How SoftPOS can enhance large merchants’ customer journeys and experiences across all verticals
The very recent years have seen a lot of changes in the payments landscape that make SoftPOS an unavoidable solution today.
SoftPOS stands for Software Point Of Sale, a technology that transforms a smart device into a payment terminal. Any merchant can now accept contactless payments with any smartphone.
What makes this possible today? The first payment with a mobile phone happened 25 years ago and mobile phone payments still represent a very tiny portion of the total digital payments. However, accepting payments with a smartphone could become widely accepted in a very short time. Why? Well, SoftPOS is the result of multiple trends, combined:
- The inexorable ascent of the smart device usage,
- Android being largely adopted as the operating system at the POS,
- Requirements for merchants to remove friction at the check-out and enhance their payments proposition,
- Customers willing to avoid losing time when paying, and looking for recognition.
SoftPOS is an innovative way to answer all these trends and expectations. By reducing the total hardware volume requirements while increasing the number of payment terminals, adding extra and evolving functionalities, and linking payment flows to core business applications, it is, in theory, the perfect fit.
But is SoftPOS the ultimate solution? In other words, is there room for traditional payment terminals?
At Worldline, our experts in various verticals such as Grocery & Specialty Retail, QSR & Restaurants, Hospitality, Travel, Petrol & Energy, Transport, Parking… are all of one mind: SoftPOS is not only legitimate for large merchants, but also the stepping stone for new business opportunities. From queue busting to PED back-up via payment on delivery, or payment at table, the use cases are diverse.
But the traditional payment terminals have been designed to meet a long list of specific requirements that SoftPOS cannot meet… as of today.
Large merchants should probably consider balancing the pros and cons before taking one direction… or the other.