Utilising cashless payments for business growth with SoftPoS
By Brad Hyett, CEO of Phos by Ingenico
In an increasingly digitised world, cashless payments have surged, reshaping the financial landscape and forcing businesses to adapt quickly. The rapid rise of tech start-ups, particularly in the UK, has accelerated the development of new technologies, providing companies with an unprecedented range of solutions to improve efficiency. Amid this wave of innovation, one technology is proving to be a game-changer: Software Point of Sale (SoftPoS).
As competition intensifies, businesses that fail to keep pace with technological advancements run the risk of being left behind. Despite this, many companies continue to rely on outdated, hardware point-of-sale systems. Enter SoftPoS, a solution that not only modernises the way payments are processed but also opens up new avenues for growth by improving payment flexibility and providing a robust backup solution for uncertain economic times.
Empowering businesses with improved security
In the coming years, the momentum is expected to lean even more in favour of contactless payments. Smartphones are becoming an indispensable part of our lives, seamlessly integrating into our daily routines. SoftPoS provides a clear path to offering a secure and efficient customer experience, enabling businesses to cater to the preferences of the digitally-native generation.
Armed with any NFC-enabled smartphone or tablet, merchants can effortlessly complete transactions with a mere tap. With SoftPoS democratising the ability to accept contactless payments, customers can use their preferred way to pay at more places than ever – whether that’s a coffee shop, festival, or at a street food vendor.
Security stands as an unwavering cornerstone for both customers and merchants, particularly in the realm of digital transactions. Accreditations such as the PCI’s CPoC standard add an extra layer of reassurance for sellers facilitating contactless payments on everyday devices like smartphones and tablets. As merchants demand more streamlined payment methods, the imperative extends beyond convenience to encompass the sanctity of transactions. A softPoS solution must transcend efficiency, extending the promise of safe payments.
Adapt and thrive: flexible payments for a new era
The pace of payment innovation has never been faster. New payment methods, such as digital wallets, cryptocurrencies, and instant payment solutions like FedNow or SPEI, are emerging constantly. The traditional hardware-based point-of-sale systems often require costly upgrades to stay current with these new developments. In contrast, SoftPoS offers unparalleled flexibility, allowing businesses to seamlessly update their systems through software upgrades.
By integrating SoftPoS, merchants can easily adapt to new payment methods without the need for expensive hardware overhauls. Whether it’s supporting a local currency in an emerging market or embracing the latest real-time payment systems, businesses equipped with SoftPoS remain agile and ready for the future.
In this hyper-competitive environment, maintaining payment flexibility is crucial. The rise of mobile-first payments means customers expect fast, convenient, and secure transactions no matter where they are. SoftPoS ensures businesses can keep up with this expectation, whether it’s in-store, at pop-up shops, or at large-scale events like festivals.
A scalable solution for volatile times
Global economic conditions are increasingly unpredictable, marked by market fluctuations, inflation, and geopolitical tensions. In such a climate, businesses are under pressure to operate more cost-effectively without sacrificing growth. SoftPoS provides a scalable and resilient solution that empowers businesses to maintain operations even during turbulent times.
For small businesses and start-ups, investing in expensive payment hardware can be a significant burden. SoftPoS eliminates this obstacle by turning existing smartphones or tablets into payment terminals, drastically reducing the upfront costs. This enables businesses to scale their operations more freely while maintaining the flexibility to adjust to changing market conditions.
Moreover, the low-cost nature of SoftPoS offers an invaluable safety net for businesses that need to pivot quickly in response to economic shifts. With minimal investment, companies can adopt SoftPoS as part of their broader strategy to navigate downturns while remaining competitive.
Innovating payments for a competitive edge
As cashless payments become the norm, SoftPoS is emerging as more than just a payment tool—it is a critical enabler of business success. By offering flexible and secure payment options, and providing a cost-effective solution in times of economic uncertainty, SoftPoS helps businesses stay competitive, future-proof their operations, and deliver superior customer experiences.
In a world where customer expectations are evolving rapidly and technological advancements are reshaping industries, SoftPoS is not just a temporary trend but an essential part of the future of commerce. Those businesses that embrace it now are positioning themselves at the forefront of the digital payment revolution.
As the financial landscape continues to evolve, it’s clear that SoftPoS is playing a pivotal role in reshaping the way businesses interact with customers, process payments, and sustain growth. In this era of digital transformation, staying ahead of the curve isn’t just an option—it’s a necessity. SoftPoS is the bridge to that future, offering businesses the tools they need to thrive in the cashless economy.
IBSi News

February 07, 2025
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