Blogs > SoftPOS v/s EFT Terminal for Contactless Payments

SoftPOS v/s EFT Terminal for Contactless Payments

By Aubrey Corda, Published 22nd June 2020

Contactless payments can be implemented using an EFT terminal or a SoftPOS. The EFT terminal needs no introduction. But what is a SoftPOS? It is software that enables acceptance of contactless payments on a merchant’s mobile phone/tab from a payer’s mobile phone/contactless card.

SoftPOS is often perceived to be lower cost but this is not universally true. Broadly there are 2 scenarios in which a POS payment terminal is deployed: 1) Standalone 2) Integrated with a POS billing system

1) Experience shows it is not realistic to expect a merchant to share the personal phone/tab for payments a) The merchant owner is not always available at the Point of Sale, and, b) the phone/tab is also a personal productivity & communication tool that is simply not available for other purposes. If the cost of a phone/tab is added it does not justify the expense.

2) SoftPOS makes real sense when delivered with a POS billing system that meets business requirements. This varies, based on the nature of business.

For scenario 1) a terminal like MF66S, that costs much less than $50 does wonders. No dependence on phone/tab, an embedded calculator, adds to productivity, accepts contactless payments by scanning or tapping.