The new app enables merchants to turn any NFC-enabled Android device, such as a smartphone or tablet, into a contactless payment terminal.
The solution aims to solve key issues for resellers, improve merchant acquiring and day-to-day management by automating the onboarding process, and merchant account setup. It also provides real-time data and customisable reporting that can be accessed via API or viewed in a web-based interface.
Phos and Paynt have combined their tech, resources, and expertise to deliver this customisable white-label solution for third-party payment gateways and independent sales organisations. In doing so, they aim to help SMEs, sole traders, and specialist merchants.
Additionally, the new solution removes expensive hardware costs for SMEs as the sector continues to recover from the impacts of COVID-19, enabling merchants to make use of the mobile devices they already have rather than investing in new physical terminals.
Paynt’s officials stated that the new solution is simplifying how SME-sized merchants can get paid for their products and services. The white-label solution they have brought to market is a response to the demand to make accepting payments more accessible and cost-efficient.
Recently, IBS Intelligence reported that Phos has achieved CPoC accreditation from the Payment Card Industry Security Standards Council (PCI SSC).
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