SoftPOS utilises the Near Field Communication (NFC) feature on modern smartphones to communicate with nearby payment devices, exchanging encrypted data via short-range radio waves to complete secure transactions through a dedicated payment application.
The process begins when merchants download the SoftPOS application and complete a secure registration process. After verification, the merchant's smartphone transforms into a payment terminal.
To process a payment, the merchant opens the SoftPOS app and enters the transaction amount. The customer then taps their contactless card, smartphone, or wearable device against the merchant's phone. NFC technology exchanges encrypted payment data between devices via short-range radio waves to process the transaction.
During the transaction, SoftPOS employs multiple security measures. End-to-end encryption protects all payment data, while real-time fraud detection and secure tokenisation ensure transaction safety.
Once the payment is approved, funds are automatically cleared and settled into the merchant's account. Digital receipts are generated instantly and can be shared with customers via email or SMS.