Mobile-Point-Of-Sale

A Mobile-Point-Of-Sale (mPOS) is a portable hardware and software system for processing sales transactions. In this system, a customer selects the products they wish to purchase and takes them to a sales representative. When using a Mobile-Point-Of-Sale system, the salesperson initiates the transaction by either looking for the item in the system, using a barcode scanner, or scanning the item's barcode using the camera on a tablet or smartphone. The system determines the final purchase price, which includes any applicable sales tax and any discounts after every item has been scanned. The customer can then make payments using cash, digital wallets, gift cards, debit cards, or loyalty points. The employee must bring the customer change if they are paying with cash away from the register. Once the Mobile-Point-Of-Sale has processed the payment, the sale is completed. The system finally updates the inventory count for the store to reflect the goods that have been recently sold.

The features of Mobile-Point-Of-Sale include the following:

• Accepting payments at any location: Businesses can use an mPOS to collect payments at a register, during pop-up events like markets, at any location in the store, and at the clients' homes. 
• Checking out customers more quickly: Businesses can check consumers out more quickly because they can ring them from anywhere. As a result, the shop will not have queues that discourage customers from making purchases.
• Effective inventory counting and management: Inventory counts in the back of the store or warehouse can be completed more quickly and precisely with an mPOS and wireless barcode scanner than manually or with a spreadsheet. Businesses can also have a virtual record of each inventory count and change in the stock quantity.
• Expanding the customer base: Email receipts for mobile checkout assist the business with gathering client contact details and creating customer profiles. Using phone numbers and emails, businesses can offer deals that buyers will not be able to decline.

Some ways to choose the appropriate Mobile-Point-Of-Sale system are as follows:

• Online mPOS systems may pose security risks if they function on unprotected networks. Ensuring the security of the organization's internet connection may be helpful in preventing security breaches in the business. 
• Choosing an interface that is easy to use is beneficial for getting the most out of these systems. It ensures user-friendliness for both clients and employees. Businesses may select a system that requires the least amount of training for the employees to make the transition to an mPOS system as smooth as possible.
• Businesses must invest in affordable systems that fulfill the needs of their company. Additionally, businesses can assess their existing technology to determine what components they can incorporate into their new system.
• Organizations must consider the specifications that are most essential to their business plan. These insights help them select the system that best fits the business and service model.

Let us have a look at the following examples to understand the Mobile-Point-Of-Sale system:

Example #1

Let us assume that Emily is a customer who went to a grocery store to buy some food items. After she finished collecting the products she wanted to purchase, she went to the payment counter to pay for her groceries. The sales executive scanned all her groceries with a wireless device and asked her to make the payment. Emily used her credit card to complete the transaction. This is an example of a Mobile-Point-Of-Sale.

Example #2

The luxury British fashion brand REISS announced that all of its physical stores in the United States have successfully implemented Teamwork Commerce's mPOS system. Teamwork Commerce is a global provider of retail management software. The technology went live in nine REISS facilities across the nation after a brief rollout period that lasted only a few weeks. Teamwork Commerce's mPOS system, which runs only on iOS devices, uses Apple's user interface to simplify and accelerate the checkout experience for customers and in-store employees. This is another example of a Mobile-Point-Of-Sale.

Some advantages of Mobile-Point-Of-Sale include the following:

• mPOS facilitates the sale for the customer. As a result, wait times can be shortened, and the customer experience can be enhanced. These systems support several kinds of payment options, such as mobile wallets, chip cards, tap-to-pay cards, and QR code payments.
• It requires minimal infrastructure and is portable by design. Therefore, it is appropriate for companies without a physical location. Some examples include food trucks, cleaning services, farmers markets, home repair businesses, and stadium vendors.
• This system may be less expensive than full POS terminals, enabling businesses to open with little startup cost. Street vendors and other small traditional cash-only sellers may quickly and affordably begin to accept credit card payments.

The disadvantages of Mobile-Point-Of-Sale are:

• Compared to other systems, mPOS may have a higher total cost of ownership. Even though there may be lower initial hardware costs, several mPOS platforms charge extra for card processing or require monthly fees for use.
• Mobile phones usually serve as the basis for mPOS hardware. The battery life might not be adequate to run the device for an entire day of work, and it might need to be charged when not in use.