cliche goes, anyway.


But while there’s certainly more than a grain of truth to this stereotype, you can’t push it too far. A 2014 survey by Box Technologies showed that over 70% of retail customers won’t return to a store again if the queues are too long. 


And 90% of customers will actively avoid your store if they see long queues.


mPOS can help you, though. 7-mobile,-phone,-app,-shop,-shopping,-commerce,-market


Rather than waiting for customers to come to the counter, you and your staff can take the till to them with mPOS, heading off queues before they begin.


When you use mPOS in your business, customers can pay anywhere, any time.


This is also a great way of offering your customers an innovative experience. Ever bought something from an Apple Store?

Apple’s staff have been using the proprietary EasyPay system in their stores since 2011. Their Geniuses use mPOS to ring up customer orders while they’re browsing, meaning that you never see a queue in their stores.


Instead, customers are free to browse and play around on the shop’s Macs and iPads on their hearts’ content. The result: their stores aren’t just shops: they’re places to meet people and hang out — so much so that Apple is renaming their stores “Town Squares”.


As a bonus, this gives your employees a better shot at upselling and cross-selling. Because your customers have to speak to an employee in order to sell, your employees get the chance to sell more, while customers can get rung up at tills without even saying “Hello.”


Take orders at customers’ tables


mPOS systems aren’t just for retail, though. They’re great for restaurants.


21-cashbox,-money,-purchase,-list,-check,-shop,-shoppingYou can give your waiters mPOS systems to take orders at customers’ tables, and send tickets through to the kitchens instantly, either to a dedicated ticket printer or a kitchen display.


There’s a few reasons to do this:


It’s a great way to cut down on mistakes — sending orders automatically instead of scribbling them down and running them up to the kitchen means that there’s much less room for miscommunication and error.


When you make a mistake on an order, you’re wasting a plate of food, which costs you time and money, and gives your customers a bad experience. Using mPOS systems means you cut down on this, boosting your margins and keeping your customer experience on point.


Do business on the move


flat-designed-concepts---colorThere’s no reason why businesses that don’t have a fixed location should miss out on all the advantages that a POS system offers. You shouldn’t be stuck with a cash box because you don’t have the space for a full point of sale solution.


mPOS is an ideal solution for businesses that are on the move, or don’t have a reliable Wi-Fi network, like food trucks and market stalls. mPOS systems allow businesses like these to take card and phone payments, and collect sales data.


You don’t need Wi-Fi in your location — if you use an mPOS solution which allows you to connect your card reader to your phone via Bluetooth, then you can take card payments anywhere that you get phone signal. This means you can take advantage of contactless payments and phone-based payment methods like Apple Pay and Google Pay.

Collect sales data on the go


23-card,-discount,-sale,-shop,-shopping,-commerce,-marketChances are, if you’re used to keeping your business’s takings in a cash box or an old register, you’re not collecting much sales data. Because they handle all your sales, mPOS systems collect data on your sales.


This means you get detailed visibility over your business activities. Most mPOS systems have a cloud-based back office system which compiles and stores a plethora of business reports, breaking down your sales.


The reports you get will vary from mPOS system to mPOS system, but typically you’ll be able to see sales by category, by product, by location, and by staff member who processed the transaction.


Some mPOS systems also help you manage your inventory, telling you what you’ve sold and what you have left in stock.


Because your mPOS’s back office is cloud-based, you can access business reports from anywhere in the world.


Ditch the paper

16-check,-list,-cashbox,-purchase,-shop,-shopping,-commerceNo matter whether you want to streamline your instore experience or space is at a premium, paper receipts are never a good look. They’re bad for the environment, till roll costs a lot, and receipt printers are bulky and noisy.


An mPOS lets you ditch the paper in favour of email receipts. Emailing your customers their receipts helps you save money and save the world. It looks a bit cooler, too, which is a bonus.


But the best thing about email receipts? They give you a crafty way of collecting customers’ email addresses. You’ve got to get a customer’s address to email their receipt, right? That means you’ve got another address for your CRM — and another address you can send marketing emails to.


Upgrading to an mPOS is certain to benefit your business — what will you do with yours?