In the ever-evolving landscape of the business world, innovation is the key to staying competitive. Today, one of the most significant innovations driving change is the Software Point of Sale (SoftPoS) revolution, which can unlock new horizons for both small and large businesses.Written by By Brad Hyett (pcitured), CEO at phos
Traditionally, merchants were required to invest in expensive hardware (chip and pin machines), creating a barrier for small businesses looking to embrace digital payments. But SoftPoS offers an ingenious method for merchants to leverage the devices already in their hands and provides an array of benefits that resonate through every aspect of their operations.
Whether you operate as a retailer, run a hospitality venue, or exhibit at festivals, SoftPoS can effortlessly become a part of how you run your business. For instance, in retail, SoftPoS enables swift expansion of payment terminals to shorten wait times at checkout. In restaurants, waiters can offer contactless payment options using the same device used for order-taking. The potential applications are numerous.
The value of consumer behaviour
To thrive in today’s market, businesses must grasp the importance of understanding consumer behaviour. This knowledge is invaluable, as it empowers businesses to make informed decisions that can be the difference between success and stagnation. By leveraging data analytics and reporting tools, SoftPoS solutions provide insights into consumer behaviour that can be a game-changer for businesses, enabling them to tailor their offerings, and create personalised experiences.
SoftPoS technology enables merchants to capture a wealth of data on consumer purchasing patterns. By analysing it, companies can gain deep insights into what drives their customers’ choices. For instance, they can identify peak purchasing times, preferred payment methods, and even specific product preferences. Armed with this knowledge, businesses can tailor their product offerings, streamline their operations, and enhance their overall customer experience.
The benefits of embracing SoftPoS
And the advantages of embracing SoftPoS technology extend far beyond understanding consumer behaviour. This innovative payment solution simplifies, speeds up, and makes payments more practical via NFC-enabled smartphones or tablets, resulting in:
- Increased sales and repeat business: SoftPoS technology enables seamless and efficient payments, reducing delays in the checkout process. This frictionless experience encourages consumers to complete their purchases, ultimately leading to increased sales. Moreover, a satisfied customer is more likely to return, contributing to higher customer retention rates. Consider a small café that adopts SoftPoS technology. By offering quick and convenient payment options, they could see a surge in sales during peak hours, as customers make swift transactions, resulting in shorter lines.
- Cost reduction: Traditional point-of-sale systems come with significant hardware and maintenance costs. SoftPoS eliminates the need for expensive terminals, reducing upfront capital expenditure. Moreover, the streamlined payment process reduces operational costs related to payment processing and reconciliation. For example, large retail chains can significantly reduce costs by implementing SoftPoS solutions across their numerous locations, eliminating the need for costly POS hardware at each store.
- Improved customer experience: In an age where convenience reigns supreme, SoftPoS technology aligns perfectly with consumer expectations. It isn’t just small and medium merchants that can use SoftPoS to enhance their digital payment networks. SoftPoS can also be used as an accompanying solution, for example, if a standard POS terminal fails, the SoftPoS solution can be used while waiting for a replacement. It offers a more convenient and contactless payment experience, enhancing overall customer satisfaction.
The future of SoftPoS
The SoftPoS revolution is not just a passing trend; it’s here to stay and poised for further growth. In 2022, Apple entered the contactless payments sector with the launch of Tap to Pay on iPhone. This advancement enables businesses to accept contactless payments through a simple tap to their iPhone — no additional hardware or payment terminal needed. Merchants can now receive payments not only from customers’ iPhones and iWatches but also from various bank cards and digital wallets, offering a seamless and secure payment experience.
Apple’s well-known dedication to user-friendly design ensures that merchants can effortlessly complete transactions with a simple tap from their customers, but its impact extends beyond the iPhone itself. Apple’s move into the payment space will significantly increase the far-reaching popularity and adoption of SoftPoS globally.
Merchants which adopt SoftPoS technology are positioning themselves ahead of their competitors. As the world of payments becomes progressively more contactless, those who can provide seamless, secure, and convenient payment experiences will undoubtedly have an edge. By doing so, businesses can unlock a world of new opportunities and remain at the forefront of innovation in their respective industries.
