Is a Mobile POS (mPOS) the Same as a Point of Sale (POS) and How to Choose the Right mPOS for Singapore
What is an mPOS and how can it benefit Singapore businesses?
What Exactly is an mPOS?
An mPOS (mobile POS) is basically a POS system that is fit into the form factor of a mobile phone. However, mPOS systems often have the caveat of not being able to provide the depth and full functionality of what a dedicated POS can. They often only provide the necessary features for order-taking with ease. Mobile POS systems are the ideal tools for F&B businesses that are mobile, tight on space or rely on customer interactions. Some business that might benefit from the use of mPOS systems include food trucks, cafes, takeout vendors and fast food restaurants. If you're still skeptical about the potential of mPOS technology, just remember that mPOS transactions are set to reach USD 1.9 Trillion by 2024.
How to Choose the Right mPOS For Singapore
Before committing to an mPOS, it's important to ask yourself what is important to your business. If margins are tight, then you don't want an expensive mPOS service that'll drain your business without providing enough value. If you need your mPOS to be feature-packed, then make sure you have a list of important features that you can run through as you look through the different options available on the market. Finally, make sure that the mPOS system you choose can be localised for Singapore, especially where currency and local payment types are concerned. The worst investment would be an mPOS that doesn't allow local payments on the go.
Make sure to Avoid the Following 4 Mistakes that are Commonly Made by People Getting their First mPos:
1. Getting a non-secure mPOS system
2. Getting an mPOS that isn't compatible with your business operations
3. Getting an mPOS that's too complicated to use and set up
4. Choosing an mPOS provider that has no local presence
Security - Never Compromise on Your Business' or Customers' Security
Ask whether your mPOS provider has a solid track record with security, especially in Singapore. Perhaps the most important is PCI DSS security, which ensures that there is encryption when card payments are made. An mPOS system that has the potential to leak sensitive client payment card data is bound to be a disaster for your business.
Strong Business Compatibility Ensures Added Value
Chances are, you'll need a supplementary POS along with other relevant systems in your business to keep everything running smoothly. You should check if your mPOS system can connect with the other systems of your business seamlessly. If your mPOS is just another disparate system to complicate your business, it may be worth checking if the mPOS company offers other modules so that your entire business can be shifted to run under one system.
A Simple Setup may be an Indicator of an Intuitive mPOS System
Is your mPOS system a pain to set up? If so, chances are that it may well be a pain to run. Ensure that your mPOS provider is able to help with the setup process and with any teething problems as you get used to your new mPOS. You'll also want to be certain that you get a demo and a tutorial on how to use the basic and more advanced features of your mPOS.
Local Presence For Peace of Mind
If your mPOS provider doesn't have a presence in Singapore, it might not be a good idea to go for that option. An mPOS provider that understands Singapore's F&B market and all its challenges is a great indicator for whether they can create an effective local product. Another thing to consider is that if your mPOS goes wrong, having a physical person able to come onsite and troubleshoot for you is far better than a phone call that might not resolve the problem, which would be the case if there is no local presence for your mPOS provider.