With GoPago, Chase has invested an undisclosed sum and is currently helping to sign up small business customers in San Francisco. It plans to continue providing this kind of assistance as GoPago, founded in 2009, expands its offerings to Dallas, New York, and Chicago later this year.
Leo Rocco, GoPago's founder and CEO, says the service gives users legitimate incentives to take out their phone to pay. "Cash and credit card work just fine. There's nothing wrong with them. But can you go to a place and say, 'I'll have my usual,' and make that go faster?"
GoPago is a hybrid service that offers deals, enables payments, and allows Yelp-like reviews. From the free app, a consumer can explore a store's mobile storefront, write reviews, place and pay for an order, and show up to collect it without waiting in line.
For merchants, from dry cleaners to salons to sandwich shops, the company provides an iPad app that integrates with existing sale systems. The owner can use it to, say, recognize loyal customers and offer real-time deals to increase sales on a slow day. Rocco says he is "leveling the playing field for small businesses" by offering these merchants tools that larger competitors like Amazon can deploy in a snap. The company collects a 5 percent transaction fee, which includes the typical card processing fees.
The Chase partnership could prove invaluable to GoPago, not the least because consumers and business owners are more likely to trust a bank with their credit card than an unknown startup.
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