Vert is German provider that combines payment acceptance, processing, and traditional banking solutions, meeting market demand for an integrated offering and consolidating access to innovative products for merchants of all sizes. Vert also provides next-banking-day pay-outs, offering merchants faster access to their funds.
Merchants are seeking user-friendly, integrated solutions that enable them to accept payments, move, and manage money. Vert clients benefit from an offering that includes faster payments, modern technology, acceptance of common payment types, and an online dashboard providing transaction data and other business reports.
Initially, Vert offers three solutions, suitable for a wide range of businesses, from mobile food trucks and brick-and-mortar restaurants to retailers and medical offices:
Clover Flex – a mobile-optimised, full-featured, and portable payment device that makes it possible for merchants to accept a broad range of payments and better manage their business. It offers a tip function and apps that facilitate business management.
The Go by Vert app – allows a merchant to use their own Android smartphone or tablet as a contactless payment terminal. Merchants can receive contactless payments in seconds. Vert also offers secure PIN entry, meaning merchants can accept payments above contactless-only limits.
The PAX A50 – a portable and robust card reader that enables merchants to accept card payments at the counter and at the table.
Vert plans to continuously expand its product range, with solutions for online payment acceptance and for currency conversion coming soon.
The current features of Vert include:
Payment on the next banking day;
Future-facing Android operating system solutions;
Acceptance of the most common payment methods;
A single merchant portal with a complete overview of all transactions, invoices, and reports;
Customer service and telephone advice for business guidance;
Secure payments and data via partnership with Deutsche Bank;
No hidden fees.
Deutsche Bank, together with its Postbank and Fyrst brands, has around 800,000 SMEs who will be able to access the new solutions, with some merchants already live. Vert’s services are also available to non-Deutsche Bank customers and the bank expects to attract new business clients in other areas as payment behaviour is likely to continue to develop towards cashless payments in the future.
Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as focused investment banking to private individuals, SMEs, corporations, governments, and institutional investors.
Businesses can increase efficiency and speed with cashless transactions, as there is no more waiting in line at a bank or an automated teller machine (ATM) in order to deposit and withdraw funds. It all happens automatically and without any delay, as digital transactions go straight from one account to the other.
The pandemic accelerated this trend, expediting the move from cash payments by over three years. This move was originally projected for 2023, but the global context advanced it to 2020. The Global Payments Report 2021 revealed that cash was used for just over 20% of the global POS transaction volume in 2020. That was a 32% reduction from 2019.
The move towards a cashless society is evident in the rise of industries that primarily rely on cashless transactions. The subscription economy, for instance, has been growing with the digitalisation of economies. According to UBS Wealth Management and Bernstein, so far, the digital subscription economy is a USD 650-billion market and is set to reach a market size of USD 1.5 trillion by 2025.
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