PaidEasy M-Payments Startup Secures $2M

PaidEasy, one of the newer players in the invisible payments experience space, has taken its startup to the next level with the help of private investor Ivor Ichikowitz, who participated in a new round of funding that’s been valued at $2 million.

The mobile payments app just launched out of its beta testing mode this week and with this new round of funding in the books, the startup hopes to expand its merchant base, develop its technology, and bulk up its sales and marketing teams to scale the platform. Currently, PaidEasy operates in New York City and the surrounding areas.

Using its proprietary technology that seamlessly integrates with merchants’ existing POS without any extra steps, hardware or connector, PaidEasy is attempting to join the market as a “360-degree mobile payments platform” that takes the friction out of payments by making it invisible. While that tech allows consumers to do things similar to featured on other mobile payments apps — like splitting tabs and tipping — the company differentiates itself by the functionality that allows customers to open a bill the minute they step in an establishment, which can be viewed at any time to check how much they’ve spent, and can be closed on demand (or, if a customer leaves without closing a tab, after 45 minutes, the bill is automatically closed out)..

“I would say that we built PaidEasy to focus on the user as well as the merchant. Our ability to reduce processing fees is incentive for the merchant along with other benefits, our frictionless payment experience is something that consumers now expect,” PaidEasy CEO Gregg Jackowitz told PYMNTS.

Jackowitz said the new funding will be used to help evolve technology, which includes releasing an Apple Watch app (shown above). PaidEasy has fully integrated apps such as Apple Pay, Yelp and Uber to make the consumer experience for paying for the bill (or cab) even more seamless.

In fact, Uber has been an inspiration for PaidEasy’s model, as Jackowitz commented that “Uber has set a gold-standard in terms of payments, customers not only want a frictionless experience, they expect it.” And that’s what he’s trying to do for the restaurant and hospitality industry through PaidEasy. The app also offers merchants real-time analytics and actionable data. Other perks include loyalty and rewards programs that can be integrated directly into the PaidEasy app.

Jackowitz also commented that PaidEasy has the opportunity to reduce processing fees for its merchants — as low as 1.9 percent as a result of the strategic partnerships the startup has formed.

“We’re trying to dominate the walk-in market,” Jackowitz told PYMNTS in an interview in May, when the app was still in beta mode.

The experience that PaidEasy is hoping to create is one in which those walk-in customers find a restaurant with the app, read reviews, and start that tab the moment they walk in, but they can also walk out without even closing the tab. And for those customers who want to find a restaurant running a special that night, they can select from any number that restaurants may push out to PaidEasy users who can directly apply those offers in-app – no more worrying about scanning a QR code or mobile coupons.

“We’ve built the loyalty right in,”Jackowitz said. “We’re trying to encompass everything you need all in one place.”

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