Poynt is a “future-proofed” payment terminal that combines an Android-based tablet with a hardware docking station, and includes support for all modern payment technologies, including traditional magstripe cards, EMV (chip and pin), NFC, Bluetooth, QR codes, and beacon technology, in an all-in-one device sold at cost.
“For the first in payments infrastructure history, every one of the 16 million terminals in the country (USA) will change over to a different device…in the history of payment terminals, that’s never happened before. No one has ever been able to change these things before,” says Bedier, referring to the way merchants’ adoption of new technology has been hit-or-miss at best, and usually includes a lot of resistance. If anything, the now numerous payment card breaches have encouraged retailers to change their tune. They’re now aware that digging their heels in on payment terminal upgrades has put their own customers at risk, and that threatens their bottom line. With Poynt, the company is working with banking partners to become their preferred payment terminal recommendation. Banks usually offer merchants a range of price options, and at a competitively priced $299, Poynt has a good shot at being a go-to choice. The company says it has booked deals with at least two of the top five U.S. banks, but can’t yet name them.