A UK start-up tech firm has launched a new way for its retailers and traders to take payments for products and services – all by just tapping on a phone.
The new GO! Product from tech firm Grafterr enables retailers, sole traders, tradespeople and everyone in between to take payments anywhere and anytime, for a fraction of the cost associated with card readers and other point of sale (POS) systems.
It becomes one of the first apps in the UK to enable “tap on phone” payments, a transformative technology which allows users to accept payment on a smartphone without the need for additional card readers.
The new “tap on phone” payments feature – just launched in the UK – uses the NFC chip that’s already inside most modern phones. To date that has allowed phone owners to tap their device – for example at a supermarket till – to make a payment. Until now, it has not been possible to accept a card payment directly to a smartphone.
That means the GO! smartphone app, for both iPhone and Android, will give its users all the selling tools they need in their pocket, reinventing business for everyone from dog walkers and taxi drivers to retail entrepreneurs and anyone providing goods or services.
By eliminating the need to buy card readers – which can be expensive and cumbersome to use – GO! also reduces start-up costs , while allowing users to begin transacting instantly. Since its beta launch in late 2022 the GO! app has attracted more than 1500 users, processing over £1.5 million of revenue for SME users in the UK.
Andrew Gibbon, Chief Operating Officer with the tech firm, explains: “We are Grafterr by name, but our customers are grafters by nature. GO! will be a godsend for that army of hard-working entrepreneurs who put huge effort into making their businesses a success by running them from a smartphone.”
The launch of GO! means even the smallest business or sole trader can now accept payment and process a transaction instantly, without the need for additional hardware.
Gibbon adds: “GO! changes everything, both for our business as well as our customers. After months of research, planning and development, we’ve launched a product that truly delivers innovation and value to the market.
“Payment processing can be complicated, time-consuming and costly. We’ve delivered a product that simplifies it. By using GO!, anyone can begin taking payments using an app on their smartphone – no complicated paperwork, misleading transaction rates or expensive card readers.”
Grafterr was previously known as ePOS Hybrid and built its reputation and expertise in the hospitality market offering plug-and-play ePOS, payments, digital ordering and operations management tech, all specifically designed for food and beverage businesses.
Its tools for restaurants, takeaways, pubs, hotels and other hospitality businesses, proved a lifeline to many by helping them weather the difficulties during the pandemic as well as helping them overcome ongoing issues across rising wholesale costs and staff shortages.
The team behind Grafterr used those experiences to shape GO!, which offers utility and flexibility across any sector. As well as enabling “tap on phone” payments, it also allows users to accept payments remotely via SMS and email.
The app also offers a host of other business benefits to users, including the ability to build a product catalogue, send invoices, review sales reports, track best sellers and manage products and prices. For those who want a card reader, a low-cost GO! option accepts contactless and chip and pin payments.
With no monthly fees, no upfront purchase costs, GO! makes low-cost payments accessible to everyone. Its small transaction fees of 1.49% or 1.29% undercuts all the biggest competitors who charge as much as 3%, making it the affordable option for anyone looking to gain control of their payments and to manage their business from a single place.
Bhas Kalanghi, Founder and CEO at Grafterr, says: “We’ve invested heavily to create a product that can improve the daily operations for a huge range of workers and businesses. From artists to tutors, anyone who sells a product or service on a small or large scale can now be in complete control of their finances.
“It is the latest chapter of huge growth for us at Grafterr and it’s been a big part of our plans to step into industry agnostic solutions. The initial pick-up from testing and launch has reaffirmed our positive projections for GO! We can’t wait to see it support thousands of entrepreneurs and business owners across the globe.”
Since its launch in 2019, the tech firm has processed close to £200 million in transactions and more than 14 million people have used the firm’s products to buy a food or drink item. The GO! launch follows Grafterr’s successful expansion into India in late 2022. It has now teed up an opportunity for investors, as Grafterr prepares to launch its latest series A funding round this year.