credit card news
Flint Mobile announced a handful of new features that allow merchants to sell products and services online without having to go through the typical ecommerce setup and legwork.
The news today was announced today as part of a press release detailing the company’s successful $9.4 million end to their Series C funding, nearly doubling the Redwood, California, company’s previous fundraising efforts.
About Flint Mobile
Similar to Square and Paypal Here, Flint Mobile is designed for small business owners who operate away from traditional retail spaces. Think food truck operators, photographers, personal trainers and consultants. Flint allows these entrepreneurs to accept credit card payments through their mobile devices.
But unlike Square and Paypal Here, Flint requires no dongle, which the typical consumer might refer to as “that thing that attaches to the phone/tablet.” Instead, Flint users simply take a photograph of the customer’s credit card — merchants can accept payments anywhere they can take their phones and customers enjoy the convenience of using their credit cards.
Just imagine being able to rack up points on a rewards card when you eat at a foodtruck!
The lack of hardware passes on savings to both the merchant and consumer. Flint’s transaction rates are some of the lowest in the mobile commerce market, starting at 1.95 percent per debit transaction (similar services charge merchants around 2.75 to 3.65 percent for the same service.)
Flint also offers merchants additional features like data syncing with QuickBooks Online, coupon options, team management and more.
Flint’s new Sell Online features
Typical when merchants want to accept credit cards over the Internet, there’s the additional hassle of setting up separate payment processing services to enable ecommerce.
Flint’s new Sell Online looks to help small business owners bypass that entire process and allow them to filter all their sales into a single account – the same way they would with Flint’s traditional mobile payment options.
Merchants can create their own custom and shareable link with a specific item’s description, price and image. Flint then generates an encrypted ecommerce form for the customer to fill out. Sales analytics, transaction histories and other data management facets also will help entrepreneurs broadly see the results of their ecommerce efforts.
“I need to create an invoice when someone schedules a session, collect a deposit and then collect the balance at the shoot. Flint lets me do it all from my smartphone and saves me hours every week,” Ben Esner, a commercial photographer in New York City, said in the release. “It gives me an easy way to see all of my client transactions in one place, and I also recently started sending out coupons to help generate more business.”
The same 1.95 percent debit and 2.95 percent credit card fees apply. However, the app and merchant setup are free.
Verizon leads $9.4M Series C funding
Verizon Communications Inc.’s investing team, Verizon Ventures, was the biggest contributor to Flint’s new round of funding, according to the release. Digicel, Storm Ventures, True Ventures and Peninsula Ventures also provided significant investment.
Flint’s Series A round of investing secured $3 million in 2012, followed by an additional $8 million Series B round in 2013. With today’s $9.4 million, Flint has raised $20.4 million to date.
“More than 17 million independent businesses in the U.S. provide a significant portion of their goods and services in flexible or transient work environments,” Flint CEO Greg Goldfarb said in the release. “By enabling these businesses to run core revenue functions like payments, invoicing, couponing and now online sales from a single app and focusing on ease of use, we are well-positioned to become the leading mobility platform for a large market segment.”
Photo credits: Flint Mobile Inc., community.good.com