Google-back payments firm targets merchants and charities.
Corduro enables reader-free card payments via smartphone, and thereby lets merchants take payments on mobile devices – a bit like Square or Intuit GoPayment.
But it claims its fees are slightly less than theirs, and can be 30 per cent cheaper than some credit card transactions.
This is because the platform scans the payments network to select the least expensive option for routing each payment
It charges merchants 2.65 percent per transaction (2.5 percent for charities), compared to 2.75 percent for Square and 2.7 percent for Intuit GoPayment.
Businesses don't have to set up an account with Corduro, they can just link it to their existing payment accounts.
Corduro also lets customers authorise groups of people to accept payments into the same account. This works especially well with charities with multiple volunteers.
“Our goal is to allow customers and donors to make payments in the most convenient way possible for them – whether that is credit, debit, check, e-check or cash,” said Robert Zeigler, CEO of Corduro.
“This is the only mobile payment app that makes taking and making any payment, anywhere in the world simple and less expensive than it’s ever been.”
Google Ventures is an investor in Corduro.