A mobile, or smart, point-of-sale (POS) turns a typically hand-held device or a wireless device such as a phone or tablet into a cash register. A mobile point-of-sale (mPOS) requires a downloadable mobile app such as SalesPlay, LyVerse, eHopper, etc. A point-of-sale (POS), on the other hand, is a more broad term referring to the place where your customer makes a payment for products or services at your store. The POS serves as the central component for your business; it’s the hub where everything merges (includes sales, inventory management, payment processing, etc).
The main differences between the two are:
1. Portability
One of the advantages of an mPOS system is that it accepts payments while you are on the move. For example, an mPOS system is beneficial for an online eCommerce business or a restaurant that caters to home delivery. mPOS works the best for you. However, the traditional POS systems are not as easily portable because they are heavy and full of long cables.
MPOS software allows you to access the store’s data from a device connected through the internet and from any place. The POS systems require a desktop computer on the hardware front. An MPOS works on a tablet and allows a fast transaction of payments from anywhere.
2. Installation Cost
A conventional POS system, then it would cost you a large sum. Apart from this, you will also need a SIM card or a telephone connection and a card swipe machine.
An mPOS solution, on the other hand, has much more affordable rental plans or a comparatively minimal price compared to a traditional card swiping device.
3. Integration
A POS solution will require a bank account, and several accessories to operate. To start with the mPOS solution, you don’t need to open a new bank account. You can use your existing current or savings accounts to accept card payments. Furthermore, you will get a real-time status of all the transactions directly on your smartphone.
4. Security
Security is a vital thing when it comes to payments. mPOS solutions are compliant with PCI and EMV2 industry standards that make them more secure. With a POS system, data is more secured from unknown intrusion. Double-user authentication is offered by most systems which reduces the intrusion of malicious users into your system. The administrator can quickly grant or block access to users. Using a cloud-based system would further improve security.
Also, with real-time tracking capabilities, mPOS devices allow you to find where a transaction takes place.
5. Decreased errors
A mobile point-of-sale (POS) makes it easier to keep track of inventory in a store, as admins can manage inventory in real-time compared to the manual inventory system. The items used or sold can be deducted directly from the inventory database. The mPOS system allows you to keep track of all your orders placed. Some POS software have an open application programming interface (API). These interfaces allow you to connect directly to your supplier.
