Mobile POS (Point of Service)
As technology marches on, things transition ever-increasingly to mobile phones and other on-the-move devices. Nowadays, it is possible to get POS records on your phone. This obviously comes with greats benefits in efficiency and practicality. Here are some things this could help with:
- 80% of Mobile payment are made by those under 45.
- Mobile payment market predicted to be worth over £3 billion by 2024.
- Around 1 billion people currently use mobiles to make payments.
- Mobile payments are predicted to overtake cash and credit card payments.
- A study in 2018 found that 37% of retailers were already accepting mobile payments.
Phos (mobile app)
Phos is a recent addition to the market. It can turn any NFC – enabled Android device into a POS terminal and is entirely software driven. This means that it requires no additional hardware which makes it unique. It can provide any merchant looking to take payments to do so with these kinds of devices.
Phos is still very much developing. With a growing team, more features become available, recently the ability to use PIN on phones amongst other things. Most of the merchants who accept card payments find the cost of the hardware too high. The Phos solution is to allow contactless payments to be taken directly via phone. On top of this, the transaction data can be transferred and used with other tools allowing for greater analytical assessment of the transaction that are accepted through the Phos system.
Benefits of mobile payments
Mobile payments are very efficient and quick. You can make them form anywhere to anywhere with internet connection, and it’s all contained within a phone that you are probably carrying around with you regardless. They give your greater outreach as a business to customers, and as a customer to more businesses. It removes so much of the hassle that making payments in the past created. If you are looking to save time, to improve your connectivity or to get the best out of your phone, consider mobile payments.
Choosing the right POS system
Some of the key concerns you may want to keep with you are; affordability, ease of use and security. You’ll want a system which is PCI compliant when it comes to security, one that allows encryption of data and chargeback protection too. Just like deciding which mobile phone it is you want to buy, the interface of your mobile POS is important. You need one that is particular to your tastes and one that you can get comfortable. When it comes to affordability, this is an entirely personal decision. If you can afford to pay for something more comprehensive, then it may be worthwhile doing so. But always remember that price doesn’t necessarily translate to quality.
Mobile point of sale systems are a thing of the future. As the increasing reliance and use of mobiles continues, it will become only more prevalent. It’s there to expand the consumer market and availability. You may expect to see many more outlets using mobile POS in the near future.