Mobile Card Acceptance App Eschews Plug-In Reader
May 14, 2012
Flint Mobile Inc., a Redwood City, Calif.-based mobile payments company, last week unveiled its first offering enabling small-businesses to accept payments via mobile devices and announced it has closed a $3 million round of Series A financing. The company’s new app, now in beta testing, enables users to accept and process credit-card payments using the camera of a smartphone rather than a plug-in card reader. Also, the app integrates tools that enable a small business’ customers to easily post reviews and recommendations to popular social media channels, which Flint says will generate more repeat business.
“Our first product takes the hassle out of on-the-go credit card processing and provides an easy on-ramp to capitalize on social marketing,” says Greg Goldfarb, co-founder and CEO of Flint Mobile. “Essentially, we are starting to turn credit-card transaction fees into an investment in online customer engagement.”
The company says the cost to process debit cards on the system is 1.95 percent + $0.20 per transaction and 2.95 percent + $0.20 per transaction for credit cards. Flint says it is among the first in the mobile category to offer lower debit card fees.