Just a few short years ago mobile point-of-sale (mPOS) was a brand new idea. Now, the technology represents the new norm in stores. Studies show that we can expect a 400% increase in mPOS users in five years—a number that translates to 38 million people.
It’s critical that small businesses prepare themselves for this transition now. As your company grows, you’re likely to need new technology sooner rather than later.
The move to mPOS is one that consumers have already welcomed—consumers spend more than three times as much with credit cards as they do with cash, according to Visa’s 2013 Payment Panel study. It can also help you grow your business. The low-cost hardware and software make it easy to get started. Once you’re started, you can take advantage of faster payments, less time running to the bank, or even use mPOS to track inventory.
If that’s not enough to convince you, remember that as new chip protection laws come into effect, security-minded small business owners must take action. Beginning October 1, 2015, counterfeit fraud liability will shift to the party that has not adopted chip technology—either the issuing financial institution or the merchant. Chip-enabled terminals will be a necessity for minimizing risk. Some mPOS providers offer chip-enabled devices.
Today’s consumers have high demands for fast and secure experiences, and changing laws ensure that absolutely no detail can fall through the cracks. Safer businesses—built through secure, mobile technologies—mean confident customers, and confident customers mean higher potential growth.