Ingogo, who launched the world’s first app-based payment platform in October 2013 and currently provide wireless payment terminals in taxis, will be the first to integrate the Europay, MasterCard and Visa card security-compliant mobile payment solution with Xero.
Chris Ridd, managing director of Xero, said “Ingogo is a successful and promising mobile payment technology that we're excited to be able to offer Xero customers through having it integrated as an add-on partner”.
Hamish Petrie, ingogo founder and managing director, said the ingogo platform – developed to facilitate payments in the taxi industry – is readily applicable for other types of 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 and it’s an area banks don't service well. So we are growing a new market with our technology," he says.
“Partnering with Xero on our mobile platforms means we can combine our two technologies to ultimately provide a streamlined 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,” said Mr Petrie.
The ingogo payment system uses Bluetooth technology to connect an app to a small, portable payment terminal, allowing immediate processing of payments on-site.
Ingogo said the service 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.
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.