Gregg Aamoth, along with co-founder, Glenn Yuen noticed the gap in point-of-sale services and wanted to close it as fast as possible. According to Aamoth, an American expat, Canada is about five years ahead of the U.S. in terms of the payment network. “The customer interaction at the point of purchase is much different with chip-and-pin and mobile wallet based payments, opening up a number of new possibilities. While the dedicated and secure payment terminal is now commonplace in Canada and Europe, most merchants in the U.S. are still implementing this technology.”
The potential of the payment terminal as a key communication device, and not just something used only for payments, is an innovative idea to add value to something that already exists, sort of like the progressive transformation that occurred as consumers moved from “simple” mobile phones to today’s powerful and flexible smart phones. .
With a small and easy to deploy app, POPcodes enables the same technology to help today’s consumers do much more, like redeem loyalty points or promotional offers or to generate proof of their purchase on-line on a mobile device for easy and secure pick-up in-store.
While helping improve customers’ in-store experience, POPcodes is also helping brands get to know their consumers.
“POPcodes transforms the payment terminal - that credit and debit machine that everybody uses every day - into a device that merchants can use to connect with their payment processing partners and service providers. Now with the new smart terminals, alternate point of sale systems are really becoming a critical component for a lot of other customer services” says Aamoth.
And POPcodes is building a network of thousands of connected merchants. “We’re approaching an install base of18,000 merchants across Canada right now” says Aamoth.
With about 95 per cent of the company’s merchant base currently in Canada, Aamoth sees huge growth potential into the United States market. “Deploying new solutions into the payments network in general is a very difficult space because of the amount of security and compliance requirements. The first couple of years was really spent establishing our product and getting it certified. The last year and a half or so we’ve seen great growth in the number of units that we have our software deployed to.”
Moving to Calgary to be with family, Aamoth quickly learned how entrepreneurial Calgary was. He connected with his co-founder, Glenn Yuen, who had a successful, 'big data' company in energy.
In a market where nothing like it really existed, Yuen did not take long to get on board with the idea of POPcodes disrupting this space “There was potential for the services that we offer and our growth has proved we were right.”