Point-of-Sale solutions for Small Business
Updated: April 15, 2020
2020. Phos, the UK fintech that offers a software-only POS for smartphones, raises €1.3M
Phos, the U.K. fintech that offers a software-only PoS so that merchants can accept payments directly on their phones without the need for additional hardware, has raised €1.3 million in funding. It brings the total raised by Phos to date to €2.5 million, and will be used to grow the development team. This will see new features introduced, such as ‘PIN on Phone,’ a Software Development Kit (SDK), and a new integrated loyalty system. Founded in 2018, Phos has developed software that turns any NFC-equipped Android device into a payments terminal, negating the need for additional hardware and reducing total cost of ownership. The startup says its solution is quick to deploy, and is “uniquely” phone and bank agnostic i.e. any bank can act as the acquirer.
2018. PayPal acquired Square of Europe - iZettle
PayPal is taking its biggest bet yet on point-of-sale transactions, small businesses and markets outside of the U.S. as it looks to raise its game against Square, Stripe and others in the world of payments: The company has confirmed that it is buying iZettle — the Stockholm-based payments provider commonly referred to as the “Square of Europe” — for $2.2 billion in an all-cash deal. Like Square, iZettle has made a lot of headway in building out a point of sale business by way of a card-reading dongle that links up with a smartphone or tablet, working with smaller businesses that might have never used a card service in the past because of the prohibitive costs of taking card payments. From that, it has extended into other financial services for those business, from inventory management to loans.