Next month, October 2015, is the deadline for a massive amount of merchants switch to EMV, called as well the Liability Shift, associated with EuroPay, MasterCard, and Visa. This brings a big growth in the product which we can simply call smart terminals.
That means for any business which is accepting credit cards must change its payment terminals with new ones that follow the EMV (Europay, MasterCard and Visa) protocol. Those who don’t make the switch will be liable for any fraud charges that may occur.
According to Osama Bedier, founder and CEO of Poynt, a Palo Alto, this is once-in-a-generation undertaking. “Think about it compared to the Euro currency change a few years back—that’s how significant this is.”
These terminals might be the one which you will see around all shops in near future.
One of the reason why we choose Poynt is because of its impressive cast partners, including Chase and accounting software giant Intuit, not to mention interest from roughly 1,000 credit card processors worldwide. The terminal works right out of the box, but the key feature is the software. We can talk about Poynt as one of the first smart terminals. Poynt is working with developers on third-party apps, which in more business model has been a successful step towards covering the market. In reality this means that Poynt will allow merchant to download apps for everything from loyalty programs to industry-specific solutions, such as handling tips or tracking commissions. Bedier claims that hundreds of developers have bought the Poynt kit to start building out their ideas.
“The POS solution that a hair salon or a hotel needs is very different than a yogurt shop or a restaurant or a spa,” he explains. “We want all of those guys to be able to build their industry-unique solutions and integrate them into our device with very little effort.”
More smart POS terminals which can be big in the future are: