SoftPOS refers to a software only-application solution enabling individuals to accept contactless payments from their mobile smartphone. This means that there is no need for any additional hardware. SoftPOS should not be confused with mPOS which refers to mobile point of sale. This means that SoftPos does not require any additional hardware.

With softPOS being App-based, one of the big benefits for small merchants is the ability to get up and running and start accepting payments once the app is downloaded and the merchant account is activated.

mPOS and POS machines require the merchant to pay for the hardware. Not only does the hardware require upfront costs, it often requires monthly contacts and maintenance fees. This unfortunately holds back many small businesses from getting into the payment ecosystem. It is estimated that a typical hardware upfront POS system cost for a small business is in the range of £1,000-£1,500 + a software subscription of between £30-£120 per month. The higher-end prices would be close to double the ranges mentioned above.

Looking at mPOS machines, the price range is substantially lower, for the UK ranging between £19 – £190. Typically, mPOS providers do not have a lock-in contract and do not charge maintenance fees.

In both cases, not only do costs need to be considered but also the ease of accessing the solution and being able to accept payments as soon as possible.

SoftPOS provides the perfect opportunity for small businesses. On top of not having to pay hardware costs, merchants can download the app off from their app store, register their businesses and start taking payments immediately. This is extremely powerful in enabling small businesses into the digital world and giving them the best opportunities for post COVID success.

WIZZIT Digital are now fully certified with both Visa and MasterCard providing the SoftPOS technology which includes a full backend switch to acquiring partners around the world. Our solution includes a critical PIN for high-value transactions. 

Please get in touch to hear more. Contact us on LinkedIn https://www.linkedin.com/company/wizzitdigital or email us at support@wizzitdigital.com