As per the press release information, the platform is designed for merchants, Independent Sales Organisations (ISOs), and Independent Software Vendors (ISVs) looking to provide merchants in all sectors with a fast, reliable, and easy-to-use in-person payments solution.
Being part of the Cashflows Payment Platform, the in-person solution supports an array of Android and Linux terminal types. The connection to WiFi and 4G networks comes out of the box, as does the simple integration with ePOS systems. The device-agnostic solution is both secure and compliant with all the relevant PCI standards, and is easy to use, having a transparent, flat monthly rate per device.
What is more, Cashflows’ new partner rental model enables ISOs and ISVs to provide retailers with advanced Android devices without having to purchase devices upfront, thus opening new revenue streams with minimal servicing, upgrade, and compliance responsibilities, and helping better Cashflows’ partner proposition. Additionally, all terminals are integrated with Cashflows’ smart reporting portal, enabling merchants to access real-time, online, and in-person payment sales data, in a single dashboard. The holistic view of business performance is set to help merchants better understand and act on the insight provided.
Commenting on the launch, Paul Clarke, Chief Product, and Innovation Officer, Cashflows stated that the company’s mission is to improve the payments industry, and the new in-person solution is designed to do just that. Although ecommerce and mobile payments have had continued growth, in-person payments still account for 74% of all retail transactions in the UK, and the spokesperson believes this to showcase a preference for human interactions post-Covid for consumers and businesses alike. This is why the company developed an agnostic solution that delivers seamlessly both for financial services companies and high-touch hospitality and retail businesses.
The spokesperson added that accepting payments should be free of complications, and Cashflows developed a simple, flexible, and function-rich solution that be leveraged by partners and customers out-of-the-box, with no difficult setup. Combined with its omnichannel data portal and expert human support, merchants, and ISO and ISV partners alike are enabled to focus on their business.
The announcement further details that PIN pad POS devices, which integrate to a countertop or to an ePOS system through an API, together with a proof of concept (POC) with card schemes for Tap on Phone functionality are set to be launched later in 2023. This is set to expand the flexibility merchants are provided with by enabling users to leverage their own devices as card terminals.
Cashflows will be able to serve additional business types, including infrequent or seasonal sellers, small merchants, and large businesses that look for a cost-effective way to expand their payment acceptance ability free of investment in additional hardware. Further added-value functionality for the retail and hospitality industry is planned to be launched in 2024.
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