We’ve seen Square, Groupon and others make big payments news using the familiar card-and-dongle POS system as of late. But according to payments processor Hybrid Paytech, a bridge needs to be built between new payments technologies and existing merchants.
Hybrid’s head of strategic partnerships and development, Kevin Conabree, explains how Hybrid plans to advance the way merchants accept payments using what those merchants already have.
”Hybrid Paytech is a company that thrives from innovation in a changing world, but doesn’t forget where the bridge needs to be built between the existing merchant and the new technology,’’ says Conabree. ‘’I think it’s important to ask ourselves, why would tens of millions of merchants worldwide want to change what they already have just to extend payment on their phone or tablet? Simple answer: they probably don’t.’’
Hybrid isn’t an aggregator offering swipe dongles instead they “leave the third-party processing and high percentage fees to the likes of Square and others.” Conabree said, “We want to optimize what the merchant has, enable mobile transactions using their existing Merchant IDs on a global scale and provide a great solution at a lower cost of ownership.’’ The company seems to be doing just that, with over 40 percent of their business in emerging markets, a massive piece of the global puzzle.
Hybrid has laid infrastructure to connect to acquirers in North America, Latin America, Asia and European networks for Credit & Pin Debit, enabling merchants to extend not only credit, but live PIN-debit transactions over Android, iOS, Blackberry and Windows Mobile platforms. With the upcoming launch of mobile EMV chip-and-PIN devices in Q1 2013, Hybrid’s technology stands to bridge the gap between new payment technology and old terminals.
“We are also working with a number of multinational companies for enterprise-based solutions,” Conabree continued. “It was slightly impromptu at first, based on our original global strategy, but enterprise has now become a very large part of our projects.”
While Hybrid’s global ambitions are impressive, Conabree emphasized that the core of Hybrid’s strategy is based largely on a simple belief – merchants should be enabled to use new technologies without having to completely reinvent the wheel.
“We’ve helped clients delve outside of their corporate comfort zone,” he said, “without jumping both feet in.”
Hybrid Paytech is a Freeport Capital company (CNSX: FAS) for more information, please email contact@hybridpaytech.com
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