In essence, this collaboration allows Elavon customers to accept card payments using only their smartphones, eliminating the need for additional hardware. The SoftPOS technology allows merchants to transform any Android mobile device into a fully functional card-present payments terminal by downloading an application that integrates with the Elavon payments platform. This offering is particularly beneficial for small and new businesses, as it enables them to start accepting payments immediately, freeing up time to focus on other aspects of their operations.
In the official press release, representatives from Elavon brought up the importance of facilitating fast and simple payments for small business owners to meet customer needs efficiently, thus supporting business growth. The decision to collaborate came in the context of significant demand for such a product, with Elavon's global acquiring capabilities setting it apart from local payment providers. Elavon has a presence in Europe with offices in Oslo and Gothenburg, and it offers multi-language customer support and extensive currency and settlement options.
Elavon officials also underscored the significance of partnerships in delivering solutions designed specifically to meet customer demands effectively. They expressed satisfaction with the collaboration with Softpay, emphasising its potential to make a difference for small businesses across Europe.
Representatives from Softpay expressed pride in partnering with Elavon to deliver the Softpay SoftPOS solution to payment technology partners and resellers. They highlighted the simplicity and cost-effectiveness of the solution, which eliminates the need for expensive traditional payment terminals.
According to financialit.net, first launched in 2012, SoftPoS found humble success as an emerging technology before regulatory standards and controls were established in 2018. At the time, the product lacked certain features such as the ability to read pins and had limits on how much could be spent in any given transaction.
The SoftPOS solution is able to transform a regular smartphone or tablet into a secure payment terminal that accepts EMV contactless cards. The system is fully compliant with Payment Card Industry Data Security Standard (PCI DSS) regulations and addresses the growing trend towards cashless payments, especially in markets where cashless regulations are pending.
One of the main advantages of this sustainable solution is that it doesn't require any additional hardware. Moreover, because transaction confirmation is digital, no paper is wasted on printing it. Traditional terminals require charging, while SoftPos uses the power of an existing device. Lastly, all upgrades are managed online, which means that there’s no need to send servicemen to merchants or replace hardware parts.
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