Revamping Payments for Large Retailers through SoftPoS

SoftPoS, or Software Point of Sale, as it’s more commonly known, is a software solution that allows merchants to transform their NFC-enabled smartphone or tablet into a payment terminal. The technology is expected to reach much bigger heights following Apple’s announcement to deploy the technology on iOS, adding another 1.2 billion potential users.

Traditionally, SoftPoS has proved to be more popular amongst smaller retailers due to its ease of use and cost-effectiveness; merchants no longer have to deal with expensive and clunky chip-and-pin machines.

However, larger retailers can benefit from SoftPoS solutions, too, thanks to the queue-busting capabilities of the technology and its potential to increase the number of conversions in store. This has important implications for the future of retail payments, boosting sales whilst providing excellent customer service for end-users.

What is SoftPoS and how can large retailers make best use of it?

SoftPoS allows retailers to increase the number of payment points present in large retailers. This is because the digital solution can be installed onto different tablets and cashiers around the store, instead of being limited to the number of physical terminals a retailer owns. By reducing costs through improved efficiency, this will inevitably result in greater in-store conversions and increased profit margins.

Additionally, being able to pay at different points throughout a store makes customers’ lives easier as they no longer have to wait in long queues to get served.

Queue-busting through greater mobility

SoftPoS solutions bring greater mobility to larger retailers, which is an important benefit given the size and volume of their stores. For example, shop staff can be dotted around stores to assist customers and let them purchase items from a store worker versus having to wait in line at the checkout. This added mobility helps reduce the number of queues present and ultimately leads to greater sales and customer satisfaction.

For shoppers, this also means more personalised customer service and a faster checkout experience which can help boost loyalty. People with fewer items can also keep their shopping experience short and simple.

Making stock management a real-time process

SoftPoS can also help retailers in managing their stock through the creation of ‘endless aisles’. This refers to a concept whereby merchants no longer have to stock every size and colour of a product in their store.

Instead, retailers can use mobile devices to order out of stock items for delivery to the customer, as well as take payments on the same phone or tablet they use to manage their inventory. By harnessing mobile commerce as an extension of the in-store experience, retailers can begin to bridge the gap between e-commerce and the high street.

This also provides retailers with the ability to see the real-time popularity of certain goods and can help guide their inventory decisions down the line.

What does the future hold for large retailers?

In summary, SoftPoS presents a number of opportunities for larger retailers to improve their operational processes while keeping customer service at an ultimate high. Not only is their sales potential increased through improved mobility and more payment points but SoftPoS offers significant cost savings over physical payment terminals.

Adopting SoftPoS solutions in your stores can help you stay ahead of the competition, as the world of payments progressively becomes more contactless and the bar for best-in-class customer service grows ever higher.