Finance apps

Kuda Soft POS: What is it, Features and How to use it

Kuda Soft Pos: What is it, Features & How to use it

Kuda is a leading digital bank in Nigeria that has introduced its new ideas of SoftPoS solution, allowing users to accept card payments directly through their smartphones. 

This Software Point of Sale (SoftPoS) technology transforms Android phones (version 8.0 or higher) with an NFC module into secure payment terminals, enabling the acceptance of EMV contactless cards.

With Kuda Soft POS, traditional POS machines may soon become obsolete because Kuda has offered users a convenient and efficient payment processing solution. 

Payments can be made using either physical plastic cards or virtual cards, requiring only the card number and PIN for transactions.

In addition to the SoftPoS launch, Kuda has enhanced its Kuda Business app with new features, including Sales Mode, Kuda Payroll, and business registration. However, the digital bank has also made changes to its fee structure. Starting March 17, 2023, Kuda Business accounts will no longer have free monthly interbank transfers. Previously, Kuda had introduced 25 free monthly transfers, which saved customers significant costs.

Hence, Kuda will charge an N10 transfer bill on each transfer made on Kuda business accounts while on the other hand, personal account users will continually benefit from the 25 free transfers.

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So in this blog post, I have provided the information you need on Kuda Soft Pos: What is it, Features & How to use it. Everything about that can be found wholely in this article.

I have already shed light on what Kuda soft POS is. Now, let’s see some features of Kuda soft POS.

Features of Kuda Soft POS

The Kuda soft POS is accrued with a lot of features, however, here are the key features of the Kuda soft POS machine:

EMV Contactless Card Acceptance: Kuda Soft POS allows businesses and individuals to accept payments from EMV contactless cards, making transactions secure and efficient.

Mobile Device Compatibility: The Soft POS technology works with Android smartphones or tablets running version 8.0 or higher, provided they have an NFC module.

No Additional Hardware Required: Unlike traditional POS machines, Kuda soft POS has no need for any dedicated hardware, as it transforms your existing mobile device into a payment terminal.

Convenient and Portable: Your phone is portable, right? You can carry your Soft POS enabled device anywhere, enabling you to accept payments on the go without being tied to a fixed location like the usual traditional and Android POS machines.

Virtual Card and Plastic Card Support: The Soft POS accommodates both virtual cards and physical plastic cards, offering flexibility to customers and businesses for making payments.

Simple Payment Process: Payments can be made using just the card number and PIN, streamlining the payment process for both merchants and customers.

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Enhanced Business App Integration: Kuda’s Soft POS technology is seamlessly integrated into the Kuda Business app, providing a comprehensive suite of tools for businesses, including Sales Mode, Kuda Payroll, and business registration.

Cost-Effective Solution: Kuda Soft POS eliminates the need for purchasing and maintaining traditional POS machines, reducing operational costs for businesses.

Security: The Soft POS technology ensures secure payment processing, utilizing NFC technology and adhering to industry standards for payment security.

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User-Friendly Interface: The Soft POS app features a user-friendly interface, making it easy for merchants and customers to carry out and complete transactions successfully.

Pros And Cons Of Kuda Soft POS

Everything that exists has its own disadvantages and advantages likewise fintech platforms/companies and kuda isn’t excluded, moniepoint isn’t excluded, palmpay, flutterwave, paystack, opay bankly etc. they all have their pros and cons. However, here, I have provided a list of pros and cons of kuda soft POS here:

Pros Of Kuda Soft POS

Cost-Effective: While most POS terminals are being sold for N15,000 to N65,000+,  Kuda has come up with a better idea which will surely make traditional POS terminals obsolete soon. 

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Kuda Soft POS eliminates the need for purchasing traditional POS hardware, which can be costly. 

Using your existing Android smartphone with NFC capabilities turns it into a payment terminal without additional expenses.

Convenience: If you find your smartphone convenience to use then nothing should go wrong when you turn it to soft POS.

Kuda Soft POS provides a portable and convenient solution for businesses and individuals to accept card payments.

It allows you to conduct transactions anytime and anywhere, making it especially useful for mobile businesses or on-the-go transactions.

Secure Transactions: As provided earlier in the features of Kuda Soft POS, Kuda makes use of NFC technology and secure payment protocols, ensuring that transactions are conducted securely. Customers also input their card PIN for added security.

Integration with Kuda Business App: The Soft POS is integrated within the Kuda Business app, allowing businesses to access a suite of features such as Sales Mode, Kuda Payroll, and business registration all in one place.

Cons Of Kuda Soft POS

Limited Device Compatibility: Kuda Soft POS requires an Android device with version 8.0 or higher and an NFC module. If your device doesn’t meet these requirements, you won’t be able to use the Soft POS feature.

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Dependence on Smartphones: While using your smartphone as a payment terminal is convenient, it also means that you need to ensure your phone’s battery is charged and that it’s functioning properly for uninterrupted transactions.

Connectivity Issues: Just like any technology relies on wireless communication, there may sometimes be connectivity issues that could impact the smooth operation of Kuda Soft POS, especially in areas with weak or no network coverage.

Need for NFC Cards: While Kuda Soft POS supports EMV contactless cards, you must have NFC-enabled cards for the technology to work. 

Customers with non-contactless cards might not be able to use this payment method.

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How To Use Kuda Soft POS In Nigeria (Step-By-Step Guides)

The full instructions on how to use Kuda Soft POS in Nigeria can be found right here. You can explore them below:

How To Receive Card Payment On Kuda Soft POS In Nigeria

  • Open up your Kuda Business mobile app and log in. Once you’re in, tap on the “Sell” option.
  • Enter the amount you want to receive from your customer using your Soft POS.
  • After typing in the amount, tap on “Charge.”
  • From the options provided, select “Pay with Card.”
  • Choose the type of account that’s connected to your customer’s card, and then tap “Proceed.”
  • Ask your customer to simply tap his or her card against your phone

Your customer will need to enter their card PIN for added security.

After this, the payment will be received immediately.

You can either send them a receipt or skip this step if needed.

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How To Receive Payment through Pay With Kuda Soft POS

  • First things first, log in to your Kuda Business mobile app. Once you’re all set, tap on “Sell.”
  • Type in the specific amount you’re expecting from your customer.
  • Tap “Charge” after you’ve entered the amount.
  • Select “Pay with Kuda” as the payment method.
  • You can either scan the QR code on your customer’s phone or have them type in their Pay ID. And remember, it’s important not to ask them to share their Pay ID with you.

Just like before, you have the option to send a receipt or skip this step altogether.

The third step on how to use Kuda soft POS in Nigeria is “receiving a USSD code or QR Code payment.

How To Use Kuda Soft POS To Receive a USSD or QR Code Payment

  • Open up the Kuda Business mobile app and sign in. Once you’re logged in, tap on “Sell.”
  • Enter the amount you’re anticipating from your customer.
  • Tap “Charge” to get things rolling.
  • This time, choose “Pay with USSD” from the available options.
  • Pick the bank your customer wants to use for payment.
  • Guide your customer to dial the USSD code or scan the QR code using their own phone.

As always, you can choose to send a receipt or skip this part if needed.

That’s all.

How To Make money As A Soft POS Agent

There are number of ways to make money as a soft POS agent, some of the ways are through the following:

Cash Deposits

One of the essential ways people make money as a POS  is through cash deposits by customers.

You can seamlessly help customers to transfer funds from your account to recipient or customers accounts while you receive cash payment alongside your charges.

Cash Withdrawal

Gone are the days when withdrawals necessitated a visit to a bank branch. With your Soft POS, customers can access their funds using their ATM cards, USSD, Bank transfer to transfer to your business account while you give them cash but withdraw your charges from the amount that is to be given to the customer or the customer transfers everything altogether.

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Bill Payments

Another way on how to make money as a soft POS agent is through bill payments.

As a Soft POS agent, you offer customers the convenience of settling an array of bills in one place. From electricity to cable subscriptions, you’re the provider of swift solutions, while raking in earnings.

Airtime purchase

You can sell airtime and data to your customer directly from your soft POS depending on the customer’s preferred network provider and earn immediately.

FAQs On Kuda Soft Pos: What is it, Features & How to use Kuda soft POS

I have provided a list of frequently asked questions on Kuda Soft Pos: What is it, Features & How to use kuda soft POS with answers. Below is everything you need to Kno:

How do I get Kuda Soft POS?

Kuda Soft POS is integrated into the Kuda Business mobile app.

 If you’re a Kuda Business account holder, simply log in to your account and access the “Sell” section to start using the Soft POS functionality.

 What types of cards can I accept with Kuda Soft POS?

You can accept EMV contactless cards with Kuda Soft POS, both physical plastic cards and virtual cards. 

This allows for convenient and secure payment processing.

Is Kuda Soft POS secure?

Yes, Kuda Soft POS is designed with security in mind. 

It uses NFC technology and adheres to industry standards for payment security. Also, your customers are required to input their card PIN for transactions, enhancing the security of the payment process.

What smartphones are compatible with Kuda Soft POS?

Kuda Soft POS works on Android smartphones and tablets with version 8.0 or higher and an NFC module. 

Make sure your device meets these requirements to enjoy the benefits of Soft POS.

Can I still send receipts to customers with Kuda Soft POS?

Yes, you have the option to send digital receipts to your customers after completing a transaction using Kuda Soft POS. 

This can provide a record of the transaction for both parties.

Can I accept payments from different banks using Kuda Soft POS?

Yes, Kuda Soft POS supports payments from various banks. 

You can choose the bank your customer wants to use for payment, making it convenient for customers with accounts in different financial institutions.

 What other features are available in the Kuda Business app?

In addition to Soft POS, the Kuda Business app offers features like Sales Mode, Kuda Payroll, and business registration. 

These features are designed to provide comprehensive financial solutions for businesses.

Can Kuda soft POS compete with traditional POS

Yes, soon, many agents attentions will be shifted to the kuda soft POS because it it cost effective, there won’t be any reason to buy traditional POS for transactions.

Can I continue to receive payments through other methods alongside Kuda Soft POS?

Yes, you can choose to receive payments through various methods, including Soft POS, Pay with Kuda, and USSD/QR Code payments. 

Kuda Soft POS provides an additional option for convenient payment acceptance.

 

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