In March alone, over one in five (22%) companies experienced a drop in revenue. This problem is compounded for small and medium-sized enterprises that have limited resources to safeguard themselves against economic volatility, making them exceptionally vulnerable.

However, there are tools available that can help these enterprises become more flexible and resilient while also future-proofing the company.

Efficient use of resources

Due to lower profit margins, SMEs have been hit particularly hard by the economic instability experienced so far this year. Using their limited liquidity to bear the high upfront costs of traditional payment systems is not a viable business decision. For this reason, software point of sale (SoftPoS) technology emerges as a smart alternative.

The software leverages existing devices like smartphones and tablets and converts them into payment terminals. This eliminates the need to invest in specialised hardware and reduces the required upfront investment as well as long-term maintenance costs.

Staying at the forefront of technological advancements

Technology is evolving rapidly, and keeping up to date is vital to meet customer expectations. Updating traditional payment hardware requires procuring costly new machinery, which makes it difficult for growing enterprises to keep pace with emerging trends such as contactless payments, mobile wallets, and biometric authentication.

SoftPoS, on the other hand, relies on software. This makes it a flexible and scalable solution that can be integrated with emerging technologies and adapted to changes in consumer behaviour with minor upgrades. This helps small businesses stay competitive and uphold buyer expectations.

Make limited resources last longer

Training staff to use complicated traditional payment hardware puts a strain on financial resources in small and medium-sized businesses. This can get in the way of businesses achieving operational efficiency, putting them at an immediate disadvantage to larger companies that are able to survive the current economic climate with minimal adjustments.

SoftPoS helps avoid unnecessary financial strain by providing a user-friendly interface that can be launched with minimal training. Moreover, it boosts growth by eliminating the need for maintenance costs traditionally associated with physical hardware.

Matching customer expectations

Modern buyers prefer the convenience and speed of contactless and mobile payments to the hassle of using physical cash. Growing enterprises need to meet these expectations, or else they will lose out on customer satisfaction and loyalty.

SoftPoS focuses on making the payment experience more consumer-friendly by processing transactions through NFC-enabled devices like smartphones and tablets, instead of expecting all customers to use cash. This is particularly beneficial for companies operating in dynamic environments, such as pop-up shops or mobile businesses. By matching customer expectations, SoftPoS helps businesses enhance satisfaction, build loyalty, and ultimately drive revenue.

Ensuring long-term stability

There is no denying that SMEs are plagued by challenges in the current circumstances that we find ourselves in. However, being able to adapt and learn from them can present opportunities for growth and long-term stability.

By helping in cost reduction, streamlining operations, and meeting evolving customer expectations, SoftPoS helps companies of all sizes build resilience and use the market’s dynamic environment to their advantage. It can also protect companies from future technological changes, ultimately positioning them for success in the long run.

It is undeniable that SMEs will continue to face their fair share of challenges in the coming years. However, tools like SoftPoS help these businesses thrive in the face of any difficulty. By embracing such innovative solutions not just in payments but also in other verticals, growing merchants can prepare themselves to overcome any hurdles that come their way, helping them stay ahead of competitors.