Did you know that early retail adopters like Apple, The Home Depot, Nordstrom, Urban Outfitters, and Gucci have driven a lot of the growth in the mobile point-of-sale (mPOS) market over the past few years? In fact, the global market for mPOS terminals is expected to top $42 billion by 2022.
But mobile solutions aren't just suited for large established retailers. Merchants of all sizes can integrate these flexible systems into a traditional POS setup or operate one or more terminals in a stand-alone network.
Here's a look at three ways that mPOS will benefit your retail customers.
1. mPOS is more than a cash register
While mPOS solutions are best known for providing flexible checkout capabilities, these systems can serve as more than just payment terminals. Savvy business owners are turning to mPOS for integration with back-end processes like accounting and inventory and as a vehicle for increased customer engagement.
When employees can more easily move out from behind the cash wrap, opportunities for increased customer interaction and personalized service abound. From anywhere on the sales floor, associates can check stock levels, find an item at another location, and place orders for store or home delivery. Handheld mobile devices prompt employees to cross-sell and upsell related products and take payments on the spot. And mPOS technology easily incorporates customer loyalty programs, gift registries, layaway programs, and any number of options for discounts and promotions.
MPOS differentiates retailers from competitors that have yet to adopt the technology and also helps brick-and-mortar merchants compete with online sellers. And the limited footprint can make a difference for small and medium-sized retail businesses.
2. mPOS terminals get you EMV-ready
With the official EMV transition date in the rearview mirror, many business owners still lack the necessary POS technology to handle chip cards. And that gap could be costly, leading to increased liability for fraudulent charges and even increased scrutiny from payment processors.
That's why it's a great time for merchants to add mPOS terminals. Most currently available mPOS hardware can process both chip-card and magnetic-stripe payments. And upgrading to both technologies at the same time means less time spent troubleshooting and optimizing your system.
3. mPOS improves payment security
While EMV chip-card technology means a significant upgrade in transaction security over the traditional magnetic stripe, mPOS solutions offer even more fraud protection. Here's why. Compared to a traditional POS transaction, mPOS systems incorporate point-to-point encryption. Payment card data is secured from the point of interaction—when the customer inserts or taps his or her card—until the transaction reaches the merchant's payment gateway. Access between those two points yields only encrypted data, useless to data thieves.
As more and more industry experts recommend installing layers of payment security in order to safeguard customer card data, mPOS helps merchants make good on that promise.
Retail business owners are facing increased competition, smaller margins, and reduced customer trust. mPOS technologies offer solutions to many of these difficult challenges.
How is mPOS benefiting your retail clients?
ABOUT THE AUTHOR
Jeremiah Shea leads Ingram Micro’s DC/POS Payments Program and provides support for vendors like Verifone, Ingenico, Magtek, ID Tech, and Equinox. He has been part of the DC/POS division at Ingram Micro now for five years, working with all facets of the business for strategic execution. Jeremiah has also become the subject matter expert on EMV readiness and overall payments strategy. With a technical background and a sound understanding of the business, he is a great resource to tap for any and all questions relating to EMV, but more broadly anything DC/POS related as well.
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