December 20, 2014
ShopKeep is known for developing checkout software for retail stores. The startup firm is now offering an equipment to allow merchants to accept mobile payment methods such as Apple Pay and also secure credit card payments. The new equipment uses NFC to allow customers to make contactless payments using their phones. NFC is key enabler of payments performed through Apple Pay, Google Wallet and other similar methods.
The equipment also supports acceptance of EMV chip based credit cards. In light of past credit card frauds, EMV cards are now being issued by US companies. The EMV card technology has been jointly developed by Europass, MasterCard and Visa. With the new offering, ShopKeep is competing against companies such as Square, Poynt, First Data, etc. In light of the EMV mandate in US, ShopKeep and other companies are aggressively trying to make small and big businesses upgrade their POS systems. This further portrays enhanced support by POS players for new form of payments.
ShopKeep boasts of a merchant base of 11,000. The company is betting on the trend that would see mobile payment methods becoming more popular and even small businesses demanding for upgraded POS terminals. ShopKeep’s mission has always been to support small businesses and wants merchants to upgrade from less secure terminals. However, there are speculations that the adoption of new terminals would be slower among small merchants because of the costs involved.
Here is an illustration highlighting how ShopKeep POS system can work with Apple Pay:
ShopKeep is currently offering its equipment for $259. The company also charges $49 a month per register for using the ShoKeep software to manage transactions, inventory and customer information. ShopKeep’s existing offerings include software running on an iPad sold along with cash drawers, receipt printers and other equipment. Other POS players are also stepping up their game. For example, Square is poised to begin preorder for a $29 device that accepts EMV cards.