Smartpay is preparing to launch its first product on a new cloud payments platform into Australia.
Point-of-sale technology vendor Smartpay has launched its SmartConnect cloud-based payments platform to Kiwi businesses.
SmartConnect allows integration of any payment device or application to any payment termination device or application, the company said.
The first product launched on the platform allows Eftpos terminals to integrate with new generation of cloud-based point-of-sale system such as Vend and Kounta.
Smartpay, which is listed in both New Zealand and Australia, told investors in its full-year results announcement today there was a clear shift from older “cash register” technology to newer cloud-based point of sale services. Smartpay now claims to be one of few providers that can service this requirement.
"We have recently released this product into the New Zealand market and have seen immediate uptake of this solution as this product fills the existing market gap," the company said.
"We will be releasing the same product into the Australian market shortly which we expect will also drive increased sales opportunities in that market."
Smartpay said the platform has broader application than Eftpos terminals as it can integrate with any payment device or application including mobile wallets, e-commerce gateways and any other payments platform.
It can also generate real-time data and analytics which it said was increasingly valuable to retailers, banks and others.
"As we continue to build out this technology we expect to see growth opportunities for Smartpay beyond our traditional Eftpos terminal business," the company said.
Total revenue and other income $21.8 million for the year to 31 March was marginally up from $20.4 million
EBITDA of $9.6 million also improved from $8.1 million to yield a net profit after tax of $2.2 million, an increase on from $0.2 million in 2016.
Smartpay also upgraded its entire New Zealand terminal fleet during the year to meet new hardware compliance requirements.
The company's Australian business generated revenue growth of 37% including an increasing contribution from its retail terminal network and a sale of terminals to an Australian bank.
