Point of Sale Archives - International Finance

Serving the new breed of digital first retailers

Bharath Kumar — Mon, 14 Jan 2019 09:17:51 +0000

Tell me about Duologi’s journey so far
Duologi is a specialist consumer lending company that was set up in September 2017 after receiving backing from Oaktree Capital. We established the company primarily to service the new breed of “digital first” retailers that need to provide fast, frictionless finance options for customers at the point of sale. These organisations understand the importance of data analytics to help them optimise their own sales, marketing funnels and customer lifetime value. Hence, our main focus is to provide bespoke finance solutions and data analysis to retailers, as well as organisations across a wide range of other sectors from health to education.
Unlike many other similar businesses in the market, we know that one size simply does not fit all. Instead, we work with each partner individually to ensure we create a bespoke service for each. Our unique platform is powered by groundbreaking technology, built from scratch, and allows organisations to quickly and simply start offering finance to their customers.
What are the biggest challenges you have experienced in your current role?
Developing our custom-built ‘decision engine’ from scratch last year was the biggest challenge. It’s a robot which can make extremely rapid decisions on whether or not customers should be offered credit based on their individual circumstances. We were tasked with making the engine market-ready within just a matter of months – which we did – and are really happy with the results. I am, however, never complacent. We continue to challenge both the technology itself, and the scorecard development within it, and strive to improve its performance even further. The more we grow, the easier this becomes, as we continue to gather data that enables our insights to become increasingly deeper and more complex.
What are the current issues facing the consumer credit market?
While credit options such as point of sale (POS) finance are becoming increasingly popular within the UK, there are some major issues preventing businesses taking full advantage of the benefits credit has to offer. Within our recent report, which looked into current state and future of the consumer credit market, we found the main reason for this was a severe lack of consumer awareness around such payment methods. It highlighted that almost everyone (94%) would not think to ask if a business offered POS finance and that this could be costing UK businesses up to £25 billion a year in lost revenue.
What’s more, we discovered that poor credit lending practices – such as high interest rates and unexpected costs – are far too common and are contributing to high basket cart abandonment rates.
We have no hidden charges for our end customers. We charge an interest rate, (or not, if it’s interest free) – and that’s it. But we are aware that there are others in the market that start charging when customers get into financial difficulty. However, we simply do not believe that is the right thing to do and hinders efforts to find solutions to debt challenges.
Many other lenders are falling short in terms of user experience. This was also evident from our research. We found that over a quarter of people experienced slow credit application processes, whilst lending agreements were full of confusing jargon which made the whole experience less transparent than it should have been. At Duologi, we decide whether someone is eligible for finance in just a few seconds after asking only a handful of questions. This makes lending processes as easy as paying by card, so we see this as the future of credit.
What does the industry need to do to address these issues going forward?
There are a few simple things that lenders can do to rectify these issues:

Make sure 0% interest loans are offered – we found this to be a major consideration for over three quarters of consumers buying on credit.

Create a seamless payment journey – to avoid customer frustration, credit platforms should work quickly, easily and seamlessly across all online channels, including mobile.

Promote the offering – given the low awareness levels around POS credit, it is imperative to promote these finance options wherever possible. Even a simple website header can alert potential customers to the benefits of finance solutions, providing a clear reason to purchase from that business in particular.

What keeps you motivated?
To see our business grow from nothing – and to be part of that from the start – is amazing. Even more motivational than that, however, is getting a deeper understanding of how we can help others to grow their businesses, whilst at the same time supporting our end customers with their purchases.
About: Rob Cottingham joined the company back in May 2017 and was one of the first members of staff. His key task – apart from the basic requirements of defining appetite, developing policy and rolling out an appropriate strategy – was to execute the build of our unique decision tool that now sits at the heart of the business. Prior to this, Cottingham had built up over 20 years of experience in the credit risk and enterprise risk sectors, including in international theatres of operation.

The post Serving the new breed of digital first retailers appeared first on International Finance.

Neal Hindocha takes over as CSO of MYPINPAD

International Finance Desk — Fri, 09 Mar 2018 11:35:05 +0000

MYPINPAD announced Neal Hindocha as the company’s newly appointed Chief Security Officer.

Hindocha will be responsible for maintaining the highest level of security compliance for MYPINPAD’s products, which encompasses both merchant and consumer solutions. Additionally, he will also play a key role in setting the firm’s security vision, evolving strategy and policies for its ongoing product development.

Global Head of Mobile POS Solutions at MYPINPAD, David Poole, said: “This is a defining time for the business following the release of PCI SSC’s new standard for software-based PIN entry on mobile devices for card payment acceptance. The standard will revolutionise payments, increase global card acceptance and mitigate fraud. Importantly, it will reduce barriers to entry for all merchants.

Strong authentication is the root of our security solutions, and Neal’s expertise is exactly what we need during this crucial period. He will help us to continue to set the highest standards of security across MYPINPAD software authentication solutions.”

MYPINPAD solutions delivers secure PIN authentication on unsecured electronic devices, such as mobile phones, tablets and PCs. The solution optimises security around the payment process, reducing risk and fraud. The technology provides consumers and merchants with a familiar and trusted PIN authentication process.

The post Neal Hindocha takes over as CSO of MYPINPAD appeared first on International Finance.

Vantiv to offer Verifone Carbon with commerce platform

International Finance Desk — Mon, 24 Oct 2016 06:34:59 +0000

Will offer smarter, more secure technology to small- to medium-sized businesses for payments, create loyalty and grow business

October 24, 2016: In an era where connected commerce technologies are transforming consumer behavior, research shows that the next several years will see small- to medium-sized businesses (SMBs) increasing adoption of new commerce software and technologies. To help SMBs keep pace and win in the face of this transformation, Verifone (NYSE: PAY) and Vantiv, Inc. (NYSE: VNTV) have announced an agreement to bring the Verifone Carbon Commerce Platform to market in the United States as a key feature of the Vantiv SmartFit Solutions™.

“We found that businesses want smarter, more secure technology to provide advanced payments, create loyalty and grow their business. Verifone Carbon with Vantiv SmartFit Solutions is designed to do that, fitting the needs of small and medium-sized businesses,” said Patty Walters, senior leader of Security, PCI, EMV and Terminals at Vantiv.

The Vantiv SmartFit Solutions is a flexible, proprietary approach to providing SMBs with a customised solution for payment processing and adaptable applications that meet their unique needs as their business grows. Verifone Carbon will be loaded with Vantiv’s tablet-based payments system for retailers and restaurants. Working with partner iMobile3, a leading provider in point of sale and commerce software, Verifone Carbon includes order and inventory management, tools for online analytics and reporting, and a gift card program, all features that most SMBs desire but often can’t afford.

“SMBs are in need of open, agile and intelligent solutions that can help them adapt to change,” said Jordan McKee, senior analyst, 451 Research. “These solutions must address key organisational challenges, such as controlling costs and generating customer loyalty, while accommodating the influx of new consumer technologies such as digital wallets.”

Later this year, dozens of businesses across the US will begin piloting their own customised Verifone Carbon. Each business will receive a system designed for their unique needs, with security, support, versatile payment acceptance, and tailored value-added solutions, including the freedom to choose applications to manage their business and increase customer engagement.

Designed as a portable countertop with dedicated merchant and consumer facing tablets for optimal business management and consumer engagement, Verifone Carbon is powered by Intel’s high-speed chipset for fast processing to run Vantiv’s proprietary software and third party applications. Verifone’s Commerce Platform enables open, cloud-based and secure solutions. Merchants will be able to access a variety of applications from the worldwide developer community, to manage and grow their business, and reward their best customers.

In this pilot, pre-loaded apps will include TruRating, an innovative solution that takes the pulse of consumer sentiment via the Carbon device, asking customers to anonymously rate an aspect of their consumer experience on the touch screen, and Verifone Media App for displaying promos and branded content on the consumer-facing tablet, all in real time.

“Which point of sale to buy is a critically important decision for merchants and their service providers to meet changing consumer expectations,” said Jennifer Miles, president, Verifone North America. “By offering Vantiv’s SmartFit solutions on Verifone’s Commerce Platform, Vantiv will enable merchants to drive more stickiness and loyalty, and provide consumers with experiences that are engaging, efficient and relevant to their connected world.”

The post Vantiv to offer Verifone Carbon with commerce platform appeared first on International Finance.

ebizmarts appoints MD for UK, Europe

International Finance Desk — Mon, 30 May 2016 09:54:55 +0000

John Fitchett to grow the adoption of ebizmarts’ omnichannel cross-border payment interfaces

May 30, 2016: ebizmarts, a leading point of sale (POS) provider for the Magento retail ecosystem, announced the appointment of John Fitchett as managing director of UK and Europe. Fitchett brings a deep understanding of payment gateway infrastructures and technologies to the fast-moving company, which counts global parenting retailer Mothercare, and luxury fragrance brand Jo Loves among its customers.

ebizmarts is a long-standing Magento partner specialising in POS, payment and marketing extensions which have been adopted by over 22,000 store owners worldwide. It is the first Sage Pay partner to offer the full range of Sage Pay’s newest functionality on the Magento open source platform. The appointment of Fitchett signals the strong focus that ebizmarts is placing on growth in one of the most innovative and diverse retail markets in the world.

ebizmarts CEO, Ignacio de Paula, comments: “Our philosophy at ebizmarts is to provide the best in class extension technologies accompanied by outstanding customer support. By appointing John as our MD for UK and Europe we gain the experience of someone who understands the constantly evolving payments landscape and brings with him intimate knowledge of the growing Magento ecosystem.”

Retailers are currently looking at ways to maximise their in-store experience for customers and bring a true omnichannel experience to their offering. The high-street can better understand bricks-and-mortar customers if it is able to capture meaningful data at the point-of-sale to use for customer advice, marketing, support and stock management.

John Fitchett added: “I’m thrilled to be joining the ebizmarts team to help bring to market such a unique and powerful POS proposition to the Magento community. More and more retailers are now looking at ways in which they can enhance their in-store experience. Driving further footfall, customer data capture and ensuring customers can order goods even when stores carry limited catalogue stock are quickly becoming prerequisites for the high street. With ebizmarts at the forefront of this movement, retailers can seamlessly move to a fully integrated omnichannel experience and see the real benefits by unlocking the power of Magento.”

Previously, Fitchett worked on digital payment initiatives at Visa Europe, software channels at Sage Pay and business development at PayPal. His experience brings an understanding of the payments industry that enables the strategic expansion of ebizmarts’POS into new markets along with new and innovative ways to accept payments in the face-to-face environment.

ebizmarts built its reputation as one of the most trusted and recognised Magento extension developers by being the official developers for both Sage Pay and MailChimp. It now has big plans to bring the benefit of online, in-store for merchants across the UK and Europe through its new Point of Sale (POS) solution.

The post ebizmarts appoints MD for UK, Europe appeared first on International Finance.