Customers have it easy when it comes to making payments. With cards and facilities such as Paypal, customers can make instant payments with a swipe or a click. However, with sellers, the process is not so simple. With high commission on card payments, plus issues with POS systems, lack of wireless readers at delivery sites and no offline option for payments, the seller faces several challenges. Thanks to Korean startup PAYCOQ, the seller can now say goodbye to payment hassles. The all-in-one mobile POS software application helps store owners to proceed with bankcard transactions without dipping or swiping cards into POS machines. It is a new concept of payment solution that makes transactions easier and more economical.
Next-gen technology for smart finance
Besides Samsung Pay, the company is the first of its kind to adopt Optical Character Recognition (OCR) technology in the payment industry. It owns a patent related integrated recognition registered with the Korean Intellectual Property Office. The seller can use their smartphone as a card reader and the app can be installed from Google Playstore by downloading two applications – PAYCOQ check and PAYCOQ Air. There is only a one-time download and registration cost of $32. The app is 100% safe and has security certifications and no information is stored on the phone after scanning the card.
One platform, many benefits
The app has a wide range of benefit for the user. It enables the user to make payments for all types of cards including Credit, Debit, NFC, and QR & Barcode methods whereas one doesn’t require an additional gun scanner or NFC device. The app also recognizes cards from all over the world regardless of country or the card texture. The recognized card information is processed as an encoded card number, not an actual number, making it extremely safe. The created token is automatically deleted after 3 minutes. What’s more, the token is converted into QR code and is marked on the App and receipt instead of the card number. It simultaneously supports both iOS and Android.
PAYCOQ’s team will be attending the GITEX TECHNOLOGY WEEK to be held from October 6 to 10 in Dubai, supported by the Korea Institute of Startups & Entrepreneurship Development (KISED). The GITEX is the biggest tech show in Middle East, North Africa and South Asia that attracts many prominent leaders from global companies, major media outlets, and influential investors.
