UTP, Faster Processing, and Phos become industry pioneers by being the first to introduce same day processing for payments accepted on a smartphone

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This article is brought to you by Retail Technology Review: UTP, Faster Processing, and Phos become industry pioneers by being the first to introduce same day processing for payments accepted on a smartphone.

These leading payment providers have partnered to create an application which allows smartphones to accept and process same-day card payments.

UTP, an award-winning provider of card and other payment solutions, has partnered with Phos to create the latest industry innovation, tapeeno, enabling smartphones to be transformed into a payment device in an easy and convenient way.

This technology is an industry first, with existing solutions only able to process same day payments if it is onto a specific debit card typically provided by the solution provider. tapeeno allows quick access to payments to any UK bank account and provides a fast, easy, and convenient alternative to cash payments.

Customers were at the forefront of tapeeno’s creation. With tapeeno, merchants can take card payments without the fixed monthly payments that are normally associated with card payment hardware. tapeeno has no set-up fees, no monthly charges and no binding contract. This allows customers to cancel whenever they like.

To use the service customers will need to complete a simple online application form with most applications being approved within 24 to 48 hours.  Once approved customers can download the tapeeno app from the Google Play Store to start taking contactless card payments.  Payments will be processed and funded within one hour.

The software enables transactions to be refunded and voided as well as sending e-receipts to the cardholder via email or SMS. tapeeno uses a highly secure software to process payments and is certified to the latest security standard.

The tapeeno app is available now with further details available at www.tapeeno.com.

Michael Ault, CEO of UTP added: “We are delighted to be launching the tapeeno proposition. By launching a product which is tailored to individuals as well as merchants we are making card acceptance accessible to the widest possible audience. As an alternative to existing peer to peer payment solutions and hardware-based card acceptance products, our collaboration with phos has allowed us to bring a unique and exciting solution to the market.

UTP and Faster Processing have ensured the process of customer sign-up is hassle-free to enable merchants to access the solution as quickly and seamlessly as possible.

Brad Hyett, CEO of phos added: “We are thrilled to be partnering with UTP on an industry first solution. At phos we take pride in developing the best solutions that meet the needs of business today. Merchants are increasingly demanding more efficient and convenient ways to accept payments and we are glad to be bringing them this same day settlement capability, along with collaborators at UTP and Faster Processing. It is indeed a great time to be in the fintech business”.

For all UTP media enquiries, please contact: pr@utpgroup.co.uk 

For all phos media enquiries, please contact: phos@hardnumbers.co.uk

 

About UTP 

Founded in 2013, UTP has served over 30,000 businesses and deployed over 34,000 card machines in the UK. UTP’s card machines process around 200,000 transactions per day, translating into 6 million transactions per month, or 72 million transactions per year, with a value of approximately £3 billion. 

UTP powers thousands of businesses across the UK and Europe with its market-leading credit card and e-commerce payment solutions. With decades of industry experience, the leadership team of UTP have been busy building a reputation in the fintech sector for customer service and innovation, with pioneering products such as Faster Processing, which allows merchants to receive their funds the same day. 

 About phos

Phos was established in 2018 by serial entrepreneur Valeri Valtchev and financial services veteran Ivo Gueorguiev, with the aim of democratising card acceptance and payments in general. The company has created software which can transform payment acceptance by enabling merchants to take payments directly on their NFC-enabled Android device. Phos offers rapid digital deployment and is uniquely phone and bank agnostic – it can be used on any NFC Android phone and by any bank or acquirer. Phos is a payment technology provider, licensed to operate globally and certified by VISA and Mastercard laboratories for functionality and security. Phos is available in the Google Play store.

 

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