5 Benefits of mPOS in Retail Business
The last decade has seen many technological advances in known payment environments. The introduction of the point of sale system has changed the payment experience replacing cash registers in many scenarios. Credit cards have become a preferred method of payment and more merchants are working towards accepting them.
But one technology that has made a huge change is the mobile point of sale (mPOS). According to a report by 451 Research, the global mPOS installed base will increase from 13.3 million units this year to 54.03 million units in 2019. A typical mPOS solution allows merchants to accept credit card payments anywhere, anytime. They can sell baked goods at a farmer's market, assisting customers inside a retail store to complete or finish a construction project at home.
Today's mPOS solutions come in a variety of different flavors, fully integrated with standalone solutions, and run on a wide variety of devices, ranging from smartphones to tablets to wireless terminals. These mPOS solutions have many benefits. Let's take a look at the top five that every trader should know:
Mobility: Accepting credit card payments anywhere
One of the major benefits of MPOS solutions is that they provide a means of sales to merchants in various environments. In a retail setting, merchants can sell products to a customer in different parts of the store. Merchants who often sell goods/services in an out-of-store environment - be it a farmer's market, a food truck, or a customer's home - mPOS solution to safely accept a variety of card payments You can use.
Personalized Service: Enhancing Customer Experience, Increasing Sales Opportunities
The mobility aspect of MPOS devices helps merchants to provide a more personalized experience to customers. Since sales representatives have the ability to check on customers within the corridor rather than the check-out lane, the opportunity for cross-sales and upsells is greater. For example, a sales representative helping the customer check-in the corridors may also point to other accessories that fit well with the customer's purchase. It enhances the customer experience, helps build a positive perception of the merchant's business, and also increases more sales opportunities.
EMV migration: easy to upgrade
EMV migration to the US is underway and many merchants are still looking for a robust payment solution that will allow them to accept EMV cards. mPOS solutions often provide merchants with less expensive options that can help them quickly design EMVs. These solutions are also often easier to deploy and faster to set up. By migrating to EMV, merchants can avoid being held responsible for chargebacks caused by credit card transactions.
Quick checkout: retail line-busting made easy
Many retail environments are known for long checkout lines and many customers no longer have the patience to wait, especially if they only have a few things to buy. In such a scenario, a sales representative with an mPOS solution can help the customer wait in lines and check properly from the store isle more quickly. Using in-store mPOS solutions in addition to existing fixed payment acceptance solutions can also help merchants manage customers during the busy holiday season.
Accept Mobile Wallet: Providing multiple payment options
Mobile Pay such as Apple Pay, Android Pay, and Samsung Pay are gaining popularity among consumers. These contactless payment solutions allow consumers to use smartphones to pay for goods and services. Merchants are looking for ways to accept this type of payment and this is where mPOS can help. From a merchant's point of view, Twirll enabled mPOS solutions are much easier to implement, less expensive, accept contactless payments anywhere and facilitate value-added services, such as loyalty and offers.
But one technology that has made a huge change is the mobile point of sale (mPOS). According to a report by 451 Research, the global mPOS installed base will increase from 13.3 million units this year to 54.03 million units in 2019. A typical mPOS solution allows merchants to accept credit card payments anywhere, anytime. They can sell baked goods at a farmer's market, assisting customers inside a retail store to complete or finish a construction project at home.
Today's mPOS solutions come in a variety of different flavors, fully integrated with standalone solutions, and run on a wide variety of devices, ranging from smartphones to tablets to wireless terminals. These mPOS solutions have many benefits. Let's take a look at the top five that every trader should know:
Mobility: Accepting credit card payments anywhere
One of the major benefits of MPOS solutions is that they provide a means of sales to merchants in various environments. In a retail setting, merchants can sell products to a customer in different parts of the store. Merchants who often sell goods/services in an out-of-store environment - be it a farmer's market, a food truck, or a customer's home - mPOS solution to safely accept a variety of card payments You can use.
Personalized Service: Enhancing Customer Experience, Increasing Sales Opportunities
The mobility aspect of MPOS devices helps merchants to provide a more personalized experience to customers. Since sales representatives have the ability to check on customers within the corridor rather than the check-out lane, the opportunity for cross-sales and upsells is greater. For example, a sales representative helping the customer check-in the corridors may also point to other accessories that fit well with the customer's purchase. It enhances the customer experience, helps build a positive perception of the merchant's business, and also increases more sales opportunities.
EMV migration: easy to upgrade
EMV migration to the US is underway and many merchants are still looking for a robust payment solution that will allow them to accept EMV cards. mPOS solutions often provide merchants with less expensive options that can help them quickly design EMVs. These solutions are also often easier to deploy and faster to set up. By migrating to EMV, merchants can avoid being held responsible for chargebacks caused by credit card transactions.
Quick checkout: retail line-busting made easy
Many retail environments are known for long checkout lines and many customers no longer have the patience to wait, especially if they only have a few things to buy. In such a scenario, a sales representative with an mPOS solution can help the customer wait in lines and check properly from the store isle more quickly. Using in-store mPOS solutions in addition to existing fixed payment acceptance solutions can also help merchants manage customers during the busy holiday season.
Accept Mobile Wallet: Providing multiple payment options
Mobile Pay such as Apple Pay, Android Pay, and Samsung Pay are gaining popularity among consumers. These contactless payment solutions allow consumers to use smartphones to pay for goods and services. Merchants are looking for ways to accept this type of payment and this is where mPOS can help. From a merchant's point of view, Twirll enabled mPOS solutions are much easier to implement, less expensive, accept contactless payments anywhere and facilitate value-added services, such as loyalty and offers.
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