EFT Solutions: The Right Blend of Solutions for Every Payment Need

Point-of-sale (POS) devices might be those small and simple devices no one much gives a thought about, but they are more than what meets the eye. Small, but they play an important role in the retail industry going digital and when omni-channel is what everybody talks about. Nonetheless, as mentioned, they are more than what meets the eye. Apart from its basic function, a POS device needs to fit into a retailer’s unique business environment and must conform to the environment’s unique needs. And finding the right answer to a given business case, entwining the right hardware and right software, is not a walk in the park. Hong Kong-based EFT Solutions is an expert in that matter. The firm is a value-added partner of the world’s top two EFT-POS terminal and peripheral device manufacturers and an authorized service provider for three of the top five EFT-POS terminal manufacturers (Ingenico, Verifone, and PAX Technology Limited). It is also a major EFT-POS System Support Service provider in Hong Kong, with the expertise to have provided support services for approximately 47,000 terminals by 2016.

The biggest reasons undergirding EFT Solutions’ dominance in the market are not just a strong team with strong technical skills and know-how and the products it brings to the market. It is one of those companies that is aligned to a market right from its core. EFT Solutions’ founder and CEO, Andrew Lo, has a rich history of over two decades in the industry dotted my many distinctions.

He was a key participant in the development of VISA Cash and Mondex right in his maiden year (1996); Ingenico’s first Chinese programmer in the Asia Pacific region and later General Manager of their Hong Kong branch; Technical Director at Ingenico in charge of electronic payment solution development for New York’s taxi industry; Head of Merchant Business of Hang Seng Bank overseeing the development of enJoy card that supports VISA PayWave card payment function. “My firm is like the link between EFT-POS terminal manufacturers and acquirers. From the sourcing of EFT-POS terminals and peripheral devices to their installation, ongoing maintenance, and repair and other related services we help merchants and acquirers to procure the suitable blend of hardware and software that suits their unique payment needs. We also provide intelligent vending machines with a variety of payment methods to bring merchants smart and convenient solutions to enhance their operational efficiency.”

The company also develops customized software as well as services which comply with electronic payment standards acceptance certification and streamline data gathering and enhance the payment process and operation flow of its customers. Its experience in the electronic payment industry and well-established business relationships with terminal and peripheral device manufacturers, financial institutions, banks, and relevant technology companies grant it a strong position in the market, allowing it visibility into latest regulations, trends, and technical innovations. “This allows us to optimize our MobiCloud system and services effectively and continually realign ourselves to evolving industry standards and technical enhancements.”

Out of many successful cases of deploying mobile payment solutions, Andrew points towards the company extending its solutions and services in Mass railway transit, which will facilitate people and popularize the practice of mobile payment in Hong Kong. Other than that, the system they are now using for all mobile payment is named as MobiCloud System. It serves as a Software as a service(SaaS). This is an AI system which can integrate retail business towards mobile payment. It definitely a crush to retail business and lead Hong Kong to a new retail era. Andrew concludes by saying, “We will continue providing comprehensive solutions and services including MobiCloud System services, payment gateway, mobile app, CRM, and POS systems that solve the trouble for an acquirer to select the operating system and payment services.”