The world is rapidly transitioning into a cashless society...
...and a key technology at the forefront of this development is 'Tap to Pay' contactless payment.
Simply explained, 'Tap to Pay' entails tapping a payment card on a compatible terminal or mobile device to carry out a transaction, which eliminates the hassle of swiping or inserting the card into a reader.
This revolutionary technology is also called 'Tap on Phone' and is a major feature of 'SoftPOS'. SoftPOS involves transforming a smartphone into a payment terminal that can accept contactless card payments via Tap to Pay on iPhone or Android.
Tap to Pay is powered by near-field communication (NFC) used with specialized apps that enable you to receive payments directly on your NFC-enabled smartphone.
Several providers now offer 'tap on phone' apps, and this is rapidly becoming a standard way of carrying out payments due to its simplicity and accessibility.
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Mobile Point of Sale (mPOS) systems are revolutionising the way businesses handle transactions, offering flexibility and convenience by turning smartphones and tablets into fully functional sales terminals. This technology is useful to anyone who regularly accepts or processes payments, so read along if that sounds like you. But first, what does a POS system do?
Put simply, POS stands for Point of Sale. A POS system is the hardware and software that allows businesses to manage sales transactions and accept various payment methods. It has a credit card reader to accept payments so both businesses and customers can go through the checkout process efficiently when making purchases in store. POS systems come in all shapes and sizes, so in this blog we'll explain all there is to know about mobile point-of-sale (mPOS) systems to help you streamline your payment process.
SoftPOS is required to accept Tap to Pay with your phone
SoftPOS is a mobile software solution turning smartphones and tablets into payment terminals without the need for hardware add-ons. Also known as a mobile point-of-sale (POS) system, this innovative technology allows you to accept Tap to Pay transactions with a mobile phone.
With this digital payment solution, any NFC-enabled phone or tablet can be quickly transformed into a financial transaction hub.
SoftPOS uses Near Field Communication (NFC) to process contactless transactions. It does so by enabling Tap to Pay features, accepting payments from contactless credit and debit cards, or digital wallets such as Apple Pay or Google Pay.
Essentially, with SoftPOS, businesses can accept contactless payments directly to their mobile device, making it perfect for pop-up shops, contractors, or any business that operates on the go and wants to avoid paying monthly rental fees and costly hardware.
To have a SoftPOS system in play, businesses simply need to download the applicable mobile POS app, sign up with the app provider, and ensure they have a steady internet connection. Once this is done, the mobile device can start accepting and processing transactions from anywhere at any time.
The flexibility of SoftPOS is its highlight. Businesses can now process payments without bulky physical POS terminals, meaning transactions can be conducted at any location, thereby catering to an increasingly cashless consumer base. Moreover, it is a cost-effective solution in comparison to traditional countertop POS systems, and its real-time transaction and inventory tracking features make it an all-around asset for modern businesses.
So, SoftPOS technology streamlines the payment process, equips businesses with a competitive edge in today’s growing digital payment sphere, and offers a high-functioning and convenient charge solution to consumers.
What are the benefits of using a phone to accept Tap to Pay?
Using a mobile phone to accept tap to pay transactions provides substantial benefits, particularly for small businesses and freelancers. The chief advantage is convenience; a mobile POS system can transform a smartphone or tablet into a full-fledged payment terminal, enabling businesses to accept contactless payments with credit and debit cards, as well as digital wallets like Apple Pay or Google Pay.
This feature allows businesses to conduct transactions anytime and anywhere, eliminating geographical limitations ordinarily attached to traditional point-of-sale systems. For outdoor events, pop-up shops, freelance services, or mobile businesses, this means being able to accept instant card or mobile wallet payments from customers on the spot.
Beyond convenience and mobility, using a phone to accept Tap to Pay also offers operational advantages. Mobile POS solutions often come integrated with inventory management features, helping businesses in real-time tracking and updating of stocks. It also aids in recording and analyzing sales data, essential for strategic decision-making.
On the cost front, using a smartphone-based POS system can usher in significant savings. It eliminates the need for expensive traditional POS hardware, shrinking operational costs, and its fees are generally limited to a per transaction basis rather than a fixed monthly subscription or set up fee.
In the current consumer landscape, where customers veer towards quick and easy cashless transactions, businesses that adopt a phone-based Tap to Pay system are better positioned to meet these expectations and stay competitive. Thus, equipping a mobile phone with a POS system is not just about accepting payments; it’s about enhancing overall business operations.
How to set up your phone to accept Tap to Pay transactions
Setting up your phone to accept Tap to Pay transactions is a straightforward process that starts with choosing the optimal mobile POS software for your particular business needs that includes a Tap to Pay functionality and NFC capability. Once you've identified and downloaded the right SoftPOS application from your respective app store, you can then install it onto your smartphone or tablet.
The next step involves setting up an account with your chosen POS platform. This would typically require you providing basic information about your business and agreeing to the provider's terms and conditions. Depending on the type of operations you wish to conduct via the platform, you may also need to select a plan that aligns with your business's scale.
Modern SoftPOS systems leverage Near Field Communication (NFC) technology built into your device to process tap and pay transactions. This means there's no need for external card readers or additional hardware as earlier generations of mobile POS apps required. The system uses the existing NFC capability in your device, turning your phone or tablet into a portable POS terminal.
Once your account is set up and the SoftPOS application is running on your device, you're ready to accept Tap to Pay transactions. And remember, you're not just limited to plastic cards; the system can also accept digital wallet payments from the likes of Apple Pay or Google Pay.
In essence, your mobile device becomes more than just a cash register or credit card machine. It is an all-in-one business management tool that can accept payments, track inventory, analyze sales data, and even gather customer information for loyalty programs and marketing initiatives.
What are the Advantages of a Mobile POS System?
Here’s some key advantages of a mobile POS system. For more points, read our article on the 7 key benefits of mPOS devices.
- Mobility and Flexibility: Unlike traditional countertop POS systems, an mPOS system is portable, allowing businesses to move the terminal to wherever the customer is, enhancing the customer experience by reducing wait times and enabling more personalised interactions.
- Ideal for Businesses without Permanent Locations: The portability of mobile POS systems makes them perfect for pop-up shops, food trucks, and vendors at fairs or markets. Even service-based businesses like home repair or cleaning services can process transactions on-site without the need for complex setups
- Supports Multiple Payment Methods: Mobile POS devices can handle various payment options, such as contactless credit or debit cards, mobile wallets like Apple Pay and Google Pay, and even QR code payments, providing customers with better service and convenience.
- Industry-Specific Features: Some mPOS solutions are tailored to the needs of the food and beverage industry, allowing orders to be sent directly from servers to kitchens or enabling customers to place their own orders at the table.
- Lower Investment Costs: Compared to full-size POS terminals, mPOS systems require a lower initial investment, making them an affordable option for small businesses with limited budgets looking to quickly start taking payments.
- Enhanced Security: Mobile POS systems are designed with secure payment processing in mind. They handle the entire transaction within the mPOS terminal, ensuring no sensitive data is stored elsewhere, which enhances security and reduces risks for small businesses.
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