MAX Partners with Phos to Bring Contactless Smartphone Payments to Israel
- 01.06.2021 03:44 pm
Phos, the fintech behind the leading software-only Point of Sale (SoftPoS) has teamed up with leading Israeli acquirer MAX to enable merchants to accept contactless payments using their smartphone.
Using phos’ innovative technology, MAX customers can now turn any NFC-enabled Android device into a payments terminal, without the need for costly additional hardware.
The partnership marks the first-ever use of SoftPoS technology in the Israeli market and MAX will offer the digital payment solution at no extra cost to its business customers for the first month.
Bringing a new age of payments innovation to the country, the phos solution provides self-employed merchants, and small business owners, with the option to accept credit card payments in a fast and secure way - without the need to invest in expensive additional hardware.
Tal Cohen, VP of Business and Processing at MAX said: "We are proud to introduce SoftPoS technology to Israel, revolutionising payments and helping small businesses thrive in the post-pandemic recovery. Business owners who until now avoided receiving credit card payments, and lost potential customers as a result, will now be able to receive contactless payments via a mobile device. Businesses are no longer dependent on a physical terminal, allowing them to easily expand their customer base".
Despite the rise in contactless payments in recent months, many small business owners in Israel have chosen not to invest in physical POS terminals, due to high upfront costs and fees. This has greatly reduced payment options for customers, hindering potential sales and business growth.
Until now, merchants in the region have been largely unable to receive contactless card payments, as customers have historically had to type in their details manually when paying by card.
Thanks to the new SoftPoS solution, merchants now have access to a hassle-free alternative to facilitate digital payments, using hardware familiar to their customers and which they already own.
Brad Hyett, CEO of phos, added: “We’re excited to be partnering with MAX to bring this innovative technology to Israel. Consumers are increasingly demanding more efficient and easy-to-use payment methods. This means, for businesses to thrive in a competitive environment, they must be equipped with the best and most innovative payment solutions. Our leading SoftPoS solution not only improves the customer experience by reducing friction in the purchase journey, but removes the costs associated with physical payment terminals for business owners.”
With a simple onboarding process, the new partnership gives business owners the option to start accepting digital card payments almost immediately.
Merchants can sign up for the new solution via MAX’s website, call center or app (iPos). Once downloaded, merchants can accept card transactions of up to 300 NIS (New Israeli Shekel). They can also accept transactions above the CVM limit if a customer uses a digital wallet to pay.
In the Israeli Market, 85% of total transactions are under 300 NIS, which means that most merchant transactions will also be Europay, Mastercard, and Visa (EMV) secured.