PayTech Corp, a Puerto Rico based company offering electronic payment solutions including credit and debit card processing, is looking to expand its presence in the rapidly growing mobile payment market with PayPocket, a new application for iPhones and iPads.
PayPocket allows merchants to accept payments with MasterCard, Visa, Amex and Discovery credit and debit cards. Merchants will also be able to enjoy more competitive rates than those currently offered for wireless terminals, as they will be able to use their iPhone, iPad or iPod Touch along with the card reader supplied by PayTech, to process a sale without the need of additional equipment.
“Currently there is no similar offer for a service as complete, simple and economic as PayTech’s PayPocket in Puerto Rico,” said Cándido Alfonso, president of PayTech Corp. “Small and medium businesses that take their products and services to their customers usually lose sales as they don’t accept debit or credit cards because it’s too expensive, cumbersome or both.”
“With PayPocket, the need for antiquated mobile points of sale is gone. Now, any iPhone, iPad or even iPod Touch is a point of sale, only needing a cellular data plan or Wi-Fi connection,” he said.
The app can be downloaded from the Apple Store and be up and running in 24 hours, with the help of the card reader.
PayTech introduced a Blackberry version of PayPocket in 2009, becoming first company in the world to have a payment “app” in Blackberry App World, Alfonso said, adding the version for Android devices will be available in about three months.
PayTech is looking to market its card reader and apps stateside, banking on its knowledge of the Hispanic markets and its needs. In preparation for its expansion and expected growth, PayTech has hired additional staff and expanded its processing capacity to be able to capture some 10,000 PayPocket clients during the first year of service and serve businesses in all 50 states as well as Puerto Rico.
“We’re extremely proud of being a locally owned and based company, so we have recently joined the ‘Made in Puerto Rico’ movement. Our immediate plans include the expansion of our sales footprint by aggressively focusing on identified opportunities locally and internationally,” Alfonso said.
“Puerto Rico can’t depend or conform to only one local transactional company, we have demonstrated for 10 years that we are a solid, dependable and cost effective option that provides leading edge solutions to the Puerto Rican market,” he said.
In 2012, PayTech processed over $1 billion in financial transactions, focusing on the private sector to achieve growth, Alfonso said.