A British start-up is set to take on giants such as Amazon and Google in the primarily American-dominated sector of online payment technology.
Richard Beaton founded App55 in 2010 – a firm that offers one-click payments without the need for traditional providers such as PayPal.
Beaton’s tech offers some key differences compared to other providers out there, perhaps most notable is the fact he does not require organisations using App55 to display the logo.
Besides this, the payment technology can be used by any business needing to take payments, including banks, crowd-funding platforms and e-commerce sites, is compatible with any debit or credit card regardless of country on any device such as desktops, tablets and smartphones.
The entire transaction then takes place on the merchant’s site with no need to visit a third party, which Beaton claims reduces the number of abandoned baskets.
“We want to be the biggest payments company no one’s ever heard of. We’re agnostic at every later. This means we can integrate with existing bank arrangements and we can build the exact payments solution that the customer wants,” claimed the App55 founder.
Payment for the service is transaction based – the more clicks you receive, the more you pay. Contracts are also on rolling basis, enabling them to be cancelled at any time.
Beaton claims that revenues at his company could hit £25m within the next three years and payment processor Worldpay recommends his technology to retail customers.
App55 is also partnered with another processor, Credorax, to help the firm to scale.