Any retailer would know the pain of having to lose a percentage of your revenue every month via credit card transaction fees. Thousands of dollars are being lost every year in this manner by small and medium businesses to the likes of Visa and MasterCard. Enter Kash - a mobile payment startup that completely does away with credit cards and middle-men that stand between retailers and bank accounts.
Y-Combinator backed company Kash, utilizes SecureDebit Technology. This is a direct bank payment method that completely avoids the credit card network, enabling retailers to save around 2-5% in transactions fees, which is a huge amount!
- At the moment, Kash is available in Canada and the U.S.
- Their platform is free for small and medium retailers with absolutely no contracts or any sort of hidden fees.
- Customers are also rewarded points for their transactions via Kash, after downloading their free app on iOS as well as Android.
- Kash does not depend upon any credit processing systems in order to function, and can be utilized side by side with existing POS system.
“Paying 2, 3, or 4% on each transaction means that many retailers are losing thousands of dollars each year to Visa & MasterCard. At Kash, we’ve created our business around ending credit card fees. Forever. We are all retailers so we know your pain,” states their website. “That’s why built this company.”
Whats in it for Customers
- Quick and easy payment
- No bank fees or interest charges
- Perks and rewards for utilizing Kash
- Manage spending better with daily limits
Whats in it for Retailers:
- Free for small and medium sized retailers.
- Increase traffic (via Kash marketing)
- Next business day direct deposit
- Faster than credit. Easier than cash.
How is Kash able to afford processing transaction for free?
1) Kash charges a flat 1% fee for transactions above $100K.
This enables the company to afford to offer transactions for free to most local retailers.
2) Additionally, Kash says that they may send you (retailer) offers to save money on different facets of your business.
3) The company says that they will never share personal information or financial data about individual businesses that use Kash.
4) No retailers will ever make their way onto a 3rd party mailing list, says Kash.
“I come from a long line of retailers. I used to hate how credit card companies would take almost 5% of my bottom line every month. That’s why I started Kash. With Kash, you have my guarantee,” says CEO of Kash, Kaz Nejatian, on their website. “If you don’t like Kash, you can just stop using it. There are no cancellation fees or contracts. That's my personal guarantee.”