26.08.2021

ENTREPRENEURSHIP: HOW FINTECH SOLUTIONS PUSH SMALL BUSINESSES FORWARD

New technologies provide a competitive advantage

Autumn is coming, especially for small entrepreneurs. However, some retailers have already realized that they can stay competitive by using fintech solutions designed specifically to help small and medium-sized businesses.

We are talking about innovations such as accepting contactless payments over the phone, fast and free creation of an online store and POS terminals that give immediate access to the funds received.

Small companies can afford all this for a small investment thanks to the Bulgarian company myPOS, which for the second year in a row won an award for innovation from the prestigious FinTech Breakthrough forum, which evaluates the best financial technologies in the world.

myPOS has over 130,000 business customers in over 30 European countries, and one of the company's unique innovations is the myPOS Glass mobile app, which turns an ordinary Android phone into a POS terminal via the NFC chip available in most smartphones. To make a payment, customers simply need to bring their card or smart accessory to the back of the merchant's phone.

It is the myPOS Glass application and the use of NFC technology that attract the attention of Nikolay Nikolov, owner of a pet store and two computer repair shops in Sunny Beach. "I work with 60% of foreign tourists and 40% of them prefer to pay by card," he explains. missed because people only had a card in them and if I didn't have the option to pay me, they would just leave, "Nikolov added.

Easy to use applications and secure increase in turnover

Initially, Nikolov was attracted by myPOS Glass, but decided to invest in the compact myPOS Go terminal, as according to him its price is very affordable, and it happens that there are customers whose cards are not contactless. He says he uses both devices actively because they make his business easier.

It is a great convenience for merchants like him that with myPOS they get a complete solution for accepting card payments: easy-to-use POS terminals; immediate absorption of the accepted funds; free online commercial account with IBAN; free Mastercard business debit card and other tools.

Nikolov also says that for him the biggest advantages are the free applications and the low fees. "The investment is minimal for what you get, namely quality service, easy work with applications and certainly increased turnover," he added.

Flexible products that help businesses grow

Also important is the fact that myPOS has no monthly fees, which is a peace of mind for small businesses. "All products are designed to help the business, not burden it," said Maxim Kochnev, CEO of myPOS. Businesses currently need smart solutions to help them meet customer requirements and emergencies without serious investment."

According to Kochnev, myPOS is always looking for ways to respond to customer needs, which leads to an increase in sales - last year the reported growth was double-digit despite the pandemic, and this year sales are growing by another 60 percent on an annual basis.

"The dynamic changes caused by the coronavirus have given us a reason to start working on fast-growing projects that we can be proud of. For example, when we launched myPOS Glass, another company developed a similar solution for accepting card payments over the phone, was acquired by Apple for one hundred million dollars. This clearly shows that in myPOS we have the ability to feel the market and the needs of our customers, "explains Kochnev.

Good market research also inspires the company's latest service - the myPOS Online platform, with which every merchant can build and manage a free online store.

What makes the service one of a kind is that the merchant only pays when he makes a sale.

Free online store to promote sales

myPOS Online offers a huge range of features, including inventory tracking, modern methods of secure payment, delivery or pick-up options, as well as pre-prepared design themes from which merchants can choose the most suitable for their online store. The free service also includes hosting.

Even those for whom it was unthinkable to trade electronically can now do so, because myPOS Online takes care of all the requirements and details. No technical knowledge in the fields of programming or design is required, and myPOS has taken care of the secure acceptance of online payments, as well as legal documents. The platform also offers an optimized check-out process, a high level of security, support, order tracking and features for easy communication with customers.

"If a few years ago the online presence of business was recommended, now it is necessary. The pandemic is not over yet, and all analyzes predict the growth of e-commerce," Kochnev said.

Indeed, online payments in Central and Eastern Europe are growing exponentially as a result of COVID-19. The demand for contactless payments and automated service - the so-called self-service, or self-service machines - is also increasing.

Automated payment solutions corresponding to the new reality

"In Japan, the variety of vending machines, where it is possible to buy virtually anything, has long been new. This trend is also coming to Europe, partly out of necessity. For example, in 2020 the first vending machines selling masks and antibacterial gels appeared. In the new conditions, consumers demand an improved experience, which is associated with round-the-clock, secure and contactless access to a variety of goods and services," said Dimi Ilieva, Marketing Director of myPOS.

To meet the demand, a number of Bulgarian companies partner with myPOS and thus manage to offer consumers improved automated service, in line with global trends. Examples are Yantra Technology and Digital Receptionist Eva.

Yantra Technology offers automated parking solutions in some of the largest retail outlets and business centers in Bulgaria. Their counting and traffic flow control systems are integrated with myPOS Mini and myPOS Integra devices, which enables electronic payment.

"More and more people have the need and desire to pay contactlessly, because it is much easier," summarize the company's co-owners Orlin Petrov and Iliya Topalov.

The latest functionality presented by Yantra Technology in partnership with myPOS is the ability for customers to pay via QR code for their parking stay.

"You scan the ticket code while you're in the car, the system checks your stay and all the other details and shows you what you owe. So you can pay while traveling to the barrier - by card or with Google and Apple Pay. No need to leave the car or to look for a payment machine", explain Petrov and Topalov, who have been partnering with myPOS for more than a year.

The other interesting partner of the fintech company is "Digital receptionist Eva" - a kiosk that fully automates the hotel check-in. It speaks all the necessary languages ​​and also accepts payments via myPOS terminal.

"Hospitality is a conservative industry, but we already have to look at automation solutions," said Valentin Gadjonov, one of the creators of the digital receptionist. According to him, the digitalization of small business is inevitable and the pandemic has simply accelerated this development.

In addition to meeting emergency conditions and providing staff protection, the digital receptionist is an excellent option for small hotels that do not have the physical ability to cover night shifts.

In fact, all myPOS payment solutions are designed to work around the clock so that the business can grow constantly. The idea of ​​the fintech company is not just for retailers to have access to various services, but to take advantage of a comprehensive business management package. Therefore, myPOS continues to evolve into a business hub in which the merchant has access to important business management tools through his account.

"In myPOS we can not continue only in the space of POS terminals, not only because we can see early what lies ahead, but also because we have the resources and motivation to offer the business working with us much more than payment terminals," says Ilieva.

"Not to mention that with the pace at which the financial and technological world is moving, the time is not so far when physical payment devices will be replaced by virtual ones. Even now we pay in cyberspace with a single QR code. In many countries now the trend is towards full digitalisation and transfer of payments in a fully mobile environment", she added.

It is clear that the digitalisation of business is inevitable. Importantly, however, some technology solutions give businesses a chance to stay liquid in difficult times. Companies like myPOS create innovations to make it easier for merchants and help them reach new customers, and most customers are looking for change.

"We are definitely seeing an "opening" of both consumers and traders to fintech solutions," said Dimi Ilieva. "The good news is that there is significant development of the sector in the country - in their latest survey Findexable ranks us 39th in the world, with 17 positions ahead in one year, and judging by the leading markets of myPOS - France, Italy, the Netherlands, the rapid development of card payments and related technologies in the country is yet to come."