Today, we shared the launch of EZETap, a a mobile POS solution company. Here are 5 key things you need to know about EZETap:
1. What is EZETap?
EzeTap is a merchant solution. Unlike some of the other similar solutions in this market, EZETap has a hardware accessory that actually reads the data of the Magnetic stripe of the consumers debit/credit card and securely transmits it to the server for processing.
2. EZETap Pricing Model
EZETap is priced as a SAAS service – i.e. purely on subscriptions and NOT on transactions – although the merchant’s bank may have a transaction-fee based model. Large merchants can piggy-back on their existing merchant banking relationship – [others can contact info at ezetap dot com].
3. EZETap Hardware
How is hardware different from several Chinese/Hongkong based cheap attachments? Sanjay mentions that they have built end to end security solution (data is encrypted) and importantly, the entire solution is designed for feature phones (while most systems are designed for smartphones).
The price of hardware is Rs. 1500/.
4. EzeTap Benefits
Apart from serving use cases like remote payments etc, the major USP of the solution is direct reconciliation. Once the payment is received, it can be updated in merchant’s billing system immediately.
The service works with feature phones such as Nokia S40, as well as SmartPhones Android to start with while Windows Mobile and Apple iOS will follow soon; and has already been piloted by leading merchants and is being offered by leading merchant acquiring banks in India. By electronically capturing signature, the service has eliminated the need for paper receipts – making for a customer-friendly and environmentally-friendly service.
Merchants would need to get approval from banks to use this service (and if you already have, then you could be up and running very quickly).
Got more questions? Ask them in the comments section.