Poynt is an open-platform payments terminal that wirelessly connects and works with currently used registers. It features enough needed technology that allows it to accept any form of payment. Running on Android, it enables merchants to download relevant apps from developers, such as those that cover data analysis or inventory management.
The new payment terminal, described as a "future-proofed" payment option, is the brainchild of Osama Bedier, former head of Google Wallet and a longtime executive from PayPal. The technology of the Poynt smart payment terminal combines an Android-based tablet together with a physical docking station.
A "no-risk, no-brainer" solution for merchants, it includes support to all modern payment types such as QR codes, Bluetooth, traditional swipe cards, beacons, near-field communication services such as Google Wallet or Apple Pay, EMV chip and pin cards. Moreover, it doesn't require extra hardware.
"Over the last five years, I spent a lot of time thinking about how online and offline commerce come together," says Bedier. "I came to the conclusion that commerce is broken and needs to be fixed."
Bedier founded Poynt in 2013 after being backed by Google Ventures and Matrix Partners. He has several years of experience in the payments system, which began when he helped develop Google Wallet and PayPal.
When it finally becomes available early next year, Poynt's smart payment technology will be cutting-edge as far as payment terminals are concerned. It will feature two touch screens, with one facing the shopper and the other facing the merchant. Moreover, it will be wirelessly connected using a 4G Internet access. The device will also have a bar code scanner and a built-in printer.
Business owners can take advantage of the three different apps found in Poynt. These would help them gain insights into customer behavior, manage their books and keep track of their finances. For the customers, there's no need for them to download any app. They can also choose whatever payment method they prefer. For NFC-based payments, users can simply tap their phone against the terminal's screen. The same goes with using an EMV card. For credit card users, they can simply swipe their card at the terminal.
The Poynt Smart Terminal is now available for pre-order. Priced at $300, the payment terminal will begin shipping to merchants in early 2015. For developers, they can pre-order a developer kit, which has a price point of $500. It will start shipping towards the end of 2014.