Elevate your global payments ecosystems knowledge
The tech industry has experienced remarkable growth in recent years. Every day, there's a new and promising tech start-up sprouting. But that also means the competition is pretty stiff in the tech industry right now. You need to do a lot more to stay afloat and ensure the steady growth of your business.
One of the best ways to do that is by providing your clients with a robust and convenient way to pay for their goods and services. After all, the payment options you give your clients can determine the success rate of your business.
Unfortunately, many tech start-ups find themselves grappling with a lot of challenges when it comes to establishing a payment infrastructure. That's mostly due to the complex compliance requirements or limited resources.
That's why, in this article, we will discuss valuable insights and solutions that can empower tech start-ups to overcome the challenges they face with their payment infrastructure.
Which Payment Solutions Are Most Popular Among Tech Start-ups?
There are multiple different payment solutions, with each catering to the specific needs and goals of tech start-ups. But the top five include:
- Card Payments
Card payments are the most popular payment method in the tech industry. Unfortunately, since it involves different players who charge different fees, card payments tend to be expensive—or worse, inconvenient when card payments decline.
- Mobile Wallets
Mobile wallets are becoming widely used as they allow customers to securely pay online using mobile devices. There's no need to enter card information every time you want to make a purchase.
- Account to Account Payments
These are also known as direct bank payments. The funds get transferred directly from a customer's bank account to the merchant's account without any intermediaries. That simplifies the checkout process and reduces card fraud and processing fees.
More tech companies are adopting cryptocurrencies for payments. This gives customers a more secure payment terminal, and the fees are significantly lower. But it has one major disadvantage. Cryptocurrencies are highly volatile and unpredictable.
- SoftPOS Payment Infrastructure
SoftPOS is a new payment technology that has completely changed the game in the payments industry. It transforms regular smartphones and tablets into secure payment terminals, offering convenience and flexibility to both businesses and consumers.
Point of Sale (PoS) start-ups are constantly seeking innovative payment solutions to meet the evolving needs of their customers. Luckily, NearPay.io SoftPOS technology offers a cutting edge solution that enhances customer experience and streamlines the payment processes.
What are the Common Challenges Start-ups Face with Payment Solutions?
Managing transactions in a tech start-up can be pretty challenging. There's so much you're required to do, from bookkeeping to managing card payments. Unfortunately, that tends to come with its own set of challenges, including:
- Lack of Integration
In most cases, your employees might find themselves manually inputting transaction data into your financial records, especially if you don't utilize a modern payment system. This task can be both exhausting and monotonous after every transaction. Not to mention, it poses several risks, including potential data loss.
- Privacy and Information Security
Information security is one of the most significant challenges in payment processing, especially now that cases of information theft have been on the rise. That means, if your tech start-up does have proper systems in place, you could put your customers at risk and make them susceptible to credit card fraud.
- Multi-Channel Payments
Sometimes, tech start-ups use payment processing services that only exclusively support specific card reading and payment processing features. Unfortunately, that could impede operational efficiency and end up with a scenario where you have to use one vendor for POS payment processing, another for online payment, and another for on-site deliveries.
- High Processing Fees
A modern Point of Sale (POS) system doesn't bring you any value if you have to transfer a significant chunk of your daily profits to the provider. Some payment providers tend to charge substantial transaction fees, which can eat into a start-up's revenue.
The Importance of a Seamless Payment Experience
Every business should provide its customers with a seamless payment experience. That's because it:
- Directly impacts customer satisfaction, loyalty, and financial performance
- Instils trust in new and existing customers
- Enhances operational efficiency
- Minimizes errors and resource wastage
- Aids in meeting data security requirements
Benefits of Effective Payment Infrastructure for Tech Start-ups?
An effective payment infrastructure comes with an array of benefits that can help businesses increase their operational efficiency and improve customer experience. That includes:
- Optimized payment experience
By transitioning to an integrated payment platform, you not only save valuable time but also significantly minimize errors. Transaction records are updated automatically and in real time. Consequently, your operational efficiency improves, giving you the freedom to allocate more time and energy to address other critical aspects of your business.
- Improved cash flow
Consumers appreciate businesses that can give them convenient and frictionless payment checkouts. Therefore, they are more likely to buy more as they can pay for the goods/services faster. The rate of abandoned carts significantly reduces, increasing cash flow within the business.
With modern and effective payment infrastructure, businesses are able to scale quickly. That's unlike traditional payment methods that struggle with aligning with innovative modern solutions. The fact that you can seamlessly integrate new payment technologies into modern systems streamlines the process, enabling your company to swiftly venture into new markets.
- Enhanced Security Measures
Using a reliable payment infrastructure provider means they adhere to Payment Card Industry (PCI) data security standard (DSS) compliance. That ensures your customers are well protected from security risks. Also, since there are fewer third parties involved in your business payment processing, it reduces transaction costs.
- Enhanced productivity
a straightforward remedy exists in the form of a multi-channel, integrated payment platform. By consolidating all your payment processing methods within a single unified platform, you can ensure a swifter, more straightforward, and cost-effective payment processing experience.
- Speed of development
An effective payment infrastructure speeds up the development and growth of tech start-ups. It streamlines the integration of payment solutions, enables rapid development and innovation, and ensures that your tech product or service remains agile and adaptable.
These benefits not only save time but also enhance your competitiveness and ability to meet the ever-changing demands of the tech industry.
Why Choose Nearpay for Your Payment Infrastructure Needs?
Nearpay.io stands out as the ideal partner for tech start-ups' payment infrastructure needs for several key reasons.
- First, we offer seamless integration with a wide range of payment methods, simplifying the development process.
- Second, our robust security features ensure customer data is protected, reducing the risk of costly breaches.
- Third, we support global expansion with multi-currency capabilities, catering to diverse markets.
- Finally, our commitment to innovation means that start-ups can continually adapt and evolve their payment solutions to meet changing industry demands.
As we've seen from this article, the payment solution you choose for your tech start-up is such a crucial decision. It could determine whether your business moves forward or cost your business its reputation.
So, ensure the payment infrastructure provider you choose offers secure, scalable, and convenient solutions that ensure your financial operations run smoothly as you focus on growing your business.
If you're unsure where to start, talk to the Nearpay.io team today, and let us transform the payment experience for your customers.
January 5, 2024
Imagine making a purchase, and instead of the business owner offering you a payment terminal, they quickly unlock their phone and ask you to directly tap on the screen with your card. Wouldn’t that be something?
Guess what! Through MPoC, you can now turn your phone into a payment terminal and offer your customers a convenient and fast payment method. This flexible payment technique will allow you to streamline your business’s payment process without the complexity of traditional devices.
What is MPoC Security?
Before we go into the nitty-gritty details of how this system works, we must first understand it. The MPoC (Mobile Payment on Commercial off-the-shelf devices) is a payment system that promises to meet the demand for higher speed, security, and better integration of payment systems.
MPoC uses a unique approach to the matter by turning the merchant’s smartphone into a payment terminal. This system directly integrates with the already existing SPoC and CPoC standards to add a new payment functionality.
The most significant feature of MPoC security is the fact that it offers PIN-based payment functionality without the need for additional security devices to be attached to the merchant’s smartphone. More importantly, payments can be processed offline.
How Does MPoC Security Work?
Isn’t that the burning question, right? How will this system work securely with the current commercial businesses? The straight-up answer is that the MPoC security payment integrates seamlessly with COTS (Commercial off-the-shelf) devices to ensure safe, convenient payment transactions.
Typically, the COTS are pre-built devices or solutions that are already available in the market, for instance, smartphones with in-build NFC features. That makes it easy for MPoC software to integrate with these devices by incorporating PCI DSS-compliant payment solutions into the COTS devices. Above all, this integration ensures sensitive information is transmitted securely.
Key Benefits of MPoC
The MPoC security system comes with tons of benefits to both the customer and the merchant. In fact, these benefits make it an attractive option for both small and large companies that are processing huge volumes of payments. Some of the benefits include:
- Improved security
In the world of online payment options, security happens to be the most crucial part of the transaction. Thankfully, through MPoC security, you have an additional layer of security that helps protect sensitive payment data.
This system uses authentication protocols and cryptography to encrypt sensitive data and ensure this information is protected from unauthorized access or any malicious activity. That means customers can pay directly to the merchant’s smartphone without any risk of unwanted exposure.
- Enhanced privacy
Privacy is a major concern when it comes to payment options, especially when using COTS. The MPoC system recognizes this and enhances privacy levels when processing payments from clients. Every data that’s directly related to the payment is encrypted and stored in a secure environment.
That makes it nearly impossible for third parties to access customer data or any other sensitive information that was used in the transaction. Evidently, MPoC makes it easy to ensure customer’s private data and information are kept safe.
- Streamlined Compliance
MPoC is an excellent system for any business because it simplifies the process of meeting compliance standards. Generally, MPoC is built around compliance standards, especially in the mobile payment industry.
By simply following the compliance standards, using this system will help save time and resources trying to get your business model approved. That will likely minimize the cost allocated to being compliant.
- Increased Flexibility
The basic concept of MPoC is to combine contactless entry and PIN in the same COTS device. That’s meant to enhance flexibility in the payment process and also support different payment channels.
In fact, this system includes different consumer verification methods all wrapped up into one COTS device. Such flexibility enhances your customer experience and financial record-keeping in your business.
MPoC security standard is by far one of the best inventions in the mobile payment industry. It’s created a system that protects customer’s data and privacy from fraudulent activities while also enhancing business data security.
MPoC security generally requires businesses to set in place and maintain specific measures to enhance security when handling customer payment information. More importantly, all MPoC software has to meet certain security and objectives requirements in their core module.
An excellent security requirement for this system is to ensure the integrity of the COTS device is not compromised and offer adequate solutions for security measures. That’s why it’s imperative to work with a professional Fintech company that provides Payment infrastructure as a service.
These requirements will ensure the transaction is secure by protecting the data transmitted from unauthorized access and modifications. A professional Fintech Company will:
- Enhance protection of cryptographic keys
- Put in place measures to protect the Primary Account Number and PIN data
- Offer monitoring systems that can promptly detect any threats
- Provide a robust security system that ensures the system is impervious to reverse engineering.
As a business owner, it’s important to find the right company that can offer this service while also ensuring the safety of your customer’s data and privacy. Granted, this system is designed to offer merchants a safe, convenient, and reliable way to accept digital payments while reducing risks of fraud or unauthorized access.
However, it’s imperative to work with experts in the field to minimize the risk of any vulnerabilities happening. Any hack attack could easily cost your business millions and your customer’s trust.
That said, get in touch with Nearpay.io’s tech team.We are an established professional Fintech company that will not only enhance your customer experience but also offer suitable payment infrastructure depending on your business model.
Well, there you have it! MPoC is considered a ground-breaking technology that will revolutionize how businesses process customer payment transactions. Furthermore, this system will provide merchants the ability to set up additional payment lanes, especially during high-traffic times, without ever investing in additional terminals. What more would you ask for?
January 1, 2024
What is SoftPOS?
In simple terms, SoftPOS is a revolutionary payment technology that leverages the available features on specialized merchant mobile devices, for instance, smartphones and tablets. This specific technology allows business owners to process card payments without the need for traditional physical POS terminals.
SoftPOS utilizes some of the built-in features in mobile devices, for instance, QR Scanning and Near Field Communication (NFC), to securely process payments in minutes. That eliminates and reduces transaction costs while also enhancing customer experiences.
The Evolution of SoftPOS throughout the Years
SoftPOS has been in the making for years and over that period, it has undergone significant changes. Initially, the system was built to meet the growing demand for a more flexible and cost efficient payment solution.
So, during the early years, SoftPOS was primarily software based and gave merchants the ability to accept payments without the need for specialized hardware. But as time passed, mobile devices became the heart of SoftPOS. You can now process payments from your smartphones on the go, making the payment process easier for both you and your customers.
The integration of NFC technology and contactless payments has streamlined transactions by making them swifter and more secure. Today, SoftPOS has continued to improve this model. It now supports various payment methods from QR codes to Biometric Authentication.
How is SoftPOS Reshaping Merchant Experience?
Both large and small merchants can utilize the unique opportunity that this technology offers them. In addition to streamlining operations and cost savings, SoftPOS offers unmatched scalability.
Whether your business has a single storefront or several locations, SoftPOS can easily accommodate your business' growth. Thanks to this system's flexible and customizable features, you can easily integrate loyalty programs, delivery, stock management, and even discounts into the payment process.
What's more, this payment process brings additional sales opportunities that can help transform each employee into a salesperson. SoftPOS enables assisted sales, queue busting, pop-up stores, and more. There are tons of advantages for the merchant and how they interact with their customers. But you can only enjoy that if you pick the right SoftPOS systems.
Finding the Right SoftPOS Infrastructure for Your Business
There are several key considerations that you should keep in mind when finding the right SoftPOS infrastructure for your business.
- Determine the POS Software Features You Need
Your choice of POS software should align with the specific needs of your business. Different industries may require various features. For example, restaurants may need table management and inventory tracking functionalities, while service-based businesses might benefit from appointment scheduling. Identify which features are essential for your business to narrow down your options.
- Consider Upfront and Ongoing Costs
Understand the SoftPOS's pricing structure thoroughly. While affordability is important, it's equally vital to assess whether the system provides value for money. So, calculate all costs carefully.
For instance; keep in mind that not all traditional point of sale (POS) systems inherently support or integrate with SoftPOS. Therefore, confirm whether your SoftPOS infrastructures provider can seamlessly incorporate their SoftPOS solution in your existing set-up or if any additional development costs might be needed.
Businesses evolve over time. Therefore, the POS system you choose should be flexible and scalable to adapt to your changing needs. Look for customization options that allow you to tailor the system to your specific processes and branding. In addition, make sure the POS is scalable. That means the system should be able to grow with your business, accommodating increased transactions.
- Seamless Integration with Other Systems
To streamline your business operations, your chosen POS software should integrate seamlessly with your accounting software, e-commerce platforms, and inventory management tools. This ensures that your financial records remain accurate and up-to-date. For instance, you can look for POS systems that offer integration with popular accounting software solutions like QuickBooks.
- Security and Compliance
Security is of utmost importance when handling payment information. That said, when looking for a SoftPOS system for your business, ensure it meets industry standards like PCI DSS (Payment Card Industry Data Security Standard) to protect sensitive customer data. Robust encryption and secure payment processing protocols should be in place to safeguard against fraud and data breaches.
Benefits of Using NearPay SoftPOS Solution
NearPay's SoftPOS solution offers several benefits that enhance payment processing for merchants. So, if you want to take your payment experience to the next level, here are some of the benefits you will get from working with us.
- Seamless integration
NearPay SoftPOS solution offers seamless integration. That enhances efficiency and ensures effortless adoption into existing payment systems. In turn, that minimizes disruptions to existing operations.
- Robust features
NearPay SoftPOS solution has robust features that can help your business manage operations more efficiently and provide a better customer experience. For instance, NearPay supports all transaction types and gives you complete control over your finances.
You can effortlessly handle purchases, refunds, reversals, and reconciliations. Additionally, NearPay’s SoftPOS solution has lightning-fast transaction speed. You can process payments in less than two minutes. That significantly reduces wait times and improves efficiency.
Lastly, with NearPay SoftPos solution, you can easily share digital receipts with customers through QR Codes or NFC. Besides reducing paper waste, that streamlines your business operations.
- High-end security standards
Our SoftPOS solution adheres to high-end security standards. We are keen on protecting customer payment data and sensitive information from threats. Therefore, we have put high-end encryption and tokenization measures in place to ensure the safety of transactions.
NearPay SoftPOS solutions are designed to be scalable, which means they can grow with your business. This scalability comes in handy as your business grows. We provide a payment solution that can adapt to your business's changing needs.
Well, there you have it! The future of how we make payments looks more promising than ever. As you can see, Soft POS technology is revolutionizing the merchant experience by providing a versatile, cost-effective, and customer-centric approach to payment processing.
Today, thousands of companies are already leveraging the power of SoftPOS to enhance their customer experiences. Don’t be left behind. Now’s your chance to elevate your business with NearPay SoftPOS solution. We offer fully secure and compliant SoftPOS infrastructure built to cater to your business needs.
January 1, 2024
Business payment processing terminals have undergone significant changes in recent years. Especially after the global pandemic, there was a growing demand for alternative payment methods and greater flexibility at checkout points.
That gave rise to various payment solutions that have completely transformed how we pay for goods and services. One of the most outstanding innovations is the cloud-based SoftPOS terminal, gradually replacing legacy payment terminals with a more versatile and flexible payment processing method.
That’s why it’s now more crucial than ever for retail businesses to modernize their payment methods in retail stores. After all, modern solutions like contactless payments have proven to improve business service by streamlining inventory management and increasing payment efficiency. Also, they reduce human errors that mainly occur with manual payment systems.
But before we look into that, let’s explore some of the challenges retailers face with Traditional payment terminals.
What are the Shortcomings of Traditional Payment Terminals?
While traditional payment terminals have long been the backbone of retail transactions for the longest time, they come with a long list of shortcomings that make them inconvenient to use in the modern business world. That includes;
Limited Payment Options
Most traditional payment terminals often only accept credit and debit cards, limiting the range of payment methods customers can use. This limitation can be a significant setback for retail businesses in an era of digital wallets, mobile payments, and cryptocurrencies.
Slower Transaction Processing
Traditional payment terminals are also slower in terms of transaction processing speed. That’s because they mostly rely on the physical components of the payment terminal. These delays can lead to longer queues, frustrated customers, or worse, missed sales opportunities.
Errors from Manual Data Entry
You must manually enter the transactions when processing payments through traditional payment terminals. The unfortunate thing about that is that you’re likely to experience human errors. Sometimes, you can either undercharge or overcharge customers, which is very bad for your business’s reputation. Also, it could lead to administrative issues.
High Initial Set-up Costs
The high initial set-up costs associated with traditional payment terminals can be a significant barrier for small businesses. The retailer incurs more costs because of acquiring the hardware, the payment terminal, and general installation expenses.
Traditional payment terminals run on closed networks with data stored on local computers or servers. In most cases, the systems are set up in a fixed location to manage transactions in a specific store. Unfortunately, that limits the ability to serve your customers in any other place besides where the payment machine is located.
Retail businesses are turning to modern alternatives, such as SoftPOS solutions, to address these shortcomings. These newer options have lower upfront costs, are less complicated to set up, and don’t require constant maintenance.
So, let’s learn more about what SoftPOS is and how it benefits retail stores.
How Soft POS Works?
In essence, SoftPOS is a software application that transforms NFC-enabled devices like cashiers, smartphones and tablets into contactless payment terminals. And that’s precisely what makes them an ideal solution for retailers.
To start with, SoftPOS eliminates the need for extra hardware, reduces operational costs, and simplifies the payment process. And the fact that it offers mobility, retailers can process payments anywhere, even at pop-up shops.
Also, it addresses customer demands for faster and more secure transactions. Essentially, SoftPOS retailers are able to significantly reduce wait times and provide a seamless shopping experience to their customers.
How do Retail Stores Benefit from SoftPOS Solutions?
SoftPOS solutions offer a wide range of benefits that greatly enhance the operations of retail stores. In this section, we’ll therefore look at five ways in which these solutions bring value to retailers.
No Hardware Required
SoftPOS systems eliminate the need for additional hardware. They use existing NFC-enabled devices like cashiers, smartphones and tablets to open up payment terminals. That significantly cuts operational costs.
SoftPOS solutions are designed for seamless integration with existing systems. Therefore, retailers can easily integrate SoftPOS into their current software and payment infrastructure without disrupting business operations.
Accepts Payments Anywhere, Anytime
With SoftPOS systems, retailers are not tethered to fixed checkout counters. That means they can accept payments anywhere, anytime. Whether at the storefront, outdoor market, or a pop-up shop. This kind of flexibility improves customer experience and opens up more sales opportunities.
Supports Multiple Payment Methods
A SoftPOS system accepts various payment methods, from contactless cards to mobile wallets. This versatility makes it easier to cater to different customer preferences.
No Need to Print Paper Receipts
Another significant advantage of SoftPOS terminals is that you no longer have to worry about printing out paper receipts for customers. This is one less thing on the list of things you have to do to manage your business. Also, it saves money and resources.
What Makes NearPay’s SoftPOS Solution Stand Out from the Competition?
Our SoftPOS solutions have emerged as a game-changing technology for retailers. So, if you’d like to modernize the payment processing terminal in your retail store but are unsure where to start, this section is for you.
Our SoftPOS stands out as the best in the game for the following reasons;
Works with Any NFC-enabled Device
Our SoftPOS solution is highly versatile and compatible with various NFC-enabled devices, including cashiers, smartphones, tablets, and wearables. This compatibility allows retailers to choose the device that best suits their needs, making adoption even more convenient.
Seamless Integration with Existing Systems
Our SoftPOS terminal effortlessly integrates with your existing POS software. That makes it easier to transition and minimizes disruptions in your business operations.
Compliance with Security and Encryption standards
Security is vital, especially when making digital payments, and that’s why our SoftPOS solution is built with that in mind. It adheres to industry security and encryption standards, ensuring your business and customers are well-safeguarded.
Our SoftPOS solution is also set up to grow with your business. What does that mean? You can scale it to accommodate your increased business transaction volume as your business expands. That makes it easier to meet the increased demand.
Cost-effective Compared to Traditional Payment Terminals
Traditional payment terminals often come with high hardware and maintenance costs. On the other hand, our SoftPOS terminal minimizes expenditure by leveraging existing NFC-enabled devices. We ensure that you can enjoy advanced payment capabilities without breaking the bank.
We currently live in a time where technology is constantly changing. So, if you’d like to stay ahead of your competitors, you must embrace innovations such as SoftPOS solutions in your business operations.
Don’t miss out on the opportunity to level up! Adopt and implement a SoftPOS terminal in your business today and provide your customers with a secure and more streamlined payment experience.
September 26, 2023
Payments Infrastructure as a Service companies are transforming how Fintechs, Banks and other businesses handle payments.
Overcoming Challenges in the Payments Sector with Payment-Infrastructure-as-a-Service
Outsourcing is an extremely popular business strategy, especially in the highly competitive FinTech world. And while most of you have likely heard about Software-as-a-service, Infrastructure-as-a-service might still be a relatively new concept to most people.
So what exactly is Payment-Infrastructure-as-a-service? It’s a convenient and streamlined solution that allows banks and other financial institutions to effortlessly manage and operate the technical elements of their payment processes to meet customer needs.
With the help of payment infrastructure providers, banks and other financial organizations are freed from the complexities of building and maintaining their own payment infrastructure. Infrastructure providers do the heavy lifting, from infrastructure updates to security patches, allowing companies to focus on other core parts of their business operations.
And especially now with the growing complexities in the payments industry, it's more crucial than ever for payment providers and Payment Infrastructure companies to work together. But first, what are some of these challenges that the payments industry is facing? Let's find out.
What are the Current Challenges Faced by the Payments Industry?
The payments industry has undergone great transformation over the years. Unfortunately, these emerging trends and innovations have been putting a lot of pressure on enterprises to meet the evolving consumer expectations.
Some of the challenges the payments industry is facing right now includes:
One of the main concerns has been navigating regulatory compliance and the ever-changing security standards in the payments industry. In fact, it has become more challenging for payment providers operating across borders to navigate the complex local, regional, and international regulations.
High Upfront Costs
A significant initial investment is required to build the full payment stacks with the traditional payment models. Not to mention, more costs are incurred with the licensing, tech stack, management, and constant payment model updates.
As the payments industry grows, so does the risk exposure. Today, most of the financial services fraud is somehow related with payment activities. That’s because most legacy payment models lack proper protocols for customer onboarding and monitoring customer activity.
But all hope is not lost! Payment Infrastructure-as-a-Service providers have proven useful in helping banks address these ever-growing security and fraud concerns and changing regulatory requirements.
What is Payment Infrastructure-as-a-Service?
Payment Infrastructure-as-a-Service is a cloud-based solution that utilizes cloud computing to provide businesses with a comprehensive payment processing infrastructure. That can include payment gateways, security protocols, and even compliance measures.
Businesses can integrate these components seamlessly into their applications or platforms, ensuring smooth and secure payment transactions for their customers. This service not only saves time and resources but also provides the reliability and expertise needed to navigate the growing digital payments industry.
The Benefits of Payment-Infrastructure-as-a-Service?
Payment Infrastructure-as-a-Service is a ground-breaking innovation in the payments industry. It’s pretty easy to use and offers tremendous benefits to the user.
And unlike traditional models, you only have to pay a flat monthly rate to use and incorporate this feature into your business. But that's not all! Here are other benefits of Payments Infrastructure as a Service;
Payment Infrastructure-as-a-Service significantly reduces costs, especially for financial institutions. Just by using third party infrastructure providers, payment providers sidestep the initial expenses and ongoing operational costs of building and maintaining payment systems.
This includes hardware, software, security protocols, compliance measures, and dedicated staff. Meaning financial institutions no longer have to employ in-house specialists to cater to new products or features.
On top of that, PIaaS providers offer adjustable price structures depending on your product, transaction volume, and business size. That makes it the perfect solution for any business that wants to enjoy a robust payment system without straining the budget.
Better Customer Experience
Payment Infrastructure-as-a-Service helps to improve the overall customer experience. That’s because it offers a variety of payment options. Most of all, it simplifies the entire payment process leading to shorter queues, and reduced wait time.
And you know what that means? High customer satisfaction rate, which in turn increases your sales and profit. Payment systems provided by PIaaS providers eliminate the need for physical receipts which streamlines the checkout process.
Security and Compliance
Payment Infrastructure-as-a-Service prioritizes security to ensure both the business and the customer are protected. By following stringent security measures, PIaaS providers ensure that critical and sensitive information remains secure throughout the transaction.
Additionally, professional PIaaS providers stay up-to-date with industry standards and regulations. Such commitment to security and compliance instills trust and loyalty in customers and helps to reduce the chances of fraudulent activities.
Payment-Infrastructure-as-a-service allows you to easily scale your payment capabilities up or down as your business needs change. It allows you to accommodate increased transaction volumes during peak periods without the hassle of infrastructure adjustments.
This adaptability ensures that you can maintain a smooth and uninterrupted payment process, even during high-demand periods. Ultimately this enhances customer satisfaction and maintains operational efficiency.
How Soft POS is Changing the Game in the Payments Industry
One of the game-changing innovations in the Payments Infrastructure-as-a-Service industry is SoftPOS. Soft POS is revolutionizing traditional point-of-sale systems. It transforms any hardware with NFC into a secure payment terminal hence simplifying transactions.
As the digital payments landscape evolves, embracing Payment Infrastructure as a Service and solutions like SoftPOS will help your business stay ahead of competitors. On top of that, you'll be able to adapt to evolving payment trends and meet customer preferences seamlessly.
September 25, 2023
The In-Depth Guide To PCI MPOC Standard.
Primary Keywords: PCI MPOC Standard, SoftPOS
As a business owner, you will naturally strive to meet your customer’s needs, whether that’s stocking up on new products or offering a more convenient payment alternative. As such, mobile payment technology is now the new kid on the block, offering a convenient and secure payment method in the modern business world.
In fact, with the widespread adoption of smartphones, people prefer shopping or paying for goods and services online. This shift in customer behavior has given rise to various mobile payment methods to meet the growing demand and enhance the overall customer experience.
At the forefront of this revolution is the PCI MPOC Standard. This new and flexible standard ensures that mobile payments on commercial off-the-shelf devices like smartphones and tablets are secure and compliant with Payment Card Industry Data Security Standards (PCI DSS).
Therefore, by adopting the PCI MPOC Standard, businesses can confidently offer their customers fast and reliable mobile payment options. Above all, embracing this innovation not only enhances customer satisfaction but also streamlines financial business operations.
Do you even know how this new tech can help scale your business? Well, let’s find out…
So, what is the PCI MPOC Standard?
First, let’s understand the concept behind this new payment method. PCI MPOC Standard is a groundbreaking mobile payment standard that’s addressing the growing need for seamless and secure payment processing solutions.
It integrates the existing use cases from the CPoC (Contactless Payments on COTS) and SPoC (Software-based PIN Entry on COTS) standards but adds new payment capabilities and certification methods. That’s quite the mouthful, right? Hold on; we still have more!
The new PCI MPOC Standard also comes with key enhancements that facilitate PIN-based transactions without relying on any extra layer of security on the merchant’s phone and also supports offline transactions. In short, PCI MPOC is designed in a way that makes it easy to add new features in the future.
That means we are moving away from specialized POS machines and towards using smartphones as a payment terminal. This change will make it easier for small businesses to accept payments. And as more functionalities are added, smartphones will become more reliable for handling payments.
But How Does PCI MPOC Standard Integrate with COTS Platforms?
Isn’t that the burning question? How can you use this system in your current commercial business? Well, to give you a straight-up answer, PCI Mobile Payments integrate with Commercial Off-The-Shelf (COTS) platforms to enable secure and convenient mobile transactions.
COTS platforms are pre-built software or hardware solutions readily available in the market. Integration typically involves incorporating PCI DSS-compliant mobile payment technologies into existing COTS systems, such as mobile apps or point-of-sale (POS) software. That ensures sensitive cardholder data is handled and transmitted securely.
What Does the New PCI MPOC Standard Entail?
PCI MPoC Standard is a significant advancement in the security of mobile payments. It offers a wide range of features that have proven beneficial, especially to businesses that process high volumes of payments.
That said, here are some of the advantages of the new PCI MPOC standard:
1. More Sales and Revenue
By adopting the PCI MPOC Standard, businesses will be able to widen their customer base and drive more sales and revenue. With secure payment options, companies will be able to accept payments from Cards, Mobile and even smart watches..
2. Better Customer Experience
PCI MPOC Standard offers unmatched convenience and ease of use, which enhances the overall payment experience for both the business and customers. With this standard, companies can use their smartphones or tablets as secure payment terminals. That eliminates the need to have any specialized POS hardware.
Customers can make quick and easy payments by tapping or entering a PIN of a familiar COTS device. The simplicity of this process reduces the checkout time, making the payment process more enjoyable and hassle-free for all parties involved.
3. Security and Compliance
The PCI MPOC standard adheres to the PCI DDS requirements. What does that mean? It enforces strong encryption of sensitive cardholder data during transmission, secure PIN entry, and authentication mechanisms. That reduces any risk of data breaches, unauthorized access, and fraud.
4. Cost Efficient, Flexible, and Future Proof
Unlike custom payment systems, PCI MPOC standard-certified POS systems use existing COTS devices. That cuts down on development and maintenance costs. Also, as the business grows, a PCI MPOC-certified Soft POS solution can accommodate expansion without the need for extensive infrastructural changes. That allows companies to handle increased transaction volumes and avoid costly hardware upgrades.
5. Competitive Edge
The PCI MPOC Standard puts businesses ahead of their competitors by offering a superior payment experience. With secure and convenient mobile payment options, businesses are able to attract more customers. Not to mention, the seamless and user-friendly processes enhance customer satisfaction. That fosters customer loyalty and encourages repeat business.
Why Choose NearPay as a SoftPOS Partner?
Our Soft POS solution is one of the first in the payments industry to be certified with PCI MPOC Standard.
Therefore, by choosing NearPay, you will not only be integrating cutting-edge technology into your operations but also adapting a more efficient way to accept payments. On top of that, you get;
Ø Easy Setup and Integration with Existing Systems
NearPay SoftPos solution is designed to integrate with existing business COTS systems easily. It comes with APIs, and on top of that, it’s compatible with common business software. That means you’ll have a smoother transition and minimal disruptions in your business operations.
Generally, you’ll have a seamless data exchange between the SoftPos and your inventory management and CRM software. This integration will streamline your workflow and ensure you receive real-time updates across platforms.
Ø Better Security Measures
On top of that, our SoftPos solution complies with the latest PCI security standards. That means all cardholder data is encrypted and protected safely.
Your customers will have peace of mind knowing that their sensitive information is well safeguarded and chances of a data breach are almost zero.
Ø Reduced Expenses
With our SoftPos solution, you will no longer need all the expensive traditional POS hardware. That means your upfront costs are significantly reduced as customers can use their smartphones or tablets as a secure payment terminal. The bottom line is that with our Soft POS solution, you get to save a lot on equipment expenses.
Ø Scalable and Flexible
Since our SoftPos solution is cloud-based, businesses can scale their operations effortlessly to meet the growing demand. Not to mention the fact that the POS supports multiple payment methods, including contactless payments and mobile wallets, you can easily cater to a diverse customer base hassle-free.
Ø Reliable Customer Support
Finally, we have a dedicated customer support team. We are available 24/7 to assist with any technical issues you might encounter using our Soft POS system. We know just how crucial it is to provide uninterrupted service to your customers. Therefore, we are committed to offering you fast and reliable support and ensuring your business runs smoothly.
Without a doubt, the PCI MPOC Standard is a groundbreaking technology that will revolutionize the payments industry. This new way of accepting card payments will unlock great opportunities for businesses and consumers.
So what are you waiting for? Integrate our Soft POS solution in your business today to stay ahead of your competitors and offer your customers an efficient and secure way to pay for goods and services through their smartphones.
September 20, 2023