Tiffany Loh: Why did you buy eCoffeeCard?
Adam Theobald: Our merchants and customers were requesting a loyalty option outside the payments system. We toyed around with the idea of building a loyalty scheme up from scratch, but realised that acquiring eCoffeeCard was the best move for us. It's already a well-established, known and working system with the base of 320,000 Australian users and 1,600 cafes.
TL: Are there any changes for Beat the Q?
AT: Beat the Q will remain as is for now. But in time, we'll be adding new features and updates to both the Beat the Q and eCoffeeCard platforms to ensure there's a seamless transition. We won't to make sure that the user is not forced to use one platform over the other.
TL: When is looking into another business for good advice a must?
AT: We were really lucky to have some invaluable advice from our chairman, Greg Wilkinson, the founder of Reckon. There's a lot of risk and research involved especially when it comes to acquisitions. You need to make sure you get the right legal advice, financial advice, and while it's a really laborious process, it's essential to make sure all bases are covered before you jump into something.
Do your research, what are the latest trends? Talk to your customers and find out their needs - that's the best way to stay ahead in the game.
TL: What is one thing every entrepreneur needs to realise?
AT: Technology and the landscape is rapidly changing. Everything from the current technology to the consumer needs is evolving and we need to make sure we're at the forefront or are driving that change. The moment you become a laggard - you lose. Do your research, what are the latest trends? Talk to your customers and find out their needs - that's the best way to stay ahead in the game.
TL: Is proliferation of smartphones the biggest driver of this rapid uptake of mobile payments?
AT: In Australia, we've got one of the highest smartphone adoption rates in the world. Aussies love technology and we love trying out new technology as soon as it's available. At Beat the Q we've seen incredible adoption of our service over the last year and we're thoroughly excited at the rate at which we're growing. We're making life simpler and convenient by just the touch of a button and that's something everyone appreciates.
TL: What’s next for Beat the Q?
AT: Looking forward, we want to make sure Beat the Q is available to as many people as possible - not just in Australia but all over the world. We're looking at expansion into Asia and possibly the United Kingdom.