WePay launches new mobile point-of-sale solution

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WePay, a US-based processor that handles digital transactions for platforms like GoFundMe, FreshBooks, and Constant Contact, announced the launch of a white-label mobile point-of-sale (mPOS) solution on Monday.

The product will include a customizable card reader that accepts both magnetic stripe- and EMV-based transactions, and an Android and iOS-compatible software development kit (SDK). Merchants can sync their existing WePay account with the mPOS device in order to keep track of both online and offline transaction data, and will be charged 2.75% plus 30¢ for processing fees on top of the price of the reader.

The product will initially be available to two WePay software clients — FreshBooks and Infusionsoft — which can then offer it to their own merchants. 

WePay's device could benefit all key stakeholders by creating new revenue streams.

• Software providers and merchants can expand offline. WePay's current clients specialize in e-commerce, however, the company's new mPOS product will give its software partners a simple way to expand offline while staying within the WePay ecosystem. And the device will also enable the merchants to start accepting card-present payments on-the-go. This can translate to a new revenue stream for both merchants and their software providers. 
• The addition of offline payments ultimately benefits WePay. The integration of offline payments into WePay's platform is a value-added service that could increase its partners' loyalty to the company. And automatic integration saves merchants time and effort, which could help them to improve efficiency and ultimately grow their business, which then gets passed onto WePay in the form of processing revenue. 

WePay could have an advantage in mPOS, which is becoming more software-centric. WePay's expertise in software could bode well for the company as it extends into the mPOS industry, where many of the top players have grown through added software services. 

mPOS hardware providers like Square have been rapidly integrating additional features, like invoicing and instant deposit, in order to improve the merchant experience and keep merchants loyal. WePay's omnichannel expansion could likewise help the company better compete with other processors, mPOS providers, and software firms.

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