In a business world that is run by smart payments and card transactions, POS systems are a standard deployment. Businesses deal with countless transactions throughout the day. To make their payment processes quicker and more convenient businesses must adopt the latest trends. The shift from traditional POS to mPOS systems is one such trend that has helped businesses improve their speed and customer service. According to a report, the global transaction value using mPOS systems is expected to reach US$5.40tn by 2026.
An mPOS system or a mobile Point-of-Sale system is a dedicated wireless device that performs the function of a cash register. It is a portable form of the traditional POS system which helps businesses mobilize and enables transactions on the go. mPOS systems have the most applications in the retail and hospitality industry. Store and retail outlets of all types use mPOS systems to streamline their vendor management. However, as businesses go digital with their payments, many more industries such as last-mile delivery, logistics, etc. are adopting mPOS systems for smoother transactions.
mPOS systems are custom-built wireless devices. But, you can also turn your smartphones and tablets into an mPOS system with downloadable software. mPOS software vendors provide businesses with a card reader machine that can be attached to the smartphone. Modern-day mPOS systems not only read credit/debit cards but also feature barcode and QR code scanners. These devices are further linked to the business’s bank account.
A large number of businesses are preferring mPOS systems compared to traditional POS devices. Let’s understand how mPOS systems benefit businesses.
1. Convenient Transactions
The mPOS systems are easy to use and carry around. They have a simple, often touch-screen user interface that requires just a few taps to process payments. Employees, for example working at cafes, restaurants or retail stores can easily take orders and collect payments. Paying bills, disbursing tips and generating electronic receipts is fast and effortless.
2. Higher Efficiency
Unlike traditional POS devices, mPOS systems are portable and not restricted to a single location. Your staff can help your customers make instant purchases and payments wherever they are in the store. This helps your business manage customers better, gather payments faster and keep a track of the transactions easily. You can also explore scalable options such as door-step delivery and home services for your business without worrying about the payment-collection.
3. Improved Customer Experience
The adoption of mPOS systems simplifies on-site operations for your business and improves customer service. Your customers need not sprint back and forth to the cash counter to place orders or make purchases. It negates the need for customers to stand in long queues to make their payments. They can obtain their bills at their tableside or anywhere in a store and make instant payments.
4. Enhances Business Mobility
mPOS systems enable easy mobility to businesses. Your executives can collect payments on the go. In times when every industry is exploring enterprise mobility, having a system that allows instant payment transactions is a great advantage. Whether you have a food delivery business or e-commerce, mPOS systems suit best for your business.
5. Integration Capabilities
Most mPOS devices allow easy integration with other apps and tools. You can link your mPOS devices to your existing bank accounts and keep a real-time track of your payments. You can integrate your in-house business apps with your mPOS devices to enhance your operational efficiency.
The adoption of mPOS systems in the business world is relatively new. Heavy dependence on digital devices comes with certain challenges. Let’s understand the business challenges in adopting mPOS systems.
1. Cybersecurity Risks
mPOS systems handle critical customer information and payment details. Businesses that deploy mPOS systems face the concern of data security. The increased use of mobile devices has made them primary targets of cyberattacks. Businesses have to ensure the security of their mPOS devices and protect them from hackers and data leakage.
2. Device Fragility
Moving around with mPOS devices means that they have to sustain harsh environments. Tablets or smartphones turned into mPOS systems are not durable enough to withstand such changing terrains. mPOS systems need to be protected from factors such as dirt, water, breakage, etc. . This presents an added responsibility for the businesses.
3. High Costs
There’s a lot that goes into maintaining mPOS systems. Investing in dedicated mPOS devices or mPOS software to turn your smartphone or tablets into mPOS systems. Investing in security solutions to protect your devices and data from cyber risks. Businesses have to make considerable investments from the large initial purchase costs to continual management costs.
4. Need for Constant Tech Support
What happens when one of your mPOS devices runs into a technical error? Not all businesses have an on-site IT team to resolve technical errors instantly. The inability to resolve technical issues quickly can lead to a major loss of sales. It is important for businesses to anticipate such situations and be ready with a contingency plan.
To reap the maximum benefits of mPOS systems, businesses must not let the challenges stand in the way. Implementing an efficient mPOS management solution helps streamline customer management. Scalefusion is an mPOS management software that helps businesses manage their mPOS systems with ease.
Let’s understand how Scalefusion simplifies the management of mPOS systems:
1. Scalefusion Kiosk Lockdown
Purchasing dedicated mPOS devices incurs heavy costs for businesses. With Scalefusion MDM, you can turn commercial smartphones and tablets into mPOS systems. Scalefusion’s Kiosk Lockdown capability allows businesses to lock their digital devices into a single or multiple selective apps. Every other app and setting on the device is thereby hidden. With this, businesses can lock their smartphones or tablets into an mPOS app and save costs on purchasing dedicated mPOS devices.
2. Data Security Policies
You can push extensive security settings to protect your mPOS devices and the sensitive data stored on them from lurking cyber risks. Scalefusion lets you configure VPNs and firewalls, and push strong Passcode Policies. You can even remotely lock your mPOS systems and wipe off the business data on them in case of device loss or theft.
3. Location Tracking & Geofencing
mPOS systems are portable enabling employees to move around and improve their operational efficiency. With Scalefusion, businesses can keep a tab on their migrating mPOS devices with real-time location tracking. Businesses can tighten their security further by configuring Geofence-based compliance policies. This helps businesses gain better visibility of their mPOS devices.
4. Restricted Use of Websites & Apps
Mobile devices are most prone to mobile malware infiltration. You can push a limited set of trusted apps and allow your employees to browse only selective secure websites. Scalefusion allows businesses to silently install apps on their employees’ mPOS devices. You can also block suspicious websites or allow specific trusted websites using Scalefusion. This prevents accidental malware infiltration that may further lead to great business losses.
5. Remote Support
Technical crack-ups are a part of the journey when business processes are heavily dependent on digital devices. Scalefusion lets your employees get instant IT support despite their locations. Your in-house IT team, or mPOS solution provider can leverage Remote Cast & Control capability to virtually resolve device errors quickly. Scalefusion also lets you generate ITSM tickets and take screen recordings for quick fixes.
6. Inventory Management
Keeping a track of multiple mPOS devices provided to your employees can be a tedious task. Businesses can obtain a comprehensive overview of their mPOS device inventory with Scalefusion. The Scalefusion dashboard presents inventory-wide analytics based on their usage and compliance patterns. You can also obtain detailed reports based on various device vitals for deeper analysis.
7. OEM Partnership
Scalefusion partners with leading OEMs to integrate the MDM solution with the devices right from the time of manufacturing. This way, businesses can deliver an out-of-the-box experience for their employees. Scalefusion-managed mPOS devices can directly be distributed to employees which will have all the enterprise settings pre-configured from the time it is switched on.
If you are still on the fence about adopting mPOS systems for your business, it is time you do. With the business world becoming increasingly mobile-first, it is only a matter of time before traditional POS systems become obsolete. However, to make the most of your mPOS systems you must be aware of the challenges that lie along the way. Scalefusion MDM helps businesses mitigate the challenges involved in mPOS management to further streamline their customer experience and productivity.