Finaro partners EveryPay to improve in-store payment acceptance

Malta-based Finaro has partnered payment gateway EveryPay to provide a unified SoftPOS card-present payment solution for Greek merchants.

From a customer's perspective, this partnership will offer some additional payment options, while merchants will benefit from simplified and streamlined POS terminal management. In essence, Greek merchants will be able to leverage this new payment solution to encourage customers to shop in-store in the context of Greece’s tourism industry getting back on track. 

The solution also aims to transform the acceptance capabilities of Greek merchants, who previously have been struggling with complicated POS terminal relationships and have been restricted in their ability to accept transactions from international customers. 

According to the official press release, EveryPay is currently servicing 90% of Greek marketplaces, and it will leverage Finaro’s smart acquiring capabilities and dynamic technology payment solutions in order to enable seamless in-store POS payments through a single, integrated API payment system. The system also aims to improve transaction approval and conversion rates by allowing merchants to accept payments directly on their phone or terminal without the need for additional hardware. 

More specifically, the solution will allow Greek merchants to accept card-present and contactless payments, including transactions made with mobile wallets like Apple Pay, Google Pay, or wearable items. Consequently, the number of third-party POS terminal relationships that merchants need to manage will be reduced. 

Following this partnership, merchants can also benefit from Finaro’s digital onboarding process, which allows documents and paperwork to be scanned and uploaded, signed electronically and sent digitally through Finaro’s digital dashboard. If all the documents are in order, the time taken for merchants and their sub-merchants to start accepting card payments is between 24 and 48 hours, according to the official press release.

POS transactions in Greece  

According to statista.com, point-of-sale (POS) transactions in Greece were on a clear ascending trend in the period between 2012 and 2020. In 2012, the number of point-of-sale transactions amounted to approximately 57 million, a number that increased to 952.6 million in 2020. After 2015, the amount of cash use in Greece started to drop heavily, going from 95.3% of all payments in 2015 to 75% of all payments in 2019. 

Moreover, mordorintelligence.com reports that the Greece POS Terminal Market is expected to register a CAGR of 10.35% between 2022 and 2027. The pandemic has led to an increase in the adoption of digital payments, which is creating opportunities for contactless terminals in the region. The Greece POS terminal market is moderately consolidated, with the presence of a few major companies. The companies continuously invest in strategic partnerships and mergers and acquisitions to gain more market share.