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With payment terminals as a foundation, PAX Technology Inc. is extending its acquiring support into payments management with its new Evolve payment application. Meanwhile, Verifone Systems Inc. has lined up $235 million in investment in its latest funding exercise.
PAX, which has a U.S. office in Jacksonville, Fla., says Evolve can help small and mid-size businesses in a variety of merchant segments manage their payments and related functions.
Available to independent sales agents, resellers, and merchants, Evolve enables dual pricing, access to PAX devices with lower costs, reporting and analytics tools, a virtual terminal, and electronic receipt issuing, and the ability to scale via a cloud-based platform. Future functions will include inventory management, gift and loyalty programs, online ordering, and e-commerce services. Uptrillion, which bills itself as a cloud-commerce platform, provides that cloud connectivity for Evolve.
Acquirers have long sought to differentiate their products and services beyond credit and debit card acceptance. While that continues as an essential function, related services to help merchants operate their businesses and further strengthen relationships with customers have proven popular.
PAX also launched its artificial intelligence-based voice ordering service. Built for restaurants, the service automates phone-based orders, reservations, and payments, PAX says. The service is available for resale by ISOs and can help with recurring-revenue models as well as set them apart from competitors, PAX says.
In related news, point-of-sale terminal maker Verifone says its latest funding, $235 million, came from existing shareholders. The funds will help as Verifone works on the launch of several new payment technologies, including its new Victa devices, an expansion of its partner channel, and the launch of integrated payment capabilities for its Commander petro and convenience store clients.
