Mobile payment processing is getting heated competition as priority in the electronic payment industry begins to shift. Retailers and restaurants are switching to cheaper solutions like smartphones and tablets linked to a mobile point of sale system or MPOS. These MPOS applications have devices that connect to a smartphone or tablet via Bluetooth wireless interfaces or through a standard headphone jack on the device.
Companies like PayPal and Square are rushing to the sector providing unique tablet mounts and existing point of sale integration. Many mobile point of sale systems consist of a tablet device used to interact with inventory, a cash drawer and a receipt printer. iPad, iPhone, Android and Blackberry devices all work with similar credit card input readers and control sales, inventory and up to the second sales reporting. These systems are slowly replacing aging point of sale devices with traditional touch screens and bulky cash drawer and printers that cost significantly more than the new wave of mobile point of sale devices.
PayPal and Square are set to battle it out for the low end of the processing landscape while serious merchant service providers look at new and innovative ways to process mobile credit card transactions through the use of EMV Chip and PIN terminals, NFC Tap To Pay and email, text and QR code payment processing. PayPal recently announced it will waive transaction fees until January.
Increasingly traditional brick and mortar retail outlets are getting rid of their point of sale equipment in favor of the sleek new point of sale hardware that offer themselves and their customers increased convenience. Loyalty offers and Gift Cards are one such area to capture present customers and keep them returning.
As mobile shopping increases and users become more familiar and secure with how to pay using mobile devices, adoption increases. In 2011 PayPal claims they processed about $4 Billion in transactions on mobile devices. Last year in 2013 PayPal handled nearly $14 Billion signaling increase use among mobile payments being processed. Although traditional cash registers and point of sale registers will not face a quick demise as more and more NFC smartphone users become familiar with the payment process, this trend should continue upwards.
If you would like more information on mobile payment processing we can help. We provide traditional credit card processing terminals and point of sale systems. We also provide mobile point of sale systems designed to organize inventory track and perform sales and payment processing on any smartphone or tablet. Accept credit cards anywhere in the world over your cellular service or a wifi internet connection. Find out how little it costs by calling National Transaction today. 888-996-CARD (2273)