Australian online payment gateway eWAY is taking the fight up to the US heavyweights PayPal and Square, announcing an expansion into the omnichannel space with a mobile point of sale solution.
An mPOS ( mobile point of sale) is a smartphone, tablet or dedicated wireless device that performs the functions of a cash register or electronic point of sale terminal (POS terminal).
The move means eWAY merchants — of which there are currently 20,000, from tradies to market stalls — can accept online payments anywhere.
Matt Bullock, eWAY founder and chief executive, told The Australian merchants would no longer need to purchase, set up, and maintain a traditional eftpos terminal, while online retailers who wished to open physical stores could use the mPOS for an omnichannel payment solution.
Mr Bullock said he decided to build an mPOS device on a recent trip to San Francisco, and has had 40 people working on the project full-time for months.
“I looked at the mPOS solutions that are out there in the market, and they’re really good at just doing one thing,” he said.
“If you look at NAB’s mPOS for example, it processes that payment but that’s really all it does. It doesn’t really link to anything.”
The eWAY product is integrated with Xero, Shopify and Salesforce, and is compatible with tap and go, which has become popular in Australia.
The device will also accept card payments, including Visa and MasterCard, as well as eftpos.
According to Mr Bullock, eWAY currently accounts for 25 per cent of all online payments in Australia, and the latest move will allow the 20-year-old firm to move more businesses into the mobile payments space.
“Australian businesses have recognised the benefits of going cashless, such as convenience and security,” he said, adding that “42 per cent of all face-to-face transactions are processed using eftpos cards, and by using our mPOS solution, SMEs will be able to sell up to 42 per cent more”.
“The eWAY mPOS solution is the most convenient and cost-effective way for lean and mobile retailers such as pop-up stalls, tradies, and small businesses to accept card payment anytime, anywhere,” he said.
The device, which costs nothing upfront, is priced at 1.95 per cent per transaction, and will be available in coming weeks.
History of eWAY:
eWAY was founded in 1998 by Matt Bullock, and eway.com.au was launched in 2000. By 2004, eWAY was linked to all major Australian banks, and in 2009 the company expanded by a further 65%.
In December 2013 eWAY partnered with the National Australia Bank to launch eWAY Merchant Services in Australia. eWAY’s Online Merchant Services allow businesses to set up a payment gateway as well as an internet merchant account within the one eWAY account, reducing the time it takes for businesses to set up online payments
It is supported by more than 350 shopping cart platforms and 23 banks in the United Kingdom, Australia and New Zealand.
eWAY operates in Australia, New Zealand, United Kingdoms, Singapore and Canada and has over 15,000 customers globally.