ingogo launches SME mobile payments platform
Australian mobile payments and taxi app firm ingogo is expanding outside cabs, announcing a wireless payment platform designed for the SME market.
The product, called Pay RIGHT AWAY, is available right away and follows a period of pilot testing started in February 2015.
ingogo founder and CEO Hamish Petrie said the payment solution, available on iOS and Android, would be perfect for tradesmen and small business owners who could operate their business transactions with Pay RIGHT AWAY to improve cash flow while integrating with Xero’s global accounting platform.
He said the product offers on-the-spot payment processing and next day settlements, part of what he describes as a flexible, time-effective way to improve business cash flow and reduce admin.
“We’re excited to announce that our Pay RIGHT AWAY platform is now live as a commercial model. The feedback from the initial integration and beta testing proved that this payment solution is long overdue in the SME market, as busy business owners don’t have the time or resources to manage their day-to-day invoicing and account collections,” Mr Petrie said.
“The partnership with Xero and integration of both our market leading mobile payment and accounting software creates a seamless blend of flexible, accessible technology that will streamline the payments process from start to finish.
“The service will provide owners with a tool to free themselves from unnecessary admin and spend less time chasing outstanding payments, and with no monthly terminal rental fees, the solution is completely cost-effective,” said Mr Petrie.
Payments from major credit and debit cards will be accepted with Pay RIGHT AWAY using contactless technology such as Tap & Go and PayWave, along with full EFTPOS chip & PIN or magstripe.
Xero Australia managing director Chris Ridd said Pay RIGHT AWAY’s Xero integration would minimise administration by auto-reconciling settlements, managing payments transacted on-the-go and creating and sending automated and itemised invoices and receipts, all while integrating with Xero’s inventory management system.
“ingogo’s mobile point of sale system is another example of best-in-class technology providers choosing to launch fully integrated platforms with Xero,” Mr Ridd said.
“We’re excited to see a number of providers in each region building solutions to help Xero’s subscribers reduce the time it takes to get paid, and reconcile their transactions quickly through their accounting software.”
ingogo first launched the world’s first app-based payment platform in October 2013, installing wireless payments terminals in taxis, and to date ingogo terminals have processed over $200 million and over five-million taxi transactions.
In May it completed what it says is the largest equity crowd-funded deal in Australia, raising $12 million ahead of a planned 2016 ASX listing.
Ingogo is a client of ATP Innovations, Australia’s leading business incubator.
This article originally appeared on The Australian.