Naxxar, Malta, Nov. 27, 2019 – 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. 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 chose Truevo Payments for this endeavour because we wanted a solid payments provider with a strong track record in Europe,” said Norman Roberts-York, PAX Managing Director UK & Nordics. “We’re enthusiastic about demand increasing in the UK, and Truevo is the right collaborator for us to best bring our terminals to the market.”
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 collaboration with PAX, we’re closing the frustrating gap of businesses having to wait an inordinate amount of time to have a working terminal,” said Jon Barras, General Manager for Truevo Payments UK. “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.. This is a game-changer for businesses from retail to restaurants.”
A fraction of businesses won’t fall into the auto-onboarding program, such as those perceived as high risk, and these can expect approval 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, fast 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 Truevo and PAX is a win-win for partners and merchants alike,” said Shane West, CEO of TruePOS. “We’re keen to start selling and will be first on the ground with this solution.”
PAX Technology is the world’s leading provider of electronic payment terminals, PIN pads, and point of sale hardware and software. Its terminals are used in over 110 countries with 40 million terminals in use worldwide. In 2018 alone, 10 million terminals were sold and international sales grew by 43%.
Truevo is a full-service card acquirer and payment service provider which helps businesses accept card payments in over 120 currencies. While the company is known for its online, mobile, and innovative push payment solutions, its partnership with PAX represents its move to support brick and mortar stores.
Elisabeth Beemer, MWH Building, 1st Floor, Oratory Street, Naxxar NXR 2504, Malta, +356 9906 7321, firstname.lastname@example.org