Yesterday we announced Kash, our new product that’s going to change how merchants receive money and how consumers pay for things in store. When it becomes publicly available, consumers will get 1% cash back and free money transfers. Retailers will be able to increase their margin by cutting out credit card fees. Join the wait list at http://www.withkash.com.
We’ve spoken to many retailers and they told us that credit card fees is always a pain point. It’s not only because it could cost up to 3% of a transaction, but combined with the premium rewards credit cards it could hike up to 10% of a sale! There has to be a better way.
In terms of cost to retailers to receive money, credit card is the most expensive one, and debit card being the least expensive. Kash will be a win-win for both retailers and consumers. Betakit called it “Canada’s most disruptive mobile payment product”. Check out the coverage and hands-on video at mobilesyrup.
With AvidRetail point-of-sale, we continue to see increasing % for people paying for things through our existing platform. If you think the Starbucks app is the gold standard, then know that the % of transactions retailers put through our system is right up there. With Kash, we’re going to bring that experience to even more places and more people.
Last couple days we were also attending Dx3 Canada showcasing AvidRetail’s mobile payment and retail platform. We got to show people how we utilized iBeacon for fastest checkout possible. It’s not some made-up scenario for a technology looking for a problem. I believe we’re actually using it in one of the most effective ways.
Coffee Fest NYC
Next up the 2 newest members of our team is Coffee Fest NYC. My co-founder Kaz and I attended the one last year and won best new product award. It means a lot to me the fact that we’re going back the 2nd year. I can’t wait to hear the stories and successes the team will have there.