Due to the rise of COVID-19 pandemic in 2020, contactless payments grew by 40%, making the global contactless payment terminals market valued at $13.23. billion.
SoftPOS solutions are redefining customer experience in today’s retail sector. There has been an increase in the acceptance of SoftPOS solutions due to their convenience and flexibility, making them a game-changer for small businesses and independent shop owners looking to take customer experience to the next level.
Small businesses and independent shop owners have long struggled to effectively manage Point of Sale (POS) systems, due to their high upfront cost and limited flexibility. However, with the introduction of advanced SoftPOS solutions, this problem has been well addressed by various industry players over the last few years. An increasing number of merchants are embracing new-age SoftPOS solutions, which not only offer high-tech features but also help them offer a compelling scan, check and go experience to their consumers.
What are SoftPOS solutions?
In a nutshell, SoftPOS solutions are next-generation payment processing solutions that can turn any NFC-enabled Android mobile device into a payment acceptance device. SoftPOS solutions enable contactless payments via mobile devices and are purpose-built, enabling merchants to accept card payments without having to invest in a traditional Point of Sale (POS) system. What’s more, they bring many other advantages as well: eliminating the need for additional hardware, instant integration with accounting software and inventory management systems, cutting down on errors while shopping, boosting sales conversion rates, etc.
SoftPOS and the importance of contactless payments
Carrying cash around in your pocket all day long, waiting in lines on the checkout counters, and being short on change, sounds relatable? This all might change very soon as the world continues to adopt SoftPOS solutions to enable contactless payments in traditional brick-and-mortar retail stores. According to a recent survey, 82% of consumers view contactless as the cleaner way to pay.
When it comes to managing business operations, cashless transactions are a boom. With more stringent tax regulations and compliance requirements coming into effect, in future, businesses will likely be required to handle digital payments rather than physical money. Due to the rise of COVID-19 pandemic in 2020, contactless payments grew by 40%, making the global contactless payment terminals market valued at $13.23 billion.
The adoption of contactless payments has continued to increase as an increasing number of businesses throughout the globe adopt SoftPOS solutions. Experts anticipate the global contactless payment terminals market to reach $51.07 billion by 2026.
Where SoftPOS-enabled contactless payments are convenient for the shoppers, they also offer a plethora of benefits to the businesses. Let’s explore some benefits of the modern SoftPOS payment solutions for businesses.
The benefits of SoftPOS for retail point of sale
Here are some of the ways SoftPOS retail solutions can help you make your business more efficient and enhance your customers’ shopping experience.
1. Turn your phone into a POS terminal, no additional hardware needed
One of the key advantages of SoftPOS software is that it allows merchants to turn their smartphones or tablets into POS terminals without having them spend on additional hardware. All you have to do is download an app and start using it on your device right away. You don’t have to worry about spending money on upgrades or repairs either.
2. Set it up easily
SoftPOS solutions are remarkably easy to set up. With most SoftPOS software, you can easily set up your own virtual POS terminal within minutes by simply downloading an app onto your smartphone or computer/laptop.
3. No paper receipts
Another key advantage of SoftPOS over physical POS terminals is that you don’t have to worry about printing out paper receipts for customers anymore. It’s one less thing you have to spend time doing and it saves you money too!
4. Real-time data syncing
As soon as a customer swipes a card through your SoftPOS terminal, its integrated payment gateway will automatically transfer information such as transaction amount and product details into your point of sale system.
5. Better security
Since traditional POS terminals store sensitive data on their hard drives or memory cards, hackers can easily access them if they get into contact with such devices. On the other hand, SoftPOS uses encrypted data transmission methods so even if someone manages to hack into it somehow, he won’t be able to steal anything useful from it.
6. Reduced labor costs
Most businesses rely heavily on manual labor for running day-to-day payment operations. However, SoftPOS-enabled contactless payments allows you to reduce the labor costs as the payments are made within minutes and as a small business owner with limited budget you do not have to hire a dedicated worker to handle your day-to-day transactions.You can check our Case Study: SoftPOS and mPOS
Launch your SoftPOS quick and seamless with Build38’s SoftPOS-ready Security Framework
A SoftPOS solution can help retail businesses integrate cutting-edge technology into their business to improve their customer experience significantly, thereby improving their brand image and encouraging customer loyalty.
Merchants can now offer a quick and seamless checkout experience using these advanced SoftPOS solutions such as mobile payments, digital receipts and integrated loyalty programs among others that are currently available in the market today.
The new age SoftPOS solutions can be a game-changer for small businesses and independent shop owners looking to take consumer experience to the next level but its security is fundamental.