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Company news

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12 Jan 2023

myPOS COO on transborder selling, instant settlement and being a one-stop shop for merchants

Irfan Rasmally has been the Chief Operating Officer (COO) of payment platform myPOS since 2019, overseeing a rapid growth in customer and product offerings.

The payment platform myPOS was launched in 2014 in London, a couple of years after its two European competitors Zettle and SumUp presented their low-cost card readers.

myPOS had some catching up to do. The company has not had the same brand recognition with its terminals as its Stockholm- and Berlin-based rivals. Yet it has stayed true to doing things its own way, and gradually expanded the customer base for its mobile card machines to more than 150,000 merchants across Europe.

The main draws have been a low start-up cost, no contract lock-in and instant access to funds. Its most popular terminal, myPOS Go, is the lowest-priced card machine with its own SIM card on the market, normally selling for under 30 GBP. The company’s more advanced Android smart terminals allow for app integrations with a wider range of services.

Accepting cards across borders

A defining feature of myPOS from the start was that it did not limit its offering to one country, or even within one territory. myPOS terminals come with a built-in SIM card allowing merchants to get paid in the UK and across Europe, out of the box. It is the only payment company in Europe allowing borderless selling without a special arrangement. The transborder feature is particularly popular with the transportation industry, says Irfan Rasmally:

“Limousine drivers, for example, can collect or drop their clients outside of their countries and take card payments seamlessly. Our solution is also used by merchants who participate in trade fairs and international markets.”

Sellers can charge customers in a local currency, whether that’s euros, pounds or kroner. The funds settle in the myPOS account, and can be accessed with a business Visa card, withdrawn in cash or transferred to a regular business bank account.

Facilitating cash flow

Payment providers typically make funds from card payments available for use after one to two business days. For cash-strapped businesses with plenty of expenses, this can feel like a long wait. Competitor Square, a Silicon Valley pioneer in pay-as-you-go card acceptance, provides its UK merchants with instant-access deposits of funds in their bank account for an additional fee of 1%.

myPOS has made instant settlement to the myPOS account a service-defining feature, says Irfan Rasmally:

“We’re the only payments provider that allows small businesses to get their money in seconds without charging them additionally for this service. So myPOS clients can immediately use their cards at point of sales, online or even withdraw their funds from their e-money account at ATMs to address their urgent business needs on the very same day.”

Transferring funds to a separate business bank account will take a couple of days depending on which country the funds are transferred to, and this carries a fee, but for myPOS merchants, the option to instantly access the funds for expenses through the Visa card is often worth it.

Multichannel selling

Payment terminals for face-to-face selling are still the main products for myPOS. Like an increasing number of European companies, myPOS is counting on the Android smart terminals to dominate the card machine market.

The myPOS Carbon is based on Nexgo N86 with a touchscreen, scanner and the option to use apps for different payment methods and point of sale systems. myPOS developed an all-round point of sale software app in-house, but counts on third parties to make niche tools available to its merchants:

“We are an open platform and any developer can contribute to the myPOS App Market. Our philosophy is to allow openness and customisation because open platforms are the future of integrated payments.”

A built-in app for remote payments, i.e. virtual terminal, comes pre-installed on the terminal. Other online selling tools have been made available to merchants in the last few years. The goal has been to make it easy for the smallest businesses to sell online and get their needs met by the myPOS platform.

To make it as easy as possible, Irfan said they launched a product called myPOS Payment Tag: “It allows merchants to accept online payments without a website. It’s a secure, customisable web page where customers can pay in seconds with their preferred payment method.”

Bulgaria as Silicon Valley

Irfan himself is international, just like myPOS itself. Having grown up in Mauritius, he started his career in payments in the State Bank of Mauritius more than two decades ago before relocating to Europe, working with payment acquirers, payment gateways and mobile commerce in Germany, Luxembourg and the UK, most lately in a pan-European role for myPOS.  myPOS operations offices with 350 staff are based out of the Bulgarian capital Sofia and the port city Varna on the Black Sea, the country’s third largest city.

Irfan does not think the company is missing out on the Berlin or London vibe:

“Varna and Sofia make sense from a cost perspective, but also from a talent perspective. Bulgaria is definitely the Silicon Valley of Europe. One just has to look at all the international payment companies which are investing in their workforce in Bulgaria.”

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12 Jan 2023

The ecommerce trends that SMEs need to note

As the world is entering its third year of COVID-19, nano and micro businesses are beginning to embrace digital tools. What in the last two years was viewed by them as means to survive, is now finally acknowledged as a way to thrive.

Ecommerce is the perfect example. Merchants who were previously reluctant to sell online ramped up their Internet presence in the last year. What’s more, consumers and merchants alike began to seek out an improved ecommerce experience. The tendencies are constantly evolving and, to stay competitive, merchants need to stay alert. So let’s take a look at some of the trends that could affect SMEs and their online commerce this year.

Manage a consistent, connected experience from one spot

Everyone talks about omnichannel, and small business owners are probably getting tired of that word; yet, customer loyalty is linked to omnichannel experience because people no longer shop linearly. It’s quite often that consumers first notice a product on social media, then browse through an online store and, finally, purchase it in-person. The buying journey is getting complex and, to capitalize on this, SMEs have to invest in omnichannel experience, but that’s not everything. Merchants need to look for more ways to cross-sell and integrate all sales into one single platform, so they can cope with the challenges of omnichannel retailing.

Take advantage of mCommerce

Smartphones have become the essential tools that help us run our businesses, organize our lives and, of course, do our shopping. Because a growing percentage of online purchases are completed via a mobile phone, merchants have to focus on providing a positive smartphone encounter with their site. This means that SMEs need to make it easier for users to shop on their phones while keeping in mind that with mobile less is more, especially at checkout.

Furthermore, the average person’s attention span has dropped significantly, which means that consumers will be looking for ecommerce solutions that allow them to buy at any moment on any platform. So, business owners need to realize that any chance to reduce the number of fields, screens and clicks will turn into more purchases. Diverse payment options that speed up the checkout process are a must, too, when it comes to mobile commerce.

Diversify and integrate your payment options

Consumers demand options and look forward to their preferred payment method. As a result, those who can diversify their payments are more likely to reduce cart abandonment and encourage shoppers to spend more. Additionally, consumers avoid cumbersome checkout processes that stand out as a separate part of the shopping experience and look for embedded payments. Thus, in order to succeed, each business has to adjust and provide frictionless, integrated payment solutions.

Optimize the buyers’ path

The payment process is not the only important touchpoint, however. The reality is, merchants have to improve every customer interaction and that can happen in different ways. For example, improve product search, provide rich product merchandising, personalize the upsell process, simplify return procedures or offer payment flow that is quick and easy. Because more experiences shift from physical to digital, we can’t look at ecommerce as just a transactional opportunity. At every touchpoint, consumers are forming an opinion about the business and brand.

Sell across borders

As part of the ecommerce boom, international transactions offer big growth potential for small businesses. Due to ongoing supply chain issues, more and more consumers are willing to buy internationally. However, many SMEs think it’s hard to accept and process cross-border payments, not knowing that a fintech partner could offer fast, inexpensive and secure cross-border payment tools.

Power loyalty with data  

Data is the currency in retail and businesses can find innovative ways to incentivize consumers to share more of it. This is one trend that SMEs need to note as more retailers are expected to encourage shoppers to share data in return for perks. For example, the more info the customers are willing to provide, the more access they’d have to promotions. All businesses, regardless of their size, can look for creative ways to solicit data and ecommerce is perfect for that.

In return, that data can help a business predict shopper preferences and behaviors. And this, again, is where modern bundle services come in. For example, tying your online and in-store Point of Sale tools from myPOS can help you generate reports, track inventory and analyze and improve your sales. In-depth analysis reduces costs, enhances processes and improves profitability.

Find the right digital tools

Overall, SMEs are looking for the right tools that can help them provide a stellar online shopping experience and blend that experience with their other channels. Blended retail will become the norm in 2022 because customers expect to move between online and offline seamlessly. This means that SMEs will have to offer an integrated ecosystem of solutions to stay competitive and those who bundle their services and diversify their payment offering will be in a better position to maximize sales.

The reality is that consumer values and demands change quickly and companies have to adapt to those behaviors. While it can be hard for the smaller business to keep up and apply the new trends, modern solutions can lend a hand, so business owners can focus on what matters – their business.

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12 Jan 2023

myPOS expands services to help merchants grow

With myPOS, entrepreneurs can now do it all: get instant access to their money, borrow in just a few clicks and accept the latest online payment methods.

More than anyone else, small-business owners require from their financial-service providers innovation, support and convenience as they don’t have the same internal resources to support growth as their larger counterparts.

From the position of serving hundreds of thousands of small-to-medium-sized businesses (SMBs), we, at myPOS, can tell that to reduce inefficiencies and improve cash flow, merchants need a single platform that takes away the burden of managing multiple relationships, integrations and tools. A platform with a full stack of integrated business solutions and a wide range of financial services, which are charged based on the merchants’ turnover, with no fixed costs or long-term engagement.

The good news is that myPOS has been on the side of small business owners for nearly a decade. And thus, thanks to our strong experience, we’ve developed such a platform – the so-called myPOS business-in-a-box. This was achieved not only through internal product innovation, but also through partnerships with best-in-class financial institutions and business-application developers. As a result, recently, we’ve introduced a slew of new services that enable the small business to grow.

Enabling Growth by Providing Easy Access to Lending

Listening to small business owners, we understand that many of them face hurdles to secure the financing they need to grow. Conventional financial institutions respond slowly and often inadequately to the borrowing needs of the small business. This is why we have formed partnerships with leading financial institutions to roll out our new myPOS loans functionality with fast approval process, and automatic and flexible repayment options (calculated as percentage of the merchant’s turnover).

Enabling Growth by Providing Wider Payment-Acceptance Capabilities

The pandemic has sped up the adoption of modern payment technologies such as QR codes and payment links, and ignoring these changing consumer habits can result in loss of activity for SMBs. To lend a hand to merchants, myPOS has recently introduced another payment tool that allows them to accept online payments without a website. myPOS Payment Tag is a secure, customizable web page where customers can pay in seconds with their preferred payment method. The new offering aligns with our mission to offer small businesses the widest range of payment acceptance solutions.

Enabling Growth by Providing OmniChannel Solutions

As e-com and offline commerce continue to integrate, small business owners increasingly need omnichannel business tools that enable them to serve consumers on both channels. That’s why myPOS has recently introduced myPOS Online – a platform enabling merchants to create a modern online store easily and only pay a transaction fee once a sale is complete. It has no set-up or monthly fees, and, like other myPOS services, provides a free merchant account with instant access to funds and a free business card. So, slow settlement times and high, fixed costs are no longer a barrier for those who want to trade online in foreign markets.

Enabling Growth by Providing Soft POS

As a pioneer in the fintech world, myPOS has been the first one equipping its merchants with its award-winning myPOS Glass, which allows business owners to accept card and contactless payments directly on their Android smartphones.

This and other value-added services enable SMBs to grow and this is evidenced by the fact that, in the first five months of the year, myPOS has broken all records attracting an ever-larger number of SMBs, whose transactions on the myPOS platform increased by 75 per cent YoY to reach €2.5bn.

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