Digital Payments Fintech News

Phos and JCC Payment Systems Partner to Help Cypriot Retailers Accept Card Payments

Phos

Phos, the fintech behind the first-ever software-only Point of Sale (SoftPoS), and JCC Payment Systems, Cyprus’ leading payment service provider, have announced a partnership in which phos’ SoftPoS technology will power JCC’s dynamic new payments app for retail merchants.

The new app will provide merchants with access to an easily deployed, innovative payments solution directly on their Android mobile device, at a time when card acceptance is becoming a legal requirement across Cyprus. This partnership is the first of its kind to make such a technology available in the country.

At a time when social distancing measures are prevalent and amid heightened safety and hygiene concerns, there is a need to address the increased need for contactless and cashless transactions, especially for micro to medium sized merchants. However, historically PoS solutions have required additional hardware or came with need-limitations related to small businesses on the go.

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JCC will leverage the SoftPoS solution to strengthen its current base and extend its reach to the entire retailer community – focusing mainly on the small and micro businesses that are still only taking cash – helping them enhance their digital payment acceptance with a solution that can be installed and implemented rapidly with no need for additional hardware.

The new solution is Android agnostic and works across a number of devices, as well as being cheaper and simpler to use than alternative systems. Merchants can quickly sign up and easily deploy the SoftPoS solution to immediately start accepting contactless card payments and meet the requirements of the new mandate at the same time. JCC has adopted the cutting edge phos technology, safe in the knowledge that the solution offers all critical aspects of payment protection and security.

Data from phos shows that more than 33 million businesses across Europe are still reliant on cash, with barriers and concerns including hidden costs, hardware requirements and security issues. The SoftPoS solution can provide a safe and sustainable alternative to cash and allow merchants to digitalise effectively, offer more payment options to their customers and ultimately grow their businesses.

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Upon registering, and once accepted, merchants can download the JCC SoftPoS app from the Google Play store and enable all of their Android devices to accept payments from contactless cards or other NFC-enabled devices such as smartphones, smartwatches or wristbands.

Nicodemos Damianou, CEO of JCC Payment Systems, said: “We needed to find a solution that could work for our micro to medium sized business customers. Partnering with phos gives our merchants access to an innovative payment platform without requiring any investment or new hardware, and its speed and proposition is like nothing else in the market. It is clear that we are two teams with a common strategy of making digital payments more accessible to both merchants and their customers.”

Brad Hyett, CEO of phos, added: “Our partnership with JCC means that its customers can transform their businesses rapidly and with no penalties for digitising that might have formerly held them back, such as additional costs or lengthy set up or settlement periods. At a time when retailers need to be adapting to changing environments, being able to deploy new services is critical to customer retention. With JCC’s reach, and our technology, Cypriot merchants will be able to quickly offer their audiences a variety of ways to pay, protecting revenue while enhancing the buying experience.”

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[To share your insights with us, please write to sghosh@martechseries.com ]

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