The Difference Between POS and mPOS & Mobile Payments ...

While a point of sale, or POS, is a broad term referring to the entire solution, an mPOS simply stands for mobile point of sale. These modern ... Skiptocontent TheDifferenceBetweenPOSandmPOS&MobilePaymentsExplained September10th,2019|Categories:BusinessOperations,PointofSaleFunctions| ThereisalotofconfusingPOSterminologyoutthere.Theindustryisevolvingatanincrediblerate,withnewfeaturesandmethodscomingoutseeminglyeverymonth.Innovationhasmadethetechnologymorepowerfulforbusinessesbutitdoesn’tcomewithoutsomeunderstandableconfusion. Oneitemofconfusionwe’veheardalotofcustomersmentionisthedifferencebetweenPOSandmPOSandmobilepayments.Andit’sacriticalpartoftheretailsolutiontounderstand.Withoutagoodgraspofwhatyouneedandtheoptionsyouhave,shoppingfortherightpointofsalesystembecomesmuchmoredifficult. Solet’stakealookatthedifferencesbetweenthesethreetermsandwhattheymeanforyourstore.It’stimetogetyourbusinesssetupforgrowth. HowDoesaPOSSystemWork? What’stheDifferenceBetweenPOSandmPOSThen? HowAreMobilePaymentsDifferent? GetYourBusinessSetUpwiththeRightmPOSSolution HowDoesaPOSSystemWork? Apointofsaleisabroadtermreferringtobothhardwareandsoftware.Traditionally,aPOSwasthecashregisterandtoolsusedtoacceptformsofpayment.WhilethisisstillpartofaPOSsystem,itsroleshaveexpandedtomanymorefeatures. ThehardwareisthephysicalpiecesofPOSequipmentusedinfacilitatingatransaction.Formostbusinesses,thisincludesseveralkeyitems: Desktoportabletcomputer CashDrawer Receiptprinter Scanner Creditcardmachine Pointofsalesoftwareiswhatrunstheoperation.ModernPOSsoftwareiscloud-based,soalldataisstoredremotelyandsecurely.Butthesoftwarecanalsocompleteanarrayoftasksasidefromringingupacustomer,includingthefollowing: Inventorymanagement Customerrelationshipmanagementandloyaltyprograms Anti-theftfeatures Salesreportingandmetrics Employeepermissions Payrollandaccounting Datatransfersformultiplelocations Returnsandrefunds Promotionsanddiscounts Splitpaymentsandgiftcards WiththesoftwareandhardwaretogetheryourPOSsystemservesasthecenterofyourbusinessoperations.Evenbetter,yourpointofsalecanhelpyourbusinessgrowandexpandbyprovidingyouwithremarkableinsightintoyourbusiness’soperation. What’stheDifferenceBetweenPOSandmPOSThen? Whileapointofsale,orPOS,isabroadtermreferringtotheentiresolution,anmPOSsimplystandsformobilepointofsale.Thesemodernmobilesolutionsarebuiltfortabletuseinsteadofdesktopcomputers.UsuallymPOSsystemsarelinkedtotraditionaltransactionperipherals,includingcreditcardmachines,receiptprinters,orscanners. It’scloudtechnologythathasempoweredmPOScapacities.Traditionally,alltransactionaldatawasstoredatthesiteofthecashregister.Theownerormanagerwouldberesponsibleformanuallytrackingallsalesandinventorythroughouttheday. Now,ofcourse,POSsystemscantrackeverythingautomaticallyinrealtime.AndmPOSsolutionsmakethiseveneasier.ThemobilityaspectofanmPOSappliestoboththesoftwareandhardware. Onthehardwareendofthings,mPOSmachinescanberunontablets,allowingyoutoprocessatransactionfromanywhereonthefloorortoopenanewlane/terminalquickly. mPOSsoftwaremeansthatyoucanaccessyourstore’sdatafromanyinternetconnecteddevicefromanylocation. Thesesolutionsimprovethecustomerexperience,makeiteasierforassociatesandcashierstoperformtheirjob,andaddcriticalflexibilitytooperations. HowAreMobilePaymentsDifferent? WhilemPOSreferstothepointofsalesoftwareandhardware,mobilepaymentsisallabouthowthecustomercanpayforacertainitem.Therearemoreandmoreoptionsavailableeveryyear. Paymentthroughamobiledevice(mostcommonlyasmartphone)isbecomingmorepopular.Thesepaymentscanbemadethroughvariousmobilewallets.Thispaymentsoftwareprovidesconsumerswithadigitalcreditordebitcard.Thepaymentinformationisreadbyadevicethatusesnear-fieldcommunication(NFC)toreadthecarddata. Retailersmustbepreparedtoacceptthismodernformofpayment.GetthepropercreditcardmachineandmakesureyourPOSiscompatiblewithmobilepaymenttechnology.ThemostpopularmobilewalletsareApplePayandAndroidPay. Moneytransfersarealsoacommonmethodofmobilepayments.MoneytransfersthroughPayPal,Venmo,Facebook,oravarietyofothersourcesallowyoutosendmoneydirectlyintoabankaccount.Thisisbuiltforpersonaltransfers,butmanysmallbusinessesusethistechnologyasatypeofmobilepayment,too. ContactlesscreditcardmachinesbuiltformobilepaymentsaretherecommendedsolutionforthevastmajorityofbusinessesbecausetheyaremorereliableandabletotieintotoyourPOSsolution. GetYourBusinessSetUpWiththeRightmPOSSolution Hopefully,thisclarifiesanyquestionsyouhadaboutPOS,mPOSandmobilepayments.Now,it’stimetofigureoutexactlywhatyourbusinessrequires. mPOSsystemsarebuilttofacilitatefastandsecuretransactions,firstandforemost.Buttheyalsoallowbusinessestoscalebyprovidingin-depthsoftwarefeatures.TofindoutmoreabouthowanmPOScanhelpyourbusinesssucceed,giveusacallatKORONA.We’llwalkyouthroughourmobile,cloud-basedPOSsystem.Setupanunlimitedfreetrialandsetupapersonalizeddemowithoneofourproductspecialists. GetStarted× GetStartedwithKORONAtoday! TellusalittlebitaboutyourbusinessandexploreallfeaturesthatKORONAhastooffer.Andthere’snocommitmentorcreditcardrequired. Thankyou! Pleasecheckyouremailinboxandclickthelinkwejustsentyou. Theemailaddressyouprovidedisalreadyinuse. Pleaseuseadifferentemailaddressorcontactusat (833)200-0213. Contact Business Setup StartforFree Tellusalittleaboutyourself. Tellusalittleaboutyourbusiness. TypeofBusiness: GeneralRetail LiquorStore PetStore QuickServiceRestaurant Winery Museum AmusementPark CoffeeShop Bakery Justafewmoredetailsbeforegettingstarted. WhatisyourtimeframeforgettinganewPOSsolution? Immediately 1month 2-3months 3+months Doyouhaveexistingequipmentyouwanttouse? No,Ineedequipment PCbasedPOSterminals iPads Androidtablets Windowstablets ShareThisStory,ChooseYourPlatform! FacebookTwitterRedditLinkedInTumblrPinterestVkEmail AbouttheAuthor: MichaelChalberg Amongotherthings,MichaelwritesabouttrendsandtipsinretailforKORONAPOS.Hisfocusisonbringingsmallbusinessownersamoreholisticapproachtogrowth.Inhissparetime,you'llfindhimhikingsomewhereinthesouthwest.ConnectwithhimonLinkedIn:https://www.linkedin.com/in/michael-chal/ Stayinformed.Staycompetitive. Getthelatestnews,trends,andbestbusinesstipssentstraighttoyourinbox. FirstName: EmailAddress: Website FollowUs! 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