Adyen might be the one online payment processing company that you’ve never heard of. But it’s also the one company that is set to eclipse PayPal and possibly even Square. Adyen is based out of Europe, and the company has just stated that its profits grew to $330 million Euros in 2015, which is double what it was one year prior.
All About Adyen
Adyen has some serious investors too including Facebook’s Mark Zuckerberg and other tech investors. So why is this company so profitable and what do they do that’s better than what PayPal and Square have put together? Adyen is a payments processing company like Square or PayPal. Business owners can use Adyen to accept international payments, but what attracts business owners to Adyen is the way that this company processes payments.
Adyen’s payment processing system called Shuttle doesn’t require merchants to use a dongle to accept payments. Instead, Shuttle uses Bluetooth and connects through iOS or other platforms. This is one reason why Shuttle is simpler to use. So while there is still a device that a merchant has to use in order to process a payment, this device does not connect directly to a tablet or phone.
But Shuttle’s biggest appeal might actually be the companies that already use the service.
Shuttle is already being used by Groupon, Vodafone, Netflix, Dropbox, KLM, and various other major companies. The trust is obviously there, and that’s a large part of gaining any major business. Additionally, smaller businesses are likely to follow and use a company that larger businesses already trust. If you add to that mix the backing by the likes of major tech giants, what you have is a potent mix.
Shuttle might just eclipse the similar services that Square and PayPal are offering, but there’s one slight caveat. Shuttle is currently only operating in Europe. So, North American payment processing services are safe from Shuttle’s speed at the time of this writing. Yet, with numbers doubling quickly and business going well, Shuttle is bound to pop up in North America soon.
As mentioned above, there’s a lot of appeal for Shuttle if you’re running any kind of small business. Not only is the Shuttle device a lot cheaper than purchasing a regular cash register, it’s also a sign that your company is moving forward with technology - something that avid consumers now want to see. It doesn’t make a lot of sense to purchase luxury items and then wait while a merchant rings up items at a traditional cash register.
Consumers want easy to use payment systems, and that’s where something like Shuttle can easily have a lot of appeal to a lot of different types of merchants. If you do run a small business and you are looking for some kind of alternative to PayPal or Square (and you live in Europe), Shuttle is a good option. Presumably, this service will be coming to North America soon. Take a look at the Shuttle website for more details.