New platform is designed to make earning income from small transactions easy and affordable
TORONTO, Jan. 30, 2019 /CNW/ - QUID, an innovative new payment company, today announced the launch of its payments platform that enables online transactions in pennies at very high volumes.
The first of its kind in Canada, the platform makes it possible to process tiny penny-sized micropayments, as low as 1¢, in real time. No other major payment processor allows customers to affordably transact at such small amounts. While most payment processors, such as credit-card providers, charge a base fee of 30¢ per transaction, QUID has no base per-transaction fee.
QUID was created to reduce the constraints and barriers to monetizing pay-per-use applications, systems, and content. It empowers content creators, service providers and publishers of all kinds to easily and economically sell virtually anything online, with no upfront user registration or fees.
"Today's consumers are fatigued by subscription-overload, and content creators need predictable ways to expand their digital revenue, beyond schemes such as ads and subscriptions," said Mohit Cheppudira, Chief Executive Officer. "QUID unlocks a whole new revenue model – giving creators the means to turn many small revenue streams into a much bigger one. Now it makes sense for content creators, service providers and publishers to transact in much smaller amounts, because they can accept payments under a dollar without the impractically expensive transaction fees."
Small transactions were previously impractical due to extraordinarily expensive per-transaction fees, but QUID's easily integrated payment gateway keeps costs for individual transactions very low, allowing merchants to accept payments under a dollar. QUID is at least 30% cheaper than other payment processors for transactions under a dollar. The savings go up as the transaction sizes get smaller.
QUID technology was built from the ground up to handle huge transaction volumes. It was specifically designed for large content platforms and IoT-based technologies. It offers developer-friendly APIs, secure global payments in any currency and instant settlement.
The platform is designed to work with any currency in any environment. QUID will launch first in Canada and the US but plans to expand to other countries shortly thereafter.
"There's a growing number of people who want to contribute small amounts to sustainably fund the content and services they consume online," added Kevin McCall, Chief Operating Officer at QUID. "We make it effortless for users and creators alike. Our seamless integration tools allow merchants to monetize small transactions with affordable transaction fees. In turn, users can contribute a little, but may be more inclined to convert one-off purchases into long-term subscriptions in the future."
There are no fees for users and developer accounts are always free. QUID currently offers four plans to start accepting micropayments: Starter, Business, Enterprise and Non-Profit.
Customers can sign up for early access to QUID here: https://quid.works/
About QUID
QUID is a modern payment platform that enables penny-sized payments at very high volumes. Established in 2018 by Google veteran Mohit Muthanna Cheppudira and Kevin McCall, and backed by Relay Ventures and Mistral Venture Partners, the company aims to reduce the constraints and barriers to monetizing pay-per-use applications, systems, and content. QUID's easy integration tools and low transaction fees make it effortless and affordable for content creators, service providers and publishers to monetize anything online.
SOURCE QUID
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Wynn Theriault, Thirty Dash Communications, +1 416.710.3370, Email: [email protected]
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