As businesses seek affordable payment solutions to accommodate a growing digital economy, many merchants are turning to SoftPOS. Despite this, there is still a lot of misunderstanding around who should use it and why. Here we cover the basics and help to smash some of the misconceptions that may hold merchants back from exploring it as an option.
Consumers increasingly prefer contactless and mobile options when paying in person. As a result many businesses are looking for low-cost alternatives to POS systems to help them accept more payments.
This is leading to a global rise in demand for SoftPOS (Software Point of Sale) also known as tap-to-phone solutions. The SoftPOS market is expected to grow at 19.5% from USD 293.6 million in 2023, to USD 349.6 million in 2024, reaching USD 1,457.1 million by 2032.
Turning smart devices into payment terminals
SoftPOS lets merchants accept payments using just a smartphone or tablet, turning their existing mobile device into a payment terminal.
It offers a flexible and efficient payment solution that meets the needs of diverse types of business. No extra hardware is needed, and customers can pay using credit or debit cards, mobile wallets, or contactless methods. The software is usually easy to download, is straightforward to set up and can be used anywhere.
Common misconceptions can hold merchants back
Despite its popularity, there are still many merchants who don’t fully understand the offering or are confused about how it can be deployed to help their business.
Here are 10 of the most common misconceptions about SoftPOS and how these compare with reality of using SoftPOS from Castles Technology.
| MYTH | REALITY |
| It’s only for small businesses | Our SoftPOS can be scaled up and used by any size of merchant. |
| It’s less secure than a traditional POS | Our solution is PCI MPoC certified and it offers the same encryption and tokenization features to keep customers secure and your business compliant. |
| It’s hard to implement | Castles Technology SoftPOS offers user-friendly interfaces and quick setup processes via an app. |
| It needs constant internet access | It offers offline capability with the ability to synch transactions later. |
| Fees are higher | Fees are often competitive and can even be lower than with traditional systems. |
| It only supports a few payment methods | There is often no restriction with card, mobile wallet, contactless and other APMs accepted. |
| It can’t handle high-volume use cases | Modern software can accept significant sales loads including seasonal peaks and sales spikes. |
| It is less reliable than hardware devices | While this depends on the smart device used, the actual software is just as robust and reliable as typical POS software. |
| It doesn’t offer the same support | Providers like Castles Technology offer extensive customer services and resources to ensure support 24/7. |
| It won’t integrate with existing systems | Many solutions will work seamlessly with other software and hardware. Our SoftPOS solution can also be incorporated into our CasHUB system to make it part of your entire estate and extended third party ecosystem. |
Get it right with Castles
At Castles Technology our acceptance solutions are designed to change your business and streamline your transactions.
Our SoftPOS solution is aimed at a diverse range of businesses, including retail, hospitality, and service industries, and is ideal for any merchant looking to modernize their payment acceptance processes.
Implementation is easy via our SoftPOS app, and all modern payment methods are accepted. In addition it provides a flexible mobile platform that can be tied to additional value-add services to increase revenues and improve customer retention.
Whether you’re considering SoftPOS, Android POS, unattended devices or a full POS estate, our experts can help you understand which option is best for your business – and how to get the best out of its capabilities.
Contact us to find out more https://www.castlestech.com/payment-solutions/softpos/
