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What is mPOS and How can it benefit your business?

Mobile Point-of-sale systems are the future of commerce. Their portability, efficiency, and ease of use make them ideal for retailers and SMEs. The market size of Mobile Point-of-sale systems is estimated to exceed $55 billion by 2024, with over 35 million mPOS units across the globe.

The first-ever POS system was conceptualized in the early 2000s with the advent of cloud computing. However, the idea of accepting payments through mobile systems started gaining popularity in 2009. Since then, money has changed a lot of forms — from paper notes to credit cards and now virtual currencies.

With time, Point-of-sale systems have gotten smarter, too. Now you can accept virtual currencies like Bitcoin through mobile POS systems that can run on handheld devices.

If you want to enable Bitcoin payments at your offline touchpoints, this blog is for you. We will understand what a Bitcoin mobile POS is, how it works, and how you can start accepting Bitcoins through Speed’s POS app.

What is a Bitcoin mPOS (mobile point-of-sale)?

A Bitcoin mPOS is a cloud-based payment processing system enabling merchants to accept Bitcoins through mobile devices. It can be accessed from anywhere via the internet as the mPOS system is hosted over the cloud.

Merchants can convert their existing smartphone/tablet into a full-fledged Bitcoin mobile POS by downloading and installing an app on their devices. With a POS installed on your device, you can accept Bitcoins anywhere, anytime, in just a few taps. Let’s understand how it works.

How does an mPOS work?

An mPOS system can be accessed through an app on your smartphone. You can generate payment QRs with just a few taps. Your customers can scan the QR to complete their payments. The funds will be credited to your account in real-time. You can transfer the balance to your preferred Bitcoin wallet at any time.

Sign up today with Speed to experience lightning-fast Bitcoin payments.

How can mPOS help your business?

Mobile point-of-sale systems are one of the most convenient ways of accepting Bitcoins on the go. It’s built for businesses of every size and scale. Whether you run a supermarket or a restaurant, here are a few ways mPOS will help you deliver a better checkout experience:

• Break long queues

Long queues are boring. No one likes to wait. A popular study revealed that 86% of US consumers left a store due to long queues, costing businesses $38 billion in potential sales. That’s not all; over 90% of customers will avoid a store if they see long queues.

This is where mobile point-of-sale systems can help. Instead of waiting for your customers to checkout through the billing desk — you can proactively reach them wherever they are through mobile point-of-sale systems.

With an mPOS, you can allow customers to pay anywhere, anytime.

No need to install new checkout counters or pay for additional hardware units. You can simply install a mobile point-of-sale app on your smartphone or tablet to get started.

• Take orders on the go

If you run a restaurant, you can use mobile point-of-sale systems for taking orders and collecting payments at customers’ tables. Mobile POS systems not only improve customer service but also maximizes your efficiency.

Setting up a mobile POS is easy as it can be installed on any smartphone in just a few minutes. In addition to Speed POS, you can also use other apps like BevSpot, Avero, and Food Cost Calculator to track and manage your kitchen inventory and employees.

Managing everything from a single device will not only eliminate manual errors but also help you deliver a better customer experience.

• Streamline Accounting

Bookkeeping can be overwhelming with cash payments as you might have to keep many years of paper records intact for the federal government. Things get even trickier if you conduct a lot of transactions in a day.

With an mPOS, you can easily track all your transactions in one place. You can even automate your taxes through tax automation software like Koinly and Coin Tracking. Replacing cash payments with crypto transactions will not only help you organize your finances but also minimize bookkeeping expenses.

• Enable contactless payments

Post-COVID, contactless payments have become the new normal. They are no longer a luxury but have become a necessity. Almost 50% of payments were contactless in 2022. That’s not all. The average per-user contactless spend is expected to double by 2026.

Nowadays, most customers prefer contactless payments — primarily because they are fast, convenient, and seamless. With a Bitcoin mobile POS, you can enable contactless payments on your store quickly and easily.

Customers feel more comfortable and safe with contactless payments as they don’t have to touch any devices or leave their signatures on documents. To start accepting contactless crypto payments, sign up with Speed today.

• Improves in-store customer experience and boosts loyalty

Having a Bitcoin mobile point-of-sale system will make you stand out from competitors who don’t accept crypto payments. Moreover, a smart and intelligent point-of-sale system across your offline outlets looks much better than cumbersome cash registers.

With digitalization taking over, physical stores have started becoming experience centers where people come to immerse themselves in your ecosystem and be inspired by the brand. Messy cash registers can harm the aesthetics of your brand showroom. Instead, mPOS systems look modern and offer more convenience than traditional cash registers.

Introducing Speed mobile POS — lightning-fast Bitcoin payments on the go

Speed’s mobile Point-of-sale app is smart, intuitive, and easy to set up. Let’s look at a few features it offers out-of-the-box.

• Features

‣ Collect Bitcoin payments in real-time

With the Speed mPOS app, you can generate QRs for collecting Bitcoins from any of your smart devices in real-time. Simply add transaction details and display the QR. Your customers will be able to scan the code to complete their payments. They can pay via their preferred Bitcoin wallet through on-chain or lightning network.

‣ Cross-platform compatibility

Speed POS app is available for both Android and iOS — offering users the flexibility to accept payments from any device or medium. If you are using the web, you can access Speed through any compatible browser.

‣ Intuitive UI

Speed mPOS app is not only feature-rich but also easy to use. You can set it up in just a few taps. Giant corporations and businesses can implement Speed POS in less than an hour as it doesn’t require intensive training.

‣ Full transaction history

You can view all the payments you receive in the POS app. All the payments are instantly credited to your account, and you can transfer them to your preferred Bitcoin wallet at any time through Speed’s web app.

Access to additional Speed features

When you sign up with Speed, you can access all its features — from payment links to dynamic QR and everything in between. Let’s explore all the additional Speed features.

Checkout page — Speed offers a pre-built checkout page that you can use to collect payments from anywhere across the globe. With support for over 100 languages and 20+ currencies, checkout with Speed is seamless and intuitive — no matter where you live. The checkout page can be customized as per your preferences. You can add your logo and change brand colors and fonts to ensure it resonates with your business. Last but not least, the Speed checkout page is fully responsive and can adapt to the size of any screen it’s accessed from.

Payment links — With Speed, you can create and share payment links for collecting Bitcoins. Simply enter the amount and select your preferred currency to generate the links. You can capture multiple payments through a single payment link and can revoke/create them whenever you need. Payment links can be very helpful when you are running a crowdfunding campaign or collecting donations.

One QR — Speed’s One QR can be very handy if you run an offline store. It allows you to generate and print payment QR to accept Bitcoins either on your lightning or on-chain wallet. You can add your business name and logo and also set a custom success message that will be displayed once you receive the payment.

In addition to the above-mentioned ones, Speed offers a lot of useful features to help you collect Bitcoin payments on the go. To experience all the features, sign up today.

Why Speed mPOS?

Speed is by far the most versatile Bitcoin payment processor — offering a wide range of features and unmatched flexibility. Here’s what makes Speed mPOS stand out.

• No hardware needed

Speed POS app is available on the Google Play Store and Apple App Store. You can install it on your preferred devices with just a few taps. Thus, no external hardware is required to start accepting payments. It’s time to bid adieu to those expensive POS systems that may cost you anywhere from $3000 to $10,000 or more.

• Easy to setup

Setting up Speed POS is as easy as pie! Sign up for a Speed account and install the Speed POS mobile app on your smartphones/tablets to start accepting Bitcoin payments. Through the app, you can generate payment QRs that your customers can scan to complete their payments. You can also check all the payments from the transaction history in the app.

• Lowest transaction fees

The average credit card processing fee ranges between 1.5% and 3.5%. However, with Speed, you can start accepting Bitcoin payments for free until your total transaction volume reaches 0.5 BTC (approximately $13,000). Post that, you only pay 1% per transaction. There are no additional charges or platform fees whatsoever.

• Regular OTA updates

Unlike traditional point-of-sale systems, you don’t have to pay for upgrading the software of your POS device. Speed POS app will receive lifetime Over-The-Air (OTA) updates for free. With every update, we aim to enhance security, improve the app’s performance and add new payment features.

• Highly secure

Speed leverages cutting-edge technology and robust technical infrastructure to ensure your payments are as safe as they can be. All your data is encrypted with AES 256 algorithm — an impenetrable symmetric encryption algorithm based on a 256-bit key that turns plain text/data into cipher. Moreover, our team of cybersecurity experts constantly monitors the platform to combat any threats or vulnerabilities before they cause any harm.

• No KYC

An email is all you need to start accepting Bitcoins with Speed. No need to submit any of your personal data, like government IDs, for verification. Speed is a completely decentralized payment processor, and we want to keep it that way forever. This means we will never collect any sensitive information related to your personal identity.

• Instant payouts

All the payments you receive are instantly credited to your account. You can transfer the funds to your preferred Bitcoin wallet by initiating a payout request. Moreover, payouts can also be automated based on your preferences.

How much does it cost to implement Speed POS?

Speed is one of the most affordable Bitcoin payment processors offering a full suite of payment solutions at your fingertips. To get started, you need the Speed POS app and compatible hardware. Let’s understand the cost associated with each component.

• The Software: Speed POS App — Free

The Speed POS app for Android and iOS can be downloaded for free from Google Play Store and Apple App Store. Moreover, you can also access Speed’s web app through any browser for free!

• Hardware

You can run the Speed POS app on any existing Android or iOS device. However, if you don’t have a smartphone, you can buy one for as low as $155.

• Transaction fees - free until 0.5 BTC

You won’t be paying any fees until your total transaction volume reaches 0.5 BTC (approximately $13,000). Post that, 1% transaction fee will be applicable. This means for trading every $1000; you will pay only $10 as transaction fees. That’s even less than a coffee!

Mobile Bitcoin POS Use Cases

Mobile POS systems are one of the most convenient ways of collecting Bitcoin payments. Here are a few popular use cases of Bitcoin POS systems.

• Retail

Bitcoin mPOS will help you enhance your customer’s shopping experience and eliminate long checkout queues.

• Cannabis Industry

The federal government limits the US cannabis industry from using traditional payment methods like credit/debit cards — although several states have legalized the use of marijuana. While they can use cash — hoarding a large amount of money can make them vulnerable to violent robberies. However, with a Bitcoin POS, cannabis business owners can easily overcome the drawbacks of fiat money. They can use mobile point-of-sale systems to collect Bitcoin payments at their stores.

Learn how Speed is helping Cannabis businesses accept Bitcoin payments.

• Charity

Some of the leading NGOs across the globe have already started accepting crypto donations. That’s primarily because of crypto’s wide accessibility, lower transaction fees, and instant settlements. With a mobile POS system, you can start accepting crypto donations in just a few clicks.

Here are a few benefits of accepting crypto donations.

• Home delivery

Whether you are a home baker or offer one-on-one services to your clients — a mobile Bitcoin POS system can be handy in collecting crypto payments on the go.

Apart from the above-mentioned ones, many industries, including education, banking, travel and tourism, and entertainment, can leverage crypto payments to enable seamless payments across their offline touchpoints. Here’s a list of 10 industries embracing cryptocurrencies.

Get started today

With mobile payments becoming the new normal, now is the right time to embrace mPOS systems. They are efficient, easy to set up and cost less than traditional point-of-sale hardware. Moreover, crypto’s decentralized nature and instant cross-border payments make Bitcoin POS systems even more convenient than fiat money — not only for you but your customers, too!

Being one of the leading Bitcoin payment processors, Speed offers a wide range of payment features to meet your evolving needs. Sign up with Speed today to experience lightning-fast Bitcoin payments on the go.

Speed Team