According to the World payment report non cashless payment has increased from 8.2% to 8.5% in the year 2012. With respect to that we have seen companies such as Square and Stripe establishing themselves in the payments space. Slidepay is trying to grab a share of this market with its platform that makes it easier for an application to accept credit cards.
Slidepay was co-founded in 2011 by Charlie Pinto (CEO) and Joel Christner (CTO). The company received a total funding of $1.3 Mn through investors including Data Collective, Paul Buchheit, Felix Shpilman, Harjeet Taggar, Garry Tan, Mark Freidgan and Christian Dahlen.
Slidepay is basically a white label version of Square. Square doesn’t offer an API for third party developers,which has created an oppurtunity for Slidepay. Slidepay says that it is an API that makes it easy for any application to accept credit cards that are processed in person. Integration takes hours, not weeks, and works on any platform or device. Slidepay handles card present and card not present transactions made on any device.
Through Slidepay, customer can slide their card through their reader ,securely store card information on our server,and checkout with all major credit cards. Slidepay make it easy for any application to accept credit cards that are processed by any person to make the payment experience better for user.
Features offered by Slidepay:
- Swiped and Online payments: SlidePay handles card-not-present & card-present transactions made on any device. Users can slide a card through their reader, securely store card information on SlidePay’s server, and checkout with all major credit cards. Payouts are automatically sent to third party bank accounts for free.
- Instant Merchant Accounts: Business owners can create free merchant accounts for themselves or their marketplace users in less than 60 seconds. No complicated referral relationships, gateways or partnerships are required. SlidePay handles identity verification and underwriting.
- Encrypted Hardware and forms: Slidepay provides encrypted hardware so the merchants users can process secure payments and bypass almost all PCI-compliance. It also let merchants build their own payment forms while avoiding most PCI-compliance. Encrypted readers are available for all merchants.
- Collect transaction fees: Merchants can collect transaction fees from their users every time a payment is made on their behalf. Earnings are automatically transferred to the merchants bank account for free on a 4-business day rolling basis.
“We take a very android like approach to what square does.They want to own the end to end experience where everyone has to go through their experience and everything has to be processed through their brand “said Charlie Pinto, CEO, Slidepay. “We want people to provide their own applications.” Slidepay takes 2.5% + 10 cents for every transaction,or 2.9 percentage plus 30 cents per transaction if a card is not present. Slidepay does not charge any monthly fees, Instead their earning lies on processing fees.
Another company operating in the payment space is Joist. JoistApp is a mobile app that contractors can use on their iPhone, iPad, or Android device. It enables them to manage their business on the go. Contractors can create estimates, create invoices, send invoices, manage projects and accept payments on the go. The platform now has a way to accept payments through a square like reader without forcing the customers out to another payment flow.
LTP View: With the cashless payment on the rise, Slidepay gives the user flexibility by allowing user applications to accept the payments. Their low processing fees of 2.5% + 10 cents per transaction could add to their advantage in acquiring a customer base. The company however faces challenge in entering a market dominated by big players such as Square and Striple.