POSand beyond

Steven Stewart, from myPOS, discusses how smaller businesses and ISVs are benefiting from point of sale systems that transform way merchants serve customers

For businesses at the modest end of the spectrum that is small and medium-sized enterprises (SMEs), one click can make all the difference.

They don’t have the resources to manage payment integration and keep abreast of payment regulations. And yet, regardless of how small a merchant is, customers increasingly expect them to deliver the same degree of diverse payment options as those offered by big brand names.

As Steven Stewart, country manager for the UK at myPOS, puts it: “People no longer shop linearly; they often notice a product on social media, then browse through an online store, then finally purchase it in person.”

The necessity for omnichannel retailing that satisfies this new style of shopping, whether that be through cashier-less checkouts, QR codes, kiosk purchases or online payments, has resulted in an influx of providers offering sophisticated integrated payment solutions at competitive prices.

But myPOS has been particularly successful in carving out its niche. It was one of the earliest providers of payment solutions to smaller merchants, about 10 years ago, and rolled out hardware and software that allows them to take payments in-store and online as the payments landscape shifted, particularly during and after the pandemic in 2020.

Most recently, it’s added Go 2 to its range of myPOS Go devices that allow SMEs to take their business anywhere.

“With solutions like this one, merchants can sell in-store, outside their shop, and on the go – most are doing

People no longer shop linearly; they notice a product on social media, browse through an online store, then finally purchase it in person deliveries, for example. myPOS Go was followed by the release of a Printing Dock, which turns the device into a two-in-one product, also enabling countertop and printing functionalities.”

Online, too, it’s introduced the myPOS Payment Tag, which allows SMEs to take payments without needing a website. Payments can be accepted through social media, QR codes or message chats, creating higher sales volumes through safe and secure leads. Once the sale is complete, merchants pay a small transaction fee and get access to their funds instantly – another bonus for smaller businesses who tend to experience tight cashflows.

Serving more than 150,000 merchants operating in 30 European countries, the myPOS Business In A Box solution doesn’t just address the need for comprehensive payments; it also offers a range of financial services with no fixed cost or long-term engagement. It’s a model that seasonal SMEs in particular find very appealing.

In fact, the provider’s entire approach is to wrap its services around a business’s individual needs, the logic being that, by solving pain points for the merchant you deliver a much better customer experience down the line.

“With the right POS system, business owners can achieve a lot; synchronise inventory management, track data, ease staffing issues, introduce unattended automation,” Stewart says.

And, as many SMEs know, one person – the founder – is often wearing all those hats, which can be challenging and overwhelming, and, ultimately, limits growth of the business.

“SMEs don’t have the same internal resources to support the growth that their larger counterparts have,” continues Stewart. “That’s why we’ve built our Business In A Box platform, taking away the burden of managing multiple relationships, integrations and tools and helping merchants reduce inefficiencies.

“Our traditional POS devices are just the tip of the iceberg. When it comes to helping retailers implement new tools, our smart terminals present many more options, as they’re connected to our myPOS marketplace – that’s our app market, where merchants can find applications helping their business to grow.”

The plug-in features are useful for any small business, providing payment links, e-commerce optimisation, checkout functionalities and more. But now myPOS is going further in creating bespoke apps with supply chain partners and with ISVs (independent software vendors).

This year, for example, it helped optimise the distributor operations for Coca-Cola HBC Hungary. Working with IQOM, myPOS’s local distributor, it developed an app specifically for merchants taking deliveries from Coca-Cola drivers. They can now pay the drivers without having to use cash, via instant transfer or via card payment. Transactions are simpler, safer, and faster.

The benefits for ISVs partnering with payment providers like myPOS are not dissimilar from the benefits that SMEs achieve. ISVs can improve their security and user experience by introducing integrated payment software as has already been accomplished by the partnership between myPOS and Autocab.

“Autocab is one of the leading global providers of booking and dispatch software for taxi and private hire companies,” says Stewart.

“We are integrated with their Driver Companion application, which is running on our Android-based devices which, in addition to offering in-app payments, enables cardholders to store their card details within the Autocab mobile payment solution means there’s one less thing for merchants to worry about.

Perfect Partners

There are clearly more tie-ups to come: a myPOS’ ‘experience centre’ is set to open later this year in Ireland after the myPOS group secured a single e-money licence from Ireland’s Central Bank for its European operations. The centre will further develop integrated solutions for businesses by linking merchants, suppliers and technology providers through its marketplace.

Meanwhile, the company has also begun to develop partnerships with big banks who want to offer a superior service to small businesses for whom they are now competing with a range of non-banking providers. MyPOS recently forged an alliance with Raffeissen Bank in Hungary that will allow its clients to access myPOS terminals and benefit from exclusive terminal charges.

Negotiating the fragmented and competitive landscape between customer, SME, ISV, app marketplace, integration platform and bank shows the plethora of opportunities available. And, just as the ultimate customer has high expectations application, making each future payment effortless.”

Creating integrated payment solutions increases security and speed, reducing issues and saving time for ISVs. Better functionality in payment processes assists in increasing revenue and stabilising cash flow, too. And providing an integrated from small businesses, so those businesses are developing high expectations from their POS provider in terms of those integrated solution-driven applications and the partnerships they can provide.

As Stewart says: “Small businesses cannot afford to sit idle. Many are painfully aware of the shifting sands beneath them and the need to explore the opportunities of financial technology to address changing customer expectations.”

Omnichannel or bust: Customers and smaller retailers demand a variety of payment options