Product: Copper pay-at-table
Copper, a cloud-based payment technology provider, released a pay-at-table solution designed to work with nearly any type of POS system. The company said its patented technology does not require software updates or integrations and can be installed in minutes.
The hardware-agnostic solution is also compatible with all major payment processors, stated Dickson Chu, CEO at Copper. "We enable both dynamic QR code payments as well as wireless handheld payments for EMV compliant table-side checkout," he said. "In a nutshell, Copper is faster, more feature rich and less expensive than our competitors."
Describing Copper as an Internet of Things (IoT) platform that integrates the Copper Cord physical device with the cloud, Chu said Copper pay-at-table is one of many use cases that leverages the company's technology. The solution runs on a curated set of hardware components, proprietary firmware and custom Linux operating system, he noted.
Chu mentioned that Copper can be installed and used in minutes with little to no staff training or significant changes to existing POS systems. Copper pay-at-table supports restaurant checkouts in two ways:
In the current economy, it's difficult for merchants to find new patrons and encourage returning customers, and technology can mitigate these challenges, Chu stated. For example, smart operators can help control costs by leveraging POS system data to forecast and plan inventory. While some POS systems are designed to maximize cross-selling revenue by limiting access to restaurant data, Copper makes data available to operators and easy to use; this helps them control food inventory costs, reduce food waste, and plan better menus based on what is selling and what is not, he added.
Chu also noted that technology can help restaurants manage costs by making payment card data simple and accessible. Small and midsize restaurateurs are frequently too busy to review their merchant statements or understand the charges, or they may accept ancillary fees as cost of doing business. Unscrupulous payment providers exploit these tendencies by packing unnecessary fees into customers' monthly statements, he added.
Chu went on to say that Copper's solution enables ISOs and merchant level salespeople (MLSs) to sell merchant accounts to any restaurant without relying on VARs to provide expensive POS integrations. ISOs and MLSs no longer need to waste time and money trying to convince POS VARs to update systems with new merchant account details; ISOs and MLSs can also overcome increasing threats from POS VARs that embed payments in their solutions and steal processing business from ISOs and agents, he said.
Copper is EMV compliant and requires no POS updates, Chu pointed out, noting that the solution also provides opportunities to create new recurring revenue streams with features like cash discounting and credit card surcharging. Real-time reporting and analytics are built into the solution, which is designed to help small and midsize operators avoid the penalties and pitfalls of numerous payment processing systems, he stated.
"Copper is an affordable pay-at-the-table solution," Chu said, adding that the platform is continually updated, and new enhancements are already in progress. "We developed this technology with small, independent operators in mind, yet our platform works just as well for big operations."
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