SoftPoS: The key to increased customer satisfaction and business growth

By Brad Hyett, CEO at phos by Ingenico

In today’s rapidly evolving fintech landscape, convenience has become more influential than ever. The widespread adoption of contactless payments worldwide has given rise to a game-changing phenomenon known as Software Point of Sale (SoftPoS), which plays a crucial role in enabling swift and effortless payments for consumers while offering numerous advantages to merchants.

At the core of SoftPoS technology is the capability to transform any NFC-enabled smartphone or tablet into a payment terminal. This innovation has sparked enthusiasm and curiosity within the fintech community, as it liberates merchants from the traditional approach of relying on expensive hardware like chip-and-pin machines for payment acceptance. This technology has broken down longstanding barriers that hindered small businesses from embracing digital payments for many years.

Enabling Merchants by Enhancing Customer Satisfaction

SoftPoS solutions are not only cost-effective, but they also enhance the customer experience by making payments seamless, fast, and easy. With an NFC-enabled smartphone or tablet, merchants can quickly and easily process payments 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 fast payments encourages repeat business and builds loyalty among customers. 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.

Maintaining a Competitive Edge in Innovation

As we peer into the future, the drive towards a fully contactless payment landscape is poised to grow exponentially. With smartphones and tablets effortlessly ingraining themselves into every facet of our daily lives, SoftPoS has emerged as the vehicle for ensuring a secure and efficient customer experience, all while meeting the rising desire for convenience and instant transactions.

Here are the top three reasons why the adoption of SoftPoS technology serves as the catalyst that merchants require to enhance their financial performance and remain at the forefront of innovation:

• • The failover option in fintech: The recent system outages on payment platforms Square and Cash App have shown that relying on a single provider could hinder small businesses as they could lose thousands in revenue in a very short amount of time. As such, SME owners should invest in a failover option and have multiple providers 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.

• An inclusive financial environment: The rapid growth of SoftPoS solutions is a sign of how innovative technology is disrupting the business landscape and creating a more streamlined, all-encompassing ecosystem. This accessible and affordable technology gives merchants with limited resources the ability to stay competitive and relevant in the ever-changing financial landscape. This is a valuable asset for small businesses.

• Achieving customer satisfaction through cost-effective means: Harnessing the capabilities of smartphones and tablets as payment terminals is a cost-effective and customer-friendly way to accept payments. This is essential in a world that is rapidly moving towards digital payments. Businesses that adopt SoftPoS early on will be well-positioned to lead the way in the future of payments.