Through RevoluPOS, self-employed or small to medium-sized businesses no longer need to pass credit checks to obtain merchant accounts to bill credit or debit cards.
Instead, RevoluPAY users can now sell products or services by charging clients via Visa or Mastercard.
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The announcement comes after RevoluGROUP has decided to tap into a growing sector of SMEs excluded from digital payment banking. In October 2020, the Canadian company unveiled RevoluSEND, a vertical remittance meant to support cross-border money transfers smaller than 3,000 euros.
Rapid technological developments have encouraged many businesses to seek better solutions in the banking and payments industry. According to GlobalData’s report on “Cybersecurity in Banking: PoS terminal data security”, around 92,000 patents were filed and granted worldwide in the last three years alone.
“Biometric payments, encryption for secure transmission, and public key encryption protocols are some of the accelerating innovation areas where adoption has been steadily increasing. Among maturing innovation areas are biometric payer/payee verification and voice-based payer/payee authentication, which are now well established in the industry”, GlobalData states.
RevoluPOS will be available to small businesses (including those in the developed world) who wish to diversify their payment acceptance.
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