Truevo and POS Innovation
Anda Kania, Senior Editor at The Paypers, sits down with Jon Barras, Truevo’s UK General Manager. In this interview, Anda and Jon discuss Truevo’s launch into point of sale solutions and about the impact they are having on the in-store payments market. Jon shares some of the main features of Truevo’s retail devices and shares how they make business easier for merchants and entrepreneurs.
What follows is the interview originally published in The Paypers on 18 August, 2020.
First off, when and why did Truevo decide to launch an in-store solution?
In the past, Truevo specialised in e-commerce acquiring and payouts. We processed our first card payment in 2016 and since then, we’ve realised that there is also a very real market opportunity for more POS offerings in Europe. Merchants have an appetite for new options, and plenty of businesses have needs that aren’t addressed right now. So, we decided to set about creating our own card-present solution to be the provider that merchants need. In February of this year, we launched our Point of Sale product in the UK, Ireland and Malta.
What specific challenges did Truevo identify in the industry that led you to create this product?
In the UK and Ireland particularly, the POS markets are very mature. Established industry leaders are rather set in their ways, and the market was ripe for disruption by an agile newcomer.
What the industry needs is a company that can onboard merchants more quickly than the average time frames that exist today and that is flexible to business models that are typically viewed as less easy to allow to process payments. Industry leaders are chained to legacy systems and can’t change as quickly or with the agility that we can. Our advantage is coming in and thinking differently about the time it takes to get terminals in merchants’ hands and about how to evaluate risks, allowing a larger pool of merchants to accept cards at their stores and restaurants. We are truly working to put the customer first and address some of the long-standing pain points merchants in these markets have been experiencing.
What is the Point of Sale solution’s main features?
We rolled out with the A920 terminal model from PAX. It is the newest device in the market to be powered by the Android operating system. It has a smart and elegant design that merchants like while at the same time, packing a lot of features. The terminal can do anything from running a loyalty programme to a full EPOS system. So, merchants have a lot of choice in terms of how they can use the device to grow their businesses. Each terminal can be programmed in WIFI and GPRS modes so there is no need for merchants to use different terminal modes.
Since we launched this year and the global health situation worsened with COVID-19, we have highlighted that the screen is made of glass and can be cleaned easily after each use. Considering the safety measures merchants need to take amid the pandemic, our product could have been designed with COVID-19 in mind.
How does Truevo’s product stand out from ones that offer similar services? What is its unique selling point?
Most of our onboarding is automated, so the ability to approve merchants quickly really makes the difference. We have come up with a system where we’re essentially pre-approving certain sectors which don’t require an underwriter.
Merchants representing industries that traditionally have been difficult or time-consuming to receive point-of-sale systems see a great improvement in how fast they have a terminal in their hands and how soon they can have a customer tap their first payment card. For example, businesses that rely on recurring payments, such as gyms, can see outstanding results. As well, stores that rely on larger euro purchases or purchases that are made with a deposit rather than being delivered immediately can also process cards faster. A furniture store is a good example.
What’s next for the Truevo POS solution?
We’re working on an easier way to obtain the payment terminal without needing to pay for this upfront; but rather, through a monthly fee. For partners, it is a huge advantage. They no longer need to consult with or wait for a third party to finance merchants’ terminals. It involves less hassle and less paperwork for everyone – instead of having two credit agreements to sign and two sets of terms and conditions to review, merchants only need to manage one. This is rolling out now, so we’re excited to unveil it to our current merchants and partners and to give potential customers the option. Next, we will be working on expanding to other countries across Europe.
For us, improving our point of sale solution is an ongoing process which we are constantly refining with feedback thanks to our current set of clients. The response has been great so far, and we’re motivated to keep giving merchants more.
About The Paypers
The Paypers is the Netherlands-based leading independent source of news and intelligence for professionals in the global payment community. The Paypers provides a wide range of news and analysis products aimed at keeping e-commerce, fintech, and payment professionals informed about the latest developments in the industry.