UTP Group has officially launched its ‘industry-first’ mobile card reader, Tapeeno, in the UK to offer a faster payment process.
Helped by credit card processor Faster Processing, the Tapeeno app will be downloadable on any Android smartphone, transforming it into a card reader that will be able to process transactions within up to one hour.
UTP states that this mobile card reader will be able to “significantly” reduce the funding delay businesses experience when processing payments on other card machines or acceptance devices.
Customers who are approved by Tapeeno will pay a 1.5% transaction fee for any card payments with no hidden fees attached. The company believes this is ideal for start-up businesses, growing ventures and transferring money between friends.
“Tapeeno was developed as a quick, convenient and secure card payment solution for small businesses that are just starting out and don’t want to commit to upfront costs or long-term contracts,” said Jaime Lowe, Sales Director of UTP Group.
“It’s ideal for hobbies, mobile traders or businesses turning over less than £2,500 a month and need a reliable and safe way to process customer payments.”
Successfully trialled in the UK for two months, Tapeeno offers customers a “quick, easy and flexible” card payment solution without the need for investing upfront in additional hardware or committing to long-term contracts.
Tapeeno accepts all contactless payments made by Mastercard and Visa and is currently available to download from the Google Play Store on Android phones. UTP also revealed that Tapeeno will be available to use on Apple phones later this year.
Customers who sign up to Tapeeno will need to complete an online application form via the tapeeno website, provide the required ID, and download the Tapeeno app to their phone.
Lowe added: “Tapeeno’s utilisation of Faster Processing’s technology means there’s the huge advantage of receiving funds far more quickly than other card machines or payment acceptance devices, making it a cost-effective and flexible choice for sole traders and individuals who need to manage cash flow carefully.”