19 August, 2014: Australian taxi app and mobile payment provider, ingogo, announced today that it will expand its services beyond the taxi industry, with a market-leading, portable payment and accounting platform for businesses in partnership with cloud accounting solution provider Xero.
Ingogo, who are preparing for an ASX listing, launched the world’s first app-based payment platform in October 2013, providing wireless terminals in taxis, which process payments. ingogo has recorded more than 1.5 million taxi trips in the past 12 months, with a forecast in excess of $150 million in payments on the ingogo platform in the coming year.
Ingogo is going to be the first to integrate the Europay, MasterCard and Visa (EMV) card security compliant mobile payment solution with Xero’s world class accounting software. Targeted at SME’s, the new system will transform the way business owners, such as tradesmen, process payments from customers. A minimum viable product will be showcased at Xerocon (Australasia’s biggest accounting technology conference in 2014), a deeper integration with Xero is expected to be completed by the end of September with availability for an early beta group of customers following shortly after.
The ingogo payment system uses Bluetooth technology to connect an app to a very small portable payment terminal, allowing immediate processing of payments on site, whether they are new transactions or to take payment from existing quotes. The service, which will have no monthly terminal rental fees, will allow users to receive next day payment settlements 365 days a year as well as streamline their workflow through creating and sending Xero invoices automatically. The system will be available on both iOS and Android.
Payments from major credit and debit cards will be accepted, using contactless technology such as Tap&Go and Paywave, along with full EFTPOS chip & PIN, or magstripe, plus virtual wallets.
Funds can be settled direct into a nominated bank account or users can choose to be provided with an ingogo debit card linked to their Xero account, allowing for business purchases and funds to be withdrawn from an ATM. The account balance can be viewed within the app, paired with easily reconciled settlements in Xero.
Hamish Petrie, founder and managing director of ingogo, said: “Ingogo has disrupted the incumbent payment systems in the taxi industry, the platform we have developed to achieve this is readily applicable for businesses who have found it cost prohibitive to run traditional payment terminals, such as trades and other mobile services. They are businesses that can benefit by automating their accounting work as part of this payment process. We found a gap in the market as it’s an area banks don't service well. So we are growing a new market with our technology.”
“Partnering with Xero on our mobile platforms means we can combine our two technologies to ultimately provide a stream lined accounting and payments system for businesses.
“Through this service, SMEs will be able to simplify a lot of accounting issues. The platform will allow owners to save wasted time chasing clients for payments, ultimately improving their cash flow and allowing them to better focus on doing business. It will be a very affordable solution, without monthly terminal rental fees and merchant accounts.”
Chris Ridd, Managing Director of Xero, said: “ingogo is a successful and promising mobile payments technology that we're excited to be able to offer Xero customers through having it integrated as an add-on partner.”
The beta for the Xero payment integration will be launched by the end of September with a full commercial version set to launch in early 2015.
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ingogo is a mobile app which assists customers to easily hail and pay for taxis. It was founded by the successful team behind Moshtix. It allows passengers to communicate directly with registered taxi drivers in their local area, see when drivers are coming and where they are on a map, with the option to pay for rides using ingogo's safe in-taxi payment terminals or virtual mobile accounts. It currently operates in Sydney and Melbourne.
ingogo also provides a mobile payment platform for taxis to process payments. ingogo is extending its payment platform into other industries beyond taxis, for business owners and SMEs, in September 2014.
Xero provides beautiful, easy to use online accounting software for small businesses and their advisors. The company has 334,000 paying customers in more than 100 countries around the world. The company is listed on the NZX and ASX and was recently ranked No.1 by Forbes as the World's Most Innovative Growth Company. See www.xero.com