There are a few dominant names in the payment processing industry. There’s PayPal, of course. There’s also Intuit, Square, and a few newcomers like Stripe.
But rumors that Square may be looking for a buyer after years of losses — $100 million in 2013 alone — may limit the payment options open to small business merchants even further.
At times like this, it’s important to remember that there are alternatives on the market for small business owners. This is especially true for brick-and-mortar businesses who are anxious to enter the eCommerce world. Small Business Trends recently spoke with Merchant Warehouse’s VP of Product Management and Solution Engineering, Marc Castrechini.
Castrechini says that Merchant Warehouse is simplifying the point-of-sale experience for a growing number of small businesses. This is especially the case for brick-and-mortar shops, he says. He adds that Merchant Warehouse has “re-engineered the counter-top pin pad” to allow retailers and consumers to use multiple forms of payment quickly and conveniently.
Merchant Warehouse recently introduced its Genius Customer Engagement Platform. Castrechini explained:
“Instead of asking for a card number, (Merchant Warehouse’s) platform asks for the money.”
The Genius platform is set up to accept multiple forms of payment from customers. There are several different products in the Genius line. They range from the Genius EX, which is a credit card reader that plugs into any smart device, to the Genius ITX. That’s the “holistic” device that can be linked to a merchant’s point-of-sale system. The Genius line is designed to allow merchants to accept anything from cash to a credit card or even money from someone’s Google Wallet.
Merchant Warehouse also offers online payment processing options.
According to the company website:
“Genius enables merchants, agents, and partners to take advantage of the increasing disruption, uncertainty and complexity with payment solutions today and turn these conditions into a competitive advantage that helps their business grow rather than be threatened and hurt by it.”
In addition to being a payment processing system, the Genius line can also serve a small business with other necessities. The platform is capable of enrolling your customers into a loyalty program as well as have them perform surveys to help build your business.
Castrechini told Small Business Trends:
“The goal is to eliminate the confusion, chaos and disruption; to reduce the footprint of data. You don’t have to worry about it.”
Image: Merchant Warehouse
Glad to see more options out there. Especially if Square is going to get gobbled up by one of the big guys.