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The retail industry experienced its biggest challenge to date during the global pandemic, forcing the reevaluation of business models and the implementation of new strategies. One of the oft-overlooked nuances was payment processing, as consumers pushed for contactless payment options. Historically, the industry has frequently reevaluated its payment processing methods, long before the onset of the global pandemic. However, the consideration became magnified during the outbreak.
Mobile Point of Sale (POS) and the single app, SoftPOS, continue seeing significant growth, development, and usage. SoftPOS can prove advantageous to merchants because it can transform personal, connected devices into payment acceptance portals. SoftPOS may be a boon for businesses exploring cost-saving measures for operations, as the resource does not require costly hardware and program maintenance. With Market Research Futures forecasting the SoftPOS market to reach $76 billion by 2025, skilled software developers play a critical role in bringing this revenue opportunity to fruition.
As we rely more on connected devices, the retail industry seeks resources to modernize its payment processing systems and promote consumer and business flexibility. Expert-level software developers have always played a strong role in transforming the retail industry. Continued collaboration within the burgeoning payment processing sphere enables the realization of industry goals that prioritize streamlining operations and capturing market share.
Computer-driven cash registers were commercially implemented in 1973. As the technology evolved to meet new demands, businesses deployed POS terminal systems to expedite sales processes and efficiently manage reports and receipt generation. Software developers have successfully implemented new, versatile features within POS systems to further capitalize on the demand for contactless payment and expanded digitally-based payment options. Today’s modernized POS systems are still software-driven, and enhancements and seamless integrations have streamlined business accounting processes while offering a unique insight into sales and customer data trends.
Cloud-based POS facilitates mobile payment processing, and consumers can purchase goods and services with a simple tap on connected devices. Businesses find cloud-based POS systems a robust yet affordable resource thanks to SaaS availability, eliminating the need to update software or program licenses manually. The SaaS vendor conveniently manages system maintenance. This makes cloud-based POS terminals maintained by SaaS vendors an attractive option for business franchise owners. Multiple stores can be connected and streamlined to conveniently access sales reports, consumer trends, and data information.
Simply referred to as ‘tap to pay’, Android-based SoftPOS enables connected mobile devices to serve as a gateway for payment processing and do not require connection with an external dongle. SoftPOS reduces merchant expenses because the resource does not require POS hardware. This expense mitigation proves beneficial to small businesses and as our economy rebounds post-pandemic, skilled software experts continue working to create partnerships with businesses working toward economic recovery.
SoftPOS is bank and phone agnostic, meaning a merchant is not burdened by having to operate within a particular phone or banking institution. Though SoftPOS, as of this writing, is an Android-based resource, its benefits are still able to assist all businesses and include the following features:
Security. Unlike traditional POS terminals that store customer data and other pertinent information, SoftPOS utilizes data encryption for all transactions.
Efficient Data Synching. Immediately following a customer payment, the system’s integrated payment resource immediately transfers all transaction data into a POS system, in real time.
Reduced Labor Expenses. The retail industry continues experiencing unprecedented labor turnover and staffing issues. Many businesses rely on full-time staff to monitor stock and process payments but SoftPOS enables small business owners to process payments, using the tech resource, which also updates stock levels in real time.
Elimination of costly payment processing hardware. SoftPOS easily transforms connected devices into payment processors, eliminating the need for costly POS hardware that also require maintenance.
The retail business ecosystem continues to place new value on payment processing. POS technology was magnified during the global pandemic, prompting merchants and consumers to rethink the entire process of purchases and payments.
Digital payment processing remains at the forefront of modernizing how merchants accept and process payments. However, software designers have enhanced digital payment methods to streamline the accounting process and optimize inventory processes in real-time.
As the retail industry continues rebounding from the financial impacts and labor turnover due to the global pandemic, skilled software developers continue to provide resources to mitigate challenges for an industry integral to our economy.
Chetu does not affect the opinion of this article. Any mention of a specific software, company or individual does not constitute an endorsement from either party unless otherwise specified. This blog should not be construed as legal advice.
Founded in 2000, Chetu is a global provider of custom software development experts, solutions and support services. Chetu's specialized technology and industry experts serve startups, SMBs, and Fortune 500 companies with an unparalleled software delivery model suited to the needs of the client. Chetu's one-stop-shop model spans the entire software technology spectrum. Headquartered in Plantation, Florida, Chetu has fourteen locations throughout the U.S. and abroad.