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Nearly one in six young adults in the UK now live their lives making no more than one cash payment per month, according to data from UK Finance. Merchants no longer have the choice about whether they can or should accept card payments anymore. Companies looking to go fully digital without hardware expenditure are making a shift to a SoftPoS solution.
For small businesses, the phos SoftPoS solution has three major benefits:
- No POS costs
- No addition device required
- No delayed settlement
SoftPoS = Free PoS
While traditional POS terminals vary in price, from high to low, one thing is consistent: They cost money.
The newer generation of mobile card readers may come with a significantly reduced price, but there is still a cost associated with them – both in time and money.
For larger businesses making a bulk purchase of mobile card readers, the capital expenditure adds up.
On top of this, mobile card readers can be flimsy, easy to break and need frequent replacement.
And this is why smaller businesses, buying “one-off” devices, end up purchasing more than just “one-off”.
With SoftPoS, there is now no need to be paying for payment devices.
By using a SoftPoS solution, merchants remove all of these expenditures. They can use an existing device – a mobile phone or tablet – download a free application and immediately start accepting card payments.
No ongoing fees
SoftPoS has no on-going support fees, no terminal rental fees, and no replacement charges.
Unlike mobile card readers, as everything is already on an existing device, there is no need to pay anything extra for the phos SoftPoS solution.
No need for an extra device
Separate payment devices come with an additional cost – but also an additional hassle.
It’s an extra device to remember and to carry around. While people take care of their mobile phones and tablets, the same doesn’t always apply to a mobile card reader.
Mobile card readers are small and light, which can be convenient – but also a hindrance.
By being small, they are easy to lose. Whether it’s in a work bag, in the car, or even slipping under a desk or at the back of a drawer, mobile card readers are easily misplaced.
By being light, they are easy to break. When dropped they can stop working, some models crack easily, with buttons getting stuck and screens getting jammed.
An extra device also has the added dependency on the Bluetooth connection to a mobile phone or tablet. Making the connection can take time and is unreliable. This connection is prone to any disruption and can drop at any point, sometimes even mid-transaction.
Instead, by using SoftPoS, no extra device is needed. Merchants can use an existing mobile phone or tablet, saving money and hassle.
The better way to take Customer Present transactions
While non-hardware solution such as Pay-By-Link may be useful in some scenarios, for customer present transactions, this isn’t always optimal.
Pay-By-Link involves sending a customer – either via email or text message - an external link to an online payment page.
Merchants need to check that the link has been sent and then wait for the payment to be made. If they leave the site, they need to trust that the customer will pay.
By using SoftPoS, businesses have the peace of mind that the payment has been taken there and then.
A better customer journey
Customers are looking for a quick and seamless solution. They don’t want to wait for a device to connect to a phone via Bluetooth. They don’t want to click on a link to follow steps and manually enter their card details via a small screen on their mobile phone.
These pain points can be easily removed with SoftPos.
Customers experience hassle-free payments with phos. Contactless cards, ApplePay and GooglePay are all accepted on the phos app. As is pin-on-glass for higher value transactions.
This means that customers can pay immediately and easily.
No software costs
The phos app is free for merchants, meaning that there are zero software costs. Businesses save money by removing these extra costs – but without compromising on technology.
The phos SoftPoS solution uses in-house state-of-the-art tech, approved and accredited by all the major card schemes and in-line with the latest compliance and regulatory requirements.
This is in addition to the immediate settlement. It sounds simple but with T+3 and T+5 settlement delays businesses, especially small businesses, face cash flow problems. With phos, businesses get paid, when they get paid.
And best of all, it’s free.