Your quick guide to softPOS payments acceptance (Software Point-of-Sale definition)
Product News Tips / 08.12.2020
Let’s start with some numbers. Europe is home to 50 million merchants with 17 million POS terminals installed. This means that approximately 35 million micro and small merchants could benefit from soft POS solutions. Meanwhile, a Juniper Research study found in 2018 that in the next three years, mobile POS systems will be responsible for about one-quarter of POS transactions globally. This works out to about 87 billion transactions globally.
These statistics should be rather informative. On the one hand, there is a wide range of underserved merchants looking for affordable ways of accepting payments, while on the other, there is a growing trend towards mobile POS and contactless payments.
But what is softPOS payments acceptance and how can a small or micro merchant take advantage of it? Let’s take a look.
Table of Contents
What is softPOS?
Software Point-of-Sale, also known as softPOS, is a new technology that enables merchants to accept payments via their Android smartphones, tablets, or other devices. This technology is revolutionary because it eliminates the need for additional hardware such as card machines or physical POS devices.
Currently, only available for Android operating systems, softPOS helps merchants take payments from contactless cards, mobile wallets, and NFC wearables.
Benefits of softPOS for your business?
No hardware required – SoftPOS enables merchants to accept payments from two main methods: contactless cards or digital wallets on smartphones such as ApplePay, Android Pay, Google Pay. It requires no additional hardware such as POS terminals, cables or dongles. You can accept payments on a smartphone or another device. The crucial point is that it must have an NFC chip installed on it.
Bank and phone agnostic – SoftPOS usually doesn’t require operations with a particular acquirer or phone.
Various payment methods – SoftPOS solutions can also accept multiple payment methods. One of these methods includes QR code payments on a smartphone for in-person payments.
Additional value-added services – with features like the revamped Cash register mode in your myPOS Glass app, you can also manage inventory, add and sync products as well as take split payments, use multi-operator mode, tipping mode and more.
How does softPOS work?
Software Point-of-Sale technology bridges the past with the future – it utilises the existing card payment infrastructure developed over decades and brings it to the 21st century. It makes this infrastructure available on the mobile phone and other devices that have become an integral part of our life and even more than that – our life seems to revolve around the mobile.
In three simple steps, you can take payments on your Android smartphone by turning it into a card reader machine! Simply tap the card on the back of your phone, wait for the sound signal, and payment has been accepted.
- Step 1 Enter the purchase amount
- Step 2 Tap the client’s card on the back of your phone
- Step 3 Once payment is approved, funds are instantly deposited in your myPOS account
Who can use softPOS?
SoftPOS is perfectly suited for the micro and small merchant who is on the go. From delivery and courier services, independent professionals, freelancers, and food trucks, it’s ideal for any small business because you can carry your payment acceptance machine in your pocket – it’s in your smartphone!
The myPOS Glass app has been developed for merchants, business professionals, or companies who sign up for a merchant account with myPOS in order to continue trading and accept seamless payments.
myPOS supports sole traders, individuals who are self-employed, freelancers, private limited liability companies, public companies, partnerships (as well as the local European equivalents).
myPOS Glass – your Android phone is now a POS terminal
Harnessing the power of technology, we at myPOS are innovating the payments landscape with the latest addition to our payments acceptance solutions with myPOS Glass. An innovative, affordable and simple solution, payment acceptance has never been easier for merchants on the go – anytime, anywhere!
And the best part? Instant settlement of funds! With myPOS, there’s no waiting several business days for your funds to arrive in your account. Processing is instantaneous and you get your money immediately through your free Standard business card in your free online merchant account!
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