Stop by any food truck or pop-up business and there is a good chance you will be given the option to make a payment through a mobile device or have your credit card information processed via a smartphone or tablet. Mobile commerce has been established as a crucial component of many organizations, particularly those that lack the resources to obtain large POS systems, but the thought that they are only a tool for smaller companies is wrong. In fact, mobile POS devices can be considered the future of payment solutions for companies of all sizes.
According to a recent report called "Revolutionizing Retail with mPOS" by Yankee Group Technology Roadmap, merchants that have done away with the traditional POS counter in favor of a mobile checkout solutions are already benefiting from increased savings, sales and customer satisfaction. The study found that 32 percent of U.S. merchants with more than 500 employees have already installed a mobile commerce solution.
David Marcus, the president of PayPal, agreed with this sentiment in an interview with Mobile Payments Today.
"I see point-of-sale terminals going mobile," he said in the interview. "In the next five years, the majority of retailers will be using mPOS systems."
He added that many larger businesses are using mobile devices as a way to "line bust" or pull customers out of line to accept payments and speed up the transaction process. This is one of many advantages offered by an mPOS system.
"[Many companies] now realize that mPOS goes far beyond line-busting, as it can help improve the customer shopping experience and also free up floor space for product promotions."
With the help of a mobile payment solution provider, any company can add this innovative solution.