What is mPOS? – The definition of mobile point of sale made simple

Field professionals or professional service providers who work on the go and not at a fixed location will significantly benefit from an mPOS system to accept payments.

Using their mobile phones, these small businesses can now accept credit and debit cards for payment with a mere internet connection as they process transactions that are sent to their business bank account.

If you aren’t sure of what a mobile point of sale is, how it differs from traditional POS systems, and which mPOS solutions are right for your business, read on. This article is your in-depth guide to understanding how to accept mobile payments.

mPOS – Definition

mPOS stands for mobile point of sale (POS). It is a mobile device, such as a smartphone or tablet, that works as a cash register or traditional POS terminal wirelessly.

mPOS is used by merchants that need to receive payments on the go. Examples include taxi drivers or professional service providers like lawyers, mechanics, plumbers, etc. However, it can also be used at retail stores or restaurants if you want to bring your mPOS terminal directly to your customer.

What is the difference between mPOS and POS?

You usually connect classic POS devices to your countertop with cables for Internet connectivity. You could also plug them into a wall to keep them fully charged throughout the day when you accept the most sales. In short, they operate in a fixed location, and they use a mounted touch-screen terminal, a cash drawer, and a receipt printer.

With mPOS, this has changed the game for good. mPOS, as the name implies, enables you to carry your POS device with you wherever you are. Whether between tables in your restaurant or in your taxi cab, your POS device no longer needs to be connected to additional hardware for you to make full use of it and accept payments.

How does mPOS work, and how can it improve your business?

These days, with most consumers turning away from cash sales, it’s crucial to offer your customers a way to pay which makes them feel safe and comfortable. This is where mPOS devices come in. mPOS devices work just like classic card readers in that they accept contactless, magstripe and Chip&PIN payments.

Also, they usually have a built-in Internet connection thaty includes a DATA card for constant Internet connectivity. This way, it doesn’t matter whether you own a hairdressing salon, a B&B, a courier business, or something else – connection that your device is constantly with you, and it is constantly connected.

Pros and cons of mPOS

mPOS systems come with many advantages for both merchants and their customers, offering both greater levels of convenience. Let’s explore some of these in more detail below.

Benefits of mPOS

There are multiple benefits of mPOS devices that you need to know about! For starters, they offer additional features such as inventory management, cash register, discounts, card-not-present transactions, barcode scanners and employee accounts. They are also secure, and this is very important in today’s-doesn’t the business world. 

An mPOS doesn’t tie you down to a single location and helps improve your customer’s experience by not only offering multiple payment options but also speeding up service and wait times. This can significantly enhance customer loyalty, too.

You also free up valuable retail space on your countertop.

They’re ideal for businesses on the go and they help accept new and innovative ways to accept payments such as with Google Pay and Apple Pay. 

What’s more, mPOS solutions can be cost-effective for small business owners who don’t wish to invest heavy amounts into their POS systems.

Finally, since no card or payment data is stored on the mPOS device and since transactions are encrypted, this limits a business’s liability and complies with privacy and security regulations such as PCI DSS.

To purchase your mPOS device from myPOS, you can go to a physical store near you, get it from a distributor, or purchase it from the Online Shop. The latter is the fastest way your device will come to you and all you need to do is sign in, add your address and shipping method, and add the payment.

Cons of mPOS

A mobile point-of-sale system operates in conjunction with a mobile device. This system can offer merchants the chance to complete purchases faster and more securely. They are also able to accept a multitude of payments with digital wallets such as Google Pay and Apple Pay.

However, they do require a smart mobile device and internet connectivity to process card payments. It is also necessary to set up your merchant profile and account beforehand. This can require some time and effort, but the results are definitely worth it.

How to choose the best mPOS device for your business

You might wonder how to choose a payment device for your business since there are so many options available on the market. Here are our top choices for you to consider.

myPOS Go

A traditional mPOS device, the myPOS Go is one of the most affordable POS terminals on the market going at only 29 GBP. It is small, yet versatile, and it has a strong chassis and a durable keypad for transactions. You can also purchase accompanying accessories to create one exceptional bundle. While the myPOS Go is eco-friendly and paper-free, you can still send receipts to your customers via SMS or email.

myPOS Combo

Another traditional device that comes with a receipt printer is the myPOS Combo. Durable and sturdy, it is one of our best-sellers and for good reason. It offers custom branded receipts and has long-lasting battery life. You also get constant Internet connectivity through a built-in DATA card which comes in the package absolutely FREE.

myPOS Carbon

Water-resistant, shockproof and dustproof, the myPOS Carbon is the next generation of Android-powered smart card readers that come with a receipt printer, too. It has a strong battery life, offers a lot of memory space, and makes for a durable payment companion.

myPOS Slim

The latest addition to our family of smart devices, the myPOS Slim, comes with a barcode scanner. It is a sturdy device that is ultra-light and easy to carry. It also comes equipped with a free DATA card for Internet connectivity across Europe, and it is ideal for retailers, couriers, and delivery personnel.

myPOS Glass

myPOS Glass is an innovative app that was launched in Europe in 2020, which turns a merchant’s Android smartphone into a mPOS terminal. You don’t need additional hardware, cables, or dongles to accept payments – just your phone! This solution is ideal for professionals on the go, and it comes with two attractive pricing plans.

Questions that all merchants should ask themselves when deciding which mPOS to purchase:

• Does the payment provider offer an instant settlement of funds?
• Does the package come with a free business card with which to transact?
• Is there a free merchant account in which your funds are settled?

In case you’re wondering – myPOS answer to all the questions is YES.

Conclusion

Now that you know what an mPOS is and how it can benefit your business, you’re ready to choose your device. Remember that at myPOS, we have a wide range of devices on offer to suit every business’ needs. To get some help in choosing the right card machine for your business, don’t hesitate to reach out to us by email.