By Brad Hyett, CEO at phos
Recent findings by UK Finance reveal the true extent to which payment technology has evolved in recent years, with a recent survey showing that an overwhelming 93% of card transactions in the UK are now contactless. This paints a clear picture; that a robust digital payment infrastructure is no longer a choice for businesses, but a requirement. But what happens when those familiar chip and pin devices malfunction?
Many will remember the disruption caused by tech outages earlier this year at major retailers like Tesco, Sainsbury’s, and McDonald’s. Limited payment options frustrated customers and even forced temporary closures. These incidents expose a critical vulnerability, and demonstrate that dependence on traditional payment systems can leave businesses exposed to significant financial losses. Downtime due to malfunctioning hardware translates to lost sales, and the reputational damage caused by these mishaps may never be recovered from.
This is where SoftPoS (Software Point of Sale) emerges as an impactful solution. It offers a simpler, faster, and more convenient way to accept payments using the NFC-enabled smartphones or tablets businesses already have. SoftPoS is not just shaping the future of payments; by providing a reliable backup solution for when hardware fails, it is carving out a niche for itself in the evolving payments landscape.
SoftPoS: more than just a backup plan
The recent IT disruptions that have taken place at prominent UK businesses serve as a stark reminder that existing systems are not invincible. Businesses now face a crucial decision as a result: invest in alternative payment methods to safeguard customer experiences and revenue, or stick with traditional solutions and risk the consequences of destructive tech failures.
While traditional point-of-sale systems have formed the basis of payment processing for decades, they too have their vulnerabilities. Security breaches involving compromised card data are a persistent concern, and skimming devices can be attached to card readers to steal sensitive information during transactions.
SoftPoS technology, by leveraging secure mobile device technology, berths the potential to mitigate these risks. Cloud-based security features and regular software updates can also further enhance the security of a business’s overall payment infrastructure.
SoftPoS solutions act as a fail-safe when the primary card machine malfunctions, whether due to technical problems, battery issues, or something beyond the immediate expertise of on-site employees. By having SoftPoS in place, businesses can prevent lost sales and maintain customer trust during outages.
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Streamlining maintenance costs with SoftPoS
While traditional payment systems offer a familiar experience, they often come saddled with expensive hardware and ongoing maintenance needs. These expenses can quickly add up, and malfunctions can lead to additional service call fees and lost sales due to downtime.
SoftPoS offers a refreshingly cost-effective alternative. Updates are delivered seamlessly online, minimising downtime and ensuring smooth operation in fast-paced environments. Additionally, SoftPoS eliminates the need for costly dedicated terminals, streamlining the payment process and slashing operational costs associated with payment processing and reconciliation.
For established businesses with multiple locations, implementing SoftPoS across their stores can unlock significant cost savings. By eliminating reliance on expensive point-of-sale hardware, SoftPoS frees up capital for other strategic investments and simplifies the management of their entire payment infrastructure.
Embracing flexibility as a mitigation strategy
Traditional payment systems are often rigid, struggling to adapt to the varied needs of modern businesses. This is where SoftPoS shines. Pop-up shops, service providers and even smaller retailers can leverage their existing smartphones and tablets, eliminating the burden of acquiring dedicated hardware. This flexibility, combined with its effortless setup process, makes SoftPoS a remarkably convenient and cost-effective solution for businesses of all sizes.
Looking towards the future, SoftPoS has the potential to disrupt the payments landscape. As consumer preferences undeniably shift towards contactless transactions and mobile wallets, SoftPoS is well-positioned to become a dominant payment method. Its inherent adaptability caters to a broad spectrum of businesses, from established retail giants to on-the-go operations and service providers.
Furthermore, seamless integration with loyalty programs and real-time sales data empowers businesses to optimise their operations and strengthen customer engagement. With the continuous evolution of mobile technology and the ever-growing demand for secure and convenient payments, SoftPoS is poised to be a central player in shaping the future of secure and adaptable payment solutions across all industries.
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