According to a new white paper from RS2, soft POS solutions installed on mobile phones, tablets and bespoke devices are more flexible and powerful than traditional POS hardware devices – as well as being cheaper to use and delivering what consumers want from the in-store payments experience.
For these reasons, RS2 see them as the future of in-store acquiring anywhere in the world, with a market that’s set to grow to $27.7 billion by 2030[1], around half the projected total POS solution market at the end of the decade.
Next-generation acquiring: why soft POS solutions are taking over, examines the challenges merchants face in meeting consumer expectations for fast and simple in-store checkout.
Whereas consumers no longer want to wait in queues and expect to be able to pay how they like, existing point of sale (POS) hardware can be difficult to upgrade for new payment types, with older terminals either not capable of accepting some payment types or requiring manual software updates to upgrade both their capability and compliance with regulatory requirements.
By contrast, soft POS solutions are easy to download and install and can be updated with new functions over the air and, in the case of regulatory requirements, in the background.
The white paper also explains how soft POS solutions can be easily integrated with modern all-in-one payment systems such as cloud-based Electronic Cash Registers (ECRs).
This means data from transactions can interface with a merchant’s inventory and accounts receivable functions to make sure goods are always available, ordering replacement items as stock is sold. This data can also be used to identify product development opportunities, marketing, sales promotion, and other functions.
From an acquirer perspective, RS2 outline how soft POS solutions reduce investment in terminal shipping, handling, packaging and printed manuals to zero, while the cost of field staff can be cut since manual updates are no longer required.
Finally, because merchant registration and verification are simple online processes that typically take just minutes with soft POS, acquirers can penetrate new markets or build market share rapidly.
Consumers appreciate soft POS solutions since they enable payment from anywhere in store, whether at a restaurant table or a supermarket counter.
Furthermore, soft POS enables consumers registered with retailers to combine loyalty schemes and delivery options with payment, creating a smoother, faster payment experience.
As the world economy goes digital, merchants are looking for more capable in-store acquiring systems that replicate the speed and convenience of online shopping.
With fast sign-up and verification, plus real-time changes in functionality and continuous over-the-air updates, soft POS solutions are a flexible, low-cost and secure alternative to yesterday’s cumbersome POS hardware devices.
By James Wood
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Download the new white paper from RS2 now for more on why soft POS solutions are the next generation of acquiring and the benefits they offer consumers, merchants and acquirers.
[1] GrandView Research, January 2023: “Global soft POS software market, 2023-2030”
