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Last Updated: 08. May 2017

Mobile POS Systems and Mobile Payment

Pos _credit _card _touch _screen _in _background _769x 360

MPOS Systems or Mobile Point of Sales Systems are devices (tablet or smartphone) that take over the tasks of cash registers or ePOS Systems (Electronic Point of Sales System). It is mostly suitable for smaller businesses, thanks to lower startup costs and its simplicity of use.

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What Is Required?

A portable device – either a smartphone or a tablet, and an application that can be easily downloaded. The owner will then receive a card reader and a station that will allow reading barcodes and printing receipts, if needed.

Security

Those who encountered payments with this system may wonder if their data is protected from being using later by the device or its owner. However, customer data are secured – they are encrypted and stored in the cloud and not on the particular device.

One question can arise and that is, if these systems are susceptible to viruses and malware, since it uses mobile devices connected to the Internet. To eliminate this threat, it is recommended to use legitimate apps, have an antivirus program and to keep the app up to date. iOS devices, as it is known, are less susceptible to these kinds of threats.

Secure _mobile _payment

Use

This device can work either alone or as a part of bigger POS system.Therefore it is possible to use it for smaller businesses, but also for bigger businesses that wish to be more flexible and offer better customer experience.

There are now several providers or vendors. One of the most famous vendors of POS systems is PayPal.

Advantages of mPOS Systems

  • Improved customer experience: shorter waiting times in queues, possibility to benefit from loyalty programs, wider payment offer to customers, possibility of emailing receipts to customers
  • Usability anywhere – payment with cards no longer has to be bound to one place – either within the shop, outside or in exhibition halls and such
  • Costs are lower than other POS systems
  • Simple to use, not hard to set up
  • Demand is easier to monitor and check
  • Thanks to encryption and the fact that data are not stored on card reader, security is ensured
  • There might be other apps included – support apps, that will help with track keeping and management
  • The possibility to accept any card and not be bound by a bank or a country
  • It encourages shopping – more shopping conversions
  • Saves space

Whether you decided to have a mPOS system as a part of your existing POS system, or whether you are a small business, there are many advantages that mPOS systems bring and their future looks promising.

Mobile Payments

MPOS systems are related to mobile payment and can be used together, if the mPOS terminal is equipped with NFC or can be used separately. With Apple releasing its Apple Pay, this service generally has gained more attention from both public and businesses.

Mobile -payment

NFC

Mobile payment can be done either by sms, (this system brings many disadvantages), or via QR codes (this system tends to be more expensive), or via NFC. NFC is a abbreviation for Near Field Communication, which is a technology allowing smartphones or other devices to communicate through radio waves, when they are touching or they find themselves in proximity. These devices have to be equipped with NFC chip. NFC devices are usually cloud connected.

Data Protection

One important question is security when paying with mobile. The place where your data is stored depends on the app – Apple Pay stores your data in your device, while Google Wallet stores information on their servers – encrypted.

There is always the threat of losing your phone or your phone being stolen, however, apps require a confirmation - either a fingerprint or a code to approve the given transaction. A Secure Element chip might be also used to further ensure security.

Benefits of Mobile Payments

Benefits _of _mobile _payments

Mobile payments have advantages when comparing to other payment methods for both consumers and merchants:

  • They speed up payment process and therefore lead to better customer experience
  • There might be smaller fees when compared to fees by credit card companies
  • Possibility to integrate loyalty and incentive programs and making it easier for customers to keep track of these programs
  • Possibilities for making shopping personalized
  • Easier to keep track of customer behaviour, trends and information
  • Easier inventory tracking
  • Ability to offer credit card payment – in connection with mPOS terminals

One disadvantage could be a slower adaptation from merchants, resulting in losing the possibility to use this payment method by customers, but also slower adaptation by customers due to security mistrust. However, this method brings more advantages and when used together with mPOS systems, retail and hospitality business can be transformed into 21st century services.

If you wish to get some professional advice on point of sale system, just fill in the form on the right top of this page. We can help you with choosing the best POS solution to fit your needs. You can get up to 4 quotes from us for free, no strings attached.

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