The point of sale is everywhere

For consumers, speed and convenience are paramount. And as we move towards a cashless economy, a trend accelerated over the past two years by the pandemic, businesses have an opportunity to provide an exemplary customer experience by prioritising these needs. 

One way they can do this is by streamlining the purchasing process. In the eyes of consumers, mobile devices are now widely seen as payment methods – but this is just a fraction of their full potential. 

Point-of-sale payment innovations mean that mobile devices are now capable of being a card reader too, acting as a contactless payment terminal without the need for additional hardware. The potential benefits for major enterprises as well as small and mid-size businesses are numerous. 

While many businesses may currently use mobile point of sale (mPOS) systems due to their ease of use and low setup costs, the future of point-of-sale payments innovation lies in software, rather than hardware. Delivering even more flexibility for merchants, software-point-of-sale (SoftPoS) technology removes the need for additional devices altogether. 

But it’s not just flexibility on offer – from improved operational efficiency to higher customer satisfaction, SoftPoS technology is helping drive a revolution in payment acceptance and processing. 

The benefits of SoftPoS technology

These improvements have tangible benefits, saving time and money for businesses. For example, in some European markets where it is common for delivery drivers to take payment upon delivery, drivers are already carrying a piece of hardware that manages the logistics of the delivery instructions. The ability to integrate payment capabilities into a pre-existing piece of hardware via SoftPoS technology streamlines processes and eliminates the inconvenience of drivers carrying two separate devices. 

Similarly, for retail enterprises, the benefits SoftPoS technology can deliver are enormous, with queues slashed and purchases processed faster thanks to mobile in-store consultants equipped with a smartphone or tablet ready to take payments. Although it doesn’t take an analyst to deduce that consumers are busy and don’t like to be kept waiting, the sheer gravity of this issue might come as a surprise.

Rethinking the in-store experience

According to a report from Box Technologies and Intel, 86% of UK shoppers avoid stores if they perceive the queue to be too long, while 73% would abandon their purchase if they had to queue for more than five minutes. A similar figure (74%) would shop in a competitor’s store if they perceive the queue time to be quicker. 

With seven out of 10 consumers less likely to return to a shop if they had experienced long waits, businesses who fail to address these inefficiencies not only damage brand loyalty, but they also risk denting their revenues. 

Several retailers have seen benefits in removing tills and instead enabling their sales associates to be proactive on the shop floor, assisting with customer queries and handling purchases concurrently. One way retailers can do this is by downloading SoftPoS capabilities into a device that also helps them look at stock availability and other common queries that the customer might have. 

Enabling security 

The benefits of SoftPoS technology can also extend to security. Soft Point-of-Sale from Fiserv enables merchants to accept contactless payments of any amount on their mobile devices because it allows purchasers to enter their PIN on the device screen, a capability known as PIN on glass or PIN on mobile. This means merchants can accept contactless payments of any amount, rather than only those that fall below the amount requiring PIN authentication, currently about EUR 50 in much of the European Union and GBP 100 in the UK.

The consumer demand for ease 

Many enterprises are only beginning to scratch the surface of SoftPoS capabilities – but with businesses in all sectors looking to secure an edge over the competition, tapping into SoftPoS technology and the benefits it brings is a prudent choice. 

As we look ahead to the rest of 2022, there will be no overnight solution to consumers’ high expectations. But with a compelling business need for greater efficiency, speed and convenience, merchants that seek out ways to meet the demands of their customers will be positioned to succeed. 

Their desire to do so will drive further innovation, and it’s likely that we’ll see the expansion of SoftPoS technology across more markets and sectors from hospitality to transportation as this revolutionary tool becomes a prolific method of payment acceptance. 

About Sebastian Gollwitzer

Sebastian is a seasoned payment professional with a long heritage in the fintech industry.  He joined Fiserv in 2020. He is an experienced senior executive with a demonstrated history of working in Omni-channel Payments, Product Management, Software as a Service (SaaS), and Business Relationship Management. 

Previously, he was at PayPal for four years, where he was formerly Director of Merchant Services for Germany, Switzerland and Austria. Before this, he spent more than six years with PAY.ON, an ACI Worldwide company and global processor and platform operator for payment providers worldwide. He had numerous roles, including Vice President, Strategic Projects and Vice President, Business Relations. He has an MBA focused on Business Administration & Entrepreneurship from FOM University of Applied Sciences for Economics and Management and a Diploma in Business, Politics and Management from the University of Konstanz in Germany.

About Fiserv

Fiserv aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; ecommerce; merchant acquiring and processing; and the Clover cloud-based point-of-sale solution. Fiserv is a member of the S&P 500 Index and the FORTUNE 500 and is among FORTUNE World’s Most Admired Companies. Visit fiserv.com and follow on social media for more information and the latest company news.