What is Mobile POS?
Mobile Point of Sale (mPOS) is a type of Point of Sale (POS) system that is accessed and used through a tablet or a mobile device. A mobile POS is a subset of the Point of Sale industry. Point of Sale is a system that is used in retail stores and restaurants to process financial transactions.
Everything to Know About Mobile POS Systems
What is a Mobile POS System?
Nobody would have guessed how much industries would change due to technological advancements. Using cash registers and manual accounting was the normal way to run businesses. Data analysis was very limited and ripe for human error and faulty insights. Nowadays, small business owners have a plethora of technologies available to choose from. One of the more useful solutions is a mobile point of sale system.
A mobile point of sale system is a mobile app that allows you to accept credit card payments on your mobile device. Users can access it on a smartphone or tablet. It performs all of the same functions as a regular cash register or traditional POS software system. The only difference is that all transactions are performed wirelessly. Users can easily download the app and integrate the payment reader to whatever device they are using.
Mobile POS systems are typically used for small business owners, mobile food trucks, bands, bakers, artists, crafters, and more. In the restaurant industry, the waitstaff may use them to process orders and check loyalty points. They are great for events or busy chains that require a faster speed of service.
Why is a Mobile POS System Important?
Nowadays, customers and employees expect digital experiences. They balk at traditional or outdated equipment and may be unsure of how to operate it. With more customers ordering online and demanding contactless payments, restaurants must meet these demands. Furthermore, owners always seek to increase the number of sales without hurting the quality of service.
The good news is, a mobile POS solution can help you do just that. Restaurant owners can operate their business from anywhere and access data at any time. With the many integrations available on POS systems, they can monitor processes and make updates with a few clicks. Employees can carry their devices around and take orders. The kitchen staff then sees the order on a display system and can fulfill it on time.
Managers can also use all the data collected on a mobile POS to generate insights and optimize decision-making. A traditional cash register isn't going to provide those types of in-depth insights. If the system integrates with other software, owners will gain a full scope perspective on what's going on in the restaurant. They can use this knowledge to improve employee performance, sell items that customers love, and eliminate waste.
This streamlined manner of doing business will optimize customer satisfaction and improve profit margins. It will also align with the type of digital experiences staff and patrons expect and deserve. Implementing a mobile POS device is critical for a restaurant's brand and success.
In short, a mobile POS is critical to reduce long wait times, streamline processes, gather customer data, and improve customer service. With happier employees and customers, you're bound to increase sales and brand loyalty.
The Power of POS Systems for Restaurants: 71% of restaurant owners already use some type of POS system to monitor customer data and handle payments. Managers who use POS solutions do so for the increase in efficiency and because it is cloud-based. Most owners are looking for solutions that provide easier ways to manage inventory. Thankfully, many mobile POS systems can integrate with inventory management software.
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Steps for Mobile POS System Setup
If you're considering switching to a mobile POS system, you're probably wondering what the steps are to getting it set up. One of the many reasons people are turning to mobile POS systems is that they're more convenient, accurate, and fast. The setup process will differ based on the type of system you use, but there are similarities for cloud-based solutions. Here is a basic, easy guide to set up your mobile POS system today.
- Verify Compatibility- First, you have to determine whether any services must be integrated with the system. Ensure they are compatible with the new vendor to prevent any excessive costs or bottlenecks. Check for compatibility with a credit card processor, existing tablet, operating system, payroll/accounting/inventory software, etc.
- Set up Hardware- Download the app from Google Play or the regular App Store. Create an account and plug in the card reader to Bluetooth or a lightning part. Ensure the receipt connector is integrated with the router. Use a cable or Bluetooth to do so. Also, make sure the printer connects to the cash drawer and connect the barcode scanner to the device with Bluetooth.
- Set up Software- Go to Settings on the app to customize everything to align with business needs. You can personalize receipts with an address or logo. Or, you can establish tax rates for sales. Make sure to decide whether to require signatures for any payments or not. You can also connect to any third-party integrations in your settings tab. Restaurants also must add employees so they are authorized to use the app.
Top Considerations for Selecting the Right Mobile POS Systems
Mobile Point of Sale (mPOS) systems enable retailers to transact in-store and in transit, meaning they can sell anywhere they have a Wi-Fi connection. The number of mPOS systems is increasing, but not all are created equal. Here are the main considerations to keep in mind when selecting the right mPOS system for your company.
- Price Point- Consider your restaurant's budget and how much you want to invest in a new mobile POS. Going too cheap will lead to problem areas later on. At the same time, you don't want to overwhelm a new system with unnecessary features.
- Return on Investment- The primary purpose of a mobile point of sale system is to increase profits and improve customer service. Consider whether the new system will provide the type of ROI necessary to make initial fees worthwhile.
- Size and Scope of Business- Large chains need to streamline and integrate all payment processing systems to ensure they are uniform and easy to update. Small diners will have different needs.
- Existing Technology- What are the problems with existing technology systems? Find a solution that solves these issues and will be worth the investment. Furthermore, ensure the new system can integrate with any existing software, such as inventory management solutions.
- Operating System- The operating system should be able to integrate with the new POS system. Research vendors to ensure compatibility is a possibility.
- Training- You will need to train your employees on the new system. It should be easy to use and intuitive. It should make work life easier for everyone. Purchase a solution that will meet employee needs and streamline the training process for a smooth transition.
Benefits of a Mobile POS System
There are many benefits to using a mobile POS system, with the most prominent being that it allows for instant point-of-sale transactions with the touch of a button. This is especially beneficial when doing business in an area where electronic transactions are not permitted, such as in some outdoor markets. The mobile POS system is also great for catering, or when you want to provide food for an event without having to set up a physical POS. Here are some other top benefits of a mobile POS for restaurants.
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1. Easier, Faster Payments
Customers no longer need to stand in a long line in order to check out. They can simply give their card to the server, and then pay through credit card or cash. Some mobile POS solutions also accept Apple Pay, depending on functionality and restaurant requirements. This is a much more convenient and efficient way to process payments. As a result, customer satisfaction increases, which helps boost sales.
2. Increases Sales
When it's easier to process sales, you're going to sell more items. Furthermore, POS solutions offer customer loyalty points and make it easy for employees to access customer data. Both team members and customers can check their points and purchase items that help them earn points. Not only does this make the customer happy, but it also leads to greater restaurant profits.
There are also more payment options and it's much faster to check out. This shortens wait times and optimizes table turnover, which results in more customers. But don't take our word for it. Studies have shown small businesses increase profit by up to 13% when they implement mobile POS systems.
Stats on Sales and POS Solutions:
3. Greater Employee Flexibility
Employees can work much more effectively when they have a mobile POS at their side. They can process payments from anywhere, look up reward points, and send out receipts via email. All orders are immediately sent to the back of the kitchen, and there are fewer incidents of error. Rather than having to go to the cash register or back of the house with each order, they can perform all duties with a few clicks. This improves morale and enables waitstaff to make higher tips, which lowers turnover.
4. Subscription-Based Model
Don't you hate getting stuck in a lengthy contract? What if you don't like the service after a few months? You have to pay an exorbitant amount of fees to get out of the contract, and sometimes there is no option at all.
The best part about a cloud-based mobile POS is that they are typically sold on a subscription base. Restaurants pay each month for the service and can cancel whenever they want. This saves money on the initial investment fees and makes it much easier to change providers if necessary.
5. Easy Set Up
The scariest part of a new technology system can be the setup. Maybe you aren't a tech-savvy person and have avoided investing in a new POS for this reason. The great part about new technology platforms is how easy they are to use.
Even those with limited technical skills can learn to install and update mobile POS hardware and software. As long as you are relatively experienced in using a mobile device (and who isn't these days), you should be fine. Furthermore, there is usually 24/7 customer support help in the event something goes wrong.