5 Reasons why now is the time to adopt mobile payment and POS technology

Today, customers are able pay for pretty much anything on their mobile phone and businesses can run their entire POS system through mobile devices. But this shift to mobile goes against our well-trodden traditional payment habits and breaking old habits is never easy.

However there will be a tipping point - a moment in which enough people have made the leap for the behaviour to become mainstream, accepted and even expected. Businesses need to be ready for this moment and it is fast approaching. Here’s why:

1. Trust in mobile is stronger than ever beforeThe relationship between us and our smartphones is rapidly evolving. In 2012 a survey by Webcredible found that security and trust was the biggest barrier to mobile purchase1. In 2012, only 11% of online transactions were mobile, according to eMarketer 2. In comparison this year Ocado reported that over half of all orders were checked out using mobile devices3 – the highest mobile penetration they have ever reported.

The little computers in our pockets are no longer simply a means of communication; they are how we order our groceries, book our taxis, check our bank balances and so much more. Plus with immediate email receipt / confirmation, push notification updates, order tracking and purchase history functionalities, confidence in mobile commerce has never been stronger.

This matured level of trust in mobile presents a fantastic opportunity for integrating mobile technology into the point-of-sale and payment experience within brick-and-mortar stores, restaurants and bars.

2. We expect seamless connection and communicationOur devices enable instantaneous communication with anyone, anywhere. Applications like Google Maps or Yelp can tell us instantly where all the nearest shoe shops are to our current location. Through Uber we can literally watch our taxi drivers doing U-turns half a mile away and apps like Deliveroo enable us to not only order food in moments but to then track the order in real time until the moment it arrives. Through mobile technology, communication is dynamic and immediate.

This interconnectivity makes traditional customer service relationships look incredibly antiquated. Once in the shoe shop we wait 10 minutes for the sales assistant to check if they have it in our size. In busy bars we queue to order drinks and in restaurants we tirelessly try to catch the eye of a passing waiter only to be told that they’ve sold out of the fish.

Mobile point-of-sale technology is set to revolutionise the entire customer service experience because it opens up direct communication pathways between business and consumers. With an mPOS system customers can use their smartphones to speak directly to the till, seamlessly placing orders and paying based on live inventory information.

3. Loyalty programs are increasingly integratedMobile wallets can offer consumers something that no leather wallet ever could: rewards. Customers love a good loyalty program – it makes them feel valued. But they don’t love carrying around a wad of dog-eared cards in their wallets.

Not only do loyalty rewards add value to your service but loyalty programs also make customers more valuable. Accenture recently found that members of customer loyalty programs generate up to 18% more revenue for retailers than non-members4.

MPOS systems seamlessly integrate loyalty rewards into your customer purchases. So, if your business already offers a loyalty program, or plans to implement one, there’s never been a better time to make the switch to mobile.

4. The opportunity for rich and insightful data Right now, every time a business accepts a cash payment they are loosing out on valuable data.

Mobile transactions are rich with information that can be used in real time to paint a picture of things like customer demographics, buying trends, staff efficiency and top rated products. Not only this, but data is also a powerful marketing tool. Whether it’s enticing a first-time customer with a drinks deal or sending out a personalised offers based on pervious purchases – data is the key.

mPOS systems not only collect this Big Data, but distil it into insightful reports that allow business owners to make better and more informed decisions.

5. It’s a cheap and easy transition for merchantsAny smartphone or tablet can be transformed into an mPOS system with a downloadable mobile app, which makes it a low-risk, low-investment way for businesses to adopt new and emerging payment technologies. These systems also can seamlessly integrate with existing hardware and can be very flexible depending upon the needs of the specific business. What’s more mPOS systems have an intuitive, user-friendly interface, which means that there is no need for complex staff training.