Small Business Mobility
Mobility and Small Business
Mobility in today's modern day business landscape is growing in importance, and fast. The rapid adoption of portable device technology in the everyday consumer ecosystem is growing quickly, which highlights the need for local merchants to invest in the appropriate infrastructure to support fluid consumer demands.
Local businesses are seeing the value in mobile payment processing systems, new research suggests. According to Javelin Strategy and Research ®, mobile POS payments will reach $5.4 billion by 2018 (1). In fact, mobile payments will have the highest compound annual growth rate over all forms of other transactions in the next five years. As the retail and restaurant POS market matures with advances in technology and customer desires for more digitized payment options, merchants will continue to adopt mPOS infrastructure to keep pace in an increasingly competitive marketplace.
Total mobility or fixed appendage?
There is little arguing that mobile point-of-sale systems are making their way into the retail and restaurant industries. The manner in which they penetrate the market, though, may vary. For instance, some businesses may feel an existing, fixed POS system could suffice as is and add a mobile payment solution as an appendage via a smartphone or other portable device. Certainly, this option can prove to be beneficial in many respects, especially in the sit-down restaurant industry where diners wait for their checks to come to their table. Check-out time at local restaurants, and line waiting in local merchant locations, can both be reduced with mobile appendage payment systems.
While fixed POS systems with mobile appendages offer certain benefits, complete mobility in the same context may offer even more advantages to early adopting businesses. Complete mobility in the local business landscape goes beyond fixed POS and mobile appendages; it entirely relies on mPOS systems as the central nervous system for business operations.While mobile appendages help with line-busting, total mobility and cutting the cords of fixed POS provide additional flexibility and the ability to grow with the ever-changing nature of consumer payment and shopping preferences.
1. Javelin Strategy and Research, Apr. 4, 2013
Apple Pay®, Google WalletTM, and Javelin Strategy and Research® are registered or unregistered marks belonging to one or more unaffiliated third parties that do not endorse or sponsor Vantiv Integrated Payments, LLC.
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