RevvPay uses license plates to initiate hands free payments for every place you visit in a city fast food drive thru, parking lots, gas stations, hotel check in, renting a car. The goal is to build a network of franchises that will allow us to easily and quickly integrate with many forms of detection to build a holistic hands free payment system. That saves our merchants money and makes the checkout process more personal!
The checkout process is still manual. Even with technologies like NFC and beacon technology, the customer still has to check out somewhere. The merchant still has to have a skilled employee to run the process. Take the phone, pull up the total, get the customer's fingerprint, then hope the phone doesn't die. All we have done is given a credit card a battery life. We estimate that the average franchise location spends 86,000$ on transaction fees. For McDonalds locations they spend a collective 3 billion dollars. With RevvPay McDonalds would only spend 2 billion. Huge savings for a company, that is counting every penny. As far as time: The average amount of time the typical consumer spends waiting in a drive-thru line jumped nearly 40 seconds in one year — to 219.97 seconds in 2014 from 180.83 seconds in 2013. This is for two key reasons: one healthier food takes longer to prep. Two: Keeping order accuracy to the 87% range. Seeing that we could increase that to 98% accuracy if every customer used our system not to mention we would also take time off for the payment part of the system. We believe we can cut those 40 seconds back off their time. For more details on what companies spend on transaction fees:https://www.linkedin.com/pulse/overspending-transaction-fees-lexi-sprague?trk=hp-feed-article-title-comment
We are using license plate recognition to initiate a hand free payment. No more digging for change, cash, or a card. Our system will save money for our merchants by giving them flexible discounts on card processing and also, cut their marketing spend by providing direct to consumer advertising. When you know what a customer's preferences are. You can supply attractive deals and discounts that are truly unique and personal. We can lower the fees so much because we are aggregating the payments. We allow users to upload money into a RevvPay wallet on their phone and then distribute that capital back to the merchants at the end of the day. As we process more capital each month our transaction fees get lower and we make a larger margin on the payments going out! Our current fee structure is planned to be in the 2%+10 cent range. We are still exploring many other options to lower these fees. Please note that saving money is important for us because it sweetens the deal for our B2B customers. But, we believe the key service we provide is that the customer experience with your restaurant, hotel, gas station, hair salon, rental car agency and so much more, will be massively better. Saving the customer time and making them feel that they truly are cared about by your employees.