As digital payments become more popular, shifting from traditional methods remains a significant concern for businesses lagging behind the technology curve. This gap in digital understanding is taken advantage of by fraudsters, leaving merchants vulnerable to manipulation and targets of fraudulent transactions.
Understanding this challenge as a pain point, Qashier identifies this widespread tech problem as a result of fragmentation of payment methods across multiple devices. This further worsens when these functions in silos, allowing retailers utilise a multi-device setup that decentralises transaction histories, separating different payment channels with their PoS system.
Qashier, through its latest payment solution, has also found an opportunity to address this operational issue with the introduction of a one-stop payment terminal—the QashierPay Soundbox. This initiative, launched in Singapore, offers customers the ability to make payments with a single PayNow QR code and provides real-time auditory alert capabilities to confirm payment.
In building this single payment terminal, the company consolidated a multitude of payment options across e-wallets and QR payment methods onto the platform.
Making digital payments safe and accessible
Based on the company’s discussions with small and medium-sized enterprises in Singapore, Franklin Zhao, co-founder and president at Qashier, shared that an apparent barrier to digitalisation still exists for merchants, despite the country’s adoption rate for cashless payments reaching 97% in 2022.
According to him, this stems from modern PoS devices being built for the tech-savvy generation, leaving behind mature businesses struggling to navigate the digital interface. Concerns about systems and security are also cited among the reasons why businesses delay transitioning to digital payments.
Furthermore, market offerings that provide functions in silos lead most retailers to use a multi-device setup. As a result, fragmentation in the PoS and payment landscape occurs, making it difficult for merchants as they still have to cross-validate transaction histories from different payment channels with their PoS system.
With Qashier’s new payment solution marking a new chapter for the company, making digital payments accessible for small and medium enterprises is at its core. This mission further led into the development of a one-stop payment terminal with PoS services seamlessly synchronising transaction records, payment records, and inventory management through the company’s cloud-based data platform, QashierHQ.
These solutions at hand also extend to providing merchants with peace of mind when handling high-flow transactions at mini-marts, food courts, hawker stalls, wet-market retail stalls such as fruit stalls and fishmongers, event pop-up stores, and other service providers.
QashierPay Soundbox: How does it work?
Detailing the key aspects of the platform, Frank started by highlighting the importance of introducing innovations that complement the existing digital infrastructure in the region.
More specifically, he highlighted that for cashless payments to be truly simplified for Southeast Asian merchants, the company focuses on developing technological innovation that can be easily integrated into the current system. This includes whether these advancements offer high portability to meet evolving needs.
The development of QashierPay Soundbox, for instance, centres around creating a plug-and-play terminal intended for seamless integration into the operations of SMEs.
The terminal is designed with an outward-facing QR code display panel for customers and an inward-facing screen and speaker for auditory and visual verification of payments received. This simple and clean appearance helps ensure merchants who are not well-versed in tech products can easily get onboard with it, bridging the technological barrier.
Alongside its mission to simplify operations and user flow, the platform also boasts a feature allowing merchants who do not have real-time access to their transaction records to verify payment collection through its auditory alert. The alert will clearly indicate the amount collected, thereby allowing merchants to continue operations without having to standby for payment verification.
In terms of elevating the safety and security of digital payments, on the other hand, it offers low transaction fees and next-day payouts for merchants, ensuring that they find security in using the terminal as well as stronger cash flow for their businesses. Overall, the platform is user-friendly, with lower set-up costs and shorter onboarding times compared to standard payment terminals.
Transforming the vision into a living reality
When asked about how his vision for the company began, Frank recounts the moments that inspired him to establish the platform, including a time when he was obligated to purchase a wallet upon his return to Singapore.
“Back in 2019, a trip back to my hometown in China inspired my journey to kickstart Qashier. I observed that at that point in time, I hadn’t had any use for cash as contactless payment on mobile phones was booming,” he said.
He notes, in particular, “I recall, when I first returned to Singapore, the first thing I had to do was to purchase a wallet! ”
Given that the country already offers a significant opportunity for these advancements, Frank also shared his vision to develop a comprehensive fintech solution aimed at addressing the challenges that SMEs are facing with digitalisation.
“We knew we wanted to establish a fintech company offering payment solutions for SMEs that simplified payments and removed barriers to digitalisation,” he explained.
With their tagline, “Keeping it Simple,” Qashier emphasises simplicity and affordability as keys to providing smart point-of-sale (PoS) solutions that empower merchants with the capability to do more with less.
The company’s goal also centres around contributing to Singapore’s digital revolution by enabling consumers to make purchases without having to carry cash with them and empowering SMEs to tap into the potential of digital payments and PoS systems.
“Ultimately, our vision since the beginning has been to make PoS technology accessible for merchants while maintaining affordability. Personally, I would say that the ambition to disrupt the industry with unconventional and innovative products, along with our technological advantage, will set us apart,” he explained.
Frank further said, “At Qashier, we always have our merchants’ best interests at the top of our minds. Constantly innovating for ways to lower the barrier of entry for our merchants to get started on digital payment products, we have been actively working with our merchants to understand their pain points and build our products around their experience.”
Presently, Qashier is looking into software and solutions that can process vast amounts of data, which is becoming increasingly accessible. This approach creates an opportunity for them to develop solutions that are capable of analysing large sets of financial data, providing valuable insights to SMEs in real-time.
