Altron FinTech partners with ABSA

Altron FinTech partners with Absa for the supply of smart point of sale payment terminals that help merchants grow their businesses .

Absa, one of South Africa’s largest banks, has long been partnering with SMEs to solve their pain points and, through innovation, strive to assist and drive their growth. Technology is a key enabler to remove consumer friction points, unlock efficiencies and growth. Altron FinTech has been a technology partner to Absa for multiple decades and together they are creating opportunities for SMEs to grow through the use of technology.

The introduction of payment terminals

The introduction of payment terminals radically changed the payment game for retailers and consumers. More recently, the payments industry has exploded on the back of the scale and investment made in the smartphone industry with the latest evolution of payment terminals including smartphone-like features and the ability to simultaneously run a cash register application alongside payment and management applications, amongst others, on the same device.

Card and token acceptance have evolved considerably over the last few years. One of the most significant innovations has been the introduction of Android card acceptance terminals that provide for the required security and consumer applications to co-exist on the same platform.

Technology and innovation continue to turn the payments industry on its head. Merchants used to need several different hardware products to process a sale, but new smart point-of-sale terminals can record sales, accept payment, manage loyalty points and instant rewards, check inventory levels, and validate tickets, vouchers and coupons, amongst other functions. They are also able to accept numerous payment methods including digital wallets, super-apps, QR codes (dynamic and static) and account-to-account bank transfers, allowing business owners to remain up to date with payments.

Altron Fintech recently signed a five-year contract

Altron FinTech recently signed a five-year contract to supply state-of-the-art PAX Android point of sale payment terminals to Absa. The solution combines a payment terminal with a payment management software platform. A global leader in payment devices and Android payment solutions, PAX has delivered more than 79 million terminals to more than 120 countries around the world.

Easier to set up than legacy terminals, and offering strong remote management and real-time monitoring capabilities, the Android terminals can host multiple merchant and consumer facing applications on a single platform.

Vish Chetty, Executive for Payments Acceptance at Absa Relationship Banking, says the collaboration with Alton Fintech affirms Absa’s commitment to innovation and delivering a seamless customer experience. “As a key partner for our clients, we understand the importance of enabling efficient and secure payments through smart point-of-sale terminals. As the Bank of the Entrepreneur, we are committed to continue working with our various stakeholders to ensure our clients have access to world-class payment solutions.” 

Johan Gellatly, Managing Director of Altron FinTech adds that, “Having enjoyed a pioneering business relationship with Absa that has endured for more than three decades, Altron FinTech had a good understanding of what the bank was looking for in its quest to provide Absa merchants with a new generation payment terminal that provides an outstanding payment and online support experience while at the same time providing merchants with significant additional capabilities and value by making it possible to use third-party applications that could assist them to boost their businesses, increase in-store sales and offer a seamless customer experience.”
The PAX A920 MAX terminal that Altron FinTech is supplying to Absa is much more than a mere payment device, he reveals. “For the first time, merchants have a smart point-of-sale terminal which is orientated to their unique requirements and environment. Android makes it easier to integrate multiple software applications that can run seamlessly on a single device. This means that merchants don’t need to keep using cash registers or barcode scanners which ultimately lowers the total cost of ownership. It also has management information reporting and analytics capabilities. The ability to do so much more on a single payment terminal transforms it into a powerful multi-purpose point of service device.”

The new terminals also promise to deliver greater value by reducing the amount of in-person support the bank might need to provide merchants because of remote management functionality and real-time monitoring capabilities, adds Gellatly.

Charl Janse Van Rensburg, Head of Integrated Transaction Solutions at Altron FinTech reveals that the new terminals are much easier to set up than legacy point-of-sale terminals, providing a frictionless and seamless experience for users while the Android platform enables merchants to customise the device to suit their particular needs.

One of the challenges facing the payments industry is fraud. Fraudulent transactions using payment cards alone are expected to increase to $38.5 billion by 2027. A significant benefit of the Android SmartPOS terminals is stronger security compared to legacy payment devices.

“While there is no silver bullet to increasingly more sophisticated fraudsters, the new Android SmartPOS terminals have embedded point to point encryption and have adopted a blended approach which includes multi-layered protection at different stages,” says Janse van Rensburg.

“Combined, these different layers prevent more complex threats. Not only are the terminals designed with the latest security technologies to prevent and detect malicious activity, but payment processing and sensitive customer and card data have been isolated from non-payment applications to deliver increased security.”

Altron FinTech

Altron FinTech, says Gellatly, is excited to partner with Absa on its payment solutions journey to empower and provide merchants greater control over payments made to them. “Absa’s adoption of these new smart terminals is a first step towards allowing merchants to reclaim control over the payments process while at the same time providing merchants with a superior last-mile service.”