Fintech Trends in Small Business

Over the last several years the concept of Fintech has gone from banking and digital currencies to something much broader. Industries like healthcare, manufacturing, and of course, small businesses, like retail stores and restaurants, have all benefited from Fintech. In the small business world, all that used to matter was getting a reliable register and card reader along with the best credit card processing rates. Today, however, we are at a true intersection of the payments industry and the technology industry.  

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The Changing Landscape of Small Business Point of Sale Software | TSYS

May 1, 2019

Fintech Trends in Small Business

Over the last several years the concept of Fintech has gone from banking and digital currencies to something much broader. Industries like healthcare, manufacturing, and of course, small businesses, like retail stores and restaurants, have all benefited from Fintech. In the small business world, all that used to matter was getting a reliable register and card reader along with the best credit card processing rates. Today, however, we are at a true intersection of the payments industry and the technology industry.

Today, basic payment terminals no longer meet the demands of small business owners. The combinations of POS software and hardware options are almost limitless. Philip McHugh, Senior EVP and President TSYS Merchant Solutions, discussed. “For our industry, that basic, simple device with simple merchant acquiring contract is going to fade out over time. Now we have to be much more solutions led.”

It’s been amazing to see the latest integrated POS solutions truly become one of the most powerful business tools available. Small businesses everywhere are seeing the true advantages of today’s point of sale solutions and how they can benefit their businesses – facilitating everything from loyalty programs, mobile acceptance, inventory control, e-commerce, and even social media management.

This overabundance of availability can make choosing a payment solution overwhelming to a small business owner. Pricing, functionality, and user interface can seem similar, which makes it all the more important to look for solutions that are recognized within the industry. Having just won the 2019 Fintech Breakthrough Award with the Vital POS® family, TSYS® offers one such solution.

“Small businesses have recently experienced a flood of new point‐of‐sale options on the market,” said James Johnson, Managing Director, Fintech Breakthrough. “While credit acceptance and payments is a critical part of the POS experience, small businesses have been missing other back‐office and business management capabilities that should be part of their point‐of‐sale system. TSYS’ new Vital brand of products fills in this gap, providing small businesses with modern payment capabilities that are backed by robust analytics and reporting are available across the entire product line. Congratulations to TSYS on the launch of Vital and for their well‐deserved 2019 Fintech Breakthrough Award designation.”

Vital POS was one of more than 3,500 nominations from across the globe submitted to the 2019 Fintech Breakthrough Award program. It’s a full‐featured, cloud-based point-of-sale solution comprised of three products: Vital® Mobile, Vital® Plus and Vital® Select. This product lineup has various functions designed for small and medium‐sized businesses.

  • Vital Mobile is for mobile merchants seeking a fast, affordable and easy‐to‐set‐up payment acceptance platform. The product runs on a business owner’s mobile phone or tablet with an inexpensive chip card reader.
  • Vital Plus offers an ideal replacement for countertop payment terminals and electronic cash registers. This product is intended for merchants that are busier and bigger than those using their personal mobile devices and desire more control and reporting than their existing terminal offers.
  • Vital Select provides business owners who have one or more brick‐and‐mortar locations with a powerful, full‐featured POS system, as well as peripherals to address additional business needs. Vital Select includes more robust functionality in such areas as discounts, pricing and inventory management.

If you’d like to learn more about the award-winning Vital POS family and what it can do for your business, give us a call at 1.888.845.9457.

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