Are you and your clients starting to make plans for data capture and point-of-sale (POS) upgrades next year? Then you'll want to include mobile POS (mPOS) in your discussions.
Industry insiders estimate that the mPOS industry will reach $43 billion by 2022. And it’s something your customers need help with today.
In order to give you a leg up on the competition, here are five mPOS predictions you should be paying attention to in 2016.
1. All POS devices must be EMV-ready
Your customers may be tired of hearing about the EMV (Europay, MasterCard, and Visa) transition, but it's more important than ever in 2016 for all devices to be EMV-capable. That's because there are still mPOS terminals in the marketplace that only support magnetic-stripe cards.
While some merchants may just be looking for a magnetic-stripe reader to process loyalty cards, for most merchants, the upgrade to EMV is a better business decision. Payment industry experts estimate that as many as 60 percent of US credit cards and 25 percent of US debit cards will be EMV-ready by the end of 2015. So it just makes sense to ensure that both mPOS and POS devices can handle this new technology.
2. A strong wireless network drives mPOS success
Some of your clients may think that they can simply add mPOS devices to an existing POS system without considering existing wireless capabilities. But that can be a recipe for customer dissatisfaction.
Deploying any type of mPOS solution means first evaluating the strength and security of the wireless network. That includes 1) ensuring adequate coverage where employees and customers will access the network and 2) securing access points. Start the process by mapping out a more-than-adequate wireless network plan and then add mPOS to the mix.
3. Don't neglect overall data security
Any POS system, be it one device or many, must comply with current PCI requirements. And that includes any mPOS components.
But the good news is that most of today's mPOS solutions use Point-to-Point Encryption (P2PE). That means cardholder data are encrypted from the time that the card is dipped or swiped and while it passes through the merchant environment to the payment processor. P2PE significantly reduces the burden of PCI (payment card industry) compliance by keeping mPOS devices out of scope.
4. Integrate mPOS into a big data strategy
As big data becomes more and more crucial to the success of businesses of all sizes, it's important to start accessing and integrating this information. And mPOS data are a rich source of information.
Knowing when, where, and on which platform a customer buys is vital in deploying staffing resources, directing inventory, and planning future sales and marketing efforts.
5. Plan for the future with mobile apps
For many companies, mPOS simply moves employees out from behind the cash register. But what if you could go a step further and give customers the ability to complete simple payment transactions with just a mobile app?
It's not a good fit for every business or every transaction, but the technology is already here for retailers like the Apple Store. Depending on customer expectations, extending mPOS to include in-app payments can free up employees to give more personalized service when needed, while improving the customer experience.
Mobility at the POS helps your clients expand sales and service opportunities and gives their customers more flexible payment options.
What significant developments are you anticipating in the mPOS space in 2016?