Everything you Need to Know about SoftPOS and How You can Use it.

Paymob
June 18, 2021

Payment is an essential process in any business. In fact, you can’t say you’re running a trade if you’re not getting paid. So if you aren’t running a charity, then having a stress-free payment system for your customers should be a priority.

In earlier times, and even till now, your regular store owner had to calculate and ring up each customer’s order by hand. Don’t even get us started on those customers who insist on paying in ones. It was a frustrating and snail-paced process that could even cost you customers. 

Luckily, we’ve got tech. Now with only a POS card reader, you can speed up the payment process for your customers. Anytime. Anywhere.

This is called Mobile Point of Sale (mPOS). But that isn’t what we’re here for. We’ve got something better – drumroll, please – SoftPOS!

And in this article, we’re going to look at how this new upgrade on the mPOS can change the way small business owners like you do business.

First…

WHAT ARE MPOS AND SOFTPOS?

Like we said earlier, no pay…no gain. Faster payment processes equal shorter queues, which mean more customers and more time.

And with the evolution of POS technology, transactions just got way easier. 

Traditional POS required you to stay in your store and accept payments there. This wasn’t good for business, especially if yours needed you to move around. Then came the mPOS. With the mPOS, you only needed a mobile POS device with which you could use to accept card payments. 

This device has a printer for your receipts, but sometimes you’d need to get a portable printer. This meant more costs and more hardware to lug around. 

Also, you had to pay for the installation and servicing of your mobile POS terminal. And we haven’t added subscription fees – Yikes. 

The mPOS option was good, but for many people, it was too expensive an option.

Fortunately, it’s got an upgrade. SoftPOS.

What is SoftPOS?

SoftPOS is a much cheaper payment option for micro-business owners and side-hustlers all over the world.  

It uses Near Field Communication (NFC) technology on Android smartphones to effect contactless payment. Simply put, SoftPOS turns your regular android smartphone into a payment acceptance terminal. 

It certainly couldn’t get easier than this. Or could it?

Yep, it sure can. You don’t need any extra hardware or servicing: just your phone and any dedicated PayMob partner app.

It is an affordable way to manage your payment system and has a variety of benefits. 

Benefits of the SoftPOS Payment Acceptance System

Adopting SoftPos can have beneficial effects on individual business owners and whole countries alike. It is a revolutionary innovation that will surely increase the profits of small businesses and change lives on a global scale. Let’s get into that.

SoftPOS and Emerging Economies

Did you know that in 2020, Android held more than 95% of India’s mobile operating system market share?

That’s a massive number of people with android phones. Here’s another stat that’ll blow you away. There are more than 63 million micro, small and medium businesses in India. 

Now imagine a good number of these people using their phone to make paying for stuff easier, instead of operating on a cash-only basis and alienating digital transactions. Imagine how much revenue they’ll get yearly and how it’ll affect the economy and standard of life. It’ll bloom! 

The same can be said for other emerging economies like Mexico, Russia, Pakistan, Saudi Arabia, China, and Brazil. With an inexpensive android smartphone and an app, people could change their circumstances and afford to live a better life.

SoftPOS and the Gig Economy

COVID19 ushered in the era of freelancing and side-hustling. More people now run businesses or work paid contract jobs alongside their regular jobs. So yes, the gig economy is thriving and will only thrive more with the advent of contactless SoftPOS.

There’s no need for cash or even cards when everything can be done online. So it’s not only faster, but it’s also safer.

SoftPOS and FinTech Vendors

SoftPOS isn’t only for the little guys. The not-so-big guys get something out of it too. Companies offering financial services to industries, especially the transportation and hospitality industries, can benefit from the SoftPOS trend.

One, you could integrate it into your payment system and make receiving money a breeze. Or you could join the PayMob family, become a PayMob partner, and offer SoftPOS services to your clients.

That’s a whole new income stream right there.

What are you waiting for?! Jump on the easy train, streamline your payment process, and make more money. As simple as ABC. Don’t miss out on this.