The Green Sheet Online Edition

June 24, 2024 • Issue 24:06:02

What makes specialty software special?

By Max Sinovoi
Hubwallet

Let's go back in time—way back to the old Tranz 330 days. The VeriFone Tranz 330 was an extremely popular, dare I write, iconic credit card terminal that was introduced in 1985 and in the marketplace mostly through the mid 2000s.

When I came on the scene back in the 1990s and worked for VeriFone (now Verifone), I heard many stories about the 330. It was known for being so durable I had an agent tell me one time they threw it off a second floor landing and it still worked!

While Tranz was no doubt durable and much loved, when you think about it now, it was so basic. It allowed merchants who had never accepted credit cards to accept this new form of payment, so it was transformative for them. But by today's standards, I think we can all agree, not too special. No offense Tranz 330.

Just like the merchants who were excited about this whole new world opening for them back in the '90s, merchants today still have that same type of excitement, but now it's largely because of specialty software. Payments software was a game-changer for business; however, for a long time, businesses had to adapt to the software. At one point, the terminals or the payments didn't integrate with the software.

Today, specialty software allows the software to adapt to a business's needs with the control in the hands of the merchant, not the software.

In the ever-evolving landscape of fintech in 2024, specialized software plays a pivotal role in driving innovation, efficiency and competitiveness within the industry. It empowers merchants with innovative solutions that make their businesses run more efficiently, more profitably and gives their customers the very best experience.

Specialized software essentials

Here are some key aspects of specialized software:

• Tailored functionality: Specialized software is designed specifically to meet the unique needs of a specific merchant type that integrates seamlessly to streamline their operations. It provides features and functionalities tailored to manage transactions, handle inventory and facilitate customer interactions efficiently.
• Integrations capabilities: Specialized software integrates with other systems such as accounting, inventory management systems and customer relationship management (CRM) tools. Better than ever before, it ensures data consistency across multiple platforms.
• Analytics and reporting: This is my favorite. Knowledge is power, right? Advanced analytics and reporting are essential for merchants to gain important insights into their sales performance, customer behavior and overall business health. Having robust analytics reporting allows merchants to make data-driven smart decisions and ultimately optimize their operations.
• Customization: Every single merchant today needs unique features based on their business, industry and target market. Customization options allow merchants to configure their POS according to their needs and preferences.
• Customer experience: In 2024, more than ever before, providing a seamless and convenient customer experience is crucial for merchant success. Loyalty programs have become an essential part of running a successful business, which enhances the overall customer experience and drives customer satisfaction and retention. A happy customer is a returning customer.
• Scalability: As businesses grow, their software needs to scale too. Specialized software is designed to accommodate growth by offering scalable solutions that can manage increased transaction volumes, additional users and expanded product lines.
• Omnichannel solutions: Specialized software provides omnichannel functionality, which is needed to create a seamless customer experience across all channels and platforms.
• AI: Last but not least, AI is reducing overhead costs and manual work. It gives the merchant the feeling of having a personal assistant that is integrated right into their software.

Max Sinovoi has been in fintech for over 30 years and today is the CRO of Hubwallet, which combines processing and the company's best-in-class specialty software named Hubwallet Appointments for any merchant taking appointments online. For more information about Hubwallet Appointments, Max can be reached at max.s@hubwallet.com.

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