A new, easier, smarter and more flexible payment solution for retailers
What is SoftPOS?
The innovative technology known as software point of sale, or SoftPoS, is revolutionising the payments industry. It allows customers and business owners to use their smartphones to take contactless payments from cards or near-field communication (NFC) wallets, while also recording financial PINs and further authentication as needed. By converting the phone into a payment terminal, SoftPoS eliminates the need for extra hardware. Simply download the software and transform any Android mobile smartphone or other devices with NFC capabilities into a payment acceptance device for businesses or individuals. Without making additional investments, small and medium-sized enterprises and merchants may take digital payments using SoftPoS on their cellphones.
Additional features and value-added services
SoftPoS has embraced the trend of adding more features to provide retailers more for their money. Due to the fact that SoftPoS runs on Android, it is simple to link with other business apps that let retailers manage accounts, keep track of credit and cash transactions, and build online catalogues.
Due to the low cost and practical advantages of SoftPOS technology, smaller retailers, particularly those in regions with a large percentage of contactless cards, can profit the most from these systems. SoftPOS is a simpler and more affordable method of accepting card payments for small businesses. There’s no need to spend money on specialised payment equipment when there are less expensive off-the-shelf options available. Payments are simple to accept and make when utilising SoftPOS systems because merchants and customers are likely already familiar with their devices.
Any new idea or technology only succeeds if it is user-friendly, frictionless, pleasing to the eye, and works in harmony with the surrounding environment. SoftPoS satisfies all of these criteria and produces considerable value for ecosystem stakeholders.
There are further advantages for the retailers as well, such as mobility, battery life, and a lower risk of losing the payment device. Additionally, there are fewer hardware-related problems. Traditional hardware has a number of drawbacks, including the necessity for individual device certification, key loading, shipping, and lengthy lead times if a device has to be replaced. If you use a SoftPOS system, all of these are eliminated.
SoftPOS makes it simple for retailers to activate and utilise their devices. To connect to their bank account, merchants merely need to acquire a suitable device or utilize one they already possess, download an app, carry out a know-your-customer procedure, and enrol with their merchant ID. The implementation of these solutions just takes a few minutes.
Quicker in-store transactions
SoftPOS solutions may be used for both major department shops and small companies like a market stalls or food trucks for in-store payments. Large businesses may quickly and affordably implement SoftPOS solutions, allowing them to better manage peak in-store traffic. To speed up payments and boost customer happiness, retailers can even provide salespeople with cellphones or tablets.
Some companies rely on mobile sales teams, while others frequently exhibit at trade exhibitions. These companies may equip their staff with SoftPOS as they no longer require bulky and expensive POS equipment, they can simply use a smartphone or tablet to process payments.
Consumers are already benefiting from digital-first experiences thanks to the emergence of digital cards in smartphone wallets, which allow them to utilize their preferred method of payment right away after signup. To expand the digital-first experience, SoftPOS technology has the ability to immediately enable merchants to start receiving payments on their mobile devices, at no expense, and with minimal technical know-how. By making contactless payment available to a vast number of companies, both large and small, this technology will impact the evolution of contactless payments. In the future payments will be more accessible, secure, and simpler, improving both the customer and merchant experience.