Merchant360, Inc. the leading global independent point of sale terminal application developer launches a campaign to save Pete the point of sale payment terminal from extinction. A video explaining the problem and solution can be found at http://savepete.merchant360.net
Most point of sale terminals only do one thing; Payments. Merchant360 has developed a standard interface and method of transaction that allows existing in market point of sale payment terminals from VeriFone and Ingenico to transact a number of different value add services including promotional coupons, loyalty points, charitable donations, cashback to account and even bitcoin in a standard secure way that works with credit and debit card payments.
Most other new merchant services technology solutions require the merchant to uptake new hardware or use mobile phones but behind a busy bar or in a 5 star restaurant the wait staff are not going to pull out a phone to create a transaction. Merchants and their consumers will however use their trusted well-established and secure payment terminal the same as they do today to enter the payment amount and let the consumer select their chosen payment card. Now a merchant can expand the choice for consumers and allow the use points, discount coupons, and even bitcoin to settle their bill directly with the trusted payment terminal. The merchant can further incent the consumer with cash back and charities can collect micro donations from consumers with bill payment.
“The software establishes a standard for how value add services can be as ubiquitous as payments on the payment terminal” says Steve McRae, CEO of Merchant360.
We can empower value add service (VAS) providers to work together like Visa, MasterCard and American Express do at the point of sale by transacting in a standard and secure way allowing any value add services provider access to the point of sale.
Since 2008 Merchant360 has delivered over 140 terminal applications to banks, processors, and value add services providers. The software has been deployed globally to over 400,000 merchants and as a result Merchant360 has realized a VAS standard that works with payments standards on the same terminal. The standard allows a consistent interface and process for consumers and merchants to engage with value add services therefore making adoption easier for everyone. The problem in the industry is that VAS has not had a standard like payments and therefore mass adoption has been stifled. With VAS service providers working together at the point of sale adoption will likely grow to that of card payments.