If you thought mobile point-of-sale (mPOS) devices were becoming more common in the United States, you're on the right track. The growth over the next few years here and around the world is expected to be explosive.
A report published near the end of 2015 by market research firm Technavio predicts a compound annual growth rate of 51 percent for the mPOS market in the Americas over the next four years. And the global market isn't far behind, growing at a 50 percent clip.
Merchants of all sizes are looking to this innovative technology in order to streamline payments, improve business processes, and serve customers in any location. And they're finding better security in mPOS devices and solutions, including point-to-point encryption during card processing, and tokenization that masks customer card numbers, rendering stolen data useless.
Here's a preview of what you and your customers can expect from the mPOS market over the coming year:
mPOS adoption rates will continue climbing
The reasons behind mPOS adoption vary among business owners, but each sees this technology as a key piece of the payment puzzle. Here's why: mPOS systems allow store associates to take the POS to the customer, while also increasing customer satisfaction by speeding up the checkout process. And in most cases, these solutions free up floor and counter space.
But mPOS handles more than just payments. These versatile systems can serve as order pads, improve inventory management, prompt upsell and cross-sell opportunities, help merchants avoid out-of-stocks, and give customers real-time help in locating a product.
EMV-ready mPOS solutions become the norm
With so many changes happening at once in the payment industry, merchants may get bogged down and delay needed upgrades. But following the EMV transition of 2015, it's even more important that business owners implement needed security upgrades.
For those who haven't yet upgraded credit card terminals to EMV, mPOS can be a catalyst for change. More and more mPOS solutions are EMV-ready. That means encrypted mobile card readers that support both chip and magnetic-stripe cards, as well as EMV-compliant certifications for payment processing. And since mPOS employs tokenization, the consumer's card number is never exposed during the transaction.
mPOS supports more mobile payment solutions
You probably know that greater numbers of customers are adopting mobile payments, from Apple Pay to Google Wallet to other, up-and-coming players in the market. So it just makes sense to have a POS solution compatible with these options.
Both emerging and existing mPOS providers are moving quickly to support a variety of mobile payment platforms. And POS vendors of all sizes are adding mobile solutions in order to give merchants maximum flexibility in POS deployment.
Can you picture the possibilities for your customers? It's a great time to talk with your clients about the "perfect" system for their business. After all, with mPOS, that "perfect" system can soon become a reality.
What changes do you see for you and your clients in the mPOS market in 2016?