Implementing a SoftPOS Solution: Key Considerations and Strategies
Do you wish to offer a SoftPOS option to your (sub)merchants and operate on a software system, checkout process, or PayFac? If that’s the case, you won’t want to miss this piece. We break down the main costs of a SofPOS system and the many different parts of putting one in place.
The main advantage of a SoftPOS system is that it doesn’t require any special hardware or dongles to process payments. Consequently, you save a ton of money by not having to pay for anything linked to the terminal.
Small and medium-sized businesses (SMEs) and micro-merchants, especially those in developing areas, can benefit from a soft POS system.
Conceptual Strategies for Deploying a SoftPOS System
In order to facilitate the implementation, a SoftPOS system is identical to a payment gateway installation. SoftPOS is a specific program or software package. These cutting-edge POS setups may be made from scratch, or you can employ one of several available white label solutions.
A white label SoftPOS solution requires less time to set up, involves fewer duties and requirements, and gives less control. Though the initial investment is modest, ongoing service fees might be more than you’d pay for a custom-built system.
Your unique solution gives you more control and does not include software fees or transaction charges. However, it involves significant upfront expenses, takes longer to deploy, and is associated with greater responsibility.
In any situation, it is necessary to study all the crucial issues in advance.
Essential Components of a Successful SoftPOS Deployment
1. Acquiring cooperation is the first crucial factor. The acquiring bank’s role should be clear when it comes to giving merchant accounts and doing initial background checks on merchants.
2. The next thing to do is to specify the technique via which a key would be injected. Customers can use their cellphones and other gadgets to enter PINs if the devices are loaded with encryption keys.
3. Following this, you must decide which EMV kernel you will be using. If the EMV kernel is developed internally, then level 2 certification is also required.
4. The next step is to deploy and install the SoftPOS system.
A payment gateway is required to build a SoftPOS system. This gateway should also be linked with your preferred acquirer and PCI compliant.
Contact us if you’re considering implementing a SoftPOS system for your retailers but have questions.