GoPago is a mobile application that people can use to “end the lines” at local stores. Basically, folks can browse and order for food/drinks from local stores with their smartphones. The interesting bit is that stores which accepts Gopago payments typically have a “fast lane” where the order is waiting for the customer, hence the absence of line/wait. Great for lunch, right?
Today, Gopago has announced that it will equip merchants for free with GoPago Live, a point of sales system that can be up and running quasi-instantly. That’s because GoPago Live is a tablet that comes pre-loaded with all the payment software, and has a built-in 4G LTE connection powered by Verizon and 24/7 tech support from GoPago. There are no monthly fees to access the cloud-based GoPago system.
To get the free installation, businesses have to contact GoPago, and from what we understand, they need to generate 6-figures revenues, so it’s not for everyone.
GoPago takes a 2.85% fixed fee per transaction, regardless of whether the credit card transaction is backed by Visa or Mastercard which fees usually run anywhere from 2.5% to 3%. We can only imagine that at some point, GoPago will try to remove those middlemen and keep the transaction fee for themselves. Chase is the big company backing this startup.
This is an aggressive move for GoPago, and one that could be very interesting for the merchants. Depending on the integration with their current business, this could be an easy transition to mobile micro-payments and any transition from just “being discovered randomly” by people walking by to having a mobile application presence could be huge for a local shop.
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