Ahead of the launch of the ‘Retail Insider Digital Retail Innovations Top 50’ report 2016 (sponsored by Webloyalty) on July 6 here is one of a series of Q&A’s with the leading figures behind some of the key digitally-driven innovations in the retail industry.
Q&A with Gil Hazan, MD of Europe at MyCheck (placed at No.22 in the 2015 report)
1. How did the original idea come about?
In 2011 Shlomit and Tal – MyCheck’s co-founders – decided to meet up after letting nearly seven years pass by. After a long catch-up and one too many drinks, one said to the other: “Wouldn’t it be cool if we could just wave our phone to pay and head out without waiting for the bill?” Voila – 11 months later and many sleepless nights, MyCheck was launched.
2. What are the key ways retailers are using it?
Many of the hospitality groups and partners are currently combining MyCheck’s key capabilities to customise a unique platform (via app, web or mobile web) for their customers. From pay-at-table to bespoke loyalty programs, to our ability in third-party integrations, our retailers are aiming to provide a customised experience for their guests. To leave a memorable taste in their mouth alongside the food they dish up.
3. What about competition in this area?
Competition in any industry is inevitable, and in our opinion, welcomed. We have some great players in this FinTech world, and to be honest – it’s inspiring. Competition not only drives us to improve our product, but also inspires us to be creative. In addition to that it encourages market acceptance, adoption and awareness. New technologies are sometimes dismissed very quickly, so when you start witnessing innovation really taking its course, it’s exciting for us.
4. How has the solution been advanced / developed over time?
What began as a consumer-facing app aimed to reinvent the hospitality experience is now a robust technology platform that is leveraged by both small and large restaurant groups and chains. Beyond our payment functionalities, MyCheck specialises in third-party integrations, bespoke loyalty programmes, online takeaway and delivery platforms – each functionality creating an experience for brands to engage their guests in a high impact way. I guess the secret sauce is our expertise in our PoS/Property Management Systems integrations. MyCheck is currently integrated to over 30 PoS systems worldwide, making it easier and attractive for merchants to implement their vision.
5. Have there been any surprises along the way?
Start-ups and surprises are like ketchup and mustard; the two go hand-in-hand. I’d say that the main challenge is being a disruptive player. Often the market, governance and regulation are not moving at sufficient pace, which creates a situation that we have to “educate” the market and adapt ourselves to EU and local regulation.
6. Tell us about the new innovations at MyCheck?
I wouldn’t call it a new innovation, but we’ve launched a new product called MyWallet. It enables retailers to offer their customers a branded multi-platform for easier payment processing. It allows retailers to store all payment data in our highly secure PCI cloud environment, and since MyCheck is a PCI DSS Level 1 service provider we offer the option of processing payments directly with merchant processors. With MyWallet implemented as part of the retailer’s checkout process, their customers can conveniently and securely add, store and manage multiple payment methods in their account regardless of the platform they are using – Desktop, Mobile Web or Native App. Rather than tokenizing individual payment methods, MyCheck provides the ultimate security at the user level, allowing customers to link multiple payment methods to an account and being able to update and manage. Repeat customers will have the convenience of having their payment information on file for faster checkout and a more seamless experience.
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