mPOS, is it actually achievable?
Mobile point of sale, or mPOS as it is abbreviated to; is certainly, on paper a great idea. From a customer perspective, you can beat the queues, have an immersive experience in store, remove the pain of click and collect and most importantly shop the way you’d like too. Whilst the store owner can enjoy benefits such as providing a better in store experience, reducing waiting times and increasing sales, by capturing potential store ‘walk-outs’.
Sounds amazing, so why isn’t everyone adopting it?
As with every great idea, there are challenges to over come and the mPOS barriers to entry are wide spread. There is a lot for a merchant to consider, everything from software choice to security, both physical and data related, deployment logistics and charging. One thing is for sure, it isn’t easy, but nothing worth having truly is.
Independent market research compiled by Transparency Market Research on the global mPOS market in 2017 forecast growth in mPOS over the next five years. This particular research is focused on ‘card reader accessories’ that are defined as,‘accessories that allow the merchant to accept a card payment at any place and time.’
(Transparency Market Research, 2017)
As the above chart shows, the Compound Annual Growth Rate (CAGR) between 2017 and 2025 is forecast 43.4%.
There is desire in the market from merchants driving the forecast growth, but as mentioned previously there are several elements that are slowing the growth in mPOS. Research in 2016, listed the following as the top three perceived challenges to overcome to achieve a successful mobile POS rollout,
- Ensuring WIFI connectivity/speed for mobile devices 58%
- Securing shopper payment/ID information 55%
- Creating effective associate training programme 52%
(Wagner, 2018) cites a complex integration with several parties as an obstacle. For example, using multiple software vendors in store, multiple operating systems and multiple gateways, the list goes on. So where do you begin as a merchant?
Where do I begin?
Do you approach your POS hardware company or your software vendor or their partners for payment software, acquiring or gateway? It is really confusing!
Let’s bring it back to the desire being there from the merchant and the consumer and the forecasted growth being projected, then it is a case of finding the right people to partner with.
Writing this as someone who works for a mPOS hardware manufacturer, it’d be easy right now for me to say, ‘come to me and we can help you’, but the truth is, you should start with your software partner.
Your software provider will be able to support you with the correct application to take payment anywhere in store, other functions you’d like to do anywhere in store; such as click and collect or refunds. They will also have integrations to mobile payment devices that are necessary to enable an mPOS strategy, like the Ingenico iCMP4, Miura M010 or Verifone e355 through providers such as Creditcall, Sage Pay, Barclaycard or Payworks who all have certifications with one or more of those payment devices. Last but not least, they will be able to recommend or provide you with hardware to make all of this possible and to provide a complete solution that works.
If you’re looking for a mPOS solution that works, we have a number of software partners using our hardware with their payment integrations and applications, that seamlessly work. Get in touch if you’d like to find out more.
- Transparency Market Research (2017). Mobile Point of Sale (mPoS) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025. p.69.
- Skorupa, J. (2016). Crossing the great mobile POS divide. [online] RIS News.com, pp.1-4. Available at: https://www.mobilepaymentstoday.com/articles/why-mpos-adoption-continues-to-lag-with-retailers/ [Accessed 12 Feb. 2019].
- Wagner, B. (2018). Why mPOS adoption continues to lag with retailers. [online] www.mobilepaymentstoday.com. Available at: https://www.mobilepaymentstoday.com/articles/why-mpos-adoption-continues-to-lag-with-retailers/ [Accessed 12 Feb. 2019].