MOBILE PAYMENTS: A Key Opportunity in Today s Business Landscape

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1 MOBILE PAYMENTS: A Key Opportunity in Today s Business Landscape

2 CONTENTS Introduction 2 What are we talking about when we talk about mobile payments? 3 What types of POS systems best fit your business? MPOS Solutions Countertop Solutions Fixed POS Solutions 5 5 Conclusion 6 1

3 INTRODUCTION No matter your exact line of business, you re likely looking for answers about mobile payments. The trend toward using these flexible mobile point-of-sale systems (mpos) to make processing transactions for customers first took root among restaurants. Today, all sorts of other businesses aim to get in on the benefits of mpos. Incorporating these systems into your business isn t just a matter of convenience. As your competitors leverage them, there s a threat your business will be left behind. This white paper will show you the existing mpos options out there and tell you which systems are right for your type of business. Your options as a business owner will continue to expand as technology improves, so it s important not to lose sight of your core pain points. 2

4 WHAT ARE WE TALKING ABOUT WHEN WE TALK ABOUT MOBILE PAYMENTS? The vocabulary used in the quickly evolving mobile payments field can be confusing. The term mobile payments encompasses a range of solutions from peer-to-peer exchanges, through credit card readers that attach to smart phones, to in-app purchases (think Candy Crush) and even closed loop schemes like Starbucks, have surprisingly successful store cards. 1 Regardless of the name, it s big business. Estimates for the amount of money that will change hands worldwide in 2015 via mobile payments range from $670 billion to $1 trillion. 2 Just within the United States, mobile commerce jumped 28 percent in 201 to $31.6 billion. 3 This white paper will focus exclusively on mobile card readers that allow businesses to extend the point of sale beyond the traditional checkout counter. A variety of POS solutions have entered the market in recent years, that all serve unique business needs. Business owners should know that a decision on what system to use isn t simply about which one can handle the sale itself. Increasingly, POS systems differentiate themselves by what they allow a merchant to do with the valuable data created when a customer makes a purchase Digital Future in Focus (United States), comscore.com,

5 Food trucks, vendors at markets and fairs, and traveling service providers need a certain degree of flexibility to allow their customers the convenience of paying with a credit or debit card. WHAT TYPES OF POS SYSTEMS BEST FIT YOUR BUSINESS? MPOS SOLUTIONS More businesses have a need to move beyond the traditional countertop POS terminal either that, or they simply don t have the space or budget to invest in clunky technology. Food trucks, vendors at markets and fairs, and traveling service providers need a certain degree of flexibility to allow their customers the convenience of paying with a credit or debit card. Complete mpos solutions are ideal for this type of business model. With a card swiper attached to an Apple or Android smartphone, vendors can travel lightly and not worry about losing customers who don t typically carry cash. These solutions typically allow businesses to collect signatures, receipts, authorize cards and maintain compliance with stringent Performance Card Industry Data Security Standards all as long as they are in a location with cellphone reception. COUNTERTOP SOLUTIONS Merchants that aren t comfortable using their own smartphones or tablets to accept electronic payments don t have to miss out on the benefits of mobile POS technology either. Most countertop POS solutions are flexible enough to give businesses the ability to accept payments anywhere without having to invest in mobile devices or make their employees use their own.

6 00/00 Pay with Touch I D Mobile technology has received a significant amount of attention in recent years, but many merchants still have a need for fixed POS solutions at their brick-and-mortar shops. Machines that come EMV-compatible can also help you with a full level of security that protects you from liability and also ensures your customers that their credit card information is in good hands. Fixed POS solutions Mobile technology has received a significant amount of attention in recent years, but many merchants still have a need for fixed POS solutions at their brick-and-mortar shops. As businesses expand and open more avenues for revenue, they may even need to incorporate both mobile and stationary POS options into their business models. Fixed POS solutions typically give your business the advantage of more robust enterprise management features, such as employee time clocks, cash drawers, inventory management and the ability to maintain gift card and loyalty programs. Whether your business is exclusively brick-and-mortar, mobile, or a combination of both, you want your POS technology to keep you up to speed with the latest industry trends without having to compromise your existing processes. In the best case, these tools are designed to compliment any enterprises current workflow. 5

7 A recent report from global research and advisory firm IHL revealed that some merchants have seen their sales increase by nearly 25 percent thanks to mpos technology. Conclusion The recent developments in the payment industry have made it clear that businesses can no longer ignore mobility when choosing a POS solution. A recent report from global research and advisory firm IHL revealed that some merchants have seen their sales increase by nearly 25 percent thanks to mpos technology. The same report suggests businesses are adopting mobile payment solutions even if they don t need the mobility aspect. In many cases, this technology is more affordable and takes up less space than the alternatives. Merchants still need to make POS decisions based on their own unique pain points. As more options enter the market, understanding what it is you want out of a payment processing system can help you filter your choices to those that set you up for long-term success. Mobile card readers are great for truly flexible merchants that operate out of the traditional brickand-mortar establishment. Countertop solutions give business owners the benefits of mobility without having to use their own smartphones or tablets to process transactions. Lastly fixed POS solutions still serve their purpose in the brick-and-mortar setting in fact, merchants may even benefit of a combination of these options depending on their business model. Keeping the focus on your needs as a business owner will help you make the right choice in a crowded market. 6