Bringing mobile devices and POS system needs together
April 28, 2015

It's no surprise that mobile devices have revolutionized the way people shop and interact with brands. Because customers can make purchases on the go at any time, they expect their experiences with traditional retailers to be convenient and seamless. Small businesses, from specialty stores to restaurants, can benefit from accepting mobile payments or utilizing a mobile point-of-sale system.

The global market for mobile POS systems is expected to grow at a compound annual rate of 9.6 percent between 2014 and 2019, according to report from Technavio. These systems have many useful capabilities for small businesses beyond simply accepting credit card payments. Mobile POS has Wi-Fi and can be integrated with radio frequency identification technology. Mobile solutions may also help merchants accept smart cards, such as EMV-chip cards, that aim to protect consumers.

Customers can verify transactions with a signature directly on the mobile POS system, and many providers offer retailers customizable options to suit unique needs.

Greater levels of efficiency with mobile POS
Not only do mobile POS solutions make it easier for retailers to process credit and debit card payments, but they also have other functionality that streamlines operations. Mobile POS helps merchants collect data that can be used to send more relevant marketing materials to their customers. Plus, employees can use a smartphone to check a price on an item in a store without stepping off the sales floor. This provides an uninterrupted customer experience and can help prevent losses.

Because mobile POS systems are integrated with other internal programs, they can help merchants accurately track inventory. This feature is especially beneficial for companies with more than one physical location because tracking stock levels between different stores can be a challenge without an integrated program.

Modernizing POS for better results
In the past, retailers had to worry about keeping pace with only their competitors, but the market is tougher now. Merchants also need to keep up with their customers. Most consumers are quick to adopt new smartphones and tablets and want retailers to offer quality experiences that give them an incentive to shop in a brick-and-mortar store.

In addition to gaining greater efficiency and increased visibility into operations, businesses need to prepare for the EMV transition in October. Mobile POS solutions will make it easier to start accepting payments from EMV-chip cards.

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