Mobile POS Systems (mPOS): A Comprehensive Guide

A Mobile POS system, or mobile point of sale, is a point of sale that runs on a tablet, smartphone, or other mobile device and serves as a portable register.

Key mobile POS system stats:

• Between 2020 and 2025, it is projected that North America’s use of mobile point-of-sale systems would double, with the size of the Asian market also continuing to grow.
• 28% of customers will shun a store that doesn’t accept contactless payments in favor of a different one if it doesn’t provide such alternatives.
  The number of daily active mPOS system users increased dramatically as a result of COVID-19 in Europe.
• The use of mobile POS terminals is expected to reach a market size of $48 billion by 2023, according to Global Market Insights.

Time is important for businesses to take payments while they are on the road since mobile payments are becoming more and more popular.

Keep reading for a detailed explanation of how an mPOS operates if you’re not familiar with the ins and outs of mobile POS systems or if you want to brush up on your understanding of them before upgrading your payment processing choices.

You’ll discover the benefits of employing mobile point-of-sale systems, the industries that profit the most from doing so, and how to pick the finest mobile POS for your organization.

What is a mobile POS system (mPOS)?

A tablet, smartphone, or another wireless device that can perform the same task as an electronic point-of-sale terminal or cash register but does it wirelessly is referred to as a mobile point of sale.

Customers may pay on the go or remotely using mPOS systems. They let customers who are not physically close to you easily and securely complete payments (like at a storefront). Offering consumers a more flexible and easy payment experience is great with a mobile POS system.

The top mobile point-of-sale applications support the following frictionless payment methods:

• cellular credit cards
• Digital wallets that make use of near-field communication (NFC) technology include Apple Pay, Google Pay, and Click to Pay.
• Cards for credit and debit that include an EMV chip or magnetic stripe
• Paying using a QR code

How does a mobile POS work?

A reliable internet connection, a card reader, and an app downloaded to your wireless device are all you need to start utilizing a mobile POS system to take and process payments.

Depending on the kind of mPOS system you use, some allow you to take payments even if your internet connection is interrupted.

After everything is set up, you or a member of your staff may download a point-of-sale app and attach the reader to your smartphone. After that, you’ll be equipped to process and accept mobile payments. For even more ease, you may combine your mPOS system with other POS equipment (such as a barcode scanner or cash drawer).

What’s the difference between mPOS and POS?

In contrast to a mobile point of sale, a traditional point of sale (POS) is a fixed term that typically consists of a desktop or tablet, cash drawer, receipt printer, credit card reader, and scanner.

The disadvantages of this conventional structure include its lack of flexibility over how and when consumers may submit payments, dependence on a physical storefront being open, and, frequently, the absence of a modern security system.

Instead, mPOS systems are compact and easy to use for you and your customers, and they must adhere to the PCI Mobile Payment Acceptance Security Guidelines for Developers. They are therefore safer than conventional POS alternatives.

Can I use my smartphone as an mPOS?

Yes. A fantastic mobile point-of-sale option to a conventional POS machine is a smartphone.

You may download a mobile payment app to your smartphone or tablet if you don’t have a standard checkout counter (or a mobile shop).

As with any other type of mobile device, using a phone as an mPOS is just as quick and safe for processing consumer transactions. Using mobile payments for your business also helps you save money on pricey POS terminals and infrastructure.

What are the benefits of using a mobile point of sale?

Using the mobile point-of-sale system has a wide range of advantages for both you and your consumers.

Quick implementation and low setup cost

The fact that mobile POS systems are more affordable than conventional POS systems is one of their key advantages. The only external setup expenses are a card reader because your tablet, smartphone, or other personal devices may be used as the terminal.

You may accept payments on the move without investing in an electronic register and pricey POS technology, which generally requires expensive care, thanks to their minimal setup costs and easy deployment. Due to their cloud-based subscription models, which feature affordable sign-up and monthly maintenance charges, mobile POS systems can also help you save money.

Easy integration with existing POS systems

When there is a lot of traffic, you can utilize an mPOS even if you already have a conventional POS system to:

• Avoid lines at the cash registers
• Improve customer service efficiency
• Set aside priceless retail space

To avoid spending money on additional equipment, you may alternatively integrate your mobile POS system with current POS hardware like cash registers, printers, or barcode scanners.

Instant payment completion

By more than half the time it takes for customers to complete a transaction, a mobile point of sale system may improve the customer experience.

Customers are happy and more likely to return to your business as a result, cutting down on long lineups. Your company is likely to make more money if clients can finish the payment procedure more quickly and securely. 83% of consumers believe that moving lines are an important aspect of the customer experience.

The ability to accept payments on the go

You have the flexibility to accept payments anywhere with mobile POS systems.

And this has the following advantages:

• not being restricted to one place or cash register
• facilitating payment acceptance at events, pop-up stores, seminars, or trade exhibitions relating to the business
• maintaining operations even when your physical facility is closed as a result of COVID-19, natural catastrophes, or other unanticipated events

Due to speed and convenience, having a mobile point-of-sale system attracts clients who are in a rush to buy from you.

Heightened security for customers (and low liability for you)

On mPOS machines, no card information is kept, and all transactions are encrypted. Mobile payments are now PCI DSS certified, making them safer for both your consumers and your company.

The data storage technique used by mPOS devices complies with these security rules, enabling even small firms to employ the monitoring technology provided by their software providers. This strengthens security even further for you and your clients.

Improved customer experience

You may enhance the consumer experience by streamlining the transaction handling procedures and accepting both conventional and alternative payment methods by including at least one mobile point of sale in your transaction-processing procedures.

Digital wallets like Apple Pay, Google Pay, Click to Pay and Bizum, a well-liked peer-to-peer (P2P) mobile payment software from Spain are all compatible with the correct mobile POS system.

Accepting a variety of payment methods enables you to expand your client base, streamline the checkout process, foster brand loyalty among customers, and help your business remain competitive.

The ability to facilitate contactless payments

Through near field communication (NFC), a sort of contactless communication between devices that enables a user to wave a smartphone over another NFC-compatible device to accomplish contactless payments, mobile POS systems may take digital wallet payments like Google Pay, Apple Pay, and Click to Pay.

Since each payment is made on the customer’s device, contactless NFC mobile payments keep transactions more private, save you and your customers time during the transaction process, and allow you to maintain social distance during the payment process.

Enhanced reporting and inventory management

Additionally, inventory tracking and management, notifications when stock is running short, and automated restocking are all capabilities of mobile point-of-sale systems.

When a consumer needs a product that is out of stock, this is extremely helpful. You may utilize your mPOS to accept an advance payment and dispatch the requested item to the client as soon as it is available again.

Mobile POS systems may also provide customized reports on sales data, depending on the system you choose, to assist you and your team in stock planning or in reducing product reorders when sales are weak.

This provides a unified picture of your online and offline inventory and sales.

Types of businesses that accept mobile payments on the go

Small- to medium-sized merchants, online sellers, and service providers like the ease, speed, and security that mobile payments provide.

Here are some instances of how various sectors make use of mobile point-of-sale systems:

Mobile payments for retail

Retailers may provide each of their sales representatives with a mobile device so they can process payments while on the road.

Retailers may also utilize mobile POS systems to use them to provide loyalty points to repeat customers and send digital receipts instantaneously thanks to the numerous features that come with them (depending on the model you invest in).

Mobile payments for digitally native brands

Mobile POS systems are used by direct-to-consumer (DTC) businesses that often host events or pop-up stores to:

• Recognize a variety of payment options from anywhere
• Improve the ease and security of the payment procedure.
• Make their establishment available to customers who don’t have access to cash but do have a phone with them.

Mobile payments for street vendors or food trucks

Now even food trucks or street sellers may take use of benefits like loyalty programs for frequent customers or data storage, all without having to spend money on pricey or burdensome equipment.

On-the-go enterprises like food trucks or street sellers may enhance the following with only one mPOS device:

• Their transactional speed
• The length of their lines, particularly when tourists are in high demand.
• Their data-keeping’s accuracy
• in how many different forms of payment they take

Mobile payments for taxi drivers

Being able to collect payments without using standard POS software is crucial for mobile businesses like taxi drivers, especially when serving clients who might not have the local currency on hand. Taxi drivers may accept card payments and process payments quickly and easily using mobile POS devices without compromising the protection of their client’s personal information.

Mobile payments for service-based businesses

For service-based businesses like personal trainers, dietitians, and photographers, a mobile POS can make it simpler to collect payments immediately after the completion of the service as opposed to having to produce and send invoices later.

You may also make use of the numerous connectors that mobile POS systems provide, which include cost management software, order management software, accounting software, and software for managing deliveries and online orders.

How have mobile POS systems evolved and what impact do they have on physical businesses?

Due in part to biometrics changing how physical merchants handle the majority of their daily operations, mobile POS systems have gained appeal among physical companies over the past several years. This also applies to the way they handle payments.

More than ever, retailers are utilizing mobile POS systems to boost customer happiness even when there is minimal foot traffic, stay competitive with other brands in their market, and increase the security of their transaction process.

Mobile POS systems are becoming a common alternative for physical businesses who feared they were missing out on recurring customers because they only accepted a limited number of payment choices because of the minimal setup costs and great convenience for customers.

How to choose the best mobile POS system for your business

You may pick the finest mobile POS system for your company by using the list of questions below.

Affordability

1. What is your budget for an mPOS device including its monthly subscription costs, transaction fees, and accompanying setup costs?

Prices for mobile point-of-sale systems vary depending on their features, monthly maintenance fees, and additional add-on options like reporting capabilities. often falling between an average of €7.00 per month to €60 per month including transaction costs.

2. What payment processing fees and hardware costs can you afford?

Budgeting for your mobile POS system must take hardware expenses and payment processing fees into account. When deciding which mPOS is appropriate for your company, make sure you don’t forget about these expenses.

Security

3. Is the mobile POS system PCI compliant?

The level of security offered by an mPOS device should be taken into consideration when integrating it into your payment system. Check to see if the software for any mPOS devices you buy is PCI-compliant enough.

4. Are there PCI compliance fees?

Not all PCI-compliant mobile point-of-sale alternatives are cost-free. Consider including one-time or ongoing compliance expenses in your total budget before making a purchase.

5. Does the mobile POS system provider offer to help with potential disputes?

Although security risks are considerably reduced with mobile POS systems, it is important to know before purchasing if the possible supplier would assist with future disputes. Should an issue ever emerge, this will spare you from paying legal expenses (and worry).

Simplicity

6. Can you use the software on your smartphone or go-to mobile device?

The most important consideration when moving to a mobile POS system should be usability. Keep in mind whether the program can be utilized on your current preferred mobile device while shopping for your first (or future) one.

7. Does the software integrate with other POS systems you’re already using?

Making sure the software you’re considering connects with other POS systems you already use is essential for extra cost savings. Cash registers, barcode scanners, and printers are ubiquitous components of these current systems.

8. What features count as must-haves for your business?

It’s advisable to list the essential features of your company so that the mobile POS system you choose has everything you need, whether it’s detailed analytics, rapid digital receipt printing, or the possibility to give loyal customers reward points.

9. Is the interface intuitive for you and your team?

Intuitive means something different to various people. It is highly advised to make sure the essential members of your team can easily utilize and troubleshoot the interface of the mobile POS system you have chosen.

How to set up MONEI Pay (the hardware-free mobile POS system)

By converting your phone into an mPOS, you may accept payments from it. Take these actions:

• Create a MONEI account.
• Install the MONEI Pay app on your iOS or Android device.
• Make your payment page unique.
• Start accepting payments via your phone or tablet when you’re out and about, at your restaurant, or in-store.

Mobile POS systems: next steps

You can increase customer happiness, payment convenience, and security with a mobile POS system. And all you need to use MONEI Pay is a smartphone or other mobile device. To take payments anywhere, you may then create digital QR codes.