Mobile POS Adoption
Overcoming the Perceived Challenges of Complete Mobile POS Adoption
Mobile point-of-sale systems are on the rise in multiple industries. Business owners are beginning to see the value in total mobility, which explains the recent and steady growth in adoption rates among local businesses. In fact, Hospitality Technology statistics found adding mobile POS and enabling new payment options were the top two business drivers influencing restaurant POS upgrades specifically this year. (1)
Local businesses want to keep pace with fluid consumer demands, one of which is mobile payment solutions. Yet, there are a handful of challenges local merchants face on a daily basis, some of which prevent companies from complete mobile POS adoption.
Here are three ways merchants can get past the perceived challenges of total mobility adoption and grow their business:
- Lack the funds to upgrade: Small business budgets don't have the same financial firepower that their larger counterparts are privy to. It's understandable that local merchants may be reluctant in making an upfront investment to upgrade to total mobility, but there are solutions. For instance, merchant owners can sometimes finance solutions through their payment processor, helping with a repayment plan that's comfortable for both parties. What's more, a company can take out a small-business loan and repay the borrower over a given period of time. Although SMBs may not want to take out a loan, they must evaluate if it makes sense to make that type of investment. Consumers are increasingly more open to paying with new and cutting-edge transaction methods. What's more, businesses can use a mobile infrastructure to break lines and lead to a faster checkout for their customers.
- Lack of understanding or fear in the unknown: Small-business owners wear a lot of hats, so it makes sense they may not be the most well-versed in mobile payment technology. It's important for decision-makers to consult a value-added reseller or a payment processor to fill those knowledge gaps. These companies are well connected and act as POS consultants. Mobile adoption is on its way, and now is a great time for business owners to evaluate the pros and cons for their business. Small businesses should partner with the right POS company and learn how to grow their business through adoption.
- Denying the change outright: Some small-business owners refuse to believe the merchant landscape is moving toward a mobile-centric infrastructure. The proof is already here in the form of Apple Pay® and Google Wallet®. Mobile contactless payments are increasing s the technology evolves. Javelin Strategy & Research™ statistics show mobile proximity payments will increase to $5.4 billion in payment volume in the next three years, nearly 5 times as much as they did last year. The change is coming, and it's time for local business owners to consider embracing mobility in the marketplace (2).
1. Hospitality Technology, http://hospitalitytechnology.edgl.com/news/2014-POS-Software-Trends89890 (2014)
2. Javelin Strategy & Research, https://www.javelinstrategy.com/news/1402/92/Javelin-Strategy-Research-Releases-Point-of-Sale-POS-Forecast-Report/d,pressRoomDetail (Apr. 2013)
Apple Pay®, Google Wallet®, Hospitality Technology™, and Javelin Strategy & Research™ are registered or unregistered marks belonging to their respective owners who are unaffiliated with and do not endorse or sponsor Vantiv Integrated Payments, LLC.
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