​eWay takes aim at banks with mPOS cashless payment device

eWay has launched a mobile point of sale solution that will accept Visa, MasterCard, and Eftpos payments through methods including contactless, chip and pin, and magnetic swipe.

Online payments platform eWay is making its move into the offline payments space with the launch of its mobile point of sale (mPOS) solution to allow businesses to accept cashless payments anywhere.

eWay's mPOS has been designed to allow merchants who have never accepted card payments, or those merchants that live online to start accepting Visa, MasterCard, and Eftpos payments in the physical world through methods including contactless, chip and pin, and magnetic swipe.

eWay founder and CEO Matt Bullock said while there are similar payment devices in the market, the company has recognised that businesses want more than just a payments terminal.

"For example the NAB solution, which is the same as any other bank solution, they'll do the payment on the device and that's it. It won't link to anything, with the payment and the money in the bank it won't link to invoices, it won't update inventory, and it won't tie in with customer data," he said.

(Image: Supplied)

"If you look at those three things, a merchant really wants to know about an invoice whether it's paid or not; they want to know about inventory and updating stock levels when they sell something; and they also want to tie their customers into it."

As a result, mPOS has also been integrated with a range of initial apps and software solutions, including Xero, Shopify, and Salesforce to enable companies to view invoices, update their inventory in real-time, and manage their customers.

Bullock said there are plans to also link the device to other software such as Magento, NetSuite, and BigCommerce as part of the company's roadmap to "linking to the world".

"It's just going to keep growing based on demand -- ideally, we want to link to everything. We don't care what account platform you use, or what shopping cart, or CRM you use, because we're going to link to all of them," he said.

Bullock said to offer merchants further choice, eWay has partnered with both Mint Payments and Quest Payments Systems to give customers the opportunity to choose which vendor they want the device to come from, and which bank to work with. Currently, eWay has signed deals with the National Australia Bank, and is expected to finalise another partnership with another Australian bank as early as next week.

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