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The Green Sheet Online Edition

March 22, 2021 • Issue 21:03:02

New Products

Bank-managed, data-driven contactless payments

Product: XcooBee Merchant Services
Company: XcooBee

XcooBee, a payments and privacy solutions fintech, launched XcooBee Merchant Services, a technology platform that combines data and contactless checkouts into frictionless services for financial institutions (FIs) and their merchants. Designed to simplify PCI compliance, the solution can be instantly activated, according to company representatives.

“Our goal at XcooBee is to provide a safer POS environment for merchants and consumers while helping restaurants, small retailers and banks reduce costs, increase returns and improve security,” said Bilal Soylu, founder of XcooBee. “We see a new POS experience for the future that allows small business merchants the ability to conduct business faster, safer and more efficiently.”

Soylu further stated that XcooBee combines best-in-class Asian payments solutions with European privacy technology to deliver an affordable payments experience that works globally. Unlike other companies, XcooBee has the unique advantage of focusing on both payments and consent, he noted, adding that the platform supports contactless QR codes and its secure, scalable architecture supports third-party business process apps.

No hardware needed

XcooBee Merchant Services accounts bypass credit card rails and integrate directly with a bank's mobile app, Soylu said. Banks, acting as agents, get access to higher returns than those outsourcing merchant services functions. Participating FIs can grow market share and attract customers while broadening appeal to new market segments, and XcooBee partners can incentivize merchants and customers with in-app offers and lower fee options, he added.

XcooBee also provides business insights based on transactional data to help merchants deepen customer relationship and measure sales performance. The platform's mobile checkout feature can improve the customer experience by facilitating in-store checkouts from anywhere in a store. In addition, consumers do not need to sign up, log in or download an app to instantly participate in XcooBee features and benefits, according to company representatives.

“We’re giving banks a new tool to offer their merchants speed and affordability," Soylu said. "We offer them the chance to ensure safety and build consumer confidence in their merchant customers. This results in a seamless payments system that is fast to activate, intuitive for merchants, and easy for consumers to use.”

Soylu additionally noted that merchants appreciate the ease of use and benefits of using XcooBee Merchant Services, which does not require customers to tap, touch or scan products in the store. Customers can use the solution without downloading an app or enrolling in the program, he emphasized. The platform can help merchants improve the guest experience by offering a frictionless way to pay along with the confidence that their privacy and information are secure, he added.

Channel partner benefits

Processor-agnostic, XcooBee can work with multiple payment processors. The innovative tool can be used by banks and their sales channel partners, ISOs and merchant level salespeople, Soylu stated, adding that its competitive rates, hardware independence and “baked in” privacy compliance can help users boost conversion rates and attract and retain more merchant customers. In addition to supporting ecommerce and making integrations simple, the XcooBee is designed to support organic and acquisitional growth, he said.

Growing demand for contactless commerce gives banks a rare opportunity to lead the way with a flexible platform that drives consumer confidence and enriches relationships between merchants and banks, Soylu noted. Deploying XcooBee Merchant Services is easy and affordable because the platform does not require extra hardware such as NFC terminals or scanners, he stated.

The XcooBee Merchant Services system facilitates contactless checkouts from anywhere in a store, promoting clean commerce and eliminating long checkout queues and dependence on expensive POS systems, Soylu stated. In addition, the solution can be white labeled to help build brand awareness and trust. The platform's seamless in-store and mobile payments capabilities can help banks reduce costs and drive more revenue to their merchant customers, he added. end of article

Website: www.xcoobee.com Contact: sales@xcoobee.com

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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