According to market research, the global SoftPOS market size was $293.6 million in 2023 and is expected to grow to $1.4571 billion by 2032, with a compound annual growth rate of 19.5%. This rapid growth reflects merchants' urgent need for flexible and low-cost payment solutions.

SoftPOS technology meets this demand by transforming smartphones into contactless payment machines.

This article will provide you with a comprehensive understanding of how SoftPOS works, its advantages, and its security features. It will also guide you on how to quickly activate this innovative payment tool through Silkpay to enhance your customers’ payment experience.

Introduction to SoftPOS

What is SoftPOS?

SoftPOS is a technology that turns your smartphone into a payment terminal. By simply downloading the corresponding app, you can accept credit cards’ contactless payments, all without the need for traditional POS hardware.

To get started, you'll just need to register for an account with Silkpay. Once your account is set up, you'll receive your login credentials, allowing you to start accepting payments through SoftPOS right away.

How does SoftPOS work?

NFC (Near Field Communication) is a wireless communication technology that enables smartphones or tablets to interact quickly and securely with other NFC-enabled devices, such as contactless payment cards and digital wallets. Using NFC technology, payment data is transmitted securely over short distances, ensuring both data safety and transaction efficiency.

What are the advantages of SoftPOS?

Cost saving

SoftPOS eliminates the need for additional card readers or traditional POS machines, functioning solely on merchants' existing smartphones or tablets. This simple and efficient solution significantly reduces equipment purchase and maintenance costs, while also lowering subscription and service fees.

For small and medium-sized businesses, especially startups and sole proprietors with limited budgets, SoftPOS offers a more economical payment method, enabling them to accept contactless payments with minimal investment and improve customer experience.

Portability and flexibility

With just a smartphone or tablet, payments can be accepted anytime and anywhere. SoftPOS is an ideal choice for restaurants, retail stores, pop-up shops, market stalls, temporary exhibitions, and any other type of merchant, meeting the payment needs of various dynamic scenarios.

Quick transactions

SoftPOS is quick and easy to set up, taking only a few minutes to install, log in and start accepting payments. By using the contactless payment feature on a smartphone, merchants can complete transactions more quickly, reducing customer wait times at checkout. This is especially beneficial during peak hours or in fast-paced business environments.

Get SoftPOS

Are payments made with SoftPOS secure?

Payments made through SoftPOS are very secure. The technology complies with strict security standards set by the Payment Card Industry (PCI), including CPoC (Contactless Payments on COTS) certification, ensuring the safety of transaction data during transmission and storage.

By employing dynamic encryption and tokenization mechanisms, SoftPOS generates a unique encrypted code for every transaction, preventing payment information from being intercepted or reused. Therefore, both customers and merchants can confidently use SoftPOS and enjoy secure and fast payment experiences.

How to get SoftPOS?

Silkpay provides SoftPOS services for merchants in Europe and the Americas. Follow these steps to start accepting UnionPay and Mastercard payments with your Android phone:

1. Register: Sign up for a Silkpay account.

2. Quick review: Our team will promptly review your information to ensure eligibility for SoftPOS and set up your business account.

3. Download SoftPOS: After approval, you will receive your login credentials. You can then download and install the SoftPOS app and start accepting payments right away. All you will need is an Android phone that has an NFC technology, to be able to accept contactless card payment.

A step by step guide to take card payment via SoftPOS

1. Log in: Use the log in credentials provided by Silkpay to log in. You can click on the upper right corner to set the language.

2. Enter the transaction amount: Input the transaction amount on the interface and click "Charge."

3. Select payment method: Choose either Mastercard or UnionPay as the payment method.

4. Complete payment: Ask your customers to bring their bank card close to the phone and wait for the transaction to complete.

Accept payments by SoftPOS

FAQ about SoftPos

What payment methods can I accept with SoftPOS?

You can accept UnionPay and Mastercard cards via SoftPOS. If you need to accept other payment methods in your business, do not hesitate to contact us.

Silkpay helps merchants in Europe and the Americas accept, online and offline, 20+ payment methods such as: Visa, Mastercard, CB, Unionpay, WeChat Pay, Amex, as well as 16+ Asian e-wallets through Alipay+.

What devices are compatible with SoftPOS?

SoftPOS is compatible with Android devices that have NFC (Near Field Communication) capabilities. Ensure your device meets these requirements to start accepting payments.

How can I issue refunds to my customers?

You can issue refunds autonomously through the SoftPOS app. Simply follow the instructions within the app from the transaction details page to process the refund quickly and easily.

How long does it take for the merchant to receive the transaction amount?

Transaction amounts are typically settled into your designated account within three working days.

Is there any tutorial available to help me understand how SoftPOS works?

Yes, you can watch the video below that explains how to accept UnionPay with SoftPOS. This will guide you step-by-step on how to use SoftPOS efficiently.

Can merchants view the transaction history?

Yes. Click on the middle option in the bottom menu bar, and then click on "Transactions" to view the transaction list.

What should I do if I encounter problems?

If you encounter any issues or need guidance during use, please contact us. Our customer service team will provide detailed answers and assistance. Regardless of the problem, our team will offer you timely support to ensure your business is not interrupted.

How does SoftPos work?

Open an account

Conclusion

The emergence of SoftPOS technology provides merchants with a flexible and economical payment solution. It reduces operating costs and significantly optimizes the customer payment experience. By transforming smart devices into powerful payment terminals, SoftPOS offers a new payment experience for customers.

By partnering with Silkpay, merchants can quickly turn their phones into POS machines to meet payment needs in different scenarios. In the future, as contactless payments become more widespread, SoftPOS will undoubtedly become an essential tool for merchants to expand their business and enhance their competitiveness.

About the author: Silkpay

Based in Paris, Silkpay provides omnichannel and secure payment solutions to help physical stores and e-commerce in Europe and the Americas accept more than 30 of the world's most popular payment methods: Visa, Mastercard, CB, UnionPay, Alipay+, WeChat Pay as well as Asia-Pacific’s major e-wallets.

Silkpay is a winner of the LVMH Innovation Award. The company was also selected as a finalist for the "Money 20/20" Best Startup and in the "MPE Berlin” Startup Awards. Silkpay also won the "Best Fintech" awards from Capgemini and BPCE.

Silkpay helps merchants deliver the smoothest payment experience to their customers. We are a talented and international team driven by a single goal: to improve the customer experience and make payments simple and secure.

How to accept Mastercard and UnionPay cards with SoftPOS?