SANTA CLARA, CA — (Marketwired) — 10/16/13 —
How many intermediaries does it take to buy a $4 latte with a credit card? Seven, or thereabouts. No, that-s not a variation on those famous light bulb jokes. That-s the truth.
In any credit card transaction, at least seven middlemen get between a merchant and their money, each slicing off a little bit. This outdated system sends between 2 and 5 % of your purchase to these go-betweens. It-s needlessly complex, hurting both businesses and consumers.
ArgoPay is disrupting the payment system, eliminating all of these intermediaries when you use ArgoCredit, a virtual credit card issued to you when you download the ArgoPay app. This means merchants get 0% processing fees without the need for any additional dongles or hardware to process payments. They also get instant access to a loyalty program for their best customers and a hassle-free way to send tempting offers to consumers who might become their next loyal customer. And with each ArgoPay purchase consumers can earn rewards that they can use locally and hear about exclusive deals in their area. Merchants and consumers can now join the closed beta queue at .
To celebrate ArgoPay-s closed beta release, in addition to free credit card processing the next 1,000 merchants to sign up for an ArgoPay account will receive the ArgoRewards platform benefits free of charge for the first year. Also starting today the next 10,000 consumers to sign up for ArgoPay will receive 5% cash back on all of their purchases made with ArgoCredit for the first year.
“We are excited to launch this private beta,” said Igor Ostrovsky, ArgoPay Founder and CEO. “Having owned small businesses I know how expensive credit card processing fees can be to a merchant. And because we don-t have to share our network with other intermediaries we are able to deliver greater rewards to consumers.”
Argopay announced their closed beta at DEMO Fall 2013 in Santa Clara, California. The first rollout is starting in Boston, MA, followed by other metropolitan areas in late Q1 next year.
ArgoPay is a virtual credit card company offering merchants 0% processing fees and unparalleled rewards to consumers. ArgoPay was founded by Igor Ostrovsky who has spent a large part of his career in CapitalOne tackling risk, analytics and big data problems. The ArgoPay management team combines expertise in Finance, Marketing and Technology. Headquartered in Cambridge, MA, ArgoPay is backed by Atlas Venture.
Produced by the IDG Enterprise events group, the worldwide DEMO conferences focus on emerging technologies and new products innovations, which are hand selected from across the spectrum of the technology marketplace. The DEMO conferences have earned their reputation for consistently identifying cutting-edge technologies and helping entrepreneurs secure venture funding and establish critical business. For more information on the DEMO conferences, visit .
For additional information or a sample copy, Contact:
Radhika Dutt
VP Business Development, ArgoPay
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