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MAX PARTNERS WITH PHOS TO BRING CONTACTLESS SMARTPHONE PAYMENTS TO ISRAEL

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Phos, the fintech behind the leading software-only Point of Sale (SoftPoS) has teamed up with leading Israeli acquirer MAX to enable merchants to accept contactless payments using their smartphone.

Using phos’ innovative technology, MAX customers can now turn any NFC-enabled Android device into a payments terminal, without the need for costly additional hardware.

The partnership marks the first-ever use of SoftPoS technology in the Israeli market and MAX will offer the digital payment solution at no extra cost to its business customers for the first month.

Bringing a new age of payments innovation to the country, the phos solution provides self-employed merchants, and small business owners, with the option to accept credit card payments in a fast and secure way – without the need to invest in expensive additional hardware.

 

Tal Cohen, VP of Business and Processing at MAX said: “We are proud to introduce SoftPoS technology to Israel, revolutionising payments and helping small businesses thrive in the post-pandemic recovery. Business owners who until now avoided receiving credit card payments, and lost potential customers as a result, will now be able to receive contactless payments via a mobile device. Businesses are no longer dependent on a physical terminal, allowing them to easily expand their customer base”.

Despite the rise in contactless payments in recent months, many small business owners in Israel have chosen not to invest in physical POS terminals, due to high upfront costs and fees. This has greatly reduced payment options for customers, hindering potential sales and business growth.

Until now, merchants in the region have been largely unable to receive contactless card payments, as customers have historically had to type in their details manually when paying by card.

Thanks to the new SoftPoS solution, merchants now have access to a hassle-free alternative to facilitate digital payments, using hardware familiar to their customers and which they already own.

 

Brad Hyett, CEO of phos, added: “We’re excited to be partnering with MAX to bring this innovative technology to Israel. Consumers are increasingly demanding more efficient and easy-to-use payment methods. This means, for businesses to thrive in a competitive environment, they must be equipped with the best and most innovative payment solutions. Our leading SoftPoS solution not only improves the customer experience by reducing friction in the purchase journey, but removes the costs associated with physical payment terminals for business owners.”

With a simple onboarding process, the new partnership gives business owners the option to start accepting digital card payments almost immediately.

Merchants can sign up for the new solution via MAX’s website, call center or app (iPos). Once downloaded, merchants can accept card transactions of up to 300 NIS (New Israeli Shekel). They can also accept transactions above the CVM limit if a customer uses a digital wallet to pay.

In the Israeli Market, 85% of total transactions are under 300 NIS, which means that most merchant transactions will also be Europay, Mastercard, and Visa (EMV) secured.

 

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NutreeLife triples production with finance from Siemens Financial Services

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Plant-based snack manufacturer NutreeLife has massively increased its production capacity with the help of a hire purchase solution from Siemens Financial Services (SFS).

Founded in 2017, NutreeLife is a rapidly growing company which produces vegan protein bars, snacks and other healthy vegan products. Following a significant increase in demand, the manufacturer wanted to invest in a new production line.

As Patrick Mroczak, MD and CEO at NutreeLife Ltd explains, “We were ready to invest in the next stage of business development. We needed new equipment to meet demand but we also wanted to preserve our cash flow to deal with the volatility of the pandemic.”

To protect the business’ working capital, SFS suggested a hire purchase arrangement. Under the agreement, NutreeLife could acquire the equipment immediately and with no upfront costs. Instead, SFS tailored the arrangement so that the company could spread the cost over 5 years in regular payments and at the end of the arrangement NutreeLife will automatically own the equipment outright.

Under the hire purchase solution, the manufacturer also met the conditions for the UK government’s super-deduction tax initiative, whereby a company investing in qualifying new plant and machinery assets is able to claim 130% of the equipment’s value in year one.

“As a relatively new business, it’s not always easy to gain access to the right finance at a good price but SFS were incredibly accommodating. They really understood the benefit of the technology for our business and helped us unlock the investment,” adds Mroczak.

With the new equipment and technology installed, NutreeLife has been able to triple its production and turnover, and expand operations in tow.

“Despite the ups and downs of the pandemic, the new production line has helped us to keep things moving. As demand rises we’ve been able to take on much more staff and use our working capital towards stockpiling raw materials when needed.”

And the business’ success has not gone unnoticed. NutreeLife was awarded Small Business of the Year at the 2021 Lancashire’s Be Inspired Business Awards (BIBAs).

“Working with SFS has truly opened up news avenues of business for us. The team is so fast and responsive and clearly dedicated to finding the best solution for our machinery needs,” comments Mroczak.

Kirsty Talmage-Rostron, Business Development Manager – UK South at Siemens Financial Services comments, “It’s always exciting to work with an innovative award-winning manufacturer like NutreeLife. Despite the challenges of COVID-19, we’ve been able to help the business rapidly develop and look forward to continuing to support this growth strategy as the business expands into new markets.”

 

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HYDR DEVELOPS INVOICE FINANCE PLATFORM TO INTEGRATE WITH MAJOR CLOUD ACCOUNTING SOFTWARE PROVIDERS

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MANCHESTER – UK – 17th January 2022 – Fintech start-up, Hydr has developed its proprietary invoice finance platform to integrate with more major cloud accounting software providers including Sage and QuickBooks.

After launching exclusively with Xero in May, the Hydr platform can now be accessed by millions more SMEs in the UK who want to leverage their unpaid invoices to optimise cash flow and help fuel their growth.

Users of Sage, FreeAgent, KashFlow, QuickBooks and Xero who sign up with Hydr can get paid almost immediately for the work they have completed and invoiced, rather than having to wait out long payment terms and even having to consider extending their borrowings to maintain working capital.

Customers who link their account to the Hydr platform can expect a class-leading, seamless integration. No duplication of data is needed, they simply continue to raise their invoices with their cloud accounting provider as normal and Hydr will do the rest, funding approved invoices within 24 hours.

Hydr co-founder, Nicola Weedall said, “We’re so pleased to have achieved this product milestone. The impact of long payment terms and late payments is affecting millions of small businesses in the UK; many are navigating CBILS repayments and ramping up post-Covid trading which can put a strain on working capital. We feel so strongly that getting paid early is the best way of optimising cash flow, far better than extending borrowings.”

Hydr co-founder, Hector Macandrew said, “Invoice finance in years gone by has often been complicated and time consuming to apply for, complex to manage and opaque in pricing. It is absolutely ripe for disruption and cloud accounting and open banking has made this reinvention achievable. With our simple, transparent and fairly priced proposition, it is now more accessible and attractive to small businesses than ever. We encourage more businesses to consider it.”

Hydr helps small businesses optimise their cash flow with fully digital onboarding that takes just 15 minutes. Hydr’s platform connects with a company’s data and financial information creating a seamless digital experience without the need for the company to submit any additional paperwork. Funding decisions are given in real time and Hydr pays 100% of the value of an invoice (rather than the traditional 70-90%) within 24 hours, minus a transparent, fairly priced fixed fee. Once quoted, the fee never, ever changes and includes credit insurance.

Hydr works with small businesses registered in England in Wales that sell products or services to other businesses (B2B).

 

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