One thing we can safely say about last year: no one was bored!
Across industries, businesses grappled with a number of challenges. Customers and boardrooms dealt with rising inflation, hurting both wallets and bottom lines. From the stock market to a changing job environment, the economy looked a lot gloomier by the end of the year.
COCARD was a rare exception to this story. While we’re not immune to the business cycle, we leaned into what we do best: support our members and their clients to shine in any weather.
Let’s cover last year’s highlights, and what we have in store for 2023.
Growing Through Adversity
We are proud to say that against a national backdrop of rising interest rates and falling profits, COCARD hit some exciting numbers in 2022. Our estimated gross residuals are up nearly 20% from 2021.
We’ve continued to bring more members and clients into our family, sharing our success and supporting them with a growing suite of payment and CRM solutions. In 2022 alone, we added twelve new reseller offices.
This wasn’t easy. There’s no magic shortcut to achieving growth in a tough year, and we expect to have to work just as hard in 2023 to hit our targets. The secret is to obsess over the value we add and to aggressively support our members with a product suite that truly changes their clients’ business.
To that end, we’re excited to announce a new addition to our product suite: Valor PayTech.
Valor: Tomorrow’s Payment Solutions
By partnering with Valor PayTech, COCARD has doubled down on its commitment to lead our industry for years to come.
Through our partnership with Valor, our offices will offer physical and virtual terminals, as well as eCommerce interfaces with one look, one login, and one support number. Everything will be managed from a single portal.
You read that right. Our merchants will be able to access and manage all their users, stores, devices, and transactions in the same portal. That means a more streamlined CRM experience, and fully integrated data to drive better decisions.
Receipts will be available online (with signature if signed on screen), and with refund support up to two years after the transaction. In the Virtual Terminals, recurring payments, both subscriptions, and installments, are fully supported. Line item processing, with Lite Inventory and POS Lite, is now available.
Terminal hopping is a thing of the past. Our restaurants can do all tip adjustments from the portal, rather than each individual terminal, saving team members hours a month.
Revonu: Tried and True
We will continue to improve and support our Revonu product suite. Revonu helped COCARD establish leadership in the hybrid payment space, offering both physical and virtual terminals, as well as support across operating systems. Revonu makes POS management a breeze with support for Android, Apple, and Windows devices.
Cloud-based support and offline mode makes sure the service never goes down and your payment data is never lost, while a streamlined CRM suite makes it easier for merchants to track payments, inventory, and sales performance.
In 2023, COCARD is committed to researching what our merchants need to stay ahead, and what our members need to deliver the best POS service on the market. We’ll continue to fine-tune our offerings, leaning into what works and responding to what doesn’t.
COCARD owes its success to a simple philosophy that we are only as strong as our members.
That’s why we offer the best split rates in the industry. It’s why we strive to bring them the best products that blow merchants away, changing the way they do business. Most importantly, it’s why those same members all share an ownership stake in our network.
COCARD members are happier and more successful than the competition. They don’t keep it a secret. Much of our growth this year came from member referrals, which has been the case since we started twenty years ago. We’ll continue to earn that trust for years to come.
In 2022, COCARD showed that no matter the climate, we can deliver powerful growth and will adapt to any challenge. We have incredible things in store for 2023, from Valor’s groundbreaking POS suite to constant improvements on the merchant experience, to even more resources to ensure our member-owner’s success. We hope you join us on this journey!
For more information on how COCARD empowers better business, get in touch today.