The consumer technology landscape is largely dominated by devices that can be taken anywhere and perform a wide variety of functions. Included in this discussion are gadgets like smartphones and tablets, which are not only highly utilitarian in nature but also user-friendly and enjoyable to use. As a result, it shouldn't come as too much of a surprise that the world of payment processing and service providers is equally influenced by mobile technology.
Mobile point-of-sale systems are gaining significant ground in merchant locations for a number of reasons.
Aligning with business needs
Conventional POS systems often meet the basic needs of merchants that need to securely complete transactions. However, it's becoming increasingly important for business owners to capture data related to every sale and customer interaction carried out at the point of sale. In other words, mPOS can integrate with business intelligence analytics and inventory management, as PaymentsSource explained in a recent article.
Using an mPOS system to capture consumer data sounds far more complicated than what actually occurs. Because these tools can be implemented with back-office software that tracks and analyzes transactions, business owners can get a detailed portrait of daily, weekly and monthly traffic and purchasing trends. With every transaction, the software keeps track of information, such as who buys a specific product and at what time of day.
The merchant can also see if there is any correlation between a specific advertising campaign or sale and an uptick in purchases during a certain time frame. This ties directly in with inventory management because the business owner is able to recognize how much product he or she needs to keep in stock and the frequency of orders.
Develop more agile marketing practices
According to Forbes, merchants using an mPOS system can improve their marketing campaigns. One of the reasons for this is due to the fact that many tablets can be equipped with apps that give real-time sales reports. As a result, if there's a particular item that the company is trying to move off the shelves and it's not selling particularly well, the merchant can expand its advertising - on social networks, for example - to give the promotion more visibility.
At the same time, a business owner can use the data from transaction history to discover what products or services are the best sellers and alter the store layout to ensure they're convenient for customers to find.
Delivering service to the people
On a surface level, tablet-based payment systems also present the consumer and employee with a familiar format for paying, which can improve satisfaction rates. With mobile technology adoption rates rising in the consumer population, using the same devices to pay for goods is natural extension of their daily habits.
More importantly, mPOS systems give employees the chance to get out from behind the traditional purchasing aisle or counter that can create bottlenecks and create line rage. Instead, staff members equipped with tablets can go wherever the consumer is and complete a transaction quickly and efficiently without causing delays. This setup also allows workers to build a better rapport with consumers because there's no barrier between them.
When choosing an mPOS system provider, it's important for merchants to select the payment services provider that will implement a solution that fits their specific needs. Because merchants often fit into very niche markets, it's critical that the mobile technology supports the company's growth.