New payment acceptance methods offer contactless payments for businesses of all sizes and needs
Trends of switching to contactless payment are around for some time now. According to the May Gartner survey, 46% of consumers surveyed said that over the past two months, they had either decreased the frequency with which they pay with cash or they did not pay with cash at all. These trends are not a new direction, but simply fast-forwarding the movement that started some time ago.
Adding to that, Gartner's assumption that by 2024, global cash in circulation will be reduced for the first time after decades of continuous increases, it is the time to re-think even the last and most resilient cash-based businesses out there.
And there are plenty of options for accepting payments available, for all sizes and needs of merchants.
The typical POS devices come in all sizes and types and are the usual setup of most of the stores around us. However, there are some situations, especially in the mini and micro merchant segment, where owners still opt for cash-only payment. In the marketplace, for instance, outdoor conditions and habits discourage cashless payment, as is the case with small hairdressers, small boat renters, or similar.
How can such businesses accept contactless payments?
Simply put – by turning any Android device, such as a tablet or a smartphone into the so-called Soft POS device. No hassle, no extra hardware to carry around – ideal for outdoor and service providers. In our short survey on Linkedin, as many as 63% of respondents view SoftPOS to be great for micro-merchants, making it a promising new offer in the payment ecosystem.
SoftPOS by Payten is a software for mobile POS solution in compliance with global payment scheme (VISA, MasterCard, AmEx…) specifications that use NFC in order to turn compatible android devices into a POS terminal that can accept EMV contactless cards without using any other hardware components connected to the device. It brings a higher level of convenience, since it turns the smartphone, that we all have with us into a POS.
The solution is device agnostic and completely secure, offering smooth onboarding and competitive price for cashless payment acceptance. For more information on payment acceptance solutions, contact us at sales@payten.com