Business News sponsored by the Samsung Galaxy S22 series:

Rapid innovation in financial technology is making it increasingly easier for entrepreneurs and SMMEs to conduct business. A ground-breaking solution that is transforming the digital payments landscape is softPOS, which converts your phone into a Point of Sale (POS) terminal.

While Mobile POS (mPOS) and POS machines require the merchant to pay for the hardware as well as monthly contracts and maintenance fees, with SoftPOS all you need is an NFC-enabled Android mobile device and you’re good to go. Hello Pay’s SoftPOS offering, which was awarded the Most Innovative Solution in 2021 at MTN’s annual Business App of the Year Awards, allows you to process payments, access your daily auto cash-up (reconciliation) and activate and control multiple devices with one account.

Speaking about Hello Pay’s first-to-market solution, Hello Pay Managing Director Zunaid Miya says that SoftPOS is part of the company’s commitment to enabling small businesses to become digitised and financially included. “We developed the app to create convenience for small merchants. With unacceptably high levels of unemployment, providing meaningful avenues for SMEs’ full financial inclusion is crucial,” Miya adds.

Here are seven benefits SoftPOS can bring to your business:

1. Being app-based, you can get your business up and running and start accepting payments as soon as you have downloaded the software and activated your account.

2. No hardware is required, which means there are no prohibitive costs hindering you from entering the marketplace and getting your product out there.

3. SoftPOS is ideal for low-value transactions and enables you to provide a faster, frictionless checkout and accept payment on delivery, which, in turn, means happier customers.

4. The system is easy to use, scalable and used on mobile devices familiar to most, such as phones or tablets, which means little to no training for you or your staff to get up and running.

5. You can update the software and easily integrate value-added services, enabling you to adapt to the accelerating pace of technological change.

6. Due to its mobility and flexibility, you can expand your business by using SoftPOS for events, festivals and pop-up stalls.

7. You can move your business into the digital world with very little effort or financial input. Staying ahead in the digital game is crucial to remaining relevant and competitive. In fact, former Executive Chairman of multinational tech corporation Cisco, John Chambers, predicts that at least 40 percent of all businesses will not survive the next 10 years if they fail to navigate the challenges of digital transformation.

“Our SoftPOS solution is a game changer for SMMEs, who are truly the backbone of the South African economy. By supporting these businesses and enabling them to deliver the latest contactless consumer experiences using a device they already own, we are addressing the huge problem of financial exclusion among micro merchants and informal traders.”