British start-up App55 is trying to break into the U.S. payments industry by offering businesses everywhere one-click payments technology without having to use traditional providers like PayPal.
The app allows consumers to pay using any credit or debit card from any country while using any type of internet-connected device. App55 clients are not required to place an app logo on their app, which they count as a major advantage they offer over PayPal or Amazon.
“With Amazon or Paypal, they ultimately want to convert your customers into their customers,” says founder Richard Beaton, reports The Guardian. “You have to brand up your store with their logos. That’s a flaw in the business model. We want to be the biggest payments company no one’s ever heard of. We’re agnostic at every layer. This means we can integrate with existing bank arrangements and we can build the exact payments solution that the customer wants.”
Contracts with App55 are rolling and can be cancelled at anytime, fees are based on transaction numbers—the more clicks on the payment button, the more the merchant pays App55. Beaton believes the company’s revenue will over $30 million within the next few years.
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