Hertfordshire-based business Chip & PIN Solutions celebrates its 10 year anniversary today. Over the past decade, the company, based in Raynham Road in Bishop’s Stortford, has established itself as one of the UK’s leading providers of point of sale payment solutions and merchant services.
Founded by David Maisey in 2004, Chip & PIN Solutions is a successful business with more than 100 staff, including 40 based at Head Office in Bishops Stortford and a national field sales force. Chip & PIN Solutions has provided over 25,000 card machines nationwide over the last decade across multiple sectors; including retail, hospitality, service and transport industries.
Chip & PIN Solutions is a leader in its market, supplying a range of card payment solutions including mobile payment, counter-top and Bluetooth IP terminals; all with contactless capability. They supply card payment solutions to some of the UK’s major brands including the airline Flybe, Virgin Trains, The AA, WeightWatchers and Pizza Hut to name but a few.
Managing Director, David Maisey, founded the Company after identifying an opportunity to address the payment acceptance needs of small businesses and over recent years has expanded their services to the corporate sector. At the time, David was a successful European Key Account Manager at a leading risk assessment company. “I had already decided that I wanted to launch a business so it was just a case of identifying the right gap in the payments sector,” explains David.
“When a colleague told me about the poor service he was experiencing from his bank, I knew I could make a difference and I immediately saw the potential. Since then Chip & PIN Solutions has helped tens of thousands of businesses across the UK, by delivering superior service and providing cutting edge payment solutions whilst reducing their costs to the banks, “ explains David.
“I started the business in 2004 from home and since that time I am proud to say that the Company has grown organically without any financial investment whatsoever. “
The biggest challenge for David at the start was establishing how Chip & PIN Solutions could differentiate itself and stand out from the banks that were and still offering poor service to their customers. He identified early on that there was as real opportunity in cash driven industries, such as taxi firms and market traders.
David explains, “To gain a deeper understanding of how these businesses operated, I spent time researching market stalls in Bishops Stortford Market. I needed to understand how many people would pay by card but more importantly, how much extra they would spend on plastic. It was an invaluable experience and gave me real insight into how market traders operate.”
David spent no time in contacting the NMTF (National Market Traders Federation) and established a partnership that still exists today. Chip & PIN Solutions continues to be the exclusive supplier of payment solutions to the NMTF’s 32,000 members. This partnership has also been key in aiding the transition of market traders across the UK offering card payments as opposed to cash only transactions. “This is a real success story for Chip & PIN Solutions, as we have helped literally thousands of market traders dramatically increase their sales by taking plastic; and be able compete against high street and on-line businesses,” explains David.
The future looks bright for Chip & PIN Solutions. Over the next three years, the company is looking to grow its client-base significantly, and has invested heavily in new technology to achieve this goal. There are also plans in place to open a new office in central London in 2015.
On the product side, Chip & PIN Solutions is aware how fast moving the payments sector is, and the business has just launched their new product Merchant Fund, which offers tailored financing solutions to businesses that already accept card payments. It is a unique product as it offers immediate access to business finance based on the businesses’ average card takings, and unlike other business finance products, Merchant Fund requires no security or any lengthy application process.
From November 2014, Chip & PIN Solutions will also be launching its own point of sale solution called Genesys. This unique product will give business owners the tools needed to have greater control over their business by tracking inventory, managing employees, gaining customer insight, building lasting customer relationships through loyalty schemes and, most importantly, accepting payments with ease from a choice of cutting edge point of sale terminals.
David Maisey, Managing Director of Chip & PIN Solutions, comments: “I’m extremely proud of our achievements as a business over the past decade, while at the same time maintaining our core value always providing an outstanding level of care and support to our customers.”
‘I’m excited about the future and if there is one thing we take into our second decade, it is to never underestimate how fast the payment industry moves. We will keep investing our resources into new products and technologies ensuring we are one step ahead, while at the same time continuing to provide our customers with the exceptional service they have come to expect from us.”