Flint Mobile raised $9.4 Mn in funding from Verizon’s investment arm, Verizon Ventures. It offers a smartphone-enabled payment service. The company has also attracted other investors like Digicel, Storm Ventures, True Ventures and Peninsula Ventures. Flint showcases itself as a competitor to Square Reader. It is a pure software-based service which uses a smartphone’s camera to capture credit card details and process the transaction.
Flint also offers an online service for merchants which enables them to process transactions online without having to set up any dedicated e-commerce service. Flint’s mobile payment app is especially popular among small business owners who lack minimal POS equipment. Flint processes an average transaction of $120 for small and medium scale merchants. Verizon’s growing enterprise business could help Flint extend to other business users as well.
The best part about Flint’s service is that it does not require any kind of hardware at all. The fresh funding will also help Flint drive it’s new online business dubbed as “Sell Online”. Sell Online will let Flint businesses add a payment option directly into their websites that is also integrated with other businesses offered by Flint. Sell Online is simply an add-on for existing Flint customers. The online payments will have the same pricing as the mobile payments service: 1.95 % for debit cards and 2.95 % for credit-card payments.
Flint offers the following features:
- Dedicated mobile app for iOS and Android users.
- Full data security as per PCI DSS standards. Transactions are encrypted and no data is stored on the device.
- Create and send custom invoices from mobile or using online Merchant Portal for free.
- Along with credit and debit card transaction data, digital receipts for cash and check transactions can also be organized in transaction history.
- Create custom coupons and integrate with Apple Passbook as well.
- QuickBooks online integration to synchronize full transaction data.
Here is an illustration highlighting Flint’s service: