What Is Exactly SOFTPOS? : Explained

Payment experiences are extremely crucial. The presence of friction in the payment processes leads to increased frustration and a decrease in confidence and may even result in the loss of customers. A recent poll conducted by PWC found that one in every three customers is willing to abandon a brand they have a strong affinity for if they have even a single negative interaction with the company.

Customers have an increased expectation that the checkout process will be straightforward and quick. They anticipate being able to make payments using mobile devices and contactless technologies that satisfy their desire for expediency without compromising their sense of safety. The corporate retail organizations that use softPOS technology are better able to fulfill and surpass these objectives.

What precisely is a soft post?

A softPOS, also known as software point-of-sale, is a cutting-edge system that makes use of near-field communication (NFC) technologies to achieve the beginning of transactions between customers and business owners. It enables business owners to use their own mobile devices, such as tablets or smartphones, as point-of-sale terminals, hence eliminating the need for further investments like those required by its predecessors. This technique is particularly groundbreaking since it totally eliminates the need to handle additional hardware, including a card machine or physical POS equipment. In other words, it does away with the requirement for POS devices altogether.

Traditional point of sale (POS) terminals offer a level of security that cannot be compared to that offered by SoftPOS systems because the latter run on a wide variety of smartphone models, each of which has unique hardware and software at its core. Smartphones are indeed a common target for hackers and should not be considered “trusted,” in contrast to previous hardware-based payment terminals, which were regarded as a “trusted” platform.

Advantages for retail establishments

SoftPOS systems make it possible for retailers to accept cashless transactions in an efficient and uncomplicated manner, thereby fostering digitalization, expanding access to financial services, and improving their offerings to customers.

By employing any smartphone that is compatible with the SoftPOS software that they really have, retailers can eliminate the costs of purchasing and managing expensive equipment as well as other essential infrastructure. All they need to do is download a SoftPOS app and begin to accept payments. SoftPOS is a game-changer for retailers who have traditionally only accepted cash payments due to the hassles and expenses of setting up conventional POS terminals because of the ease with which it can be deployed and the low cost at which it can be purchased.

No hardware

You won’t even need hardware except for your own phone if you choose a SoftPOS system instead. Installing a SoftPOS app on a mobile device, such as a smartphone or tablet, can serve as an alternative to connecting a POS terminal to a traditional desktop computer. Additionally, a SoftPOS app will perform the same functions as any conventional point-of-sale system, including the acceptance of all payment methods that are typically accepted by POS terminals (such as credit/debit cards, contactless payments, wallets, and so on). When compared to mPOS (mobile POS), which stands for point-of-sale systems that are portable, SoftPOS represents the subsequent evolutionary step.

Helps to reduce financial costs.

The SoftPOS solution results in cost reductions. Installing the mobile POS application and taking payments both require a single piece of hardware or device; however, SoftPOS only requires one of them. A Bring Your Own Device (BYOD) model can be implemented by merchants, or alternatively, enterprise mobile devices can be used to process payments at the point of sale (POS).

Conclusion

We are unable to predict with absolute certainty what the economic climate will be like in the world after the coronavirus has taken hold. However, we do have some hints. As city centers become less populated with employees, businesses will become even more mobile. Additionally, more people are going to start working for themselves, either by choice or out of necessity. These individuals will require a method that is both simple and quick through which they can sell their goods and services.

It is difficult to conceive of a situation in which the SoftPOS technology does not become prevalent on our planet.