If your business has been accepting card payments, a traditional POS (Point-of-sale) terminal is nothing new to you. In order to enable it, you need to have a telephone line, electronic cash register system, a receipt printer, barcode scanners and a card-swiping device.
What is mPOS?
Similarly to POS, Mpos (mobile point-of-sale) carries similar functions. With mPOS, you can accept different payment methods, such as credit/debit card payments on your phone or tablet other than cash. All you need is just a smartphone or a tablet, Bluetooth, internet connection & mPOS device itself!
Here, we present six reasons for you to enhance your business with mPOS:
1. It saves time and improve customer experience
When you are subscribing to mPOS, there will be no minimum or maximum sales volume your business needs to have unlike traditional POS. With mPOS, you no longer require a fixed landline, hassle-free from applying and maintaining from banks, which save your cost and time.
mPOS also improve your customer experience. For example, a hotel guest can now order drinks easily relaxing by the pool, the moment they decided that they want one, without waiting in the long queues, as a bar staff can bring the order and charge using mPOS. Aother good example you can see in the tourism industry. Travelers could make payments quickly and easily everywhere, which guarantees top-notch customer experience. Letís say a merchant opens up a gift pop-up shop next to a busy road, and it mainly targets tourists. Tourists can now make payments with any VISA or MASTERCARD bank card on the busy road without worrying to carry too much cash around, as this merchant could offer payment using iPay88 mPOS.
2. Accept card payments anywhere
Merchants now can drive sales in different types of environment. Merchants who often sell goods/services in an out-of-store environment will definitely benefit from this. For example, if your business mainly focuses on delivery service, for instance food delivery, you could now offer card-on-delivery as one of the payment options. When you set up a pop-up shop, be it at shopping malls, bazaars or train stations, you can now accept credit card payment anywhere you bring your business to.
3. Offering alternative payment methods
Traditional brick-and-mortar stores are known to have long checkout queues, especially during the festive seasons or sales. A lot of customers no longer have the patience to wait. If they saw that another store has less crowd and short checkout queues, they will walk to another store instead.
In order to solve this, traditional brick-and-mortar stores could opt for mPOS, as well. You could have a sales representative or cashier with an mPOS solution to help to checkout customers. By having an in-store mPOS, it could easily help merchants to manage customers during busy holiday or shopping seasons.
4. Increase sales
Enabling of cashless payments provides a whole new level of shopping experience for the shoppers. The report produced by Visa Consumer Payment Attitudes states that 74% of Malaysians are becoming less reliant on cash and prefer to use electronic payment methods instead.
In Malaysia, a very popular payment method used by the sellers is COD (cash-on-delivery). In order to offer alternative payment methods to customers, merchants should opt for mPOS to offer card-on-delivery services. Nowadays, as credit cards have a point and reward system for cardholders, customers start to prefer credit card payments over cash.
5. Better accounting management and security
By using electronic payments, you are eliminating the cost and security risks that are associated with physical handling and transportation of cash. As every sales transaction is recorded digitally, it saves man power, time and money to monitor and track the sales. This also reduces the chances of human error in manual accounting. Cashless payments also reduce fraud risk and receiving of fake bank notes.
6. Supporting green environment
By going cashless with mPOS, you are indirectly supporting the green environment by providing digital receipts. Most of the time, receipts are a waste of paper for business such as food services. Most of the customers do not keep their receipts, and they throw it within seconds. Sellers still need to bear the costs for paper, ink, and printers to print receipt for every order that the customer made. More than 10 million trees and 1 billion gallons of water are consumed each year in order to produce the receipts in the US alone, which it leads to 1.5 billion pounds of wastage. In most cases, a customer does not need a physical receipt, thus by providing an e-receipt, not only could your business safe on costs, but also positively impact the environment.
Itís always advantageous to explore new payment options and give your customers more ways to pay for the services or goods that you provide them with. If you have doubts in whether our mPOS would have a positive impact on your business, you can always contact iPay88 for a consultation.