Bring Your Own Device with SoftPOS

19th Mar 2024

For consumers, speed and convenience are paramount – and a fundamental way for business owners to deliver speed and convenience is to streamline the purchasing process. In the eyes of consumers, their mobile device is already a payment instrument thanks to peer-to-peer transfers, mobile wallets, and streamlined ecommerce.

Yet the potential of the mobile phone as a payment tool for business owners has only recently been untapped. Payment innovation is turning mobile phones into fully functioning point-of-sale devices, enabling secure contactless payment acceptance for a business without the need for additional hardware.

SoftPOS, or Software Point-of-Sale, is a new technology that transforms NFC-enabled smartphones into contactless payment terminals, eliminating the need for additional hardware like card readers or terminals. This innovation is particularly beneficial for small merchants and small businesses, as it lowers the barriers to accepting electronic payments.

Here’s a brief overview of SoftPOS and its impact:

What is SoftPOS? SoftPOS is a software-based solution that allows merchants to accept card payments directly on their mobile devices without any additional hardware. The payment can be initiated by a contactless credit card, debit card, or mobile wallet.

Advantages of SoftPOS:

Cost-effective: No need for expensive hardware.

Portable: Ideal for businesses like restaurants, taxis, and food trucks.

Flexible: Can provide flexible checkout points, such as curbside or in-aisle.

Scalable: Suitable for both small businesses and large retailers.

Security Standards: SoftPOS solutions adhere to security standards set by the Payment Card Industry (PCI), such as the Contactless Payments on COTS (CPoC) Program Guide and Security and Test Requirements documents.

Check out Clover SoftPoS: Clover POS - Commerce Technologies