Wouldn’t it be great if your credit card terminal was smarter than you? How about if your credit card terminal could text and email receipts? What if your credit card terminal could pull up transactions and make issuing refunds easier than ever? What if your credit card terminal was more than that – what if it was a smart terminal? The future is here, and it’s rocking the world of credit card processing. Here’s how.
Say hello to Poynt, a California-based start-up that believes payment terminals are on the verge of a major transformation. Poynt’s contribution? A common operating system that can power any smart-terminal worldwide.
Poynt describes itself as, “a platform for connected commerce.” With their sleek new payment terminals, they aren’t just trying to provide updated technology. They seek to change the payment terminal industry entirely.
A new ‘App Economy’: The smartphone of payment terminals.
Similar to the introduction of the world’s first smart phones, Poynt seeks to revolutionize payment terminals. According to their website, they seek to produce “a connected, multi-purpose device that runs third-party apps.”
In fact, Poynt’s Director of Engineering, Gene Linetsky, compared current terminals to early 2000s cell phones – clunky, outdated, and poised to be replaced by something sleek, innovative, and smart.
The Digital Transactions website says, “Poynt Co… argues so-called smart terminals should have a common operating system like smartphones do” and describes Poynt as using “cloud-based solutions…that include an app store similar to the one Apple popularized through iOS and iTunes.”
In a promotional video, the Poynt Smart Terminal is described as “…the first terminal you’ll love. And the last one you’ll need.”
With the ability to accept multiple forms of payment – including EMV, cash, and NFC-based contactless payments such as Apple Pay – Poynt offers the surety that its products will be able to handle the rapidly changing world of payment types, never leaving the merchant with outdated technology.
The road ahead.
In 2015, Poynt gained the necessary certifications to begin shipping their products to merchants across the globe. At that time, according to Digital Transactions, Poynt had agreements with Chase Paymentech, EVO Payments International, POS Portal, and Vantiv.
Poynt just recently concluded a $100 million fundraiser. According to Tech Crunch, “In four years, Poynt has brought in a total of $133 million from backers such as Google Ventures, Matrix Partners, Oak HC/FT, Webb Investment Network and Nyca Partners. In the last 16 months, it has shipped some 150,000 terminals. The company says total payment volume will exceed $25 billion in the next year.”
The fundraiser will help Poynt reach farther overseas and across the globe.
Visit stillwaterpayments.com to learn about Poynt and the other products we offer to our clients.