What Is mPOS And How Can You Collect Bitcoin Payments?

An increasing number of retailers and businesses have started turning to Mobile Point of Sale (mPOS) systems to collect payments from their offline touchpoints. That’s primarily because mPOS systems are easy to set up, cost-effective, and offer unparalleled flexibility.

“Transaction value in the Mobile POS Payments market is projected to reach US$3.30tn in 2023.” Statista

There was a time when business transactions were cash-only affairs. However, with the emergence of cryptocurrencies and point-of-sale systems, cash payments have become a thing of the past. More and more users prefer cashless payments through their cards, mobile devices, and crypto-wallets.

The easiest way to enable Bitcoin payments for free at your offline store is through a mobile POS app offered by many Bitcoin payment processors like Speed (more on that later). But first, let’s understand what is an mPOS and how it works.

What is a Mobile POS System?

A mobile POS turns any smartphone or tablet into a full-fledged payment system that can accept payments on the go. It is usually a software application that can be installed on handheld devices. You can download and install it from app marketplaces like Google play store and app store.

A mobile POS system works similarly to a traditional POS, except it doesn’t have to be fixated on one checkout point. Moreover, mobile POS systems don’t require any external hardware or integrations — all you need is a smartphone compatible with the point-of-sale application.

How does mPOS work?

Most mobile POS systems like Speed work in a similar fashion. They accept payments through QRs. Let’s see how you can collect payments through mobile point-of-sale systems:

1. Customer selects products

A shopper picks all the products they want to purchase and brings them to a sales executive. The associate will generate a payment QR against your invoice.

2. Customer pays through their preferred wallet

The customer can complete the payment by scanning the QR displayed on the POS device. They can choose to pay from their preferred app or crypto wallet through an on-chain or lightning network.

3. Payment confirmation message

Once the payment is through, the POS app will display a success message on the screen. The amount is credited directly to your account.

The advantages of mPOS

Mobile POS offers a lot of advantages over traditional point-of-sale systems. Here are the top 6 advantages:

●     Easy to set up

Because Mobile POS can run on your existing smartphone, setting it up is easy and can be quickly done in a matter of minutes. All you have to do is install the application on your devices to start accepting payments.

●     Portable

You can carry Mobile POS systems wherever you go. Whether you are visiting a trade show or want to collect payments from your offline outlets, mPOS has got you covered. You can use mobile POS to make your store’s checkout experience seamless by eliminating the long queues at the billing counter.

●     Faster checkout

With a mobile POS, you can turn your employees into mobile checkout points and prevent long queues at your offline outlets. This way, you can offer a faster and more seamless checkout experience.

●     Highly secure

Unlike a traditional POS, most mPOS systems are cloud-based. This means none of your critical data is stored locally on the device — making mPOS more secure and reliable. You can even enhance the security of your device by enabling 2FA (Two Factor Authentication) and taking necessary security measures like blocking unauthorized websites and public WiFi.

●     Forever free software upgrades

Most mPOS companies offer free lifetime software upgrades. Thus, your mobile POS will receive the latest features on time, every time, through regular OTA updates.

●     No recurring charges or hardware expenses

Because the mPOS application can run seamlessly on your existing Android and iOS devices, you don’t have to buy any high-end hardware equipment to start accepting payments.

How to collect Bitcoin payments with mPOS?

Many leading Bitcoin payment processors offer ready-made mobile POS applications for accepting cryptocurrencies. A Bitcoin mobile POS works similarly to a traditional mPOS — however, it accepts Bitcoins instead of fiat money.

To start collecting Bitcoin payments through mobile, sign up with a Bitcoin payment processor, like Speed, and install their mobile POS app on your smartphone.

Here are a few common features most mobile Bitcoin payment processors offer:

• Scan & Pay: With a Bitcoin mPOS app, you can collect payments from any of your smart devices through QR codes. Simply enter transaction details, display QR, and collect the payment. You can verify all the payments you receive through the app in real time.
• Branding: You can change the look and feel of the QR code by customizing its color, font, icon, logo, etc. This will help you deliver a consistent shopping experience across all your touch points.
• Seamless payouts: You can settle your payments instantly with just a few clicks. Many payment processors also allow you to automate payouts based on your preferences.
• Add & manage multiple businesses: If you run multiple businesses, you can add them all to your account quickly and easily. You can also assign your business profiles to specific countries based on your requirements.

Mobile POS systems are not only convenient but also easy to set up. You can start accepting Bitcoin payments in just a few minutes with a mPOS.

But why accept Bitcoins, anyways? Let’s understand what makes Bitcoins a bit better than fiat money.

Why accept Bitcoin over fiat currencies?

Bitcoin has many advantages over fiat money. Let’s look at a few.

• Decentralized currency: Bitcoin is not governed by any single entity or institution. Thus, you don’t have to rely on banks and credit card companies for processing payments. You will have full control over your funds, and you can use them however you wish.
• No fraudulent chargebacks: Transactions made through Blockchain are permanent and irreversible. This will minimize the chances of hacks and fraudulent chargebacks.
• Lower transaction fees: Transaction fees for Bitcoin payment gateways are generally between 0% to 1%. That’s significantly lower than credit card companies that charge as much as 3.5% or more for processing transactions.
• Instant transfers: All the payments you receive through Blockchain will be instantly added to your account and can be paid to your preferred Bitcoin wallet.
• Higher security: Backed by Blockchain, Bitcoin uses the Elliptic Curve Digital Signature Algorithm (ECDSA) with the elliptic curve secp256k1 to ensure your transactions are safe and secure.
• Private & anonymous: Although all transactions can be publicly traced through a Bitcoin address — no one can associate your real-world identity with your wallet address.

Mobile Bitcoin POS Use Cases

Mobile payments are fast, secure, and convenient. From small to medium businesses to offline retailers and freelancers accept mobile payments.

Here are a few popular industries harnessing Bitcoin mPOS:

●     Retail

You can equip all your retail outlets with mPOS systems that can accept payments from shoppers quickly and easily.

●     Restaurants

Due to their low cost, easy implementation, and usability — mPOS devices can be ideal for restaurants seeking to accept Bitcoins.

●     Cannabis Industry

Cannabis businesses cannot use traditional payment methods like credit/debit cards due to inconsistencies between state and federal laws. While cash is a viable option, hoarding a large sum of money can make them vulnerable to violent burglaries. This is where Bitcoin mPOS can help. They can use mobile point-of-sale systems to accept Bitcoins at their offline outlets.

●     Charity

Global NGOs have already started accepting crypto donations. Wide accessibility, low transaction fees, and instant settlements make crypto a viable alternative to fiat payments. With mobile POS systems, NGOs can start accepting offline Bitcoin donations in just a few clicks.

●     Home delivery

If you offer professional services at home — you can convert your smartphone to a point-of-sale system through an mPOS application. It will help you accept Bitcoin payments seamlessly from your customers.

Apart from the above-mentioned industries, many industries like travel and tourism, education, and banking are harnessing crypto payments.

Final words

With over 7.33 billion users across the globe, mobile payments are becoming the new normal. They are quick, convenient, and seamless. With a Bitcoin mPOS, you can enable frictionless transactions across all your offline touchpoints.

Mobile POS systems are smart, easy to set up, and very cost-effective. Sign up with a Bitcoin payment processor today to start accepting Bitcoin payments on the go through a mobile point-of-sale system.