By: Brad Hyett, CEO at phos by Ingenico
Amid the dynamic shifts that have come to define today’s fintech landscape, convenience holds more sway than ever before. Driven by the global surge in adoption of contactless payments in recent years, Software Point of Sale (SoftPoS) has emerged as a transformative phenomenon, taking on a pivotal role for consumers looking to make quick and easy payments, while providing a vast array of benefits to merchants.
At the very heart of SoftPoS technology lies the ability to turn any NFC-enabled smartphone or tablet into a payment terminal. This innovation has sent ripples of excitement and intrigue through the fintech community: by allowing merchants to stray from the traditional method of accepting payments through costly hardware like chip-and-pin machines. The technology has removed barriers that for many years have stood in the way of small businesses looking to adopt digital payments.
With the recent system outages on payment platforms Square and Cash App, which have cost small-business owners thousands in lost revenue, businesses might be looking at additional ways to process payments. In its very essence, SoftPoS solutions allow both merchants and consumers to harness the full potential of the devices they already use in all aspects of their daily lives.
Empowering merchants through customer satisfaction
The appeal of SoftPoS solutions goes well beyond their cost-effective nature. It revolves around enhancing the customer experience by making payments seamless, rapid, and trouble-free. Armed with an NFC-enabled smartphone or tablet, merchants can effortlessly finalise transactions with a simple tap.
Through SoftPoS, the ability to accept contactless payments becomes accessible to a broader range of merchants, enabling customers to conveniently use their preferred payment method in more locations than ever before. This streamlines payment experiences, making them convenient, concise, and straightforward. The era of struggling to find the right amount of cash or swiping cards is fading away, being replaced by a smooth payment process that aligns with the fast-paced essence of modern life.
Yet, this transformation isn’t unidirectional. The benefits of SoftPoS have a positive impact on merchant operations as well. The simplified checkout procedure increases the chances of completing sales, and when combined with swift transactions, it leads to shorter lines, happier customers, and a higher number of sales within the same timeframe. SoftPoS solutions grant businesses greater mobility, enabling them to provide a more personalised customer service and expedited checkout experience. The outcome is amplified revenue and a strengthened financial standing.
The convenience of rapid transactions stimulates repeat business, nurturing loyalty among efficiency-minded consumers. In a competitive business landscape, retaining customers is of utmost importance. With the increasing prevalence of contactless payments, enterprises cannot afford to lag behind. The appeal of SoftPoS extends beyond its present advantages. It serves as an investment that prepares businesses for the future, positioning them at the forefront of the payment technology revolution.
Staying ahead of the innovation curve
As we look ahead, the momentum towards a completely contactless future of payments is set to increase exponentially. With smartphones and tablets seamlessly integrating themselves into every aspect of our daily routines, SoftPoS has emerged as the conduit for a secure and streamlined customer experience while addressing the growing demand for convenient and immediate experiences.
Here are the top three reasons as to why SoftPoS implementation is the boost that merchants need to bolster their bottom line and stay ahead of the innovation curve:
- Enhanced security: As the demand for seamless payment methods intensifies amongst merchants, the imperative expands far beyond convenience to encompass the integrity and security of each transaction. Accreditations such as the PCI’s CPoC standard add an extra layer of reassurance for customers and sellers that facilitate contactless payments.
- Inclusive financial ecosystem: The meteoric rise of SoftPoS solutions serves as a testament to the disruptive nature of innovative technology in how it is reshaping the business landscape. It signals the dawn of a more streamlined, all-encompassing ecosystem. This accessible and cost-effective technology empowers merchants with modest resources to remain competitive and relevant in the evolving financial landscape – an invaluable boon for small-scale vendors.
- Customer satisfaction through a cost-effective method: Harnessing the capabilities of smartphones and tablets as payment terminals wields a twofold advantage; a potent combination of cost-effectiveness and elevated customer satisfaction. In a realm hurtling towards the complete digitalisation of payments, SoftPoS is an absolute necessity. Businesses that have been quick to embrace its potential in its early days have positioned themselves to lead the way in the future of payments.
