Moniepoint is testing an all-in-one point-of-sale (POS) terminal that mixes fee processing, stock administration, and transaction reconciliation. The product is a results of Moniepoint’s December 2023 acquisition of Grocel, a fintech firm that centered on stock administration options. The acquisition allowed Moniepoint to retain Grocel’s crew, which has been engaged on integrating enterprise administration capabilities into Moniepoint’s POS terminals.
Many bodily shops generally use POS units for card funds and cash transfers. Nevertheless, Moniepoint’s new POS will handle all the gamut of enterprise processes for enterprises of all sizes and goals to interchange the prevailing method. At present, companies use separate strategies or applied sciences for bookkeeping and stock administration, making a theft and error-prone analogue nightmare.
“It’s just about just like the roadmap of Sq.,[ a payment company in the U.S. that provides retail management POS devices],” stated one Moniepoint govt who requested to not be named discussing a product below improvement. The one distinction is that it’s “extra rugged,” the individual stated, including that roadside distributors can use the machine.
Moniepoint will use distribution as its aggressive benefit in an area the place startups like Mira already present all-in-one POS units and terminals to retailers. The fintech unicorn has over 800,000 POS terminals in circulation and a couple of million enterprise customers to whom it would market the brand new machine earlier than the tip of the quarter.
Regardless of a billion-dollar valuation, success in new product strains isn’t all the time assured.
The CEO of Mira, Ted Oladele, means that fintechs coming into the house could be restricted by their deal with funds. “Companies have peculiarities and established fintech startups might not have the urge for food to construct particular person modules to satisfy distinctive enterprise wants,” Oladele added.
Moreover, all-in-one POS options have to be adaptable to cater to the various wants of complicated companies, particularly in industries like retail and meals service, the place every enterprise has peculiar wants. For instance, whereas handheld POS terminals provide comfort for tableside ordering in eating places, many institutions additionally require kitchen show techniques (KDS) for a centralised overview of orders, tables, and operations. A longtime fintech might discover the work required to satisfy these distinctive wants a distraction to its foremost enterprise.
It’s thrilling to see extra startups coming into the market, as this creates new alternatives,” Oladele stated.
The concept of an all-in-one resolution for enterprise customers is just not new. In 2023, fintech startup Nomba launched Nomba MAX, a POS machine that mixed fee processing with stock administration for eating places—options that allow them to attach their transactions to funds straight.
There are additionally international examples: Stripe, the dad or mum firm of Paystack, supplies eating places with POS options that transcend fundamental fee processing. These options allow companies to doc gross sales, automate reconciliation, handle each dine-in and on-line orders, combine with logistics firms, and extra.
Customising point-of-sale {hardware} to satisfy particular enterprise wants is a strong retention technique. It offers enterprise prospects compelling causes to stick with a fintech firm and attracts new customers who had been beforehand underserved by present options. By empowering companies to develop their companies by streamlining operations and enhancing buyer experiences, Moniepoint can enhance fee processing quantity on their platforms, which interprets to elevated income via transaction charges.