Insight: How SoftPoS caters to convenience-driven consumers

Brad Hyett,
08 Apr 2024

The retail landscape is evolving at unprecedented speed, with convenience and seamlessness reigning supreme in the post-pandemic era.

While brick-and-mortar stores are experiencing a resurgence, consumers still crave the frictionless experience of online shopping. The slightest hiccup in the purchase journey can leave a bitter taste, making the payment terminal a critical differentiator for businesses.

Traditionally, expensive hardware has posed a significant barrier for merchants looking to adopt digital solutions. Enter software point of sale, or SoftPoS, the gamechanger that empowers merchants to leverage the NFC-enabled devices they have in their hands as secure payment terminals.

Picture every store employee being able to accept payments and schedule deliveries of out-of-stock items on their phone, eliminating lines and streamlining the checkout process for both customers and businesses.

But SoftPoS goes beyond transactional efficiency. It fosters a user-friendly environment that benefits everyone. Faster checkouts translate to higher sales, while reduced operational costs for businesses make SoftPoS a cost-effective investment for retailers of all sizes. In this dynamic market, agility is key, and SoftPoS empowers retailers to adapt and thrive.

Building customer loyalty and driving growth

The retail experience is undergoing a digital transformation, driven by AI and other innovative technologies. However, convenience often takes a backseat to personalised engagement.

SoftPoS bridges this gap by enabling the integration of loyalty programs with cost-effective payment methods, incentivising customers while boosting conversion rates.

Brad Hyett, chief executive officer of Phos

Let’s talk about practicality and efficiency. SoftPoS solutions offer a simpler, faster, and more convenient way to make payments using NFC-enabled smartphones or tablets. This is a gamechanger, transforming the point of sale from a mere transaction to an experience.

The cost savings associated with not having to invest in additional hardware are a lifeline for SMEs, freeing up resources that can be redirected to critical areas of their operations.

By offering consumers multiple payment options for their products and services, SMEs can maximise sales opportunities while providing a seamless experience for their customers. SoftPoS empowers businesses to expand their customer base significantly and retain them by offering flexible payment methods that cater to individual preferences.

Open Banking providers are further enriching the landscape with value-added features, making alternative payment methods even more appealing.

For large retailers, the point of payment is becoming increasingly sophisticated, incorporating biometric options, like facial recognition and palm scanning. As consumers’ comfort with these methods continues to grow, seen in how they now unlock their smartphones and gain access to banking apps with facial recognition, seamless and secure biometric payments are on the horizon.

Embracing a cashless future

When envisioning the cashless payment method of the future, you have to consider the continued convergence of online and in-store experiences that we continue to see across a variety of sectors.

SoftPoS, or ‘Tap to Pay’, is at the forefront of this evolution, offering businesses the means to create experiences that transcend conventional payment methods.

Cash usage is declining rapidly, driving the demand for cashless options. While some believe card transactions are costlier, SoftPoS reveals the hidden expenses of cash management, including handling and security measures. It offers a cost-effective alternative, simplifying logistics and contributing to a more secure ecosystem.

Consider the significant savings that retailers experience when they no longer have to invest in cash handling processes, security personnel, and theft insurance.

SoftPoS goes beyond mere operational streamlining; it actively contributes to a more efficient and secure payment ecosystem. This serves as a demonstration of how SoftPoS aligns with financial strategies, making card payments not only feasible but also distinctly advantageous.

SoftPoS: The gateway to the convenient customer experiences

SoftPoS is more than just an innovative new technology; it’s a gateway to personalised customer journeys, and success for retailers. Large retailers using SoftPoS are transforming interactions, driving growth, while securing a competitive edge for themselves in an increasingly dynamic market.

Integrating SoftPoS isn’t just a strategic consideration in this current climate; it’s a necessity for retailers that are committed to delivering exceptional payment experiences.

Beyond increased sales from enhanced mobility and payment points, SoftPoS offers substantial cost savings compared to traditional terminals. By embracing this revolutionary technology, retailers can position themselves as pioneers of efficient payment processes and digital transactions, shaping the future of retail.

Merchants who embrace SoftPoS are not merely adopting a technology; they’re future proofing their businesses. The world of payments is becoming increasingly contactless, and those who lead this transition will stay ahead of their competitors.

It’s a revolution that offers benefits for businesses of all sizes. Whether you’re a small business looking to streamline operations or a large retailer aiming to cut hidden costs, SoftPoS is the path to a secure, seamless, and, most importantly, profitable future.

Brad Hyett is chief executive officer of Phos