If you haven’t thought about switching to a mobile point-of-sale device, now is the time. The whole retail and hospitality industry is heading in this direction and many companies may have to consider such a move for themselves.
Most companies in the USA now accept EMV, because most of their customers own at least one EMV card. The more payment methods your company can process, the better that is for your business.
This article lists some benefits of mobile POS technology.
Lower Maintenance Costs
How much are you currently paying for your POS system? How often do you need repairs or order supplies? You don’t need to worry about updates with a mobile system. It will also require less maintenance than a stationary POS. Most mobile systems also don’t require on-site service.
Many small business POS systems do not support marketing, accounting, or security. This effectively renders them an idle piece of hardware. Mobile POS systems can transform your restaurant or small business for the better.
Better Payment Experience
Customers find payment methods very important and the payment stage of any retail experience is crucial. Many clients in a restaurant are ready to leave before they get their checks. Mobile POS systems turn a ticking time bomb into a way of retaining clients. Currently, more companies than ever are offering pay-from-home mobile options that let customers order ahead of time. This opens a new sales channel and improves the customer experience. You can offer coupons and loyalty benefits through these systems as well.
Customers also enjoy paying on table-based devices because they don’t have to wait for the check. They can get their receipt by email and see order itemization.
Your POS Should Support Business Growth
You can channel key customer engagement techniques with modern POS technology. Begin by adding an optional survey after each meal. You can align the orders and timing of each party with survey data. This will provide crucial insight into regular customers and performance.
What can a business manager or owner do with that kind of performance data? For one, they can automate special offers for certain customers. You can pick out their favorite food items to incentivize them to come back. You can also let regulars sign up for loyalty programs via your POS software. This option should be available to them at every interaction.
Mobile POS Makes Business-Ready Data Available
Do you want to check sales and order trends? Nobody is using old POS systems with Excel spreadsheets any more. Mobile POS systems support business tools that provide a full scale view of performance.
Trends help you make marketing decisions, but you need to be aware of them first. A mobile POS will help you identify peak hours so you can create food and beverage specials, better offers, and loyalty programs. It will also give your company an overview of your expenses and benefits. You can make smarter financial decisions with direct support from a POS system.
Spend More Time with Clients
Giving your clients lots of payment options is the first step towards offering a great experience. Why not utilize the latest technology to this end? Whether you manage a single store or chain, mobile POS software that accepts a wide variety of card and electronic payments is always an advantage.
Kick the Habit
One thing that stops many business owners from making the switch is just sheer force of habit. They say to themselves, “I have been using this POS for so long. Why do I need to change it? If it ain’t broke, don’t fix it, right?”
Wrong. Businesses across the country are changing their POS systems in order to keep up with the changing demands of their customers and constantly increasing security standards. Basically, your business will not grow if you can’t keep up with the industry-related best practices for POS operation and security.
Mobile Card Readers
Mobile POS tech always goes hand in hand with card readers. So which card readers are the best? Here are some of our recommendations.
Square: Most Recognizable
Square is free and easy to set up. It is an excellent option for small businesses that need a cost-effective, fast, and user-friendly way to accept credit card payments on the go. With Square, you get a free card swipe reader and access to the free mPOS app. All Square charges is a flat 2.75% for all swiped credit card transactions without per-transaction or monthly fees.
Square works on Android, iPhone, and iPad mobile devices and accepts all major credit cards. The mPOS service includes inventory management, access for multiple users, personalized email receipts, and a simple tipping interface for retail and service businesses that accept them.
GoPayment: Best for QuickBooks
For businesses already using QuickBooks sales and accounting software, QuickBooks GoPayment is the best mobile card reader. There are two ways to get started with GoPayment.
The first does not include any subscription or monthly fee, but there is a 2.4% charge plus $0.25 per transaction swipe. If your business does a lot of small-value transactions, those per-transaction fees can become expensive. The second is a monthly payment option – $20 per month, but transaction costs are just 1.6% plus $0.25 per swipe. This option is a better deal, especially if your transactions tend to be in the $80 range.
The GoPayment reader and app’s biggest advantage is their compatibility with Intuit’s QuickBooks software. Lots of companies are using QuickBooks to manage sales, inventory, payroll, and other functions, so it’s a major plus to be able to integrate your mPOS system with the accounting software.
One possible disadvantage of this reader is that its funding time is kind of slow. You might have to wait up to a week to get a deposit. However, the QuickBooks integration might compensate for the funding delay because the reader records and syncs all your transactions with your bookkeeping software automatically.
It’s such a relief to make a switch to mobile POS tech. You’ll wonder why you didn’t make this decision sooner!