Squaring up Mobile Payments 3 Years Later Back in 2010, we at UniBul were thinking hard about entering the then-nascent field of mobile payments with a service that would directly compete with Square,

 competitor to stand a chance Squaring up Mobile Payments 3 Years Later 2023:

which had just finished beta testing and launched.

We didn’t want to just copy what Jack Dorsey had done, partly because it was already obvious that he had done it very well, but mainly because we had no chance of getting even a fraction of the millions that Dorsey had raised to develop and market his service .

it would have to come up with a truly unique approach that would offer an advantage over Square’s, we thought.

Well, from the get-go, we thought one obvious way to improve the Square offering was to get rid of the card reader. After all, this little piece of plastic can be easily forgotten or lost, especially if you’re a casual user.

In addition, a replacement for the reader was prepared — the phone’s camera. Just take a photo of your customer’s credit or debit card, then use the app to recognize the card number, expiration date and cardholder name, and let the transaction process Squaring up Mobile Payments 3 Years Later.

 

The technology was there, so all we had to do was build the app and start looking for money. In the event that we were unable to raise the funds we thought we needed to carry out this work, we abandoned the idea, but yesterday I came across a project outline I had written and thought I would share it with you I will share.

Why? Three years on, my little “battle plan” reads more like a case study of what makes Square as successful as it is. So here’s what this place in the mobile payments industry looked like to me back then Squaring up Mobile Payments 3 Years Later .

Mobile Payments Project Outline:

UniBul Mobile Payments will enable US consumers to accept credit cards for payments through their smartphones. Our service will meet all of the following requirements

which had just finished beta testing and launched.

We didn’t want to just copy what Jack Dorsey had done, partly because it was already obvious that he had done it very well, but mainly because we had no chance of getting even a fraction of the millions that Dorsey had raised to develop and market his service Squaring up Mobile Payments 3 Years Later.

which had just finished beta testing and launched.

We didn’t want to just copy what Jack Dorsey had done, partly because it was already obvious that he had done it very well, but mainly because we had no chance of getting even a fraction of the millions that Dorsey had raised to develop and market his service .

Simple to use. Users will immediately understand how the service works.
No hardware required. Users will only need their smartphones to accept payments.
No monthly fees. Users will not pay any monthly service fees. Users will only be charged processing fees as set forth in our Terms of Use whenever they use our Service to accept payments.

No long term contract. Users will be able to cancel their service at any time without any penalty.
Transparency of terms of use. Users will receive a full and clear statement of all terms of the agreement before signing up for our service.

The Terms of Use will be available from all pages of our website.
Data security. Sensitive account information will be protected with the best tools available. User information will not be shared with third parties.

Our payment acceptance process. UniBul will allow users to accept credit card payments using their smartphones. Payments will be processed in the following stages:

The user logs into their UniBul account from their phone and takes a picture of the customer’s credit card.
The image is transferred to the UniBul server.
The server “reads” the cardholder’s name and account number and expiration date from the card and sends the information back to the user’s phone.
The user receives the information as a completed payment form on their phone and is prompted to enter the card’s security code.
The app then creates a transaction confirmation for the customer to sign on the phone screen to complete the transaction.
The application then sends a confirmation of the transaction to the customer via SMS or email.

The credit card image will not be stored on the phone:

The application securely sends it to the company’s server for processing and immediately deletes it from the phone’s memory.

Alternatively, users will be able to enter their customers’ key account information into the payment form via a virtual terminal. The virtual terminal will be hosted on our server and will be available for use on both the regular company website and the mobile website Squaring up Mobile Payments 3 Years Later.

Our prices. We will use a two-tier pricing model Squaring up Mobile Payments 3 Years Later :

Image based payments will be processed at 2.75% of the amount plus €15 per transaction.
Keyed payments will be processed at 3.50% of the amount plus €15 per transaction. The transaction entered by the key will be processed when the user accepts the payment either without personal contact or has technical problems with their phone.
There will be no fixed monthly fee and no long-term contract.

For each transaction, the company will pay the Visa and MasterCard associations fees ranging from 1.80% – 1.95% of the sale amount plus 10?ó per transaction. Discover fees will be similar and American Express fees will be higher. We pay approximately 0.05% of the transaction amount to our processing banks.Who will use our service? Similar to PayPal, our service will be aimed primarily at consumers and small businesses Squaring up Mobile Payments 3 Years Later .

Consumers. We expect that consumers will use our Service for transactions such as collecting money for events, fees, donations, fundraising, rentals, Craigslist sales, professional services, bill splitting, etc.
Small businesses. Our service will be particularly suitable for the following types of small businesses:

Businesses that currently accept credit card payments through wireless point-of-sale terminals, street fairs, industry meetings, conferences, etc. UniBul’s biggest advantage over the existing model is that our service will be significantly cheape Squaring up Mobile Payments 3 Years Laterr.

Wireless terminals typically cost between $500-$1000, although some processors offer them for free if you sign a long-term contract. Whether the terminals are free or not, there is a monthly wireless service fee of anywhere between $20-$40 to use the carrier’s network and at least one additional monthly fee of around $10.

UniBul will not charge any such fees and its clients will not have to carry another piece of hardware Squaring up Mobile Payments 3 Years Later Squaring up Mobile Payments 3 Years Later .

Delivery services that currently accept cash from customers Squaring up Mobile Payments 3 Years Later :

Deliveries to consumers such as food deliveries.
Deliveries to businesses. These include vendors supplying various items to convenience stores.
Very small operations that do not qualify for or will not pay for a merchant account but would take cards if terms were acceptable Squaring up Mobile Payments 3 Years Later. This is where street vendors, plumbers and other types of contractors come into play immediately.

In total, there are millions of potential users (25 million of them according to Jack Dorsey).

Why will consumers and businesses use our service? To be successful, we will need to convince consumers that our service provides high value, adequately protects personal information, and that our fees are exactly as advertised.

Great value. Our platform will enable users to receive payments from their smartphones without the need for any hardware. All you will need is Squaring up Mobile Payments 3 Years Later .

In topics of protection, as in subjects of faith – all people chooses for himself the most that he rapidly Payday Alternative Loan (PALs) Squaring up Mobile Payments 3 Years Later .

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