According to merchant savvy, it takes 3-5 business days for an mPOS (mobile point of sale) card reader to arrive before a merchant can start taking payments.
SoftPOS technology on the other hand does not have these hardware lag times. Although the digital onboarding of merchants will still be a similar process for the acquiring organisation/payment facilitator, the massive advantage that SoftPOS brings is the ability for immediate use.
Merchants can now simply download them from their App store, digitally onboard themselves and start taking payments immediately thereafter. This could be five days earlier than processes that take place today. This has extremely positive effects for both the acquiring institution, enabling them to earn revenue right away, as well as the merchant, bringing them clients and processing capabilities from the get-go.
It becomes even more powerful when looking at this solution for a downstream merchant acquiring strategy, where merchants might be based in rural areas.
WIZZIT Digital is excited about working with payment companies, banks, and acquirers across the globe. Providing the best-in-class sotfPOS technology. WIZZIT has developed a full end-to-end solution which includes having built a payment switch to ensure the integrations into our partners are seamless with little changes needed to existing infrastructure.
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