Paymax S.A. has joined a group of companies offering its services to promote payment card acceptance with its services dedicated to small and medium-sized enterprises and merchants. Paymax is the first Polish mobile point of sale (mPOS) provider.
The system developed by Paymax allows accepting card payments using smartphones and friendly applications. The advantages are low cost of services and mobility. The costs associated with the service are one-time purchase cost of a mobile device for secure PIN entry (so-called PIN-Pad) and a transaction fee dependent on total monthly turnover. There are no subscription fees as in classic POS terminals currently dominant on the market.
"The new approach to the market creates an attractive value proposition for merchants who, until now, have not been able to accept non cash payments" - say Management Board directors: Lukasz Kiniewicz and Tomasz Sowinski. - Small and medium entrepreneurs - seasonal businesses, small points of sale, mobile professionals, food suppliers, couriers, taxi drivers and many others - are target groups which may be interested in our offer". Paymax solution can also be used by large entities, with "queue busting" or "sales by the shelf" approach, eliminating tiresome checkout lines, which are so frustrating for shopping customers.
To carry out the payment acceptance with Paymax, you need a smartphone or tablet with Android (2.3 or higher). After downloading the free application, the device automatically becomes "a terminal". The only necessary expense is the purchase of a dedicated Paymax PIN-Pad - card reader which operates with the Paymax application. The PIN-Pad and the mobile phone communicate with each other via Bluetooth. With these three elements - the Paymax PIN-Pad, the mobile application and a simple Internet access - users can accept payment in all conditions, regardless of the type of business.
The team designed the system taking care of all, even the smallest details - dedicated to the highest quality, design and ease of use - from both the mobile application and PIN-Pad use perspective. Paymax obtained required industry certifications including EMV and PCI (Payment Card Industry) standards and approval from payment organizations (Visa, MasterCard).
Kuba Kiwior, Visa Europe Country Manager for Poland, added: "We believe that mPOS devices such as this have the potential to be truly transformational for small and medium-sized businesses. There is a huge benefit to be gained not only for small businesses but also for their customers, who can benefit from the convenience and security of making a chip and PIN card transaction."
It is worth mentioning that there is no risk in the case of lost or stolen phone or PIN-Pad, because the payment transaction data are not stored on the mobile device, and all card data is fully encrypted by the card reader. The authorization of the transaction is the same as in traditional POS terminal - via PIN code, which is the safest way to verify payment cards. The system also monitors the progress of each transaction.
Paymax users may therefore feel just as safe and comfortable as in case of other, traditional ways of using payment cards - for example, making a transaction on a traditional POS terminal or cashing money out of ATM.