The Benefits of Using a Mobile POS

There is a 380% increase expected in mobile point of sale devices used among merchants from 2013 to 2017.  To date, 32% of the stores with over 500 employees have already integrated Mobile POS in their operations, while 29% of all retailers plan on going mobile in 2014.  Due to a variety of benefits realized since the widespread marketing of cloud-based POS systems in 2001, acquiring banks, issuing banks, card networks, and software and hardware providers have continually used, developed, and deployed these mobile systems.  These benefits include integration of different POS hardware, automated collection of customer data on a remote server such as inventory and sales information, and the centralization of all business information for customized marketing strategies and the reduction of bookkeeping time.

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Bookkeeping with Centralized Merchant Data

Mobile POS software may be designed for service and retail merchants that need to enter information automatically on the reordering of particular ingredients or products according to sales in a specified time scale.  These systems offer real-time data on buying patterns and their effect upon business expenses and customer needs.  A software’s centralized data collection capability allows the merchant to reduce overhead and cut wasteful expenditure by identifying customer and business trends for goal setting on an accessible mobile platform.  Merchants can make highly categorized expense decisions based upon daily, weekly, and monthly purchase reports that tell the merchant the number and type of consumer that purchases a particular product or service at a particular time.  The bookkeeping features also make it easier to account for changes in rent, utilities, insurance, taxes, credit card fees, and employee costs by giving the merchant customized monitoring from any location.

Marketing with Mobile POS Software

In addition to monitoring the costs and profitability of a merchant’s existing marketing campaigns, a mobile point of sale may offer configurable tools for improving customer retention and outreach.  Some providers support integrated email and purchase receipt promotions as well as customer loyalty rewards and special store events.  This functionality allows the business to cut operating time by using stored information on customer profiles for tailored advertising.  Customers can be provided with coupons and discounts on their paper and electronic receipts at the checkout on products or services that they are likely to purchase.  Information from campaign reports on existing customers can be used to determine the kinds of promotional emails that should be sent to potential new customers.

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Mobile Integrated Merchant Software and Hardware

Some mobile point of sale systems include fully-integrated hardware such as cash registers, receipt printers, and mobile device credit card readers.  The types of purchase methods offered depend upon the POS software provider and their compatibility with hardware and the major merchant service providers.  One of the more versatile cloud-based POS providers, ncrsilver.com, supports compatibility with the popular iPad, iPhone and iPod touch, giving the merchant a user-friendly option for greater control over the business.  These mobile platforms offer monthly software subscription rates that come with full customer support and are cheaper than traditional merchant processing solutions that offer less functionality for the merchant.  In contrast, the integrated hardware these mobile platforms utilize can be rented or purchased at an affordable price, with the ability to extend business operations with additional hardware.

References:

• Holman, Lee, Sean M. Alexander, and Greg Buzek. Mobile POS: Hype to Reality. Rep. IHL Group, 15 May 2013. .
• MasterCard Inc. MasterCard Mobile POS Best Practices Guide. N.p.: MasterCard Inc, 2013. .
• Yankee Group IT Decision–Maker Survey. Rep. N.p., Mar. 2013. .
• Visa Inc. Visa Accelerated Connection Platform Fact Sheet. N.p.: Visa Inc, 2013. .