With cash usage falling drastically, contactless payments at its all-time high and the growth in the gig economy post-pandemic, the demand for a card-present payments solution has grown rapidly. Where previously, traditional card terminals have been the answer, eliminating the dependency on these terminals will broaden access to in-person payments and help to support an evolving payments landscape.
Furthermore, and perhaps most importantly, for merchants who are already used to the operating system and user interfaces on their phones, using SoftPOS will be significantly easier than a card machine. This will mean merchants are better equipped to deal with technical issues, as well as not being required to manage multiple devices.
Merchants are under constant pressure with the rising cost of utilities, fuel and raw materials. SoftPOS removes the need for a merchant to pay high card terminal rental fees and high acquiring fees, as most low-cost mPOS providers offset the cost of the hardware by increasing the acquiring fees, which ends up being more expensive in the long run,
As well as helping to bring costs down, SoftPOS could also open up new possibilities for merchants thanks to the relative abundance of compatible devices. For example, a restaurant might have 6 members of staff serving tables, and just 2 point of sale machines. If each server is able to use their phone as a terminal, wait times could be significantly reduced. This additional capability would help businesses get through busy peaks and drive sales by queue busting.