PAX Technology, the world’s leading manufacturer of point of sale products announced today its partnership with European-based card acquirer and payment service provider, Truevo Payments.
Truevo Payments. Together, the two companies will launch their point of sale solution to small and medium-sized businesses in the UK and Ireland, then on to the rest of Europe.
“We are working with Truevo Payments for this endeavour because they are a solid payments provider with a strong track record in Europe. We are enthusiastic about demand increasing in the UK, and Truevo is a great partner to help bring our terminals to the market,” says Norman Roberts-York, PAX Managing Director UK & Nordics.
Truevo is preparing to debut an auto-onboarding program which will dramatically reduce the lead time between when businesses want to accept cards to when they are able to do so. Today, business owners can expect to wait anywhere from 96 hours to 6 weeks for a terminal. Instead, Truevo will be positioned to deliver 24 hour approval with a terminal in hand within 48 hours.
“With our partnership with PAX, we’re closing the frustrating gap of businesses having to wait an inordinate amount of time to have a working terminal. While many payment service providers will be relying on tedious, manual processes to get businesses up and running, our system will have unprecedented 24 hour approval for the good majority of customers. This is a game-changer for businesses from retail to restaurants,” says Jon Barras, General Manager for Truevo Payments UK.
A fraction of businesses won’t fall into the auto-onboarding program, such as those perceived as high risk, and these can expect feedback within 96 hours. These types of businesses often find themselves in the irritating position of having to wait weeks to months to be able to take card payments, so a quick turnaround is a pivotal change.
PAX and Truevo are entering the market with PAX’s A920 model, a modern and easy to use Android-based terminal which supports contactless cards and electronic signature. Customers like its easy to read HD colour screen, quick thermal printer, and exceptionally fast payment processing due to its large memory. Retailers like it because of its access to the PAXSTORE, an open software distribution platform which allows business owners to create their own independent application stores and download useful business apps. “The product collaboration between PAX and Truevo coupled with the auto-onboarding process is a win-win for partners and merchants alike. We’re keen to start selling and will be first on the ground with this solution,” says Shane Weste, CEO of TruePOS.