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Davíð Guðjónsson, CEO of Handpoint, explains how a new generation of super-capable, intelligent terminals is helping merchant service providers (MSPs) to reduce merchant churn and create powerful, flexible new solutions.A distinct pattern has emerged in technology development over recent decades. First, innovation happens at the level of hardware. Think about the switch from mainframe computers to PCs, or from basic mobile telephony to smart phones. Next, innovation switches focus from hardware to software. In both computing and mobile devices, this has meant the emergence of “apps” — specialized software that leverage those hardware innovations to create new, valuable solutions for previously intractable problems.
When it comes to payments, we’re seeing a similar trend. The legacy terminal hardware that offers basic functionality to accept credit, debit and even contactless wallet and card transactions is reaching its sunset years. It’s being replaced by a new wave of intelligent, super-capable devices that combine payments with software for business intelligence functions such as smart inventory, sales analytics, refunds, and split bills. These new solutions not only save merchants on administrative time, labour costs and hardware, but also help drive growth through almost endless possibilities for value-added services.
