POS or MPOS: Which One Would Be a Profitable Solution For Your Business?
Since ancient times, the mode of payment has been evolving from barter to coin money to cards. Simultaneously, the system for managing payments and transactions has changed over time. Earlier, payments for products and services were acknowledged and accounted for at the cash register, then manually monitored and recorded by bookkeepers.
However, the inception of POS has made the payment process smooth and safe. It is among the best payment method that has shifted the process to the online platform. It is the most streamlined process, saving business owners both time and money.
While this conventional POS software solution works adequately for accepting card payments. It requires the setup of equipment such as computers and has a number of shortcomings, ranging from being bulky to being fixed.
In today’s world, where card payments are unavoidable, you can choose the newest innovation — the mPOS or mobile Point of Sale — to make payments smarter, faster, and more appropriate for your business.
Still, people get confused about choosing the right POS or mPOS. Stay tuned to learn all the aspects of both payment enterprise solutions.
What is POS?
A point-of-sale (POS) transaction is a payment received for goods or services at a retail location. Usually, POS transactions can take place either in person or online. A POS system is used by an organization for accepting card payments or other types of electronic settlements at a physical location.
POS is a wider concept that includes inventory, order, payment processing, etc. It requires proper hardware setup of a desktop, receipt printer, barcode scanner, and so on.
With cutting-edge software, you can develop a custom POS system that undertakes many prominent tasks of your business operations. So, having a POS for your business is an essential component.
Nowadays, cloud-based POS is available that automatically stores the data on a real-time basis. All-in-all POS assists your businesses to expand their reach and deliver better good experiences.
Expert Guide On: Everything You Need To Know About POS Software
What is MPOS?
MPOS is the mobile point of sale (POS) system that consists of both hardware and software. You can run it on any smartphone, iPad, tablet, etc. Although mPOS has evolved from POS only with extended opportunities and features.
It is the latest and performance-rich form of POS development that has been introduced for overtaking traditional POS systems. As mPOS is entirely portable, they can be used both inside and outside of the business premises.
Having mPOS applications enable the service and sales sectors to handle financial transactions on-site, enhancing the customer experience. Moreover, it limits the need for the property to set up a POS countertop.
5 Prominent Points of Difference between POS & MPOS
There are some significant points of difference between both systems. Considering them will help you to pick the most appropriate one for your business needs. So, let’s get started;
- Accuracy
The chance of errors in the payment system affects your reputation among customers. It is necessary to maintain accuracy in transactions. Well, mPOS ensures the processing of accurate data and if any error arises, it can be rectified online without any obstacle. You can travel along anywhere with the smartphone, so it allows you to verify the transaction instantly.
While the POS system is immovable property, so if there is any mistake in the transaction amount, you will have to connect with the staff. Moreover, you have to visit the physical location.
- Affordability
The cost of a traditional POS system would be excessively higher. You need to have a telephone connection, a card swipe machine, a computer, a scanner, etc. So, purchasing hardware increases the cost and after that, subscribing to potential software skyrockets the expenditure of your business.
On the other hand, an mPOS solution doesn’t need any hardware. Also, it has much more cost-effective rental plans or a relatively low cost. So, for small and startup businesses, mPOS would be the best choice.
- Security
Security is the most critical feature of the POS system. It is a mode of transaction in the retail industry, so if any security issue arises it directly impacts the customer data. Therefore, with a cloud-based POS system, you can securely get the backup of data. It protects malpractices from unknown sources and keeps the data safe.
Besides that, mPOS also offers a real-time data tracking solution to maintain the records of transactions. You can find and check on any transaction whenever needed. Therefore, for the security aspect, both solutions hold equal points.
- Accessibility
After the emergence of COVID-19, the demand for remote facilities has increased considerably. mPOS software solution enables you to access the shop’s data on any device with a proper internet connection. Whereas traditional POS systems require a desktop computer. So, you can’t access the data during any urgency. An mPOS operates on a tablet and allows for quick payment transactions from anywhere.
- Customer Experience
The long waiting time is the most tiring task for customers, however, with mPOS you can offer contactless and instant payment options to them. It helps in saving time and efforts of your staff. Therefore, conventional POS lack in delivering optimized customer service.
Final Verdict
As the demand for mobile payments has already been growing, installing mPOS would be anyways preferable. Users also find mPOS a quick and safe mode of payment. Additionally, the above points are giving mPOS a big shoutout. So, for startups and existing businesses, implementing mPOS will be an ideal choice in the long run. You can discuss modern POS software solutions with our experts. They will help you with deeper insight into POS for your business growth. Schedule a call now!
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