The software-only Point of Sale (SoftPoS) developed by the fintech Phos is set to power a new payments app, which has been developed by the Cypriot payment service provider JCC Payment Systems for use by retail merchants.
As Cyprus moves towards card acceptance as a nationwide legal requirement, the timely arrival of the new app will provide merchants with access to payment solutions through their mobile device.
JCC Payment Systems are marketing their new SoftPoS solution to small and medium-sized businesses who are only operating on a cash basis. In light of the Covid-19 pandemic, there has been a need not only in Cyprus, but on a worldwide scale, for the ability to process contactless and cashless transactions.
Historically, whilst PoS solutions do offer relief in this regard, their installation and maintenance are often associated with the need for additional hardware, and can also be restricting for businesses on the go.
Speaking on this matter, and how identifying the barriers associated with traditional PoS implementation resulted in the creation of this app, Nicodemos Damianou, CEO of JCC Payment Systems, said: “We needed to find a solution that could work for our micro to medium-sized business customers. Partnering with Phos gives our merchants access to an innovative payment platform without requiring any investment or new hardware, and its speed and proposition is like nothing else in the market. It is clear that we are two teams with a common strategy of making digital payments more accessible to both merchants and their customers.”
JCC Payment Systems are overcoming this dilemma by leveraging Phos’ SoftPoS sysytem. The solution requires no additional hardware to establish and can be integrated across a number of Android devices. Once the start-up is complete, merchants will be able to quickly start accepting and processing cashless payments; whilst also adhering to the Cypriot government’s new mandate.
What’s more, the app will be bolstered by Phos’ cybersecurity technology, which offers all the critical aspects of payment protection and security.
Data from Phos shows that more than 33 million businesses across Europe are still reliant on cash, with barriers and concerns including hidden costs, hardware requirements, and security issues. The SoftPoS solution can provide a safe and sustainable alternative to cash and allow merchants to digitalise effectively, offer more payment options to their customers, and ultimately grow their businesses.
Brad Hyett, CEO of Phos, added: “Our partnership with JCC means that its customers can transform their businesses rapidly and with no penalties for digitising that might have formerly held them back, such as additional costs or lengthy set up or settlement periods. At a time when retailers need to be adapting to changing environments, being able to deploy new services is critical to customer retention. With JCC’s reach, and our technology, Cypriot merchants will be able to quickly offer their audiences a variety of ways to pay, protecting revenue while enhancing the buying experience.”