The payments market is one that spans technologies, institutions, markets, merchants, and customers in one of the most complex and high-value ecosystems around the planet today. As tech in the space accelerates, one major trend revolves around putting the mobile phone at the centre of cashless payments
Finance Incorporated Limited, being part of this ecosystem, is expanding into cross border business and in June 2023 is introducing the brand new SoftPOS, a ‘tap on phone’ payment solution, to be launched to businesses in Germany initially and beyond.
This new payment technology turns any Android device into a standard point of sale (‘POS’) terminal. This makes for a more flexible and convenient payment solution that reflects the way our lives are now intertwined with mobile devices – having integrated our camera, wallet, keys and more, making card acceptance a logical next step. This technology is perfect for businesses with services/goods delivered to the door, food trucks or travelling services, entertainment and sporting events, freelancers of all types, taxis, and many more.
Although the SoftPOS concept has been around for a decade, it needed that decade to establish technical readiness. The Mobile Payments on Custom Off the Shelf devices (‘MPoC’) certification, which lands in practice in 2023, now establishes this technical foundation. Payment industry players are foreseeing a rapid growth in usage and volumes in 2023 as SoftPOS products find their footing across a number of use cases and segments, and this trend is set to grow – the number of merchants using this technology is expected to surpass 34 million globally by 2027, rising from just six million in 2022.
While the space is already getting crowded, there will be a few apps that will emerge as winners and these will be the ones that are offering not only smooth, fast and secure payment processing, but also a quick and straightforward process of digital onboarding.
The process of accepting payments through SoftPoS of Sale is very simple:
Step 1: Download a SoftPOS app on your smartphone.
Step 2: Register your business.
Step 3: Complete identification
Step 4: Accept payments.
Our approach is designed to make sure onboarding is easy and seamless. By retrieving data through the APIs from official databases, merchants only need to input information where strictly necessary or to confirm pre-filled data on the app screen.
At Finance Incorporated Limited we also strongly believe that value-added services offer a new avenue for payment issuers, acquirers, processors and payment entities to streamline their way through the international payments infrastructure.
One of our additional value-added services to SoftPOS merchants is the offer of instant loans for cash flow support. It is proven that loan offering increases merchant sales by 35% and up to a 50% reduction in merchants’ churn rate.
Other features on the road of product development are:
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Added speed and performance
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Continuously enhanced security
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Reduce settlement time from one business day to instant.
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Excellent customer support
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Embedded lending to merchant
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Sustainability features
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Corporate & Prepaid cards
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instant payments into a Mastercard virtual Prepaid card or IBAN account
