SoftPOS: The Game Changer for Contactless Payments

In the dynamic landscape of technological progress, the payment industry is experiencing a transformation propelled by both COVID restrictions and the pursuit of convenience. In this wave of innovations, Softpos emerges as a revolutionary force. Recognised by various names like "Tap on Mobile" and "Tap to Pay," Softpos is recent yet swiftly advancing development, signalling a promising trajectory for nations to tap into the future.

What is SoftPos?

In the past, transactions that required the physical presence of a payment card were only possible through secure payment devices that adhered to the PCI security standards. However, there is a new technology called SoftPOS that uses software on devices to turn them into adaptable payment terminal systems. Unlike the previous hardware-centric methods, SoftPOS provides a wireless alternative to traditional POS + payment terminal systems. This innovative technology allows merchants to easily accept contactless payments using a smartphone or tablet equipped with a SoftPOS app. As we move towards the next phase of digital payments, SoftPOS takes the lead in providing a preview of the future of seamless and efficient transactions.

Evolution of PCI standards

To cater to the widespread market, the PCI Security Standards Council delivered its innovative MPoC (Mobile Payments on Commercial Off-The-Shelf) standards. MPoC consolidates two established PCI standards: Software-based PIN Entry on COTS (SPoC) and Contactless Payments on COTS (CPoC). Recognised as the inaugural scalable foundation for this technology, the MPoC standards signify a crucial milestone in the progression of SoftPos.

	SPoC	CPoC	MPoC
Card read by phone	NO	YES	YES
PIN entry on phone	YES	NO	YES
Limited to contactless		YES	NO
Functionality/ constraints	Requires a separate card reader	Not PIN enabled and limited to contactless spend limits	Fully contained software with PIN ready on device

SoftPos Offers Business Advantages

1. Mobility for Diverse Industries: Traditional payment systems may falter in scenarios with staffing constraints, leading to customer dissatisfaction and potential sales losses. SoftPOS solutions empower staff across various industries, from micro to large enterprises. Examples include pay-at-the-table in hospitality, retail queue busting, charity collections, transport payments, and tradespeople transactions. SoftPos facilitates a customer-centric shopping journey with swift and efficient service.

2. Cross-Sell and Upsell Boost: Micro, SMEs, and larger enterprises are embracing SoftPos to enhance their sales processes. By providing tools to their salesforce, larger enterprises streamline the customer experience, enabling salespersons to close deals and process payments on the spot. This eliminates the need to redirect customers elsewhere for payment, resulting in elevated customer interactions, increased satisfaction, and improved sales.

3. Cost Savings with SoftPos: SoftPos brings substantial cost savings by eliminating the need for expensive physical hardware like card readers and payment terminals. This cost-effective technology is especially beneficial for small businesses and emerging merchants, aligning seamlessly with budget considerations. Even larger enterprises can leverage SoftPos to equip their sales teams rapidly and cost-effectively.

4. Embedded Payments for the Future: SoftPos is evolving with new possibilities that are set to reshape payment methods. Anticipated in the next 18 months is the acceptance of stablecoin payments across SoftPos solutions, ushering in a new era for digital payments. Existing apps will also integrate SoftPos technology, offering customers a seamless "Tap in App" experience. Businesses can expand their app offerings for customers to accept payments, opening avenues for innovation in both hardware and software.

5. Custom Solutions for Unique Experiences: In today's competitive landscape, differentiation is paramount, and customer experience takes precedence. SoftPos solutions empower businesses to create tailored experiences that resonate personally with customers, fostering deeper connections and simplifying the payment process. Unlike generic hardware from payment providers, businesses can opt for white-label solutions, allowing customization tailored to specific industries. This approach capitalizes on nuances often overlooked by traditional one-size-fits-all methods.

SoftPos emerges as a transformative force in the payment industry, offering a multitude of benefits that redefine the way businesses operate. From enhancing mobility and streamlining operations across diverse industries to facilitating cross-selling and upselling opportunities, SoftPos empowers enterprises of all sizes. The significant cost savings, coupled with the anticipation of stablecoin payments and embedded solutions, position SoftPos at the forefront of digital payment innovation. Moreover, its ability to provide custom solutions underscores its pivotal role in delivering unique and personalized customer experiences. As the payments landscape evolves, SoftPos stands as a versatile and indispensable tool, driving efficiency, customer satisfaction, and sustained business growth.

To check out what trends are driving SoftPos, check them out on our LinkedIn page here