Mobile Point of Sale Solutions for Small Businesses

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1 Mobile Point of Sale Solutions for Small Businesses Danielle Sands CED, Extension Educator January 5, 2016

2 Mobile is Happening In emerging markets, smartphone adoption is taking off and mobile payment is becoming the first and potentially only means of conducting financial transactions both online and for bricks and mortar shopping. For mature economies there is a risk of losing out due to retaining more traditional methods including cash. Based on a Consumer Credit survey: 80% of consumer spending in the US was cashless (According to MasterCard s 2013 The Cashless Journey) 100% of year olds report using their debit card for everyday purchases 14% of all respondents use cash for everyday purchases

3 How does mpos work? 1) Open the app, enter the amount to be charged 2) Insert or swipe the customers card 3) Customer verifies the amount and enters their PIN or signs the screen 4) Once authorized, an address or phone number is captured to provide an electronic receipt of the purchase

4 Advantages of mpos units Small and lightweight Lower cost than traditional POS Portable and flexible Unique encryption key inside each device Tamper proof and doesn t store sensitive data

5 Advantages of tablet based POS units Much lower cost than traditional till systems More flexible can work with multiple app based point of sale software Much better visually so can be used in premium locations When not taking payments, can be used to run other applications for the business

6 Features of POS units 1. Accepts credit cards anywhere, even when there is no phone service 2. Works with most operating systems 3. Secure, encrypted transactions 4. Clear pricing and fast deposits 5. Sends receipts to customers 6. Inventory libraries 7. Integrates with accounting software

7 Which One is Best for Your Business Ease of Use Your POS system should be easy to set up and simple to use. Customer Care You should always receive expert care when you need it most. Future Proof The POS system you choose today shouldn t be obsolete tomorrow. Simple Pricing Your POS system should have simple pay-asyou-go pricing. Robust Reporting Your POS system should generate detailed sales reports. Data Accessibility You should be able to access your data any time and anywhere via the cloud. Data Security Your POS system s data should always be safe and secure. Quality Hardware Your POS system hardware should be functional, durable, and stylish.

8 Mistakes to Avoid When Choosing a POS System 1. Not Understanding Your Needs 2. Not Researching mpos Products 3. Neglecting Due Diligence and Choosing the Wrong Partner 4. Insufficient Training 5. Buying on Price 6. Purchasing a One Size Fits All System 7. Following the Garbage In, Garbage Out Cliché

9 Most In-Demand mpos Features Multiple payment options Should be able to handle chip and PIN, near-field communication, European chip and PIN, and RFID via key fob Enterprise-grade, built-in security for global use Ensures no information is stored on the device and can t be retrieved if the device is hacked CRM Integration Can collect consumer spending habits, giving them potential to upsell a shopper at the POS with suggestions for complementary items Barcode Scanners Helps cut down on checkout time and helps move additional foot traffic through stores and the checkout process Apple devices Highly popular and require limited training resources. Devices must be able to offer compatibility with Apple s new lightning connectors, which require a brand new port for connectivity.

10 Are you ready for a POS system in your business? Think of the features you would like to have with a POS system and write them down. Begin researching different companies and products to determine which ones suit your needs. Start small if you need to by signing up for Square or PayPal Here, for instance; get the free card readers and apps; and test them with a few friends. Then, when you decide which one to go with, roll it out slowly, starting with your younger, tech-savvy customers.

11 Ques%ons? Danielle Sands x2800