Payment freedom is here
Client Experience: Like stepping out of your first Uber, a unique thrill
Revenue Growth: Win-win, Merchants pay less and processing volumes go up
Efficiency/Automation: Moving to the AI cloud, leaving hardware and POS behind
How the payment systems for goods and services are ready for disruption.
The four pillars to give way are cost, security, convenience, and stranded assets.
Money moves electronically. We no longer have banks using forklifts to load pallets of bills. The electronic movement of money, at its core, can be accomplished for 20 cents regardless of the amount. Yet, when paying for goods and services today, we primarily use credit services that charge on a percentage basis. A corporate dinner with seafood tower, wine, and dessert generates a bill of several hundred dollars. Ten or twelve dollars will go to the credit card company to move the money. Yet, it only costs twenty cents to move the money. A merchant taxed less can offer a better deal and still be better off.
Today, BirdPay actually uses this advantage. BirdPay allows payment through many instruments.
Handing your card to another individual for use in charging is as insecure as you can get, no matter what measures are taken post charge. Other countries require a PIN to be entered, but that eventually requires the merchant to tote around mobile terminals. Hackers try to gather many credit cards from a vulnerable source. Cracking phone after phone would take too long. The banks have hardened security. So the hackers go at the soft middle, the merchant and their hardware.
BirdPay does not pass your information to the merchant at all. Movement is from secure phone to secure bank.
Everyone here has learned a form of sign language just in order to pay a bill. This sign language has one or two symbols. One is a broad arc in the sky to gain attention of a server. The other symbol is air writing to symbolize the check.
BirdPay uses a tap on the table to draw the bill to the app so that a fingerprint or face closes the tab. No summoning of a server. No asking a server to split parts of a bill.
All the current unicorn internet sensations are repurposing stranded assets. AirB&B squeezes value out of unused rooms. Lyft, your car. Ebay, your household goods. Facebook, your desire for attention. Another stranded asset is loyalty for merchants. Most loyalty bonuses are never used. But, someone else would like to use the bonus if yours is expiring.
BirdPay ties loyalty into payment systems and creates value and a market for expiring bonuses.
We'd like to thank our partners Apple, Epson, TSYS, and AliasWire. Apple has the motivation to free ApplePay from the slow to innovate POS systems. Epson has the printers that allow BirdPay to read and write transactions without having to integrate with every POS system. We'd like to thank TSYS for credit transactions and AliasWire for bank to bank transfers. Finally, we'd like to thank Alexis and the staff of Taqueria Tsunami in Atlanta for being our home outside the lab for the successful Phase 1 pilot.
Emerging Long Tail Benefits