Global Market Insights, Inc. predicts the global mPOS terminals market will hit $48.77 billion by 2023. While, just a few years ago, the technology centered on simple payment processing, evolving mobile solutions now include advanced analytics and more powerful processing capabilities.
It's a good time for merchants to jump-start business mobility. Here are five pieces of mPOS technology that your customers can use right away:
Add business flexibility with portable devices
As businesses adopted consumer-grade devices like smartphones and tablets for mobile use, manufacturers began incorporating them in mPOS solutions. The latest generation meshes with different software applications and withstands heavy usage.
Depending on the application, merchants may want to choose a tablet with a stand that operates in a fixed position or as a truly mobile device. Smartphones paired with card readers move with employees in order to handle payments anywhere.
Print on demand using mobile printers
While many consumers prefer receipts via email, most businesses want and need the ability to print on demand. That's where mobile printers fill the gap.
Receipt printers have different configurations. Most connect to other mobile devices wirelessly via Bluetooth. Depending on the payment volume, merchants may need just one or two printers shared by many devices.
Increase payment options with mobile wallets
As mPOS technology surges, mobile payment usage is also up. Touted for ease of use and security, mobile wallets benefit both consumers and merchants.
Mobile wallets shield credit card numbers with tokenization. That means that sensitive personal data aren’t exposed to the merchant's point-of-sale system, keeping the consumer safe from fraud and reducing PCI compliance for the business owner.
Decrease fraud with EMV-ready mPOS terminals
As more chip cards and EMV readers enter the US market, you'll want to ensure customers adopt compatible mPOS solutions. While some merchants don't see the urgency in adding terminals capable of handling chip cards, that could be a mistake.
It's true that EMV technology alone will not combat card fraud. But ignoring the improved security of this strategy can attract fraudsters seeking an easy way in.
When you recommend mPOS solutions, remind your clients of the benefits of EMV-capable hardware and software. Then be sure to target mPOS terminals in the marketplace that process both chip-card and magnetic-stripe transactions.
Get started with “as a service” models
Adopting mPOS technology carries a low barrier to entry, especially when business owners choose “as a service” models. Hardware as a service and software as a service translate into manageable monthly contracts instead of a high up-front investment. Merchants can budget more accurately and get regular software updates and security patches, preventing most malware from finding a way in.
Take action today in order to help your clients please their customers and increase revenue through business mobility.
What mPOS technologies are you pushing your clients to adopt right away?