Many critics believe that mobile point-of-sale (mPOS) systems are not sustainable and can quickly become outdated. However, there are several misconceptions about the viability of mobile POS systems and the resulting business impact for retailers.
Profitability, flexibility, and security concerns are just three of the many factors retailers might consider before investing in a mPOS solution. Despite the skepticism, modern mPOS systems outperform their predecessor, legacy POS systems, in all three aspects. The success of mPOS systems to date is evident with projections showing that the mPOS device market is expected to top 27 million by 2020, with larger retailers leading the charge.¹
Profitability of Mobile POS Systems
Often, businesses are hesitant to invest in new technologies for all the associated costs: implementation, employee training, data transfer, and more. However, forward-thinking businesses that replace outdated systems with mobile POS realize many positive outcomes, including very little to no training required.
Mobile POS systems enable retailers to bolster the customer experience, resulting in sustained business growth and higher profits. Retail sales associates can now be equipped with tablets on the sales floor to provide greater assistance to customers whether it involves locating an item, checking availability of an item or specific size, or expediting the checkout process.
Flexibility of mPOS
Beyond profitability, retailers who are unsure of mPOS implementation in their store locations may have concerns about spending on a new solution that could potentially become obsolete. The simplicity of legacy POS systems made it easy to perform basic checkouts but caused bottlenecks in several areas. Long checkout lines, paper receipts, and less informed sales associates gave customers less incentive to visit brick-and-mortar store locations.
In addition to solving problem areas of the retail customer experience, mPOS technology is flexible. Retailers can download hardware and software updates to ensure systems are up-to-date with the latest features. Managers can use the technology to view inventory, sales reports, employee time logs, and more. Sales associates no longer have to be tied to a cash register. With mPOS, transactions can be completed directly from the floor. Although mobile POS provides greater convenience, there are still some who challenge the security of the systems.
Mobile POS Security
Security is stronger than many assume with mPOS systems. The software and hardware updates also include security and bug fixes to reduce retailers’ risk of falling victim to fraudulent activity. Nearly all credit cards today are chip cards, protecting consumers’ valuable information. Point-to-point-encryption (P2PE) protects the retailer at the highest level from breaches as no readable card data is ever processed, stored or transmitted by the retail POS system. Encrypted data represented by numbers and letters is transmitted and secured from vulnerabilities and breaches upon the insertion of the credit card.
The credit card chip reader from mPOS systems is also a safeguard for retailers against the rare fraudulent transaction, as they are no longer held liable. The liability then falls on a third-party, minimizing lost profits for the retailer.
Runit’s cloud-based integrated inventory management and POS system is a cutting-edge solution that enhances retailers’ profitability, provides flexibility, and comes equipped with the security retailers need to protect their businesses.
To learn more about growing your business with mobile POS, contact a member of our team today.
Sources
¹https://www.mobilepaymentstoday.com/blogs/the-growth-of-mobile-pos-and-preventing-fraud/
